Life Insurance for Hematologists

As a hematologist whose life and career revolves around saving others, it is only natural that you protect yourself and your family with life insurance.

Having adequate coverage that supports your children’s education, covers your mortgage, and helps with other expenses will give you peace of mind and help you achieve your goals while you concentrate on your medical career.

Life insurance offers many benefits that you cannot get through other types of personal finance plans.

Life Insurance for Hematologists
Why Do Hematologists Need Life Insurance?

Why Do Hematologists Need Life Insurance?

To Replace Lost Income

As a practicing hematologist, your income goes a long way in meeting your daily family expenses. You need to consider the welfare of your loved ones if you were to pass on and they were to lose the income they depend upon. Your life insurance death benefit payout to your beneficiaries can provide a safety net to keep your family going through a difficult time.

When buying life insurance for income replacement purposes, financial experts advise that it is always good to buy five to ten times your annual salary, to ensure it provides adequate coverage, especially if you are the breadwinner of your family.

For Emergency Financial Needs

Being able to access cash when in distress is the primary essence of a precautionary motive in personal finance. There are several flexible life insurance products which offer immediate benefits to policyholders. For example, life insurance provides an optional emergency coverage rider called an accelerated death benefit, which enables you to get advance payment for medical bills if you are diagnosed with a terminal disease. Apart from health-related events, your life insurance policy can also provide an emergency fund for unexpected home or car damage repair.

Retirement Plan

If you are looking towards having a pleasurable retirement after your career, life insurance can help you achieve it. One of the benefits of life insurance is that it offers assured income through annuities, which can serve as a pension when you retire.

Final Expenses

The average cost of funeral arrangements is between $7,000 and $9,000. This explains why final expenses remain one of the top reasons people buy life insurance. Being bereaved, and at the same time having to look for funds for funeral cost, medical bills, and other expenses left behind can be burdensome on family members. With life insurance death benefits, paying the final costs won’t be difficult for your heirs.

What Kind of Policies are Available to Hematologists?

There are two main types of policies that you can opt for as a hematologist. You can either go for group coverage or individual coverage.

A group policy is mostly provided by an employer, which may be your hospital. Alternatively, you and a few other hematologists can form a group and take advantage of group cover benefits. This comes with a number of limitations, among them the fact that you cannot have a policy that is customized to your liking.

An individual policy would be the best since you get it tailored to meet all your needs. The flipside is that it usually comes at a higher cost compared to a group policy. If your earnings are well into the six-figure range, then an individual policy is highly recommended.

What Kind of Policies are Available to Hematologists?

What Should Hematologists Look for?

As a hematologist interested in protecting the financial stability of your dependants, you should consider the following factors when shopping for disability coverage:

Consider the premium rate

First and foremost, consider the premium rate. Your premium rate will be calculated based on your age, your medical history, benefit period, the type of rider you’ve chosen, as well as the waiting period for the policy.

Cost-of-living adjustment rider

With this option, your benefit payment will be adjusted as the cost of living increases year after year.

Consider the type of policy riders

Another important thing you will need to consider is the type of riders. Your insurer will present you with three types of riders to choose from: the cost-of-living adjustment rider, the future increase option rider, and the residual disability rider.

Future increase option rider

This is very ideal for a young medical professional; we recommend any hematologist starting their career to take this up irrespective of how well they are physically at the moment. Remember, as you get older, your premium increases. The good thing with this rider is that you will not need any new medical tests taken.

Consider both non-cancelable and guaranteed renewability terms

If you’re new to these terms, don’t sweat it. We’ll simplify them for you. When a policy has renewability terms, it means that you are in complete control of the policy plan. It prevents your insurer from canceling any provisions of the policy so long as you promptly pay your premiums. However, the insurer can increase the premiums. A disability policy can either be ‘guaranteed renewable’, ‘non-cancelable’, or both. When it has both terms, your insurer will not be able to restrict any policy provisions, change them, increase your premium, or cancel it altogether, which is a very important factor that you should consider.

Residual disability rider

If you become disabled but still need surgery or other expensive procedures done, then this rider will be ideal. However, you will be limited to a few operations.

Consider an own occupation policy type

Since you can never tell whether your disability will be a partial or total, you will want to consider an own-occupation policy. This type of policy is recommended for hematologists who end up with a total disability. You get to have full disability benefits when you can no longer perform your job as a hematologist

How Gold Coast Life Insurance Can Help

Gold Coast Life Insurance can help you in deciding what type of disability policy to go for as a hematologist. They will take you through all the possible options and the extent to which each policy can cover. Don’t just work hard, protect your hard work. We take high-risk applicants and even those with a pre-existing condition. Don’t wait until it’s too late, get a free quote for disability insurance coverage today!

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