Term insurance is an affordable insurance solution that is ideal for young professionals wanting the most coverage for the lowest premiums. Term insurance is a particularly good choice when you are starting your practice and you need a large amount of coverage while you are in good health. You benefit from affordable rates and the guarantee for future insurability.
Professionals a few years into your practice looking for life insurance protection with an investment and savings component may be suited for universal life insurance. Universal life insurance is permanent coverage. That means the coverage could remain in force all the way to age 100. Starting a universal life insurance policy as soon as you can afford it locks the in the mortality costs, keeping the premiums low with more opportunity for the savings feature. Each life insurance company has 2 to 4 different universal life insurance products that can be customized depending on your needs.
For the incorporated mature professional practices accumulating cash in your professional corporation, holding a Whole Life policy might be the answer. Whole Life gives you permanent lifetime protection with guaranteed cash values. Whole Life’s unique product features help you increase your plan’s cash values and maximize your wealth on a tax-deferred basis. These policies can also be used for estate planning in the later years.