Life Insurance for Doctors
“No debt should out-live the person who created it!”
As a doctor you spend a lot of your working life trying to save the lives of your patients, but what if it was your life that couldn’t be saved?
Many doctors take on large amounts of debt for their homes and other luxuries, safe in the knowledge that their earning power will ensure these debts are extinguished before they retire.
This works well in theory, but how would your family cope if you were to become terminally ill or pass away before those debts were extinguished? Would your family be able to maintain their current lifestyle, or would they have to dispose of assets to make ends meet?
The responsible course of action is to ensure that you have sufficient life insurance in place so that all debts are extinguished upon your death.
Not only that, but you can also provide a lump sum cash payment to your surviving family to ensure they do not endure any financial hardship.
Life insurance pays a lump sum amount in the event of your death or upon diagnosis of a terminal illness. The size of the lump sum is agreed upon between you, your financial adviser and the insurance company at the time of applying for the insurance.
Standard life insurance is generally very similar regardless of what your occupation is, however there are some very important differences for doctors.
Needlestick injuries are a major concern for any doctor, and the risk of contracting a deadly disease via such an injury is always present no matter what precautions we take.
Life insurance for doctors can include a special option known as needlestick benefit which provides additional insurance cover for medical professionals in the event of contracting Hepatitis B, C or HIV via a needlestick injury.
When taking out life insurance it is absolutely vital to ensure this option is offered with your policy.
How Much Do I Need?
The amount of life insurance you require will depend almost entirely on your own needs and objectives.
Generally speaking, you will want at least enough insurance to extinguish all of your debts and liabilities. When it comes to providing a financial buffer or ongoing income for your family, there are many options available.
Some doctors choose to provide a fixed lump sum for their family, whilst others prefer to calculate a lump sum that will provide an ongoing income for a certain number of years, or even indefinitely.
Your financial adviser will be able to assist you in calculating how much cover you will need in order to achieve various levels of protection.
Each doctor’s life insurance requirements will change as the years pass by. Thankfully you can change your life insurance amount at any time provided that you haven’t had any adverse changes in your health since the insurance was originally applied for.
Life Insurance Cost
The cost of your life insurance will be heavily influenced by the amount of cover you take out, however there are a number of other factors which will also have an impact.
Major factors include your age, gender and smoking status. Generally your occupation will also have an effect on the premium, however the rates for all doctors regardless of specialty are generally the same.
The experts at Dr Insurance can help put together a comprehensive yet affordable insurance package that will help to secure the financial security of your family. They will also be able to provide you with a range of quotes on the different options available to you.
To obtain a quote on your life insurance or any other form of doctors insurance, please get in contact with us or complete our online quotation request form.
What is it?
When does it pay?
When you die, or are diagnosed with a terminal illness.
What does it pay?
A lump sum amount, determined upfront by you and your adviser.
Who should have it?
Doctors with debts to clear and/or a family to support.
How much is it?
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