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When Do I Need Life Insurance?

This blog will discuss the benefits of having life insurance, the dangers of not, and potential options for physicians and doctors looking for coverage.

Do I Need Life Insurance? A Guide to Doctor Life Insurance

You spend your days making critical decisions, delivering top-tier care, and keeping your patients’ lives on track. But when it comes to protecting your own financial future that can feel like a whole different story. As a physician, you’re juggling big-ticket financial responsibilities—medical school loans, mortgages, practice-related expenses, you name it. And that’s precisely why having the right doctor’s life insurance coverage isn’t just a smart move—it’s essential.

Think of life insurance as your financial safety net and wealth-building ally rolled into one. It’s there to protect your family’s future, keep your medical practice running smoothly, and help you reach your long-term goals without missing a beat. In this guide, we’ll walk you through everything you need to know about making life insurance work for you—from understanding your needs to choosing the perfect policy.

Assessing the Need for Doctor Life Insurance

The first step to making a smart insurance choice? Knowing why you need it in the first place. Physicians like you face financial pressures that most people simply don’t. Making sure your life insurance coverage matches your responsibilities is the key to peace of mind.

Family Responsibilities

Your family counts on you for so much more than just medical advice. Whether you’ve got a spouse, kids, or other loved ones relying on your income, having the right life insurance coverage is like giving them a financial parachute if the unthinkable happens.

Everything from paying the mortgage and keeping the lights on to covering your kids’ college tuition hinges on your ability to earn. If something were to happen to you, life insurance for doctors makes sure your family’s future stays secure—whether it’s paying the bills, keeping up with educational expenses, or just ensuring they can maintain the lifestyle you’ve worked so hard to provide.

Debt Obligations

Let’s be honest: for many physicians, the price tag of getting to where you are now wasn’t cheap. From hefty medical school loans to mortgages and practice-related expenses, debt can pile up fast. And here’s the kicker—if something happens to you, those debts don’t just disappear.

Life insurance can prevent your loved ones from being left with a mountain of bills. It can also protect your practice partners from having to shoulder your financial burdens alone. The right coverage ensures that your financial plan doesn’t fall apart when life throws a curveball.

Future Financial Goals

You didn’t go through years of training and sleepless nights to settle for just getting by. You have big goals—retirement, investments, maybe even building your dream medical practice. The right doctor life insurance policy doesn’t just protect your present; it supports your future.

Think of it as the foundation for a bigger financial plan. Whether you’re eyeing early retirement, planning to launch your own practice, or building a legacy, life insurance can help you make those dreams a reality—even if life takes an unexpected turn.

Types of Life Insurance for Doctors

Choosing life insurance is a lot like picking the right tool for the job. You want coverage that fits your lifestyle, your goals, and your financial situation. Luckily, you’ve got options.

Term Life Insurance

Term life insurance is straightforward and practical—think of it as coverage that’s there when you need it most. It offers protection for a set period (like 10, 20, or 30 years), providing a big financial buffer during your highest-earning, most financially demanding years.

For physicians, term life insurance is ideal for protecting dependents and covering major debts like student loans or mortgages. It’s affordable, simple, and gets the job done. The only catch? Once the term expires, so does the coverage—unless you renew at a higher rate. But if you’re looking for protection when it matters most, term insurance is a reliable bet.

Permanent Life Insurance

Now, if you’re after something that lasts your entire life, permanent life insurance may be your best bet. Unlike term policies, these plans (including whole life, universal life, and variable life) never expire as long as you’re paying premiums.

The added bonus? Permanent life insurance builds cash value over time, giving you a financial tool that’s both protective and productive. Whether you use it for investments, retirement, or borrowing against in times of need, it’s a powerhouse of flexibility.

Sure, it’s more expensive than term coverage, but for those looking to combine long-term protection with financial growth, it’s worth every penny.

Wondering which life insurance policy is right for you? Learn more about Physician’s Resource Services’ life insurance support services and get personalized guidance to protect your financial future. 

Explore Insurance Services

Timing Considerations for Acquiring Life Insurance

When it comes to doctors’ life insurance, timing is everything. Getting coverage sooner rather than later can save you big bucks and headaches down the road.

During Residency

Getting life insurance during residency is one of the smartest moves you can make. You’re young, likely in good health, and premiums are about as low as they’ll ever be. Plus, by locking in coverage early, you’re getting ahead of the game before your financial obligations start stacking up.

Starting a Medical Practice

Starting your own practice? That’s no small feat. Whether you’re taking out loans, leasing office space, or investing in top-tier equipment, your financial stakes are high.

Life insurance ensures that if something happens to you, your practice doesn’t fall apart. From protecting business partners to securing loans, having the right coverage in place is a must.

Major Life Events

Just like your practice, your life evolves. Marriage, having kids, buying a home—every major milestone deserves a coverage check-up. Updating your policy as life changes ensures your protection always matches your responsibilities.

Potential Risks of Inadequate Coverage

Going without enough life insurance? That’s a gamble you don’t want to take. Here’s why.

Financial Strain on Dependents

If your coverage doesn’t measure up, your loved ones could be left in a financial freefall. From day-to-day living expenses to future education costs, inadequate coverage can leave your family in a tough spot when they need support the most.

Impact on Medical Practices and Business Partners

What happens to your practice if you’re not there? Without proper coverage, your business partners might be left holding the bag. Life insurance provides essential funding for buyouts or ongoing operations, keeping your legacy intact.

Missed Investment Opportunities

Life insurance isn’t just about protection—it’s about growth. Skipping out on cash-value policies means missing out on powerful wealth-building opportunities.

Choosing the Right Life Insurance Policy for Physicians

Your life insurance policy should be as dynamic and ambitious as you are. Here are a few tips to help you make sure you get the right coverage.

Evaluate Coverage Amounts

Consider your financial commitments, dependents, and goals. The right coverage should offer more than just peace of mind—it should actively support your vision.

Compare Policy Types

Think of life insurance as a toolkit. Sometimes, you need the simplicity of term life, and other times, you want the long-term power of a permanent policy. Finding the right mix is key.

Work With a Trusted Advisor

Navigating insurance can feel like a maze, but it doesn’t have to. Physician’s Resource Services is experienced in helping doctors like you find a policy that aligns with your financial goals.

Navigate Life Insurance With PRS

Your financial health deserves the same care and attention you give your patients. With the right doctor life insurance, you can protect your loved ones, secure your practice, and build a brighter future. Ready to explore your options? Contact Physician’s Resource Services today and let us help you find the ideal policy for your needs.

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Robin Bales – AGENT

Robin has owned a Commercial Leasing Company providing financing to doctors and other operators for their equipment beginning in 2007. After the global crash of 2008, she went to work for NYL and spent 3 years there working with other entrepreneurs securing their retirement future and safeguarding their personal asset risks. Robin opened her own agency in 2017 Legacy by Design and has run a national firm coast to coast with 50-70 agents. Today the agency is much smaller serving 5 agents who share the same vision and passion for our clients focusing on health insurance, Medicare, and annuities.

Robin is most connected to ethos of PRS mission to improve the lives of doctors and their families. Supporting those who run the leading infrastructure of our country.

Robin has been married for 22 years to her husband Steven. Together they have 3 girls and have built a family with strong values and commitment to each others successes. Robin’s family are home bodies by nature and enjoy their 3 dogs hanging in living room or kitchen.

Karli Allen – HEAD OF WEALTH MANAGEMENT

Karli is a graduate of The Master’s University in Santa Clarita, CA, and has a business degree with emphases in accounting, finance, and management. Karli has been in the financial services industry since 2014 and joined the PRS team in 2018.

Karli oversees investment and financial planning operations and assists with the onboarding and service of the firm’s advisory clients.  Karli was a key part of our firm’s custodial transition to Fidelity in 2019 as part of our decision to become an independent investment advisory firm.  Before joining PRS, Karli worked in personal financial planning in Orange County, California.  She also holds a FINRA Series 65 license. Karli is grateful to be a part of such an amazing team.

Outside of work, Karli enjoys traveling, playing golf, and spending time with her husband and their goldendoodle.

Gabriela Chavez – ANALYST

At Physicians Resource Service Gabby plays a pivotal role in Paul’s advisory team, staying in close contact with clients, driving business development, and lending a hand in daily operational tasks. Additionally, she collaborates with CPA Erin Anderson to prepare tax returns, conduct withholding reviews and undertake various tasks across the division.

Gabby is currently double-majoring in accounting and finance at the University of the Incarnate World in San Antonio, and she plans to sit for her Certified Financial Planning exam in the fall of 2022. Before transferring to UIW, she attended the University of Texas Rio Grande Valley in Edinburg, Texas. Gabby was born in Germany and is Mexican American. She loves to travel and has visited 11 different countries. She has a five-year-old pug named Penny.

Chris Fullbright – FINANCIAL ADVISOR

Chris brings experience in financial services and the perspective of a successful entrepreneur who has launched several businesses. With over a decade in the industry, he has served as both an advisor and in a management role coaching new advisors. Chris attended the University of Georgia and Texas State University and graduated with a Bachelor of Applied Arts and Sciences.

He currently holds many financial services licenses and designations including FINRA Group One, Series 6, Series 63, Series 65, Series 7, ARPC, and Certification in Long Term Care (CLTC). In his free time he enjoys being involved in the local community through organizations such as Comfort Crew for Military Kids. Chris is also an active member of Austin Christian Fellowship Church, and enjoys spending time there as well as reading, fishing, and going to sporting events. He is happily married to Monique with two wonderful sons. In addition to serving physicians, Chris specializes in working with special needs families.

Kevin Burris – PARAPLANNER

Kevin received his BA and MBA from Indiana University, earned the Certified Financial Planner (CFP) designation from the University of Georgia, and Retirement Income Certified Professional (RICP) designation from the American College. Kevin is looking forward to helping physicians live their best life. Kevin enjoys spending time on the lake with his wife, playing golf, and watching Indiana University sports.

Michael Kohles – AGENT

Michael attended Lake Michigan College and Siena Heights University, graduating magna cum lade with a Bachelor of Business Administration, with a major in Finance and minor in Marketing. Michael has been in the financial services industry since 2015 and has experience with multiple insurance verticals. Michael is excited to help physicians achieve their financial goals by providing insurance solutions. Michael is married to Erin and has 4 children. Michael also enjoys reading, golfing, playing poker, learning, and traveling.

Erin Kohles – UNDERWRITING PROCESSOR

Erin supports our advisors and clients during the insurance underwriting process in multiple ways. On a given day, she helps by processing applications, tracking and following up on open cases, and answering client questions. She appreciates the part she plays in helping clients prepare for the future, and she strives to make the process as simple and efficient as possible.

Erin has been in the insurance industry for two years and brings with her six and eight years of experience in accounting and quality control, respectively. She graduated from Ball State University and has her life & health and property & casualty insurance licenses. In her free time, she enjoys cheering on her two boys who play basketball, soccer, and baseball; traveling with her husband; and playing with their Yorkie, Mingo.

Erin Anderson – CERTIFIED PUBLIC ACCOUNTANT

As a certified public accountant, Erin is a valuable part of our tax division at PRS. She enjoys working with our advisors to develop tax-efficient strategies, and she strives to provide clarity for every client she serves. Erin started her career as an accountant after graduating from Oklahoma State University in 2012 with a master’s degree. She earned her CPA license in 2018. Erin and her husband have two little boys, and they love spending time outdoors as a family and watching OSU football.

Alex Simmons – BUSINESS DEVELOPMENT

Alex oversees Business Development at Physician’s Resource Services. She works with each department to assist in continually improving PRS so we remain a leading competitor in the industry. Alex graduated from Texas Tech University with a Bachelor of Business Administration in Energy Commerce. She is a Texas native who loves to spend her free time traveling and taking her pup, Teddi, to the dog park.

Jennifer Khan- UNDERWRITING SPECIALIST

Jennifer is an Underwriting Specialist at Physician’s Resource Services, with an extensive background in customer service and administration. Jennifer grew up in Texas, graduated from Southeast Missouri State University with a BFA in Theatre, and spent six years in Chicago performing sketch and improv. She is a graduate of the Conservatory Program at The Second City and iO Chicago. Jennifer and her husband, Qamar, moved to Texas with their dachshund mix, Dobby, to be closer to family, sunshine, and good BBQ.

Cheryl Breeden – OFFICE MANAGER

Cheryl is the Business Manager for the firm and a licensed service assistant. She graduated from the University of Texas at Austin with a Bachelor’s Degree in Business Administration. She has years of experience in the areas of process management, customer service, benefits, and insurance. Cheryl has three girls — Ashley, Hannah, & Olivia. She brings this experience to our firm where she manages the underwriting and service process. She also manages the business operations for the firm.

John C. Jackson IV – ASSOCIATE FINANCIAL CONSULTANT

John is an agent from Austin, TX, a graduate of Westlake High School and The University of Texas at Austin, with a Bachelor’s Degree in Economics and a Minor in Business Administration. While at UT, John was a 2-Time Captain and 4-Time All-Conference performer for the men’s lacrosse team. While away from the office, John coaches with the Westlake Youth Lacrosse program and volunteers with Austin’s Young Men’s Business League, and Austin Sunshine Camps.

Paul Smith, CFP® ChFC® MSFS – FINANCIAL ADVISOR

Paul has helped his clients in financial, business, and estate planning for over 10 years. Paul is a graduate of Texas State University, with a Bachelor’s Degree in Psychology. He has also completed the extensive studies necessary to earn the Certified Financial Planners (CFP®) and Chartered Financial Consultant (ChFC®) designations. Paul is actively involved in the community through his volunteer work and service on Community Action Board for the Helping Hand Home for Children. Paul is married to Heather and they have two children, Nyla and Hazel.

Richard Cunningham – MANAGING DIRECTOR

For 30 years, Richard has been helping clients reach their financial goals with sincerity and integrity. He works with GME program administrators, individual physicians and their families to help doctors achieve financial security. Richard is a graduate of the University of Texas at Austin, with a Bachelor’s Degree in Economics. He studied in Paris at the Sorbonne. Richard supports numerous charitable organizations, is actively involved in Austin Recovery, and he participates in the Leukemia Lymphoma Society as a survivor of CML. Richard is married to Adrienne with two children, Raven and Coates.