Complete Physician Life Insurance
The unexpected can happen at any time. Life insurance coverage ensures your family remains protected and financially sound.
There’s no telling when your health could falter. As a physician, the money you make impacts the well-being of your family while you’re living and after you’re gone. If you pass away before your career comes to a natural end, buying life insurance ensures your family has enough resources to pursue their financial goals and live comfortably.
Considering your death isn’t easy. That’s why Physician’s Resource Services supports physicians with the consultative services they need to build a solid physician life insurance plan. We help you explore all life insurance options and determine the type of life insurance that will benefit you and your loved ones the most. As your needs change over time, we modify your insurance plan to align your coverage with your short- and long-term financial goals.
Whether you’re a medical student or a practicing physician, PRS is ready to help you navigate the application process and secure the benefit amount you need. We can also assist with other essential insurance programs, including:
Choosing the right life insurance plan is difficult, especially when you’re a young physician contending with patient care, family matters, and student loan debt. It’s hard to find the time needed for research.
Luckily, the PRS team is available to lighten the load and assist you with all aspects of buying life insurance. Our team knows every detail of the insurance landscape and guides you with ample experience and resources. We help you through the process quickly and professionally so you can spend time with your family and feel confident that their financial well-being is secured. The types of physician life insurance include:
Term life insurance is the most common policy. When you buy life insurance, the policy covers you for 10 years, 15 years, or 20 years. How much you pay for the premium depends on your income and the length of the term.
If the term expires before you die, your coverage is no longer valid. To renew your policy, you must go through underwriting. The PRS team is knowledgeable in term life insurance and can help you through the underwriting process, including any necessary medical examinations.
Whole life insurance provides coverage for the entire life of the insured. When you pay the premium, you remain covered. The insurance company determines the premium amount and coverage at the outset. Consequently, you pay more upfront than with a traditional insurance policy, making it a more expensive option.
Universal policies place your payments inside an account value, and the insurance company deducts fees for providing coverage. The death benefit is the account’s cash value, which accrues interest over time. While universal policies are more complex than other options, they offer considerable flexibility in your ability to change the monthly premium payment amount.
When you work with PRS, we lay out your financial plan, recommend life insurance policies that suit your situation, and offer the most significant benefit amount at an agreeable premium. We use our knowledge to help you understand the life insurance market and deal with the details of the application process, including:
Physicians are some of the busiest professionals in the world. Important financial matters get lost in the shuffle. PRS supports doctors with attentive consultative services that suit your unique circumstances and provide peace of mind.
Residency is a great time to buy life insurance. You’re a young and promising physician, which means premiums are likely to be much lower than if you start looking when you’re older and more prone to health issues. However, purchasing an adequate life insurance policy at a young age can be tricky because your net worth is much lower as a resident.
PRS negotiates with insurance agents on your behalf and helps you structure your life insurance for your long-term success. We navigate affordability issues to provide a term life insurance policy or alternative option that yields a substantial death benefit.