Life Insurance for Podiatrists

Since the first life insurance policy was issued in the U.S. in 1759, the industry has been evolving and the scope has been widened beyond just assisting widows and orphans. Today, there are policies made to suitably meet people’s family and career needs. Many podiatrists are now taking advantage of the flexibility in the insurance industry to help them achieve their life goals.

The retirement and death of breadwinners can be critical factors that devastate many families in the U.S. A life insurance policy can be designed to help you achieve a fulfilled retirement experience and also provide a safety net for your loved ones for when you pass on.

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Why Do Podiatrists Need Life Insurance?

As a podiatrist, you have many financial plans available to you provided by your employer and/or your personal savings. However, the flexibility and reliability of life insurance make it an indispensable and incomparable future plan. The followings are what make life insurance a must-have policy for you as a podiatrist

Death Benefits

Traditionally, the goal of life insurance is to provide a financial safety net for an insured person’s loved ones after his death. Life insurance death benefits are paid to your family members to help them cope financially after you have passed away.

Living Benefits

Life insurance has evolved beyond just the death benefits. There are now provisions for living benefits, which allow you to enjoy and maximize your life insurance while still alive. This is because your life insurance policy can be customized to:

Meet Your Career Needs:

A life insurance policy can be tailored to help you from the start to the peak of your career. Student loans have become the second highest consumer debt in the U.S. with a total of $1.5 trillion collectively owed by over 44 million students. A life insurance policy can be geared toward the payment of your medical school fees during training. And when you begin practicing as a podiatrist, you may convert or adjust your policy to suit your status and needs as a practicing medical professional. Then, when you eventually retire, you can continue enjoying life insurance benefits by regularly getting assured income through annuities.

Help You Achieve Your Life Goals

As a podiatrist, beyond meeting and treating patients, you have other aspirations in life. You may desire a happy marriage, a nice house, a luxury car or some of the other good things of life. Life insurance remains the best financial plan that can help you achieve all of these.

Meet Your Peculiar Financial Obligations

Apart from career and family, do you have other responsibilities that demand not only your attention, but also your finances? Do you have a child with special needs? Are you committed to a charity donation? Do you have child support or alimony to pay? Being able to handle financial obligations such as these are some of the major benefits of life insurance.

What Kind of Life Insurance Policies are Available to Podiatrists?

Generally, there are two types of life insurance: term life insurance and permanent life insurance.

Term life insurance, as the name implies, is designed to cover you for a specified period of time. The coverage period typically ranges from 10 to 30 years. Permanent life insurance, on the other hand, provides lifelong coverage as long as you are paying the premium.

Term Life Insurance

 Term life insurance provides coverage for the policyholder for a specific period. It is about the most popular life insurance product in the U.S. Depending on the contract you buy, the coverage terms can range from 10 to 30 years and increase in 5-year increments.

Term life insurance pays death benefits to the beneficiaries of the contract if the insured passes on within the specified term in the contract. It comes with variations such as level term life insurance, renewable term life insurance, and convertible term life insurance.

As a podiatrist, some of the subtypes you can get under term life insurance are:

Level Term

Level term life insurance offers coverage based on a fixed premium rate throughout the term of the policy. Just like its premium amount, the benefit amount is also fixed.

Renewable Term

With renewable term life insurance policy, you will be covered for a short period, after which you will be given the option to renew the contract with a higher premium rate. The renewed contract can be extended to 5 to 30 years depending on how old you are.

Convertible Term

Convertible Term life insurance policy can be converted into permanent life insurance without having to go through a medical exam or providing proof of insurability.

Permanent Life Insurance

Under permanent life insurance, however, the following are the subtypes from which you can choose as a podiatrist.

Whole Life Insurance

Whole life insurance covers you from the moment you buy it until you pass. Its benefits are twofold (living benefits and death benefits). The living benefits are derived from its built-up cash value which you can withdraw via partial surrender or partial loans to meet any of your financial needs.

Universal Life Insurance

Universal life insurance is another very flexible permanent life insurance. It also builds up cash value which can be used to meet financial obligations, just like whole life. Its uniqueness, however, is that after a while, you can choose to adjust your premium rate and death benefit to accommodate your needs.

Variable Life Insurance

Variable life permanent life insurance builds up cash value just like other types of permanent life insurance. What makes it special, however, is its investment plan which works like a savings account. The interest gained from your investment is added to your cash value. However, you need a financial advisor to guide because a poorly-performed investment will negatively affect your cash value.

What Should Podiatrists Look for When Buying a Life Insurance Policy?

Affordability

You need to be sure that the premium of a policy is affordable before buying it. Your premium rate will be determined by factors such as your age, pre-existing medical condition, genetics, weight, and lifestyle. If you are a high-risk applicant, you might need to pay a higher premium for your policy.

Consider Your Career Stage

There are different policies to suit each stage of your career as a podiatrist. Your current salary will largely determine the kind of policy you can afford. However, be sure to enhance it with the conversion feature rider that will allow you to adjust the policy if you want to in future without a medical examination.

Immediate Benefit Payout

Some insurance policies don’t fully pay out death benefits to an insured person’s beneficiaries until two to three years after the death of the insured. Be sure to get a policy that will not delay in paying your family your life insurance death benefits after your passing.

Buy From Credible Insurance Company

The pedigree of your policy provider matters a lot. Make sure you buy from a reputable company with verifiable customer care and a strong financial rating.

Work With a Trusted Insurance Agent

You need an insurance agent to help you get the best life insurance policy for podiatrists and to understand the terms and conditions in the policy.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we will not only advise you on the best policy for podiatrists, but we will also help you get the best that will help you fulfill all your financial dreams and also secure the future of your loved ones.

It doesn’t matter if you are a high-risk applicant or you have pre-existing conditions, we will accept and work with you. Take advantage of our free quote today for affordable, flexible and quality life insurance policy for podiatrists.

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