Life Insurance for Orthopedic Surgeons

Death Benefits Plus Living Benefits:

Traditionally, the lump payments are known as death benefits and paid to the named beneficiaries of the contract, who are usually the insured’s dependent family members for their upkeep after your passing. However, there are several types of policies which guarantee both death and living benefits. Meaning that you can take advantage of parts of your policy while you are still alive.

Future Plan for Your Loved Ones:

As an orthopedic surgeon, you need life insurance death benefits to protect the future of your loved ones after your passing, especially if you are a breadwinner. You definitely wouldn’t want to leave your family members in financial problems after you have passed on.

Flexible for Your Career Success:

A life insurance policy is especially suitable for you as an orthopedic surgeon regardless of your level. Either as a resident or a fellow, there are flexible policies which allow you to customize and amend your contract to meet your needs and occupational demands at each stage of your career.

Term Life Insurance:

 Term life insurance provides coverage for the policyholder for a specific period. It is about the most popular life insurance product in the U.S. Depending on the contract you buy, the coverage terms can range from 10 to 30 years and increase in 5-year increments.

Term life insurance pays death benefits to the beneficiaries of the contract if the insured passes on within the specified term in the contract. It comes with variations such as level term life insurance, renewable term life insurance, and convertible term life insurance.

Universal Life Insurance:

 Universal life insurance, by its very nature, is the most flexible of all insurance policies you can find. Unlike term life insurance, universal life insurance provides coverage for a more extended period, which allows it to be considered as a permanent life insurance policy. It also gives an increase in cash value with accumulating interest as the policy grows older.

The most interesting thing about this product is that you can withdraw the increase in cash value via policy loans or partial surrender. Funds withdrawn can be used to settle any financial needs and are non-taxable. Its flexibility allows you to make adjustments to your death benefit and premium rate to accommodate your needs in the future.

Whole Life Insurance:

Whole life insurance is also a permanent life insurance policy that provides coverage for the insured for the rest of his or her lifetime. It also builds up cash value from which you can borrow via partial surrenders or policy loans. However, the funds borrowed must be paid back into the account in due time. Otherwise, the death benefits meant for your beneficiaries will be reduced as the funds borrowed are usually out of your due death proceeds. Unlike universal policy, a whole life periodic premium rate remains the same—it cannot be changed.