Term & Permanent Life Insurance for Medical Professionals
A life insurance policy can act as a safety net for your loved ones, but there isn’t a one-size-fits-all solution.
As a medical resident, term life insurance may be affordable, but as you advance in your career, permanent life insurance may offer coverage that meets your evolving needs.
Treloar & Heisel is here to offer guidance on life insurance that can grow with you and help protect and provide for your family so that you can focus on what matters most.
Life Insurance for Physicians at a Glance
In the event of your untimely passing, you’ll wish to protect your assets and safeguard your loved ones with a life insurance policy. This is best put into place when you are vital and able to make sound financial decisions.
Your beneficiaries can use the benefits of your life insurance policy to cover potential funeral costs, debts, or other financial responsibilities. That’s why purchasing life insurance as a medical resident is crucial. Plus you may be eligible for more affordable rates when you are young and healthy.
Two Types of Life Insurance Coverage
Term Life Insurance for Medical Professionals
Term life insurance covers a fixed number of years and may have different options depending on the specific policy and insurance provider. It is a common choice for medical residents, fellows, and individuals starting their careers who need an affordable option that can still help lessen the burden on their loved ones.
Permanent Life Insurance for Medical Professionals
In contrast to a term policy, a permanent life insurance policy doesn’t expire provided you continue to pay for coverage. As a long-term option, permanent life insurance can provide a death benefit for your heirs. This benefit may grow over time. As with a term life insurance policy, permanent life insurance can be tailored to fit your needs.
Life Insurance Benefits for Medical Residents and Fellows
Core Benefits of Term Life Insurance
A key advantage of term life insurance is that it can provide a large death benefit for a relatively low cost. Many term life insurance policies provide a specified number of years during which the premium may remain the same. Depending on your needs, you can typically select level premium periods of 10, 15, 20, 25 or 30 years. Once the term length ends, and depending on the details of your policy, your coverage may end, or the cost may increase significantly.
Another advantage of term insurance is adaptability. You may also be to make changes to your policy to account for changes in your life. Reasons to update your policy could include growing your family, changes to your health, or buying a home.
As with any type of insurance, your needs should be reviewed periodically to account for any changes in your life.
Core Benefits of Permanent Life Insurance
While term life insurance for medical residents and fellows is about affordability and flexibility, permanent life insurance can offer a solution for individuals who have more complex needs.
One major difference is that most permanent life insurance policies grow in cash value over time and offer the option to withdraw from the accrued cash value. There are two main types of permanent life insurance: whole life and universal life insurance.
Permanent life insurance premiums can decrease, discontinue, or remain level depending on the details of your policy. Permanent life insurance is often used for legacy planning as it may be a tax-effective way to leave an inheritance to loved ones or treasured causes.
Life Insurance for Doctors
At Treloar & Heisel, we use our decades of experience to help build solid financial foundations for medical professionals. In addition to term and permanent life insurance for doctors, we offer options for tailored disability income insurance. Our multi-faceted services and solutions are available for every stage of your career, from medical residency through retirement.
Start Your Life Insurance Journey Today
Finding a life insurance policy as a physician today can help you safeguard your family, build a legacy, and give you peace of mind so you can focus on living your life to the fullest.
For more information on tailored life insurance, request your complimentary consultation.