Life Insurance

Life Insurance may be one of the most important
purchases you'll ever make.

Life Insurance For Physicians

Because the most important people in your life will depend on it, life insurance is one of the most significant purchases you will ever make. Yet, unlike purchasing a home, car, or computer; most people are completely unfamiliar with the critical questions they should ask before choosing a life insurer. In fact, most people spend far more time researching for a vacation home.

At, we want you to make the most informed decision possible when it comes to this essential part of your financial foundation. Choosing a term life insurance company is all about the firm’s long-term strength and stability.

When you purchase life insurance as a physician, you are not just buying the coverage itself. You are also buying the experience, financial strength and services of the insurance company.

Individual physician life insurance plays an integral role in helping Residents, Fellows & Attendings fulfill their lives, not only by removing some of the “unknown,” but also by providing tax-smart wealth transfer opportunities.’s wide range of insurance options- including whole life, universal life, variable universal life, and term life insurance- help meet these objectives. The distinguishing difference between these types of insurance is the amount of market exposure (variable universal life having the most) and the price (term being the least expensive in the short term).

Term Life Insurance

Term Life provides death benefit coverage for a fixed rate of premium for a limited period of time. Time periods are typically 10, 15, 20, 25 and 30 years. Rates are usually guaranteed for the chosen time period. After the period expires, the previous rates are no longer guaranteed and the rates increase substantially. Physician Term Insurance is the least expensive way to buy life insurance and is ideal for Residents, Fellows and Attending Physicians.

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Term Life Insurance - Return of Premium (ROP)

A Return of Premium Term is insurance that pays your premiums back at the end of the level premium period you select. As long as you live to the end of the term, you have the option to get your money back: guaranteed and tax-free. At the end of the level premium period, you may choose to surrender your policy for cash value - guaranteed to be equal to the premium you've paid over the years. Or, you can take advantage of other options to extend your coverage.

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Universal Life Insurance

Universal Life Insurance is a type of permanent life insurance for physicians where excess premium payments above the cost of insurance are credited to the cash value of the policy. Each month the cash value is debited to the cost of insurance charges and expenses, then credited with interest. The interest rate is determined by the insurer but has a contractual minimum. Premium payments are flexible and the policy remains in force as long as there is sufficient cash value to pay the cost of insurance and expenses.

Indexed Universal Life Insurance

A type of Universal Life Insurance where the earnings credited to cash value are based on a financial index such as the S&P 500 stock market index. This differs from standard Universal Life Insurance where the cash value is credited with interest based on the insurance company's investment portfolio.

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Whole Life Insurance

Whole Life Insurance for physicians is a type of permanent life insurance that remains in force for the insured’s whole life and generally requires premiums to be paid every year into the policy. Like Universal Life, excess premiums are credited to cash value where insurance costs and expenses are deducted and interest or dividends are credited. If premiums are paid every year the insurance death benefit is guaranteed for the life of the policy.

FAQs About Life Insurance For Physicians

Why do I need Life Insurance?
Life Insurance is the best way to provide your family a financial peace of mind in case anything were to happen to you. If you have financial dependents, you may want to consider insurance to maintain their current standard of living under any circumstance.
How much Life Insurance do I need?

Figuring out how much life insurance you need requires an analysis of your current and future financial responsibilities as well as the resources your family could tap.

Some future obligations may include what it would cost to help your surviving family members meet immediate and ongoing needs such as funeral costs, taxes, food, mortgage expenses, clothing, utilities, and any future obligations like retirement and college planning.

All your financial obligations is the approximate amount of life insurance that you will need. If you’re confused, no need to worry. This is the reason why many individuals turn to financial professionals to assist them with finding how much life insurance is actually needed.

Should I buy Term or Permanent Life Insurance?

It’s hard to say because it depends on your own circumstances and financial goals.

Generally, Term Life Insurance offers the greatest coverage for the lowest initial premium and is a great solution for individuals with a temporary need or a very limited budget.

Permanent Life Insurance might make more sense for individuals looking for lifelong protection, or if the option of accumulating tax-deferred cash values is attractive to you. Permanent Insurance is primarily used in Estate Planning.

Or you can choose to buy both! A combination of both term and permanent insurance is often the right answer.

What do I need to consider when naming my Life Insurance beneficiaries?
  • Always name a contingent, or secondary, beneficiary just in case you outlive your first beneficiary.
  • Select a specific beneficiary rather than having the proceeds of your life insurance paid to your estate. One of the great advantages of life insurance is that it can be paid to your family immediately. If it is payable to your estate, however, it will have to go through probate with the rest of your assets.
  • Be very specific in wording beneficiary designations. Saying “wife of the insured” could result in an ex-spouse getting the proceeds. Naming specific children may exclude those born later. If your child dies before you, do you want the proceeds to go to that child’s children? Changing the beneficiary designation is easy, but you have to remember to do it.

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