Life Insurance for Neurologists

According to Life Happens, many Americans think they don’t need life insurance because they believe it is for infants and the elderly while some think it isn’t necessary since they don’t have kids. For some, it is because they think that life insurance is “too expensive”. These myths are often due to a lack of understanding of how life insurance works.

Life insurance is a fundamental personal finance plan with many essential living and death benefits for everyone irrespective of age, financial situation, or social status. As a neurologist who has invested a substantial amount of effort and money into your practice and career, you can’t afford to treat life insurance as an afterthought.

Why Do Neurologists Need Life Insurance?

While there are several types of personal finance plans available to you as a neurologist, life insurance remains indispensable for the following reasons:

Financial Protection for Your Loved Ones

More than anything else, your family is worth the world to you, and you always want to guarantee their welfare and secure their future financially. While thinking of your own death may be uncomfortable, it is of utmost importance that we prepare for unforeseen circumstances. With life insurance, you can secure their future by leaving behind a robust plan that will serve as their financial safety net.icon-r

Flexible for Every Stage of Your Life

Each stage of your medical career requires varying financial needs. As a medical student, school loans and other college fees will likely be the top priority. Now that you a practicing neurologist, meeting your family needs comes first; and a few years down the line, retirement plans enter the picture. Whatever your needs are, and at any given period of your career, a life insurance policy can be customized to meet them all adequately. Another unknown benefit about life insurance is that, regardless of your career level, there are different types of affordable and highly beneficial policies available to you.

Long-term Savings Plus An Investment Plan

When it comes to personal finance, saving money is as important as making money. Life insurance helps you safeguard your earnings with investment plans that grow in cash value. You can borrow from the cash value to meet your financial needs.

Tax Benefits

Another reason why you need life insurance as a neurologist is the tax advantage you get to enjoy from your policy. Life insurance death benefit proceeds are generally tax-free, the accumulated value of your permanent life insurance policy growth is also tax-deferred, and the withdrawals made from your cash value are also usually tax-free.

Accelerated Benefits for Critical Illness

If you are diagnosed with a life-threatening illness, 25% to 100% of your life insurance policy’s death benefit may be released by your insurer to pay your medical bills. With the prevalence of critical illnesses these days, having life insurance is a smart way of preparing for unforeseen circumstances.

What Kind of Life Insurance Policies Are Available to Neurologists?

There are different types of life insurance policies available to neurologists. You will have to choose according to your needs. Some of the policy types you can choose from include:

Term Life Insurance

Term life insurance is the most affordable among the different types of insurance policies. It provides coverage for a specified period, or “term.” If you pass on within the policy term, your insurer pays out death benefits to your loved ones. The affordability makes it a perfect option, especially for neurologists just starting out their career. When buying term life insurance, ensure it is enhanced with a conversion feature rider, which allows you to convert the policy to a permanent policy later in your career.

Whole Life Insurance

Whole life insurance is a type of policy which covers you for your entire life from the moment you buy the policy for as long as you pay the agreed premium. Unlike term life which only pays out death benefits if you pass on within the specified term of the policy, a whole life insurance policy’s death benefit is guaranteed regardless of when you pass on. Apart from the guaranteed death benefits, the most interesting feature of this policy is that it builds cash value over time.

Whole life insurance policies can be categorized into two different types which are:

Balanced Coverage

Balanced or standard coverage means that your premium rate stays the same throughout the policy term irrespective of your health status. Also, it also has a fixed amount as a death benefit to be paid out to your beneficiaries when you pass on.

Maximum Coverage

Maximum coverage means your premium payment is put in an investment fund by your insurer. The idea behind this is that, over time, the returns generated from the investment will be enough to cover the agreed amount for payout. The investment option gets reassessed periodically, and if its performance is below the expectation, your insurer may re-adjust the policy. However, the readjustment may lead to a higher premium rate or reduction in the eventual payout of the policy.

Family Income Benefit Life Insurance

Family income benefit life insurance is a special kind of policy which is specifically bought to secure the future of one’s loved ones. You agree with your insurer on how long you would want the coverage to be in force and the amount of income you would want for your family for during the coverage period.

This will determine the policy amount you are to pay. If you pass on during the period, your insurer will have to pay a lump sum of the agreed regular income benefits to your beneficiaries for the remaining term of the policy. For example, if you choose a 15-year term coverage and you pass on five years later, your dependents will get a regular income from the company for the remaining 10 years of the policy.

What Should Neurologists Look For When Buying Life Insurance?

Neurologists should consider the following things when shopping for life insurance:

Determine How Much You Need

You need to consider your personal and family needs and determine the exact coverage that will be enough to cover you adequately. You also need to consider the length of coverage offered in a policy before settling for it.

Choose the Right Type of Policy

Do you just want a policy just for death benefits, or you want both living and death benefits? Your answer will determine the type of life insurance you will settle for.

Talk to a Licensed Agent

To get a complete understanding of a policy before buying it and make the most of it afterwards, you will need to speak to an experienced insurance agent who will advise you and possibly help you get the best policy.

How Gold Coast Life Insurance Can Help

We know how crucial life insurance can be to both your career and family needs. We will provide you with a flexible policy will give you and your loved ones adequate coverage.

At Gold Coast Life Insurance, we accept high-risk applicants and those with pre-existing conditions. You can always count on us for the best policy that doesn’t require any medical examination. Get a free quote today and enjoy tailor-made life insurance benefits.

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