A recent study found that 84% of Americans believe that people need life insurance.
Yet over 40% of Americans do not have any form of life insurance coverage.
For many, it's hard to justify investing in something that will only be beneficial if you pass away. Even if protecting your family is one of your primary responsibilities.
As a professional in the medical field, you know from firsthand experience just how fragile human life really is. With life insurance coverage from a financial institution that cares about its clients, you gain confidence that your family will be taken care of if you pass away unexpectedly.
Lincoln Financial Group offers various life insurance products that cater to the unique financial needs of doctors.
The name Lincoln Financial Group comes from Abraham Lincoln, one of America's greatest presidents. The company prides itself on being the only organization in the world that uses Honest Abe's image and name while holding true to his values.
Lincoln Financial Group was established in 1905 as a life insurance company by a group of business leaders from Fort Wayne, Indiana. Together, they aimed to create a company that would serve both individuals and institutions with honest, dependable services.
By working diligently to uphold its word, Lincoln Financial Group has grown significantly over the years. In 2019, they were ranked 23rd and 187th on the Fortune 500 list in terms of assets and revenue, respectively.
What originally began as a life insurance company has since diversified into other fields with a wide range of partners and affiliates. Today, Lincoln Financial offers one of the most reliable life insurance products on the market.
Lincoln Financial life insurance policies are tailored to suit the needs of physicians, dentists, and other doctors. The company offers a range of products to choose from, each with unique benefits.
Term life insurance
When it comes to life insurance, medical practitioners have a unique set of needs. After all, a decade of medical education and training is extremely expensive, so most students graduate with a large chunk of debt.
Every year, a graduating class of new doctors enters professional practice with $2.6 billion in collective student loan debt.
According to a recent survey among the physicians who graduated at least four years ago, 66% of them still carry student loan debt. And unfortunately, this debt can be transferred to your loved ones in the event that something happens to you.
Term life insurance offered by Lincoln Financial Group is suitable for members of the medical field because it ensures your debt does not impact your loved ones. With a Lincoln term life policy, you will be insured for a fixed duration. This can be 10, 15, or 20 years. The cover also comes with a guaranteed income tax-free benefit.
With Lincoln Financial Group, you can choose between two highly-rated term life products: Lincoln TermAccel® Level Term and Lincoln LifeElements® Level Term.
Lincoln TermAccel® Level Term
This product is suitable for individuals who are 60 years old or younger. It has a face amount of up to $1 million. The application process is quite easy and can completed over the phone in the most cases. If lab work is not required, coverage can be issued as little as two days.
Lincoln LifeElemments® Level Term
If you’re a medical practitioner aged 30 and above, the Lincoln LifeElements® Level Term may be a solid fit for you. This product offers face amounts of $1 million and above. Once again, the application process typically quick and easy. It comes with competitive rates for physicians ages 55 and above, with face amounts exceeding $500,000.
Universal life insurance
This type of insurance offers you protection while allowing you to build cash value of your policy. Some of its features include:
- Assured lifetime death benefit that remains unaffected by market condition
- You determine your monthly premium
- Tax-deferred earnings
- Death benefits can be adjusted while the policy is active, but it must have an underwritten approval
That being said, cash value life insurance isn't for everyone.
Important: 3 Reasons to Avoid Cash Value Life Insurance
When purchasing a life insurance policy, you must ensure that your carrier has a sparkling clean track record of paying out policies on time. In a recent Forbes 100 list, Lincoln Financial Group ranked first among insurance companies in customer satisfaction.
By selecting Lincoln Financial for your life insurance need, you can truly expect to receive service you need every step of the way. Whether you are new to professional practice or a seasoned vet with decades of experience, Lincoln Financial Group is always a safe bet.
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Jack is the Head of Content Marketing at LeverageRx, a personal finance company that simplifies how healthcare professionals shop for financial products and services. A Creighton University graduate and former advertising creative, he has written extensively about topics in personal finance, work-life, employee benefits, and technology. His work has been featured in MSN, Benzinga, TMCNet, StartupNation, Council for Disability Awareness, and more.