Life Insurance for General Practitioners

Year in and year out, life insurance companies are paying insurance benefits as financial leverages to policyholders. According to the 2019 Insurance Fact Book, the total claims made in 2017 tallied up to over $697 billion, showing an excess of $27 billion when compared to the year before at $670 billion. In essence, life insurance is that vital element that guarantees you financial stability both while you’re alive and after you are gone.

As a general practitioner, adding a life insurance policy to your professional portfolio is crucial for your financial backup. However, just because life insurance is a necessity doesn’t mean you jump into buying the first policy you see. Selecting the most appropriate coverage requires detailed information on policy options, pricing, and the insurance company.

With adequate education, you can succeed in getting the best policy while enjoying the long-term benefits of protecting yourself and your loved ones.

Life Insurance for General Practitioners
Why Do General Practitioners Need Life Insurance?

Why Do General Practitioners Need Life Insurance?

The advantage of buying life insurance has stirred from the traditional disbursement of death benefits to beneficiaries after the death of the insured. Now, life insurance can provide you with an investment option that accrues cash value, which can be useful to the insurance holder while still alive.

In a nutshell, life insurance protects the finances of your dependents if you’re not around to take care of them. The proceeds paid by the insurance company can help cover for things like funeral costs, offset mortgage, and can help with a long-term savings goal like paying for your children’s college tuition and more.

Have you thought of how life would be for your loved ones when you’re gone, especially if you are the breadwinner? One of the very first expenditures that follow after your passing is paying the proper last respects. These days, even a simple funeral ceremony can cost thousands of dollars. Life insurance can help cover funeral costs and other miscellaneous expenses that follow after your passing.

Additionally, your insurance policy can be a safety net for your family to retain your home, especially if you acquire it through a mortgage. Despite a report of steady fall in the rate of foreclosed homes, the United States Federal Deposit Insurance Corporation (FDIC) statistics forecasted that one out of every 200 homes would be foreclosed upon.

That is about 250,000 families entering into the foreclosure list every three months. Life insurance can help you and your family avoid having your home taken over by lenders.

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.

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.

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.

What Kind of Life Insurance Policies are Available to General Practitioners?

Although there are numerous insurance policies available for general practitioners, they all fall into two main categories: term life insurance and permanent life insurance. These two plans are further broken into smaller policy riders to help suit your individual needs.

What Kind of Life Insurance Policies are Available to General Practitioners

Term Life Insurance

Term life insurance is the most efficient policy to purchase mostly for its affordability. With it, you get protection for a certain number of years, usually between 10 to 30 years. Like many other medical professionals that are just starting out in their career, term life insurance can get you covered throughout medical school.

You can enjoy an affordable and fixed premium for the duration of the policy. Depending on the policy rider, term insurance allows you to expand your policy to meet your needs as you progress in your career.

Whole life insurance policy

Whole life insurance is an all-encompassing type of permanent life insurance that is capable of paying you up to the time you retire or for life. Depending on the underwriting, the policy also offers you living benefit that can be used to meet various financial commitments while you’re still alive. Additionally, whole life insurance coverage provides you with a fixed premium rate and death benefits that last for life, provided you honor your premium payments.

Universal life insurance policy

Universal life insurance is similar to whole life insurance in terms of cash value accrual. It is an ideal policy for general practitioners with long-term benefits in mind. The policy allows you to adjust the benefits up or down without having to purchase an entirely new policy.

What Should General Practitioners Look for When Buying A Life Insurance Policy?

Discuss your needs with an experienced insurance advisor

An insurance advisor is a go-to person when trying to buy an insurance policy. He or she can help you access your needs, explain unfamiliar terms, and advise on how much you may need to get covered.

Conversion feature

Due to the nature of your profession as a general practitioner, you should look for an insurance plan that allows you to convert easily to a policy that meets your needs at any stage of your career. For instance, a convertible term life policy allows you to upgrade your plan to a permanent option such as whole life or universal life insurance coverage.

Affordability

Just because you need coverage does not mean you have to drain yourself financially. Make sure to buy policies with premiums that you can afford to pay for the long term. Usually, the cost of your premium is based on your current financial situation and needs.

How Gold Coast Life Insurance Can Help

Buying life insurance as a general practitioner is one of the most significant decisions you can make financially. The long-term benefit outweighs the up front expense and will protect you and your family in the event of the unforeseen happening. Let us help you access your needs in order to design policy the will best address your needs.

To get started, you can get a free quote from us right now from the comfort of your home. We do not discriminate against high-risk clients or those with pre-existing conditions, and you can even find coverage without having to go through a medical exam.

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