Medical School Life Insurance

Degrees in medicine are some of the most expensive degrees in the U.S., requiring strategic financial planning to achieve. The average annual medical school debt, according to Medscape Physician Wealth and Debt Report 2018, was $190,000. To mitigate the burdens of medical school expenses, many American students leverage the advantages of life insurance policies in order to make sure that they are exclusively underwritten to meet both the short-term and long-term demands of medical school.

Medical School Life Insurance
Why You Should Buy Life insurance As a Medical Student

Why You Should Buy Life insurance As a Medical Student

Life insurance offers you a financial shield during your time at school and later in residency and when you eventually begin your healthcare practice. The earlier you buy a life insurance policy, the better it will be for you. The following are some of the advantages of having a life insurance policy while still in medical school

Life Insurance Offers the Best Rate for Young Adults

Age plays a pivotal role in life insurance premium rate and other benefits. Generally, life insurance policies for young adults are less expensive than older age groups. This is because the average young adult often is considered to have no or minimal pre-existing medical conditions which would usually trigger a higher premium for life insurance policies. As a medical student, you may think that being single and childless means you don’t need life insurance right now. But when you consider the possibility that you may not remain single for the long run, you’ll realize that the best time to plan for the future is now. It only makes sense that you take advantage of your youth and get yourself the best policy now because you might have to pay a higher premium and get lower benefits if you wait.

Protection for Your Education and Career

Medical school life insurance is portable for every stage of your career. It will help you achieve your academic goals while getting your medical degree and will continue to protect you after graduating, as well as all through your residency. And when you eventually begin to practice, you will still be covered by that same policy.

Affordability and Flexibility

Usually, student life insurance is underwritten as a term policy, which covers you for a specific period and is sold at a lower premium rate. The highly discounted premium can be paid monthly with the option of a steady premium increase with each annual renewal. In addition, you may convert the term policy to permanent when you start practicing and also review it for better coverage for you and your family.

Life Insurance Death Benefits Can Help You Zero Out Your Medical School Loan

Life is full of uncertainties and unexpected events happen when we least expect them to. Some of these circumstances can be devastating and irreversible. Imagine if you were to pass on while still having medical school debt to pay. Your loan might be canceled if it came from federal government education loan, but for a private loan, it may not be so. Your parents (if they co-signed the loan) may have two things to grapple with – an emotional trauma of losing a child, and financial stress of paying back the incurred loans. Your life insurance death benefit payout can take care of the loan so your bereaved loved ones won’t have to worry about it. Apart from that, final expenses such as funeral and medical bills, if any, can be paid from the lump sum.

Tax-Free Benefits

Another advantage of life insurance over other personal finance plans is that it offers tax benefits in various ways. Depending on your policy, life insurance provides both living and death benefits tax-free. This tax-free advantage will allow you to judiciously maximize the payout of your policy for your college needs.

What You Should Understand Before Buying Life Insurance

Life insurance offers both immediate and long-term benefits that you need to meet your financial academic and career goals. As such, when you are buying a life insurance policy as a medical student, you should do so having both a short-term and a long-term mindset to ensure no stone is left unturned. Therefore, the following tips should be considered:

Buy Term Life Insurance

Life insurance policies can be broadly categorized under two major types, permanent life insurance and term life insurance.

Permanent life insurance is a type of policy designed to provide you with lifelong coverage as long as you keep paying the premium.

Term life insurance coverage, on the other hand, is underwritten for a specific period, with a renewal option. Out of the two options, however, term life insurance is less expensive and can be easily afforded by students.

Enhance Your Term Policy with Conversion Rider

At this stage of your life and career pursuit, a term policy can adequately meet your needs. However, as you graduate, forge ahead in your career, have a family, and other life goals and commitments, your term policy may eventually become insufficient. This is why you should ensure that the term life insurance you buy now is enhanced with a rider called a conversion rider. A convertible life insurance policy will allow you to convert your term policy to a permanent life policy, which offers more benefits and is more flexible.

What You Should Understand Before Buying Life Insurance

Compare Quotes

Whenever you are ready to buy a life insurance policy, ensure you shop around for the best. Many life insurance carriers and agencies display quotes on their websites, so you can search for several different quotes and make your comparison in terms of premium amount, coverage period, and other add-ons.

Consult a Life Insurance Agent

It is also imperative that you consult an experienced life insurance agent for more information about the best medical school life insurance. Your agent will help you choose the best policy provider to deal with and advise you on how to make the best of your life insurance coverage both now and later in your career.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we offer policies that are customized for medical students. Our medical school life insurance products are very affordable and are completely simplified. Our services cover in-state, out-of-state, and private medical students.

Purchasing through us will help you secure you guaranteed acceptance life insurance policy regardless of your health status because we don’t discriminate against high-risk clients or those with pre-existing conditions. You can get your medical school life insurance policy from us today by simply filling out this free quote. 

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