Life Insurance for Anesthesiologists

Life insurance is quickly becoming one of the most favored personal finance plans in the U.S., as about 60% of Americans have life insurance. However, as an anesthesiologist, it isn’t enough to be covered by just any plan; your life insurance policy must be tailored according to your medical specialty, lifestyle, family, and life goals.

A life insurance policy is a personal finance plan in which an insured person makes regular premium payments to the insurer in return for a lump sum known as benefits.

As an anesthesiologist, you are likely well aware of the devastating emotional effects that come from losing a loved one. Apart from the emotional trauma, another distressing experience is the financial issues that follow, especially if the deceased is the breadwinner of the family. Life insurance is the best option for a solid financial plan both while you’re alive and after passing on.

Life Insurance for Anesthesiologists

Why Do Anesthesiologists Need Life Insurance?

As an anesthesiologist, you definitely want to reach the peak of your career and also meet your financial obligations to your loved ones. Life insurance comes with many benefits that will help you achieve these goals.

Death Benefits for Your Loved Ones

A life insurance policy also pays out death benefits that will provide your loved ones with a safety net after you pass on. A death benefit is the lump sum paid by your insurer to the named beneficiaries of your life insurance policy for their upkeep after your passing.

Helps You Through All Stages of Your Career: From College to Practice to Retirement

As a medical student still undergoing training to become an anesthesiologist, you can buy a customized life insurance policy that will help you meet all your college financial needs, including your student loans. The benefits of life insurance for an anesthesiologist continue when you begin to practice as it will help you fund your career and life goals. When you finally retire, a life insurance policy can be a steady source of income through annuities to help you enjoy your retirement.

Anesthesiologists Need Life Insurance

Raise and Protect Your Family

With the living benefits of a life insurance policy, raising a family can be made easy, at least financially. Paying your children’s school fees and providing for your family are some benefits of life insurance. Mortgage payment is another benefit of life insurance. As an anesthesiologist, and as a breadwinner in general, one of your primary goals is to live put a roof over the heads of those who depend on you. Life insurance can be tailored towards paying for your mortgage to ensure you don’t lose your home.

Investment Plan

Life insurance can also be a good investment option. This can be done with a variable life insurance policy which allows you to put your policy cash value in an investment account. The interest yielded by the investment will be added to your policy to boost your cash value. One of the outstanding benefits of this smart investment is that the interest gained from it is tax-free.

What Kind of Life Insurance Policies are Available to Anesthesiologists?

Whole Life Insurance

Whole life insurance is a permanent insurance policy which covers you from when you purchase the policy for the rest of your life. The policy builds up cash value which can be borrowed to meet different financial obligations.

Term Life Insurance

Term life insurance, by its very nature, covers an insured person just for a certain period. Depending on the policy chosen, a term life insurance policy could cover you for 10 to 30 years. Some term life insurance types include level term life insurance, renewable term life insurance and convertible term life insurance.

Term life insurance is a good option for anesthesiologists who are just starting out their career. It is very affordable and the premium stays the same throughout the lifetime of the policy. It is also a good option for a mortgage payment.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance very suitable for an anesthesiologist. It builds up cash value just like whole life. What makes it unique is that it allows you to adjust the benefit later either downward or upward just as you deem fit.

What Should Anesthesiologists Look for When Buying A Life Insurance Policy?

When shopping for life insurance as an anesthesiologist, the followings are some of the factors you should consider:

 

Individual or group policy

An individual policy is the one you bought directly from an insurer while a group policy could be from your employer or your medical association. Your employer will most likely offer you life insurance as part of your employment package. However, because group coverage offers limited advantages, it is in your best interest to also purchase an individual policy that you can customize according to your needs.

Due Comparison

Before settling for a life insurance policy, it is very important to shop around and compare different policies. Premium rate, coverage period, benefit payment and riders are some of the very important things you must compare and let your financial advisor guide you to make the right choice.

Anesthesiologists Look for When Buying A Life Insurance Policy

Essential Riders for Your Profession

Insurance riders are add-ons to your primary policy. Riders allow you to enhance your policy to suit your needs. Some of the important riders for an anesthesiologist are accidental death benefit, waiver of premium, accelerated death benefit, and accidental total and permanent disability riders.

Your Age

Age is a critical factor in life insurance. Buying a life insurance policy at a young age has a lot of advantages. The older you are, the higher risk you become and the higher your premiums.

Your Income

Your income will determine the type of life insurance policy you can get. If you are just starting out in your career, the most affordable policy you can get is term life. However, be sure the policy is enhanced with a conversion feature, which will allow you to convert your term life insurance to permanent insurance when you get to the peak of your career.

How Gold Coast Life Insurance Can Help

Gold Coast Life Insurance will provide you with a life insurance policy that will help you achieve all your life and career goals and secure the future of your loved ones. We understand your insurance needs as an anesthesiologist and will help you get the best to meet them all. Our agency is accommodating to all and requires no medical examination.  Whether you are a high-risk applicant or you have pre-existing conditions, we don’t discriminate. Take advantage of our free quote and experience the long-term benefit of financial protection as an anesthesiologist.

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