While it may not be the most dangerous career choice, veterinary work can be stressful, requiring long hours and exposure to radiation, chemicals, and potentially dangerous animals. Infection, stress, cancer, and mental illness are common among veterinarians.
Life insurance is one way to help protect your loved ones in the event of your passing, providing funds for burial, debt payment, college funds, and general costs of living to help ease the loss of income. While this may seem morbid, it is an essential subject to tackle.
Studies have shown that veterinarians are at an increased risk for cancer of the pancreas, esophagus, colon, and brain due to exposure to animal viruses and increased exposure to radiation and chemicals.
The American Veterinary Medical Association also studied mental illness in the field, concluding that one in five veterinarians received treatment for some form of mental illness, with one in six having thoughts of suicide.
There are many types of life insurance, the most well-known being term life and whole life insurance. Term life insurance is generally more affordable than other life insurance types. It has a set duration, where the premium gradually increases in price as the policyholder ages.
If the policyholder dies during this period, the policy pays out a sum to the policy's beneficiary or beneficiaries. This payment can be paid as a lump sum, monthly, or as an annuity.
Term life covers large expenses the insured may leave behind. These expenses can include student loans, college funds, mortgages, and the income loss beneficiaries suffer when the policyholder passes away.
Whole life is a permanent type of insurance that does not have an expiration date as long as the policy is in good standing. This type of insurance also has a cash value, earning equity the more it ages.
The price of a whole life policy is determined at the start of the policy and never changes. These policies generally pay out less than term life and are used to cover the burial and any other costs associated with the policyholder's passing.
Another feature of whole life insurance is the ability to take out loans against the policy's cash value. This process incurs surrender fees, taxes, interest and affects the death benefit if not repaid but can be helpful in an emergency.
Vetinsure is an independent insurance agency focused solely on the veterinary industry. We offer a wide range of customized insurance solutions, including life insurance, long term disability insurance for veterinarians, and much more. If you would like more information on life insurance, give us a call at (800) 272-1249 or contact us online.