Life Insurance For Doctors: Individual vs. Associations Plans

Doctors demand action
Are you a Doctor?
  Find out which Life Insurance Policy is the Best.

Many Doctors in Canada in Canada will contend they are underpaid, and if we look at their US counterparts its hard to argue.  Having said that the average GP in Canada still brings in about $79 an hour and specialists takes home approximately $117 an hour.

So a key question for many of these highly skilled and trained individuals is how do I protect my family if I die while they are still dependent on my income.

Life Insurance is an ideal way – but what plans is best for doctors? An Association based plan or an Individual policy.

Association Life Insurance plans offer convenience – the application process is easy and members can qualify for a base amount of coverage without a medical.  But these conveniences can come at price.  Consider the following:

  1. Individual Life Insurance policies can provide a GP or Specialist a life insurance program tailored to their specific needs.
  2. Doctors can choose Term or Permanent Life coverage or a combination of the two.
  3. Preferred rates.  These rates are given to individuals in very good health with very good family health history. This can save you over 35%. Preferred rates are not available in Association plans.
  4. You can combine life insurance with other coverages such as Critical Illness which offers further policy discounts and more comprehensive coverage.
  5. Hard to insure Doctors can still get life insurance coverage. Association plans often disqualify applicants with significant health issues from getting coverage. Individual life insurance plans offer more comprehensive underwriting and applicants with health issues can get coverage with an surcharge or rating. The extra charge will depend on the severity of the health issue.  As added bonus an independent broker can shop the market to find the best insurance company for a specific health issue.

For more details on life insurance for doctors please contact us at 1-866-899-4849 or visit our term life insurance quote page.

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  • Robert
    September 13, 2013 at 11:26 pm

    Is a doctor a preferred occupation for life insurance. I was told by my agent I get the best occupation class for my disability policy and I wanted to if it’s same for life insurance is it different among different companies.

    • LSM Insurance
      September 14, 2013 at 8:55 am

      Hi Robert, disability insurance contracts have different occupation classes life insurance policies do not.