Life Insurance During Residency

Life insurance serves various purposes, including giving you a sound financial footing for the future. The older you get, the more you’ll appreciate the many benefits it offers for you and your family.

Being a resident physician, you are likely keen about quality life both for yourself and your family. You probably have a mental blueprint for buying a home, starting a family, and planning for retirement.

All these are essential parts of a proper life planning. Still, life insurance coverage is that crucial component that ensures your hard work doesn’t go down the drain if life’s uncertainties happen.

insurance assets to cover
disability insurance coverage for monthly expenses

Why You Should Consider Life Insurance During Residency

For residents or younger physicians just starting out, life insurance is probably the last thing on your mind. Some have even doubted the need to include life insurance into their financial planning altogether. Here we have highlighted five reasons to reevaluate your options and why you should own an insurance policy now during your residency:

1. Help pay for your student loan

According to a 2017 survey of medical residents, student loans are becoming worrisome. From the study, half of the medical respondents admit to having a debt of over $200,000, and about 80% claimed to owe amounts higher than $100,000. Worse, 71% disclosed that they lack the knowledge to plan and reach their long-term financial goals. Given the downward trend, the American Medical Association Insurance (AMAI) invited financial experts to help share some financial advice to medical residents.

Life insurance coverage can help ease and protect you against the financial burden of large student loans incurred during your medical college.

2. A proof of your unwavering love for your loved ones

Life insurance is not just for you alone—it helps protect your family from future financial disaster. Working as a resident comes with some challenges. You are busy caring for clinical work, clinical learning, and a host of other things that can sometimes interfere with spare time with your family.

Your job plays a crucial role in the financial wellbeing of your loved ones, and you may be concerned about doing the right thing for your family. With life insurance, you can further stamp your love for your loved ones by protecting their financial needs.

This ensures that they are well-taken care of, and they can still enjoy the life of financial freedom you want for them.

3. Buy now that you are single

Generally, life insurance is meant to protect your loved ones when you’re gone. This leaves many to conclude that only those with a spouse or children can get covered. Contrary, life insurance companies have now designed policies that can be useful even if you are a single during your medical residency. With it, you can offset other expenses apart from a student loan such as the proceeds of your estate, taking care of your aging parents, or assisting a disabled sibling. And the good news is, you can get a policy that meets your needs, and that is quite affordable.

Should you later decide to get married and have children in the future, your insurance policy would serve as standby coverage to protect your family.

4. Buy when you are young and healthy

If you are young and healthy – whether single or married, your youth and present health condition might trick you into thinking that you don’t need life insurance. But, as a medical student, one of the basic things you should have come to realize by now is that human life can be so fragile and unpredictable. Your health condition might change unexpectedly, and you aren’t getting younger.

Life insurance can help cover medical bills in case of a deteriorating health condition. As you grow older, it becomes tough to get a policy. The insurance company will charge you based on your age and health status. Even if you’re young and healthy, getting insured now during your residency is a wise thing to do before you become uninsurable or your premiums rise.

Should you later decide to get married and have children in the future, your insurance policy would serve as standby coverage to protect your family.

5. Gives you peace of mind

There’s nothing that gives you more joy than knowing you’ve done the right thing at the most appropriate time.

Getting covered even when you think you don’t need it will save you a substantial amount of money when the need later comes. When you look back in 10, 20 or 30 years from now, you can only breathe a sigh of relief for making one of the best life’s decisions ever – buying a life insurance policy during your residency.

What Policies are Available During Residency?

There are various types of life insurance policies offered by different insurance companies. In most cases, medical residents find term life insurance as the ideal policy due to its easy accessibility and affordability considering your present financial power and career stage. With time, you may decide to enlarge your coverage by adding more policies as need be.With term life insurance, you get covered for a certain number of years between 5 and 30 years. The insurance company pays what is called death benefits while you maintain a fixed premium rate throughout the term.

What Policies are Available During Residency

How Gold Coast Life Insurance Can Help

One of the hurdles to buying life insurance is calculating how much policy will sufficiently get you protected during your residency. We’ve got you covered on this. At Gold Coast Life Insurance, we will help you design a policy that will perfectly connect to your needs.

We don’t discriminate against high-risk application and neither do we reject candidates with pre-existing conditions.

Take advantage of our free quote and let’s make your future financial dream a reality.

Term Life Insurance

Affordable Life Insurance

Pre-Existing Conditions

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