In recent years, there has been a strange trend within the insurance industry. More and more doctors are getting life insurance, whether it be term life insurance or whole life insurance. This phenomenon might feel strange, but there are very logical reasons why it happens in the first place. Here are some reasons why doctors do need a good life insurance policy.
Doctors need financial aids as well
Although doctors are to take care of your health when it is in danger, they are not invulnerable. Death will eventually catch up with doctors as well. When it does, the bereaved family of a doctor will be left in a tough spot, as they have lost a significant source of income.
A good insurance policy will make sure that the family is well-cared-for if the policyholder is dead. The payout from the insurance policy can also help cover funeral expenses and other fees that stem from the doctor’s death.
Doctors face an exceptionally high risk in their field
The field of medical science requires doctors to work in a risky environment. They are more likely to contract diseases from their patients. Blood-borne diseases are some of the most dangerous and the most common diseases that a doctor could contract. Used needles usually transmit blood-borne diseases. These diseases can include potentially debilitating ones such as HIV, Hepatitis B, etc.
Some insurance policies include specific clauses that protect the accidental transmission of blood-borne diseases. If you are a doctor and you contract these diseases at work, you will receive a payout as compensation. Do note that not all life insurance policies offer this protection.
Doctors need to take care of their children as well
Many doctors are the primary breadwinner of their families. If they pass away without the right life insurance policy to help cover the costs of raising a child, the living spouse will have a tough time taking care of the kids. Most life insurance plans will help cover these expenses, easing the financial burdens placed upon the surviving spouse.
Life insurance can help doctors clear off student debts from medical schools
Going to a medical school is a significant investment, and some medical students still carry a lot of student debts even after they have left school. If these debts are federal debts, there is a high chance that they will be discharged after the doctor is dead. However, if the debts are private, they will not be discharged. If a doctor is insured, their debts will be covered by the insurance payouts.
Doctors work in a high-risk environment that could give them potentially fatal or debilitating diseases. For this reason, life insurance policies are beneficial to most doctors. If you need more information about the best kinds of life insurance policies in Canada, don’t hesitate to ask us questions! We are happy to help via the Chat button in the right corner or use the Contact form here.