Life Insurance for Doctors— Ensuring Financial Security and Peace of Mind

Aug 10, 2018 | 5 months ago | Read Time: 3 minutes | By iKnowledge Team

Questions of life and death are universal. But they do not turn up every day—not unless you are a doctor. Yet, each day brings important medical decisions for practitioners of medicine. With each patient visit, a doctor must decide on the best course of treatment. They need to focus on finding the right cure, the right medicine and the right mode of treatment. Choosing correctly could bring someone back from the brink of death. And when there is no real cure, doctors must ensure the best quality of life for their patients.

This is why doctors, more than anyone else, understand the risks of everyday life. It is no wonder that they are turning to life insurance policies. Doctors recognise there is a need to secure their future and that of their loved ones.

The link between doctors and insurance

A doctor, on an average, has more than six life insurance policies, says a report from The Economic Times. Let us have a look at some of the reasons for this:

  • Doctors are well-acquainted with the uncertainties of life. They regularly face difficult life-or-death decisions when dealing with patients. Besides, doctors realise that a person can go from perfectly healthy to seriously ill in a flash. Neither infections nor accidents warn you in advance. Besides, doctors know how families struggle if they lack life and health insurance. This is why doctors opt for life covers.
  • Doctors start earning well rather late. By the time they have completed their degrees and residencies, they are well into their 30s. Compared to their engineer peers, doctors are late bloomers with regard to Plus, they might have student loans to pay off. This financial insecurity encourages doctors to buy a lot of life insurance. Besides, doctors invariably spend a lot on their education. Many of them wish to extend the same educational opportunities to their children. A life insurance policy can help them plan for such life goals.
  • Job security is not always guaranteed. Working in a hospital or nursing home can ensure a regular salary. But such income security is not a given for doctors who set up their own Besides, setting up a clinic of one’s own is a further expense. Doctors may have to take loans to fund the expenditure. So, like any business owner, doctors have to plan for financial ebbs and flows.

How a life insurance policy can help

  • Financial security: A term plan provides financial protection for dependents after the doctor’s demise. Even resident doctors who are earning modest amounts can invest in a term plan.
  • Financial planning: As a doctor’s income grows, they can buy savings or investment-linked insurance plans. Such plans encourage a savings and investment habit. This is especially important for independent practitioners, whose income levels may vary. Insurance plans come with long terms. So, it is possible to link the policies to key life goals. For example, the maturity payout could be used to make a down payment on a house. Or, it could help pay for the children’s education.

Not just life insurance, health insurance can help too

  • Better treatment: Doctors are familiar with the costs of medical treatment. They also know where to get the best healthcare. A comprehensive health insurance plan can help them get the treatment they need. A good health plan and an adequate sum insured are important. It can ease the strain on their finances, especially in the initial years of practice.
  • Tailored plans: Add-on riders can supplement a health plan. A critical illness plan can provide coverage for terminal illnesses. Let’s take the example of iCancer Insurance Plan from Aegon Life. This provides a payout following a cancer diagnosis. A personal accident cover is another add-on rider option. It provides compensation after death or disability following an accident. Plus, top-up and super top-up plans can boost the existing sum insured.

To sum up

Adequate insurance is especially important for doctors. Knowing they have risk protection and financial support can offer them peace of mind.

To know more about AegonLife’s life insurance products, visit our home page.

Advt. no.: IA/Jul 2018/4245


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