Life Insurance for Plastic Surgeons

Life insurance policy in the U.S. appears to be regaining momentum as the number of active life insurance policies in the country has moved from over 271 million in 2012 to its present number of more than 288 million. However, this is far too low compared to 334 million it was in 2008.

Some of the factors responsible for the low purchase rates include the fact that people tend to overestimate the cost and that consumers like to avoid physical examinations, including people in high-paying positions like plastic surgeons.

Recently, these barriers have been reduced with the introduction of customized, compatible, and affordable life insurance policies for plastic surgeons that are well explained and don’t require any medical examinations.

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level term life insurance for doctors

Plastic surgery is one of the most complex specialties in the medical line. As such, the profession carries a great responsibility on the medical personnel practicing in the field. As a plastic surgeon, there are many financial obligations you are expected to meet to keep yourself up to date in your career and meet your personal and family needs.

To achieve balance on all fronts and to protect your loved ones after you’re gone, the best option is to opt for a life insurance policy, which will help you realize your financial life goals.

Why Do Plastic Surgeons Need Life Insurance?

Many people are still unaware of the advancement and flexibility of different types of life insurance, which have expanded beyond the conventional provision of benefits that activate only when the insured passes away.

As a plastic surgeon, there exist several qualities of life insurance policies that you can leverage to enjoy both living and death benefits.

The following are some of the benefits you stand to gain from a life insurance policy:

Medical School Loans

According to Credit Donkey, 75% of medical students graduate with school loans. With an average debt of $192,000 in both private and public medical schools, many spend years struggling to pay back the loans after graduating and working. You can avoid that with the right life insurance policy.

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Raise Your Family

As a parent, there are customized life insurance policies for your profession, which will not only help you pay your children’s tuition as well as provide for your spouse and relatives, but will also ensure you don’t have to sacrifice other necessary financial responsibilities in the process.

Medical Bill Payments

According to Health Affairs, the average American spends over $10,000 per year on medical bills, which amounts to a total of 3.4 trillion. It is forecasted that by 2023, individual medical bill spending will have increased to $14,944. Of course, being a plastic surgeon doesn’t exempt you from paying medical bills when the need arises. As part of the living benefits available in life insurance policy, you can withdraw from your contract proceeds to settle medical bills when you are ill or injured.

Other living benefits that a customized life insurance policy offers plastic surgeons include mortgage payment, charitable giving, child support and alimony, and several other benefits that cannot be derived from any other personal finance plan.

Death Benefits

The above living benefits are not the only advantages of life insurance; it also provides tax-free death benefits which can be claimed by your beneficiaries after your passing. Death benefits can be used for funeral expenses, hospital bills, and taking care of other financial needs for your dependent family members.

What Kinds of Life Insurance Policies are Available to Plastic Surgeons?

As a plastic surgeon, there are several life insurance policies available for you. These types of life insurance policies can be tailored to meet your both immediate and future needs. They include:

Renewable Term Life Insurance

Renewable term life insurance provides coverage for a short period and gives the insured the option to renew the contract after the expiration of the policy. The renewal can be for 5 to 30 years depending on your age. However, your premium rate goes higher each time you renew the policy.

Level Term Life Insurance Policy

Level term life insurance is a type of policy that maintains the same premium and death benefits throughout the entire lifetime of the contract. It doesn’t matter how long the contract runs, the premium rate, and the death benefits will never increase or decrease.

Permanent Life Insurance

As a surgeon, this is another flexible life insurance policy that allows you to put your cash value in investment accounts which work like a mutual fund. Your cumulative premium payment will be invested in some investment accounts as offered by your insurer. As the investment yields interest, your cash value increases. You also have the opportunity of switching from one investment to another. However, you will need an expert to guide you in your choice of investment as poor performance of the portfolio can also affect both your death benefits and cash value.

Whole Life Insurance

In contrast to term life, whole life insurance is a contract that lasts for the remainder of your life. A portion of the premium payments you make into your whole life insurance policy goes toward the cash value of the policy. Also, you can borrow against the policy to cover any payments or debts you may encounter while you are still alive.

What Should Plastic Surgeons Look for When Buying Life Insurance?

Affordability:

Being in the high-paying occupation of a plastic surgeon doesn’t mean you can throw caution to the wind. You should beware of price manipulation in the market by making a due comparison and ensure you get both quality and affordable policy for the right price.

Conversion feature:

The plastic surgery field of medicine is a dynamic specialty that experience day to day advancement. As such, your insurance needs for your career today might not be the same tomorrow. With conversion feature, you can change your term life insurance policy to permanent life insurance in the future to adequately cover responsibilities in both in your family and career life.

Living Benefits

Gone are the days when the benefits that insurance had to offer were only available after the insured has passed. With the advent of compatible policies in the insurance world today, you should enjoy the full value of living benefits in your plan.

Cooling-Off Period

This option means if you decide to change your mind and want to cancel a newly bought life insurance policy, you can do so within 14 days and get a full refund of the premium you have already paid from your insurer.

How Gold Coast Life Insurance Can help

At Gold Coast Life Insurance, we will help you achieve your career goals and every other life ambitions with a life insurance policy that perfectly customized for plastic surgeons.

Our services are highly accommodating and inclusive. We don’t require medical examination and we don’t discriminate against high-risk applicants or those with pre-existing conditionsGet a free quote now and experience the best life insurance policy as a plastic surgeon.

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