Life Insurance for Dermatologists

In the past few decades, the insurance world has witnessed a transformation with the inclusion of several new benefits structured to favor medical professionals. These new features are especially good for those with large student debt like dermatologists. The changes have largely contributed to the rise of life insurance ownership from 271.68 million in 2012 to 288.86 million in 2018.

Being a dermatologist means that you likely have much that is worth protecting. A quality life insurance policy made for your medical specialty will help you have the security your need.

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Life Insurance for Dermatologists

Why Do Dermatologists Need Life Insurance?

Life Insurance Helps You Achieve Your Goals

Life insurance can be customized to help you achieve all your life goals, especially when you’re just starting out as a dermatologist. You can use the cash value from your permanent life insurance policy to achieve your dreams. Some of the things you can do with the fund include a home purchase, raise a family, invest, and charitable giving.

It Supports Your Career

The high cost of medical school is a major concern for dermatologists. According to a report, 75% of medical students graduate with loans averaging at $192,000. You need a life insurance policy that will help you pay your medical school debts, run professional courses, and constantly keep yourself up to date in your profession.

Death Benefits When You Pass Away

Another benefit of life insurance is the tax-free death benefits that are paid to your loved ones after you have passed. The death benefits will provide a safety net for your loved ones as the money paid can be used to settle immediate financial needs after your passing—which include funeral expenses and hospital bills—and your dependent children’s education and welfare.

It Gives You Peace of Mind

If you are a parent with dependent children and a spouse, one of your major concerns is the future of your loved ones, especially when you pass away. Having a quality life insurance policy will give you peace of mind for the security your family members as you have secured their future with the right financial plans.

It Is A Great Plan for Your Retirement

No matter how young you are today, you are going to retire someday. A life insurance policy that provides assured income through annuities will help you have a desirable retirement. An annuity is an investment package in life insurance that pays out a regular monthly income to the policyholder for a specified period during retirement.

What Kind of Life Insurance Policies are Available to Dermatologists?

Whatever are your concerns for purchasing life insurance, there are several policies that will adequately cover your interest.

Permanent Life Insurance Policy

Whole life, Universal and Variable life insurance are permanent policies that are very flexible and helpful to you as a dermatologist. These insurance types have come with cash value which can help your career growth.

Level Term Life Insurance

This is a very good option to protect your family. A level term life insurance policy is for a certain ‘term’ which can be as short as five years or as long as forty years depending on the coverage length you choose. It is called “level” because the premium rate and death benefits cannot be adjusted by the insurer. In essence, a level term life insurance protects your family members financially when you pass on.

Decreasing Term Life Insurance

If you have mortgage payments and you don’t want your family members to lose the house or be burdened with the payment when you pass, then decreasing term life insurance serves the purpose best. The policy is specifically designed for policyholders to clear a particular debt after passing.

Family Income Benefit

This another family-centered policy designed to last for an agreed ‘term’. If the insured passes on within the agreed period, the policy pays out a regular income until the end of the term. The regular income is tax-free, which allows your family members to have the entirety of the benefits to take care of themselves.

Critical Illness Cover

Critical illness insurance is a policy developed in 1996 to relieve people of the cost of critical illnesses such as stroke, heart attack, or cancer. It helps in paying the high cost of critical illnesses which are on the rise in the U.S. With around $4 billion out-of-pocket yearly on cancer alone, it is evident that the conventional health insurance policies aren’t adequate to bear the cost of the prevalent life-threatening illnesses anymore.

What Should Dermatologists Look for When Buying Life Insurance Policy?

About one in five of American life insurance policyholders, in a study by LIMRA, revealed that they don’t have enough coverage. This is one of the reasons why many professionals go for multiple policies to help protect themselves adequately.

However, to get the best out of your insurance plan(s), the following must be put into consideration while shopping:

What Should Dermatologists Look for When Buying Disability Insurance Policy

Your Plans for Your Family

Do you have dependent family members? How many? What type of lifestyle do you want for them? What level of education do you want them to attain? Is there anyone among them with special needs? These and other related factors need to be thoroughly considered before buying a life insurance policy.

What are Your Career Goals?

Dermatology is a complex and wide medical specialty which requires you to constantly be learning in your field. You need to consider your career stage and aspirations and get the exact policies that will help you realize your career dreams.

Your Current Income

Your current net income will always be a major determinant in the type and quality of insurance you can get as the insurers will usually factor in your ability to maintain a steady premium payment. However, as a dermatologist with a high prospect of job growth of 14% and pay raise in the future, ensure your policy has conversion feature which will allow you review and change policy your policy if you wish to later.

Essential Riders for Your Life and Career Goals

Life insurance riders are add-ons to your primary policy, which are meant to enhance the contract to suitably fit into your needs. Some of the riders to consider as a dermatologist include accelerated death benefit, waiver of premium, accidental death benefit, and accidental total and permanent disability riders.

Work with Experienced and Trusted Insurance Agent

Life insurance terms and conditions aren’t always as simple as they appear on paper. You will need a seasoned and credible insurance agent who understands your needs as a dermatologist and will help you get the best policy.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we understand your life and career aspirations as a dermatologist. Therefore, you can always count on us to get you the best life insurance policy that doesn’t require any medical examinations. We also accept high risk applicants and those with pre-existing conditions. Get a free quote today for life insurance policy made just for dermatologists.

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