Life Insurance for Pulmonologists

Life insurance isn’t just a financial plan for the future of your dependent loved ones. It also helps you achieve your goals in life while you concentrate on your medical career. It has numerous benefits that outweigh the premium amounts you might have to pay to get one.

As a pulmonologist, you have made a huge investment in yourself, career, and family that is worth protecting.

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Why Do Pulmonologists Need Life Insurance?

As a pulmonologist, life insurance should be a fundamental component of your financial plans for the following reasons:

Your Employee Benefit Is Not Enough

Most U.S. employers offer life insurance as part of their employee benefits. As a Pulmonologist, you are likely to have one from your employer. However, as commendable as this may sound, the problem is that employer-provided insurance has many downsides. For instance, it isn’t portable; if you’re fired, or resign, that is the end of the policy.

Also, it is usually basic and offers quite limited benefits. You will need a portable, flexible and reliable individual life insurance policy that offers almost limitless benefits for you and your loved ones. Individual life insurance policy can provide a financial safety net for you and your family because it comes with both living and death benefits.

Life Insurance Is a Smart Investment

Life insurance offers a steady investment option. Your monthly premium payment goes into an investment plan and grows in cash value. The interest yields by the investment can be borrowed to meet your immediate needs.

Life Insurance Cover Critical Illnesses

Presently, nearly half of all Americans live with one or more chronic illness, and a whopping $1.65 trillion is spent annually treating different kinds of life-threatening diseases. A critical illness life insurance policy provides coverage if you are diagnosed with any of the illnesses listed in your agreement. The policy pays out a lump sum for the treatment of the disease. The money is tax-free, and it could also cover your loved ones in such a condition.

Life Insurance Helps You Achieve Short-term and Long-term Goals

Life insurance can help you meet your immediate financial needs like paying bills, settling debts, paying children’s school fees. Apart from these, it can be structured to help you achieve your long-term goals like buying a home, estate planning, setting up a business, and retirement planning which guarantees you assured income through annuities.

Death Benefits for Your Family

Death benefits are the crux of a life insurance policy. They provide your loved ones with a financial lifeline after your passing. As a pulmonologist, you must be familiar with how they work. What makes death benefits more interesting is that the lump sum payment can be designed to be flexibly paid using different methods like interest option, fixed period, or life refund.

With any of these options, the death benefits can provide a long-term safety net for your loved ones. The proceeds from death benefits are generally tax-free, and in many states, it is “exempt asset“, meaning they can’t be claimed by creditors.

What Kind of Life Insurance Policies are Available to Pulmonologist?

There are several types of life insurance available to you as pulmonologist; you can buy as many types as you want from any of the following sources:

Group Life Insurance

According to the Bureau of Labor Statistics, as of 2018, up to 60% of U.S. employers offer term life insurance policy as part of employee benefits. Employer-provided life insurance can be divided into two categories: basic term life insurance and supplemental term life insurance.

Supplemental Term Life Insurance

Due to the limited options offered by basic life term life insurance, many policyholders aren’t satisfied and, therefore, want better coverage. This is why some employers offer the option of supplemental insurance for their employees to buy additional policies as they deem fit. This means you are going to be charged the premium amount for the supplemental plan.

You can choose to buy as much as you wish. Unlike basic, a supplemental policy isn’t free and not guaranteed coverage (you may have to answer medical questions or undergo medical examination). Also, the premium rate usually increases yearly.

Group Life Insurance Downsides

Both basic and supplemental group life insurance offer limited benefits. Group coverage is usually tied to your employment, which means the policy ends the moment you leave the job. In addition, it is typically restricted to work-related issues and the policy coverage is usually low.

Individual Life Insurance

Due to its uniqueness and numerous benefits, individual life insurance is the most widely bought; it accounts for 58% of all life insurance in the United States. It is purchased directly from an insurance company or through an insurance agent. It is portable as long as you pay the agreed premium amount.

Unlike group policy, an individual policy is dynamic and can be tailored to your needs and taste. It offers many options and several flexible riders. An individual life insurance policy can be customized to have many living and death benefits. You can choose either a term or a permanent plan or both if you want. Individual life insurance has a lot of exciting benefits, and it is the most reliable of all three sources.

Irrespective of the work-related coverage you already have, it is very advisable to buy individual life insurance, which offers you and your family a better protection.

What Should Pulmonologists Look for When Buying Life Insurance Policy?

How Much Insurance Do You Need?

There is no such thing as a one-size-fits-all approach when buying life insurance. You should buy insurance according to your unique needs. You need to consider a few things like your current income, family size, your medical career stage, your future plans, health status, and your lifestyle. All these will determine the type and amount of policy you’ll need.

Choose a Trusted Agent

Making a life insurance decision alone is never a good idea because the insurance world can be so complex to nonprofessionals in that field. You need a trusted and experienced insurance agent to guide you.

Policyholder-Friendly Underwriting

Underwriting is a means of accessing your risks as an insured person. If you are not in good health or you take tobacco, you may have to pay a high premium amount. Insurance companies consider some of these conditions as high risks that might lead to death before the expiration of your policy. However, being a high-risk applicant doesn’t mean you should pay more than what a policy is actually worth. Your insurance agent can help you get the best policy irrespective of your status.

How Gold Coast Life Insurance Can Help

Here at Gold Coast Life Insurance, we work with medical professionals to help them get and make the best of their life insurance policies. We accept clients with pre-existing conditions and high-risk applicants. If you need a policy that is tailor-made for pulmonologist or you need advice about an existing policy, you can easily get a free quote

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