Life Insurance for Oncologists

Life insurance has gone far beyond making funeral arrangements. It has become an essential personal finance plan used for many purposes. As an oncologist, some of the main benefits of life insurance include achieving your life and medical career aspirations as well as leaving behind a financial safety net for your dependent family members.

Unplanned emergencies, insufficient retirement savings, and job loss are some of the top financial fears in the U.S. The good news, however, is that a rightly chosen life insurance policy can eliminate all these fears.

Why Do Oncologists Need Life Insurance?

As an oncologist, you need life insurance for the following reasons:

Flexible Death Benefit Payments

Because death is such an unexpected thing, the lump sum payment of life insurance death benefits can define the future of your loved ones financially. Therefore, to ensure the payment serves the very purpose it is meant for, you can choose flexible alternative methods by setting the payment to be given in any of the following ways:

Interest Option

With this payment option, your insurer retains the proceeds of the death benefit while your beneficiary will be receiving interest from it at regular intervals.

Fixed Period

This means your insurer pays both the proceeds and the interest of the death benefit to your beneficiary at regular intervals over a fixed period.

Life Refund

With life refund, your insurer pays a specified amount monthly to your beneficiary for the rest of his or her life. If the beneficiary lives longer than expected, he or she might eventually get more than the amount stated in the policy.

Living Benefits

With life insurance living benefits, you get to enjoy the proceeds of your life insurance policy during your lifetime. Some of the uses of living benefits for an oncologist include:

Achieving Your Medical Career Goals

A customized life insurance policy can help you from the beginning to the end of your medical career. It can be used to cover your student loan payment, it can be tailored to meet your needs during your practice, and it can even be set as a retirement plan which gives assured income through annuities to help you enjoy your retirement.

Meeting Your Family Financial Needs

Being an oncologist doesn’t mean your life completely revolves around your patients— there are many other dreams you may have in life. A quality education for your children, estate planning, and many other life achievements are parts of your goals in life. With a portable life insurance policy, all these can be achieved with ease.

Apart from the above-listed benefits, a life insurance policy proceeds can be used for child support, alimony, and charitable giving. It is also a sound financial plan to cater for children with special needs.

What Kind of Life Insurance Policies are Available to Oncologists?

As an oncologist, there are two major types of life insurance policies you can choose from. They are term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance, as the name implies, is for a specific ‘term’. If you pass on within the term of the policy, your beneficiary will get the death benefit from your insurer. Term life insurance is especially suitable for oncologists who are just starting out in their career. It is more common and usually more affordable than permanent life insurance. It offers a fixed premium amount, and its coverage period ranges from 10 to 30 years. Term life insurance has various types that are suitable for oncologists. They include level term, renewable term, and convertible term. When buying term life insurance, be sure it comes with conversion feature which will allow you to convert your policy to permanent life insurance later in future.

Permanent Life Insurance

Permanent life insurance provides you and your family flexible lifelong coverage with the opportunity of both death benefits and cash value. The cash value grows in total value at a guaranteed rate of return and can be borrowed via partial surrender or policy loans to meet your financial needs. Permanent life insurance lasts from when you buy it till when you pass on as long as you pay the agreed premium amount. Types of permanent life insurance that an oncologist can choose from are:

Whole Life Insurance

Whole Life Insurance, just like every other type of permanent life insurance, builds cash value. In many states, it is considered an “exempt asset”, which automatically protects it from the claims by creditors.  Additionally, its periodic premium rate remains the same.

Universal Life Insurance

Apart from the cash value advantage, what typically distinguishes Universal life insurance from other permanent life insurance policies is that it affords you the opportunity of adjusting the benefit amount up or down without having to buy a new policy.

Variable Life Insurance

Variable life insurance also comes with cash value benefits. However, the premium paid for this type of policy is set to cover three areas: the cost of insurance, administrative expenses, and investment in a mutual-type subaccount. The interest gained from your investment is added to boost your policy’s cash value. Financial expert advice should be sought before choosing an investment in variable life insurance as the performance of your selected investment can make or break the growth of your cash value.

What Kind of Life Insurance Policies are Available to Oncologists?

Affordability

Before buying a life insurance policy, you need to compare many policies from different insurers and choose the one that is most affordable, portable, and flexible for you as an oncologist.

Conversion Feature

With this option, you can choose to convert your term life insurance policy to permanent life insurance if you wish to in the future.

Beneficial Riders

Life insurance riders allow you to enhance your policy with some key features that perfectly meet your family and career needs.

A Trusted Insurance Agent

Grasping the intricacies of life insurance terms and conditions can be somewhat confusing. To ensure you get the best for your money, you need an insurance agent to guide you through the process.

How Gold Coast Life Insurance Can Help

We know how precious your life and career goals are as an oncologist, and we are committed to helping you achieve them with ease. We will help you get the most affordable, quality, and tailor-made life insurance policy with unrivaled death and living benefits for you and your loved ones.

In addition, At Gold Life Insurance, we accept high-risk applicants and those with pre-existing conditions. Get a free quote today for the best life insurance policy made just for oncologists!

Term Life Insurance

Affordable Life Insurance

Pre-Existing Conditions

Business Insurance

Share Our Social Media Pages