Life Insurance for Doctors
Life insurance is rarely a popular subject. There aren’t many products out there that kick in only after you can no longer enjoy it. Outside of this, not many people can comfortably discuss their own death. Some even think that discussing the topic of death could bring some misfortune. Either way, death is such a bitter pill to swallow.
If you’re a medical professional, the subject of death may be less taboo or foreign.
Life insurance could be the much-needed protection that you need to save your loved ones from financial problems that may arise after you pass. Here’s why every doctor and physician should consider it.
Why Do Doctors and Physicians Need Life Insurance?
The ultimate goal of life insurance is to protect your family’s financial needs if something happens suddenly or unexpectedly, resulting in an untimely death.
For doctors and physicians that are married, have kids, or own a home, they should consider getting life insurance to protect their loved ones if they pass away prematurely.
Life insurance can help take care of funeral and other after-death expenses
You won’t be able to console your loved ones after your death. But you can make sure that they have all they need to cover for the burial expenses. This is an act of generosity and consideration and shows that you genuinely care. So, budgeting for burial is a good thing to do. Experts recommend budgeting up to $10,000 or more to cover for the funeral and other expenses after that. Signing up for a life insurance plan is an excellent way to start.
According to a report on U. S. Mortgage Market Statistics: 2018, about 63% of Americans are homeowners with a mortgage. As a doctor or physician, you are probably a part of this stat or you will be soon. What happens if you’re no longer around for the repayments? Life insurance coverage will help settle mortgages or other debts. It will also secure your assets from creditors who might want to sell it off to clear your debts.
Other benefits of life insurance include covering for your children’s education and helping your loved ones to maintain their normal lifestyle when you are no longer there to provide. Ultimately, you can derive satisfaction and peace of mind through getting life insurance.
What Kind of Policies are Available to Doctors?
Most experts agree that the best type of life insurance for most doctors and physicians is “Term Life Insurance.” And here’s why.
If you are a doctor or a physician and are responsible for your family’s expenses, you likely won’t need life insurance by the time you’re 85. By then, you may have your mortgage paid off, your children are likely no longer dependent on your salary, and you may be enjoying the benefits of your retirement.
A term life insurance, as the name indicates, is temporary and lasts for 10 to 30 years. So by the time you’re 70, your financial responsibility might have reduced drastically, so you may no longer need insurance coverage.
Another benefit is that term life insurance premiums are typically inexpensive. In the likelihood that your income increases, then it means your benefits and protection will increase.
Whole life insurance policies are also available for doctors and physicians, which means that your coverage will last for your entire life. However, with this extended coverage comes increased cost, so talk to an expert to determine what works best for your situation.
What Should Doctors and Physicians Look for?
If you are planning to buy a policy soon, you might find these pointers helpful to make the best out of your investment:
Don’t buy too little
If you buy too little, you risk not letting the policy serve its purpose. Some will go for a plan that will serve them for 20 to 30 years just to cover for their mortgage or debts. This might well depend on what stage of life you are when buying. You may need to speak with an expert that will help with the calculations.
Set your beneficiary
Your insurer will transfer the ‘death benefits’ to your chosen beneficiary after your death. You can choose your spouse or children to be your beneficiaries or a mix of both.
Keep in mind that, if you later get divorced, you should remember to change your beneficiary status.
Buy from the right company
There are tons of life insurance companies out there, but not all of them are suitable for your needs. Buying from a reputable company puts your beneficiary in a better position of receiving the benefits. However, it’s not uncommon to hear cases of companies who withhold death benefits from beneficiaries. You want to make sure that your coverage is going to benefit your family when it kicks in.
But how can you recognize a reputable company?
One way to get a better idea of the company that you are researching is to browse a list of insurance companies and check their track records in their reviews section. A good place to browse for insurance companies is at A. M. Best.
Talk with a trusted insurance advisor
A trusted advisor will not only help in evaluating your needs but will also walk you through the processes and explaining unfamiliar terms.
Don’t wait too long to buy
If you’re a doctor or physician, the best time to buy life insurance is now. Usually, insurance premiums increase as you age since you risk developing health issues as you grow older. Insurance companies are taking an actuarial risk on your longevity, and won’t hesitate to increase your premium if your health history changes.
How Gold Coast Life Insurance Can Help
The Gold Coast’s term life insurance plan is designed to help protect the financial needs of your loved ones. Even if you pass away suddenly or unexpectedly, we can help fulfill your promise. We also offer counsel on how you can get the most out of your investment.
With Gold Coast, getting a quote has never been easier. You can do so even from the comfort of your home. Getting a quote from us is absolutely free, and we don’t discriminate based on pre-existing conditions. You don’t even need a medical exam. Let Gold Coast Life Insurance help you protect your family.