Short advisory video by Ndubuisi 'Andy' Egwim on choosing life insurance and income protection for doctors. Andy recommends starting with comparison websites to get a sense of pricing, but stresses the critical need to consult a properly licensed insurance advisor—ideally recommended by another doctor—who can assess your income, liabilities (e.g., mortgage), and dependents (children/spouse) to determine appropriate cover.
Chapters
So the place to start one will be comparison websites. There are a lot of good comparison websites where you could go and that would just give you a general idea. I wouldn't suggest going straight to the comparison website, but that will give you a general idea of what you need to pay for and that might be a good start. So there's quite a few comparison websites that are out there. Let's compare the market. There's a good compare. You could start with any of them. But really, really quite critical is the second point. You need an insurance advisor who someone has used, hopefully a doctor, someone in a similar circumstance, someone who is properly licensed. So an insurance advisor will be able to look at the whole market, look at your circumstances, look at what you're trying to protect against. Maybe you've got a mortgage, you want to make sure that it's paid for. Maybe you've got somebody in school, you want to make sure that if you're not around anymore that they are, they are covered for. Maybe you've got a spouse and you don't want them to have to work so hard if you're not around. So the insurance advisor can check your income, check what you need to cover for.
