Life Insurance for Pediatricians

Most people are mindful of the future of their finances, but few take the necessary actions to secure a solid financial future for them and, more specifically, for those who depend on them. If you are a pediatrician or anyone else in the medical profession, you need a plan in case the unthinkable were to happen. Life insurance for pediatricians gives you the financial security you need to make sure that your family will be well taken care of when you’re gone.

While many people already have life insurance, there are still many people who fail to make life insurance a part of their future financial plans. According to last year’s life insurance statistics by The Statistics Portal, 40% of Americans are still without a life insurance policy.

Most people don’t really plan for it until they need it, or they just shy away from discussing the topic of their own death. However, life insurance is the aid that can provide financial relief to your family once you’ve gone. Specifically, it pays death benefits to your beneficiaries after your demise.

Life Insurance for Pediatricians

Why Do Pediatricians Need Life Insurance?

As a pediatrician, you have likely spent several years and tens if not hundreds of thousands of dollars to get your license to practice. Likely, you applied for college loans so that you could reach your goal of becoming a pediatrician. And you probably made these expensive sacrifices in order to care for your family’s financial needs.

Sadly, life does not always go as planned. If something were to happen, how will your family members fair financially if you’re not there? What about the student debt incurred or your mortgage?

If you have a family that depends on you for financial support, you should consider buying a life insurance plan. Your family will need death benefits to care for the following:

Why Do Pediatricians Need Life Insurance

Funeral Expenses and Debts

The death of a loved one is a serious blow to the affected family made more severe by the financial troubles that will follow if that loved one was a major provider for the family. Paying for burial expenses can be exorbitant. The cost of an average burial is often as much as $10,000 or more. Without a financial plan in place, funeral expenses could add to the emotional burden of your loved ones. Life insurance coverage will easily settle any expenses made for the burial, relieving your family of the financial stress.

Consider another benefit of life insurance policy—it will help offset your debts such as the student loans you probably took while in school that are expected to be paid in installments. Or, it could be that you applied for a mortgage to purchase your new home or took out a car loan.

In the event of your sudden death, the financial burden of your debt will be transferred to your family members. Even if your spouse is employed, the debt could fall directly on him/her, draining what saving they have left. A life insurance policy can help care for all these financial liabilities without compromising your family’s needs.

Freedom From Anxiety

The ultimate benefit of life insurance is the peace of mind that comes with it. You can relieve yourself of the worry of how your family will survive if you as the breadwinner should pass on. When you plan now, you can live more confidently.

What Kind of Policies is Available to Pediatricians

What Kind of Policies Are Available to Pediatricians?

As a pediatrician, you can choose from available policies that can either last for a fixed period or for a lifetime. Your choice will likely depend on your projection for buying a plan. If you intend to pay for a mortgage that will typically last for up to 25 years, then term life insurance would be a good option.

However, if you plan for a long-term financial vehicle that you can pass as an inheritance to your beneficiaries, a whole life insurance policy will suffice. Learn more about the types of life insurance policies and their benefits.

What Should Pediatricians Look for When Buying Life Insurance?

When shopping for life insurance coverage as a pediatrician, one of the most important questions to ask is: what type of policy is the best for you? Once you arrive at the right conclusion, your next step will be more comfortable.

A Group or Individual Policy?

If you are a member of the American Academy of Pediatrics, you’re likely to qualify for the group term life insurance program. While this type of policy may have its advantages and the premiums are generally inexpensive, the downside is that it gives limited benefits.

If, on the other hand, you purchased an individual life insurance policy to supplement group coverage, you can still benefit from a customized plan designed to meet your specific needs and with more extensive benefits.

At What Stage in My Career Can I Buy?

Owing life insurance isn’t just for the senior generations. Your policy is also a good option when you’re young. When you reach important milestones in your career – like after graduating, getting married, buying a home, or raising your children – these are the best times to buy a plan.

In fact, buying when you are still young will save you a lump sum of money. Policy providers will consider your age to determine the cost of your premium. The older you become, the higher your premium costs.

How Do I Choose The Right Insurance Company?

An insurance company with a good track record is more likely to offer you a policy that will suit your needs. Also, the right insurance company is one that understands the medical profession and can promptly pay death benefits to your beneficiaries without hassle. A professional insurance broker or agent can help with selecting the right insurance company.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we understand how valuable your career as a pediatrician is. We are passionate about life insurance, and we’d like to work with you to fully achieve your blueprint a secure financial future for your loved ones. Getting a quote from us is stress-free and absolutely free.  We are not selective of our clients based on pre-existing condition and medical examination is not required to get started.

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