Life Insurance for Orthodontists

In 2017, the National Center for Health Statistics revealed that the average life expectancy of an American is 78.6 years – a decrease from the previous year’s 78.7. No one lives forever, and there are many factors that could cut your life short unexpectedly, even for orthodontists.

When the unfortunate happens, what will happen to your loved ones and dependents? Asides from the emotional pain of their loss, are they secured financially?

Life insurance is crucial to securing a solid financial foundation for the future of your loved ones. If you are an orthodontist and you have someone that depends on your income for financial upkeep, then you should consider getting life insurance.

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Life Insurance for Orthodontists

Why Do Orthodontists Need Life Insurance?

Essentially, life insurance coverage functions as a means of providing a financial backbone for your family when you’re deceased, especially if they depend on you for financial support.

It would be devastating if, after your death, your family does not have enough money to pay for things like your funeral or to maintain their lifestyle. With a running life insurance policy, you can protect your family members from unnecessary financial burdens when you pass.

If you have a mortgage on your home or you have incurred debts such as a student loan, then you should consider buying a life insurance policy to help cover those expenses. Also, when you have life insurance, you are relieved from paying for extra mortgage insurance that is usually included in the home loan. Life insurance will also take care of any other debts such as your children’s college expenses.

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But the benefits aren’t limited to just your spouse and children. If you’re single, it’s also a good idea to buy a life insurance policy. Life coverage can pay for a funeral or support your parents and anyone that may depend on your financial support.

It may even be more beneficial to get life insurance before having a family of your own. When you purchase at a young age, you can lock in a low rate and won’t need to pay more when you need it later in life. A life insurance policy is cheaper when you’re young, but the older you get, the higher the rate gets and you also risk being declined if there are issues with your life insurance medical exam.

What Kind of Policies are Available to Orthodontists?

If you’re a member of the American Association of Orthodontists, you can get group life insurance protection. The organization provides members with a renewable 10-year group term policy. It also gives coverage for individual members as well as their dependents, where applicable.

However, like any other group life insurance, you’re limited to some personal benefits, not enough to cover for your entire insurance needs. For instance, the group plan offers only short-term benefits with more limited coverage than the individual plan. The life insurance company can also cancel the group insurance, and your coverage will be terminated if you’re no longer a member of the group. A group plan is inexpensive at the start, but it usually ends up costing you more in the long run.

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In general, there are two types of life insurance policies which are: term life insurance and permanent life insurance. Term life insurance is the perfect choice if you need affordable coverage or you need help to cover for specific financial responsibilities like college expenses or mortgage.

Term life insurance pays ‘death benefits’ to your beneficiary for a specified period after you pass – usually between 1 to 30 years. In the most likely situation, your kids will have grown to adulthood and be able to fend for themselves by the time you’re 85 years. That means you are likely receiving your entitlements as a retiree and may have even paid off your mortgage. At this stage, even if you were to pass on, your family may not suffer as much of a  financial. Therefore, you won’t need life insurance coverage.

What Should Orthodontists Look for?

Just knowing that getting life insurance is a good idea isn’t enough. Before you buy a policy, you need to understand the purpose of buying and the type of plan that’s best for you. Use the following suggestions as a starting point for your research:

Seek out the advice of a qualified insurance advisor

When you need clarification on which type of policy you should buy, an experienced policy advisor will help you evaluate your needs, help you make the right choice, and explain unfamiliar policy terms.

Buy enough to cover your insurance needs

One of the biggest mistakes you want to avoid is buying less coverage than you need. The consequences of this could be that your beneficiaries don’t have enough left to protect their financial needs over the long run. However, you’ll need to make your calculation based on your income. An experienced insurance policy provider may will be able to help you in this area.

Buy from the right company

You’ve got a lot of options when shopping for an insurer. The wrong insurer may end up not paying your benefits after your passing. This may seem unbelievable, but it happens.

So, to know the right company, you may want to ask around and check what other people are saying about them.

Naming your beneficiary

Only you can decide who your beneficiary will be. You may choose your spouse or your children or both. You can also choose how you want the benefits to be shared if you named more than one beneficiary.

If you’re divorced or a remarriage occurred after signing up for life insurance, remember to revise who your new beneficiary would be.

How Gold Coast Life Insurance Can Help

We understand the financial consequences of leaving behind loved ones that depend on your income. The coverage available through Gold Coast Life Insurance is designed to provide financial protection to your family after your demise. We also offer counsel on how you can get the most out of your policy.  Getting started with life insurance is easy. Simply use our free quote, to begin today!

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