Life Insurance

Term life. Whole life. Universal life. Permanent life. Surely you’ve heard these terms before, but now that you’re ready to buy life insurance, you’ll need to understand what they all mean.

There are hundreds of different life insurance policies to choose from. Some will cover your final expenses while some will leave a death benefit for your children or spouse. Others offer a way to generate tax-free income in retirement.

Term life is the most straightforward policy you can buy — your beneficiaries collect a death benefit if you die before the end of your term period. But there’s one question that everyone has about term policies:

What happens if I outlive my life insurance?

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Life insurance is just one of many different types of insurance you should carry as a physician. If you have dependents or a spouse that rely on your source of income, life insurance offers them an added measure of protection when you die.

Like all types of insurance, there are a variety of different policies, types, and providers to choose from.

As part of our continuing series of life insurance provider reviews, today we’re taking a look at AMA life insurance. Is it worth it? Should you have it? Does the fact that it’s offered through the American Medical Association make it a better choice for physicians than other policies?

Today we’ll cover its features, rates, benefit amounts, and other options in our full-provider review to AMA life insurance.

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Many younger Americans lack life insurance. A 2014 report from insurance industry analyst LIMRA found that only a third of Gen Y Americans have any life insurance coverage. In the same survey of 6,000 respondents, six in 10 Gen X and Gen Y Americans said their households would be hard pressed to make ends meet if their primary breadwinner passed away.₁

Why don’t more young adults buy life insurance? Shopping for coverage may seem confusing, boring, or unnecessary. Yet when you have kids, get married, buy a house or live a lifestyle funded by significant salaries, the need arises. Insurers are trying to make it easier these days, not only by making more choices accessible online but by shortening the window of time it takes to approve a policy.₁

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The Physician’s Life Insurance Primer Series: What is Whole Life Insurance and how does it work?

Although whole life insurance, in its present form, has been around for over a century, it remains somewhat of an enigma for people who want to buy permanent protection, especially as new forms of life insurance have sprung up around it over the last several decades. In this article, we’ll discuss how this type of policy works and some of the features that may be useful within a complete financial plan.

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