There are never enough hours in a day. As a busy physician, you undoubtedly feel the truth of those words on a daily basis. The demands on your time--from patient care to family responsibilities--can leave you feeling like there are some tasks you just can’t seem to get to. That feeling can intensify as your career progresses and you experience changes in your life.
Wash the car. Clean out the attic. Sort through expenses for your income tax.
Have you ever found yourself procrastinating about doing certain tasks? It’s normal to put off some tasks – especially if they seem like they’re not on a pressing timetable. It’s what we all do to some extent or another.
But if you’re a younger physician, there’s one thing you may not want to put off – giving your family the security and protection of life insurance.
Most of us are familiar with the basic concept of life insurance: It provides your beneficiary with a payment if you pass away during the time you are covered.
But as you may know, there are different kinds of life insurance. For example, there is term life insurance and whole, or permanent, life insurance.
We pay for disability insurance for a good reason. We trust it will be there to provide a benefit payment if we get sick or injured and cannot work.
But if you did become ill or injured and couldn’t work, do you know how long it would take to receive your benefit payment? It may be longer than you think.
Time passes fast. Especially for physicians, who invest heavily in their education and training. Days turn into weeks, and months into years. Along the way you may get married, buy a home, have children. Perhaps you start your own practice or pursue a specialty. With each change that comes along, life has undoubtedly gotten more complex. Income, assets, investments, and savings likely have grown through the years.
Because life insurance offers financial protection for loved ones, most physicians see the value in securing this financial protection for their families.
What if you could supplement your life insurance protection, simply and affordably? Some physicians choose to help protect their families financially with an Accidental Death and Dismemberment plan. Let’s talk about how practical and affordable this insurance is, and why you may want to obtain it.
When you chose to become a physician, you accepted tremendous responsibility. In many ways, you allowed yourself to become accountable for others’ lives, while at times putting your own health and safety at risk. Though there is an inherent risk in your profession - particularly now due to the Coronavirus - serious illness or injury could happen to any person in their day-to-day life.
As you near the conclusion of your medical residency, you can rightly be proud of your accomplishments, and have reason to look forward to a successful career. But the world has changed, and the face of medicine looks strikingly different than when you began this journey. No one can say with certainty what the future holds. Because the unexpected does happen, proper insurance coverage is vital for helping you successfully meet the unknown.
What type of insurance should you carry as a resident or fellow? For those who aren’t sure where to start, we have created a package of the most essential insurance products for physicians who are starting out in their careers.
