Life Insurance for Thoracic Surgeons

In recent years, life insurance has been gaining popularity for workers from all backgrounds and income levels. However, there are still over 40% of Americans without any form of life insurance. According to a new study revealed by the 2018 Insurance Barometer Study, 84% of Americans admit that most people will need life insurance to protect their income. From this, only 68% say they personally need it, and 59% already have some form of life insurance.

Thoracic surgeons with families that depend on them for financial support should consider owning life insurance in order to protect the financial needs of their loved ones when they’re gone.

Life insurance is a policy that pays a lump sum of money as death benefits to the beneficiary of an insured person after death. Getting life insurance for thoracic surgeons is.

Why Do Thoracic Surgeons Need Life Insurance?

The importance of owning life insurance coverage cannot be overemphasized. The primary benefit is that thoracic surgeons can enjoy peace of mind knowing they have done what’s best for their loved ones. Other benefits include:

Covering burial and other final expenses

Often, people do not plan ahead for burial costs when a loved one passes. Many don’t realize that paying for funerals can cost upwards of several thousand dollars. A thoracic surgeon can relieve the financial burden of funeral expenses by planning ahead with a life insurance policy.

Helping to Replace Lost Income

Life insurance is the ideal means of replacing lost revenue when the primary wage-earner passes. Income replacement can make up the largest share of your life insurance policy. With it, you bridge the gap when the regular stream of income ends.

Protect Loved Ones

As a medical professional, you understand that life can be very unpredictable. With life insurance, you can leave a legacy behind that’ll represent your endless care for your loved ones. Life insurance is like a life jacket that keeps your loved ones afloat when you are gone. By getting a policy, you can help make sure that financial problems do not have to weigh on your grieving family.

Clears Mortgage Loans and Other Bills

According to the Federal Reserve Bank of New York, American debt in 2017 totals $8.88 trillion in mortgages alone. That’s $193 billion more than it was in the previous quarter. Similar statistics indicate that non-mortgage loans such as credit card and car loans have plunged many into a overwhelming debt. And that debt isn’t always forgiven after death. To avoid it passing to your family after you’re gone, you need a plan. Life insurance can help you clear your mortgages and other loans.

What Kinds of Policies are Available to Thoracic Surgeons?

Thoracic surgeons can choose from various types of life insurance policies available. It is more crucial to select the one that best addresses your needs. These include:

Term Life Insurance

Term life insurance is a policy that is active for a specified number of years. Term life insurance coverage will pay out a death benefit to a named beneficiary after the death of the policyholder for a definite period. Generally, the insurance will provide coverage between 5 to 30 years. Term life insurance also comes in two different variations: level term insurance and renewable term insurance.

Level Term Life Insurance

 Level term insurance: This type of policy keeps your premium rate and death benefits fixed (without increase or reduction) for the duration of the whole contract.

Renewable term life insurance

As the name implies, renewable term insurance gives you the option to renew your contract after your policy period has run out. Unlike level term insurance, your premium rate will be increased upon renewal.

Permanent life insurance

Unlike term life insurance, permanent life insurance pays death benefits for life. For a thoracic surgeon, permanent life insurance is a flexible policy that allows you to build cash value on a tax-deferred basis. As a way of investment, the accrued cash can be useful during your lifetime depending on the signup contract.

What Should Thoracic Surgeons Look for When Buying Life Insurance?

Buy As Early As Possible

Age is crucial when determining the rate of insurance. An insured person over the age of 50 is more likely to pay higher premiums than someone in their 20s or 30s. Generally, insurance policy charges higher for older persons because the older you are, the higher your risk of death.

Affordability

Some think that life insurance is an overpriced commodity. However, it is possible to find a policy that will not only be the best for your particular needs but will also be affordable. You may need to compare prices to determine the most affordable policy.

Convertibility

Life is full of changes. The policy you signed up for at the initial stage of your career as a thoracic surgeon may no longer apply to your present circumstances. And when this occurs, you need a convertible policy that can be adjusted to fit into your future situation.

Multiple Policies

There is often more than one policy that you think will benefit your needs. And this is fine, because you’re not limited to just one policy. You can buy multiple policies but must do so wisely. It’s not about how many policies you have; it’s about the quality of the plans that provide you coverage.

How Gold Coast Life Insurance Can Help

As a thoracic surgeon, we understand the value of your career, and we know that you care about securing the financial future of your loved ones. At Gold Coast Life Insurance, we share similar goals with you.

We can provide you with the most effective coverage that’ll perfectly fit into your circumstance. We accept people with pre-existing conditions and even high-risk applicants. Take advantage of our free quote to get started with us today.

Term Life Insurance

Affordable Life Insurance

Pre-Existing Conditions

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