https://physiciansrs.com/wp-content/uploads/2023/03/Image-of-a-bank-note-torn-in-half-to-represent-an-inflating-chart..jpg
1250
2000
AbstraktMarketing
/wp-content/uploads/2022/03/prs-logo-color.png
AbstraktMarketing2023-03-15 09:00:002023-03-08 16:38:36How Inflation Impacts TaxesWhen Do You Need to Get Life Insurance?
At the start of each new year, many people look to purchase life insurance as many new company health and insurance plans go into effect. Other common times insurance include marriage, parenthood, retirement, or when they experience a significant change in income or employment status. It is important to review your family’s financial situation frequently to ensure optimal coverage if something happens to you or another household member.
Types of Life Insurance
When considering options, it is important to understand the different types of coverage available. Term policies are often more affordable than permanent ones but only provide for a set period (typically 10-30 years). Permanent policies offer lifetime coverage but tend to be more expensive than term policies due to their long-term nature. Others can be added onto either policy type for additional protection needs such as long-term or disability care.
If you’re wondering when you need life insurance, there’s no reason not to be prepared for any and all situations. Check out how PRS can help secure a wide variety of insurance plans for any of your needs.
Danger of Not Having Life Insurance
One of the potential risks associated with not having life insurance is a lack of financial security or support in times of difficulty or crisis. Otherwise your loved ones could be left without sufficient funds for hospital bills or funeral costs if something were to happen to you unexpectedly. Your family could also be vulnerable to potential creditors who may try to recoup any outstanding debts from them after your death. And those dangers are just to start with.
End-of-Life Expenses
People should not be left without the means to cover things like funeral costs, outstanding debts, and other financial obligations that may arise in the aftermath of a loved one’s death.
Lack of Educational Resources
If you are the primary provider for your family and you pass away without life insurance, your spouse or children may be unable to afford college or pursue other future prospects, limiting their opportunities.
Difficulty Maintaining Standards of Living
If the family breadwinner passes away, it can be difficult for the surviving family members to maintain their standard of living. The loss of income can hurt their ability to make ends meet. This can lead to financial hardship and stress harming the family’s overall well-being.
Benefits of Life Insurance for Doctors
Life insurance can provide peace of mind and financial stability for your loved ones in the event of an unexpected death, as well as more specific benefits outlined below:
Your Medical Practice
Life insurance can be used to fund buy-sell agreements in the case of a partner’s unexpected death in a medical practice. These ensure the practice can continue to operate and provide income for the surviving partners.
Accumulating Cash Value
Life insurance can be used to fund buy-sell agreements in the case of a partner’s unexpected death in a medical practice. These ensure the practice can continue to operate and provide income for the surviving partners.
Additional Coverage Plans
Life insurance can also provide additional benefits, such as accidental death and long-term care coverage, which can be particularly important for doctors and physicians who may be at a higher risk for accidents or illness.
Choose Physicians Life Insurance With PRS Today
Everyone needs life insurance, including doctors and physicians. It’s especially important for individuals in these roles to consider their unique needs when choosing a life insurance policy, in order to work with a financial advisor to ensure that the right coverage is in place.
PRS helps physicians plan for unexpected events by providing consultative services to select life insurance options. By exploring and determining the best fit, we ensure your loved ones have the resources they need to maintain their financial status in the event of your passing. As your needs change, we adjust your coverage to align with your short and long-term goals. Whether you’re a medical student or a practicing physician, PRS is here to guide you through the process and secure the necessary benefit amount. Give us a call today to plan your future.
Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.
Related Postings
https://physiciansrs.com/wp-content/uploads/2023/03/Image-of-a-bank-note-torn-in-half-to-represent-an-inflating-chart..jpg
1250
2000
AbstraktMarketing
/wp-content/uploads/2022/03/prs-logo-color.png
AbstraktMarketing2023-03-15 09:00:002023-03-08 16:38:36How Inflation Impacts Taxes
https://physiciansrs.com/wp-content/uploads/2023/03/Image-of-a-medical-professional-using-a-calculator-and-laptop-to-do-their-taxes..jpg
1250
2000
AbstraktMarketing
/wp-content/uploads/2022/03/prs-logo-color.png
AbstraktMarketing2023-03-10 09:00:002023-03-08 16:37:48Understanding Tax Strategies for Doctors
https://physiciansrs.com/wp-content/uploads/2023/02/Image-of-a-couple-discussing-insurance-options..jpg
1250
2000
AbstraktMarketing
/wp-content/uploads/2022/03/prs-logo-color.png
AbstraktMarketing2023-02-23 09:00:002023-02-16 22:56:56Do I Need Life Insurance?