What Physicians and Doctors Should Consider When Buying Life Insurance
An excellent method of protecting the futures financial status of your family is by purchasing life insurance. It works solely through the payment of the annual premiums. When you pass away during the payment period, your family members will be compensated with the agreed amount.
In Canada, Levine Financial Group specializes in providing term life, disability and critical illness insurance for physicians.
If you outlive the years indicated in the policy, no payout is given. That’s still alright because it means you will live longer and provide for your family. So, if you are the breadwinner in your family, you should consider buying the term life insurance.
Since the life insurance shopping is not done on a daily basis, you are probably not sure how it’s done, discussed below are the top considerations:
If you just completed your medical school, cash-strapped and highly leveraged, you might not see the importance of having the coverage at this point in life. However, the insurance premiums tend to be lower if you have a younger age. In fact, the premiums of the adults aged 40 and above are twice more than those aged 35 and below.
The length term
When purchasing the life insurance, you have to determine the period to be cover. When do you want the benefit to expire? Most doctors like matching their mortgage time with the life insurance time. For instance, if you have 30 more years to pay it off, then the life insurance will cover the next three years. However, this is not always the case. You can set your specific time. If you have a 1-year-old son, you can opt for 25-year insurance to cover you till the boy hits 26 years.
The insurance amount
The next question now will be, how much will I need? To answer this, first, evaluate your general expenses as well as the financial reserves. Decide if you will be comfortable with leaving behind a vast buffet for your family or something there between. It’s also important to consider other determining factors like car insurance, home upkeep, credit card bills, food, energy and other costs. This will help you in determining your life insurance amount. In case you have other income sources such as rent and dividends, the insurance may not cover all of them. The insurance companies will advise you accordingly.
The financial capability of the insurer
Before committing your funds to any company that you come along, look at its reputation. If possible, look for opinions from the people who are using. You can also go through the online reviews to understand more of its status. Don’t be conned for merely been ignorant, ask where need be.
It might not be fun thinking about life insurance but if you want you to want your family to have a peace of mind no matter what happens to you, take it. Consult your insurance provider about the best length, and the amount for you. Make sure the terms and conditions make sense to you.
To learn more about Insurance for Physicians please visit Levine Financial Group.