Life insurance

Whole and term life for optometrists.

Life coverage protects the people and the practice that count on you. We shop established insurance companies for whole and term options and quote them alongside your disability coverage.

Get My Quote How whole life works

Two kinds of coverage

Whole life or term life? For life, or for a season.

Whole and term life are both designed to pay a death benefit to the people you name. They differ in how long they last, what they build and what they cost.

Whole life

Coverage meant to last a lifetime

Lasts your whole life in most policies, while premiums are paid
Usually builds cash value you can borrow against
Premiums are often set for life when you buy
Often costs more than term for the same benefit

Term life

Covers a set number of years

Terms commonly run 10 to 30 years
Often costs less than whole life for the same coverage
Fits needs that end, like a loan or kids at home
Many policies can convert to whole life later

How whole life works

Whole life insurance, designed to last as long as you do.

Whole life is designed as permanent coverage. Part of each premium pays for the death benefit, and part builds cash value inside the policy. Features vary by insurance company, so we compare options for you.

Lifetime coverage: Whole life is designed to stay in force for your whole life while you pay the premiums.
Premiums: Premiums are often set when you buy and do not rise as you get older. Buying younger usually means a lower premium.
Cash value: Part of each premium builds cash value that is designed to grow over the life of the policy. Cash value usually builds slowly in the first years. Your agent shows you which values are guaranteed and which are only projected.
Borrowing against it: You can borrow against the cash value for a practice opportunity, a big expense or an emergency. Loans you do not repay, plus interest, lower the death benefit and can end the policy. Talk with your accountant before you borrow for the practice.
The cost: Whole life often costs more than term for the same death benefit, because it lasts for life and builds cash value. Your agent shows both side by side.
Policy designs: Insurance companies design whole life differently, from how premiums are paid to how cash value builds. Comparing several options helps you find the right fit.

Features vary by insurance company and policy. Your agent confirms what each option includes. Subject to underwriting. For a regulator's overview of term and cash value policies, see the National Association of Insurance Commissioners life insurance guide.

Where whole life fits

Where whole life fits for an optometrist.

A practice owner plans for more than a household. Whole life fits the needs that last as long as you do.

Income your family relies on: A death benefit for your spouse or children that does not expire at the end of a term, as long as premiums are paid.
Coverage later in life: Some needs last past retirement, like a spouse's income or final costs. Term coverage often ends before then. Whole life is designed not to.
Something to leave behind: Whole life can leave money to your family, a practice partner or a cause you care about.
Cash value you can use: Over time, the cash value is designed to become money you can borrow against for a practice opportunity or a family need.

How term life works

Term life insurance: often a lower cost for a set number of years.

Term life covers you for a set period, commonly 10 to 30 years. It often costs less than whole life for the same coverage, which makes it a fit for needs with an end date. Features vary by insurance company, so we compare options for you.

Term length: You choose how long coverage lasts, commonly 10 to 30 years. Match it to the need, like the years left on a practice loan or until your kids are grown.
Premiums: Premiums are often level for the whole term, so the price you start with is usually the price you keep until the term ends.
When the term ends: Coverage stops unless you renew or convert. Renewing later usually costs more, because the new price reflects your age then.
Converting to whole life: Many term policies can be converted to whole life later. The rules vary by policy, and your agent explains them.
Layering policies: Some people layer two term policies that end at different times. Coverage then steps down as loans are paid off and kids grow up.
The cost: Term often costs less than whole life for the same death benefit, because it covers a set number of years and builds no cash value.

Where term fits

Term fits needs with an end date, such as these.

A practice loan or equipment notePractice
Your home mortgageFamily
Years with kids at homeFamily
College for your kidsFamily

Features vary by insurance company and policy. Your agent confirms what each option includes. Subject to underwriting.

For practice owners

Life insurance that protects the practice.

Owning a practice adds needs a household policy may not cover. These are common for optometrists who own a practice or plan to buy one.

Practice loans: Some lenders require life insurance when you borrow to buy, build or expand a practice. A term policy often fits the life of the loan.
Buy-sell agreements: With a partner, life insurance can fund a buy-sell agreement, so your share can be bought and your family paid. Your attorney drafts the agreement, and your agent sets up the coverage.
Key person coverage: If the practice depends on one doctor, coverage on that doctor can help the practice through lost revenue and the search for a replacement.
Associates and group coverage: Group life through an employer often ends when you leave the job. An individual policy you own can stay with you from practice to practice.

Business and legal arrangements depend on your situation. Talk with your attorney or accountant about them.

Your income needs protecting too. Disability insurance can pay you a monthly benefit if an illness or injury keeps you from working.

Explore disability coverage

How much coverage

How much life insurance do you need?

There is no single right amount. A common way to estimate it is to add up what your family and practice would need, then subtract what you already have.

Your agent runs the numbers with you before you choose whole, term or both.

Practice debt and equipment notes
Your mortgage and other personal debt
Years of income your family would need
College and other future costs
Minus savings and any coverage you already have

Using both

Whole and term life can work together.

You can pair a whole life policy for needs that last with a term policy for needs that end, like a practice loan. That keeps lifetime coverage where it matters and can hold down the total cost.

We shop established insurance companies for you, so you are not tied to one policy. We quote them alongside your disability coverage, so you can plan both in one conversation.

Questions

What optometrists ask about life insurance.

See all questions

Should I choose whole or term life?

It depends on how long you need coverage and on your budget. Whole life fits needs that last your lifetime. Term fits needs that end. You can also carry both, and your agent walks you through each.

How does cash value work?

Part of each whole life premium builds cash value inside the policy. It is designed to grow over time, and you can borrow against it. Loans you do not repay lower the death benefit and can end the policy.

Why does whole life cost more than term?

Whole life is designed to last your lifetime and builds cash value. Term covers a set number of years and builds none, so it often costs less for the same death benefit.

How long does term life last?

Term policies commonly run 10 to 30 years. When the term ends, coverage stops unless you renew or convert, and renewing later usually costs more.

Do term life premiums go up?

Premiums are often level for the whole term. When the term ends, coverage stops unless you renew or convert, and renewing later usually costs more because the price reflects your age then.

Can I switch from term to whole life later?

Many term policies can be converted to whole life later. The rules vary by policy, and your agent explains what each option allows.

How much life insurance do I need?

It depends on your debts, your family's needs and the coverage you already have. Your agent helps you add it up before you choose a policy.

Do I need life insurance if I have group coverage at work?

Group coverage helps, but it is often limited and may end when you leave the job. An individual policy you own can stay with you.

Can life insurance fund a buy-sell agreement?

Yes. Life insurance is a common way to fund one. Your attorney drafts the agreement, and your agent sets up the coverage.

Do you work with only one insurance company?

No. We shop established insurance companies for you and compare whole and term options side by side.

Does disability insurance pay if I lose my job?

No. It pays when an illness or injury keeps you from working. It does not pay for job loss.

Can I get life and disability coverage at the same time?

Yes. We quote both at the same time.

Is life insurance part of the optometrist program?

No. The program covers individual disability insurance, and practice owners can add overhead coverage. We offer whole and term life separately and quote them at the same time.