Through your dedication to patient care, you have built a successful practice and are able to provide for your family.
There are many financial tools people use to protect themselves, their businesses and their loved ones, such as saving an emergency fund, managing debt, planning for retirement or investing.
Like disability insurance may be important to help protect your income should you become disabled and unable to work, life insurance can help protect you and your family’s financial well-being should you die. While these topics can be emotional and complex, it comes down to providing for your loved ones.
Read on to learn about the CMA Insurance Program Life insurance options and why this coverage may be important for CMA members.
Why Life Insurance May Be Critical for CMA Members
There are many reasons medical providers may choose to purchase life insurance:
- High levels of debt — Medical providers are known to have high levels of student loan debt, and too often, when an income earner dies, survivors are forced to make decisions quickly. Life insurance gives families choices by providing the benefits to help pay off debts, meet housing payments and ongoing living expenses, fund college educations for children or grandchildren and much more.
- Your highly specialized skills — You may expect to earn a higher income as a medical provider for decades, providing financial stability for your family. Life insurance can help protect your family’s financial well-being should something happen to you.
- Premature death — Though death is inevitable, premature death can leave obligations unfulfilled, especially those regarding your practice, loved ones and finances.
- Loan requirements — Like most car dealers require drivers to have auto insurance before purchasing and driving a new vehicle off the lot, many lenders require business owners to have life insurance before borrowing a high-value loan to open a practice. Having a life insurance policy in place shows the lender that, should you pass away unexpectedly, the amount of the loan could be paid back.
CMA Insurance Program Life Insurance Options
To help protect your family’s financial well-being should something happen to you, the CMA Insurance Program, administered by Lockton Affinity, offers two Life insurance options, so you can choose the policy that fits your needs.
10-Year Group Level Term Life insurance:
- Can be best for those with budget restraints or financial responsibilities that will decrease significantly over the next decade, such as mortgages.
- Premium remains constant for the initial 10-year term.
20-Year Group Level Term Life insurance:
- Can be best for those with long-term financial responsibilities like mortgages, children’s education and more.
- Premium remains constant for the initial 20-year term, which allows you to budget your safety net effectively.
To determine the right policy for you, schedule a 15-minute consultation with our dedicated team of representatives today.
