3 Types of Insurance for Your Growing Family

The decision to raise a family is a big step in anyone’s life. It’s a major lifestyle change that requires financial planning and preparation. In addition to having your finances in order, you will also need to have financial safety nets in place – like insurance. If you’re a family physician who has decided to start a family, you should consider these types of insurance for your growing family.


Health Insurance

Physicians are all too familiar with the health insurance process in their practice, which is why it shouldn’t come as a surprise that you will need health insurance too. If you’re looking to have kids, the best time to get an insurance policy is before your pregnancy. Prenatal care before and throughout your pregnancy will increase the chances of a healthy delivery. Prenatal visits are considered preventative care and are likely covered under your health insurance. According to WebMD, without health insurance, prenatal care could cost you roughly $2,000. If you currently don’t have health insurance, see if you can get coverage through your employer or spouse.

Once your child is born, they too will need insurance. So plan ahead by reading your insurance policy to see if your child can receive coverage on your insurance plan or your spouse’s. Once you secure health coverage for your child, it’s wise to choose a doctor. You will want to make this decision a few months before the due date in case the baby comes early.

Life Insurance

Once the baby has arrived, you will need to ask yourself some tough questions in regards to potential threats to not only your physical health but your financial health as well. With a home, a child and career, consider what would happen to your family if you were to suddenly pass away? That’s where life insurance comes into play.

In the event of your death, a life insurance policy can help cover funeral costs, unpaid debts, and fund your family’s future. When purchasing life insurance, it’s better to do it sooner rather than later in your career. Younger physicians and residents will have a better chance at getting a lower rate since rates are based on age.

Disability Insurance

Imagine that you were unable to practice medicine due to an injury or illness? Could your family live off of the income of your spouse alone? These are important questions to ask yourself, especially if you have children to provide for. Disability can have a devastating impact on your financial wellbeing which is why disability income insurance or D.I. is a critical insurance option that is unfortunately often overlooked.

A career in family medicine can easily be threatened by a disability since it requires a great deal of face-to-face interaction and administrative work. Younger docs are especially vulnerable to the threat of disability. When signing up for insurance through your employer, evaluate your employer-provided disability plan options. It’s important that you find out if you are actually covered, how your employer defines “disability”, how much you are covered for and if it’s enough. Disability insurance ensures that your income is protected so that you can continue to take care of your family until you get back on your feet.

When starting a family, some basic insurance like home owners insurance and auto insurance are obvious choices. But when it comes to your long-term health and your family’s future, it’s better to be safe than sorry. Family doctors should consider additional insurance options like health, life and disability early on in their careers.


Contact Information

AAFP Insurance Services
Attn: Policyholder Services
PO Box 7470
Leawood, KS 66207-0470

(800) 325-8166

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