Life Insurance for Physicians
As a doctor, it is clearly important to make sure that you are covered for disability, but you should also be prepared for other unforeseeable events including untimely death. An unfortunate event like this can cause significant problems for your family and business. It is therefore necessary to be aware of the kinds of plans available for life insurance.
Along with disability insurance, we are also a great resource for life insurance, so we can answer any questions that you may have and, once again, guide you through the process of researching the right plan for you, your family, and your business. It is always a good idea to evaluate your life insurance situation while applying for disability insurance. This way you can avoid the hassle of completing multiple applications and having multiple exams done. This will save you a lot of time and ensures that you only have to go through the underwriting process once. By making use of our guidance, we can make sure that you know the appropriate amount that will be paid out if something does in fact happen to you. We will also be able to give you information with regards to the kind of policy that you should take out in accordance with your circumstances. As well as making the life insurance process a simple one, we are more than happy to work closely with doctors in private practices when it comes to funding their buy sell agreements.
The primary purpose of life insurance is to protect your dependents financially in the event of your death. Properly positioned, the benefit from a life insurance policy can provide a steady stream of income for your family. It can also provide liquid capital to pay estate taxes and other obligations. Click Here to request a Life Insurance Quote.
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 than life insurance.
At Axiom Financial Services, we want you to make the most informed decision possible when it comes to this essential part of your financial foundation. Choosing a life insurance company is all about the firm’s long-term strength and stability.
When you purchase life insurance, you are not just buying the coverage itself. You are also buying the experience, financial strength and services of the insurance company.
Individual 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. Our 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 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. Term Insurance is the least expensive way to buy life insurance and is ideal for Residents, Fellows and Attending Physicians.
Term Life – 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.
Universal Life Insurance is a type of permanent life insurance where excess premium payments above the cost of insurance is credited to the cash value of the policy. Each month the cash value is debited the cost of insurance charge 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
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 companies investment portfolio.
Variable Universal Life Insurance
A type of Universal Life Insurance which provides a death benefit and where the earnings credited to cash value are based on policy owner directed investments to separate accounts and can be invested in stock and bond investments with greater risk and potential growth.
Whole Life Insurance
Whole Life Insurance 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.