Life Insurance 101 Buying life insurance can be a bit daunting. After determining how much coverage your family needs, the next step is to decide on a policy that will best fit your needs. You might even need a couple different policies to get the job done. "A man who dies without adequate life insurance should have to come back and see the mess he created." - Will Rogers
Have you noticed that almost every week or every month there seems to be a new GoFundMe request? Maybe it’s just me, but I feel like I see one on my Facebook feed at least once a week. Crowd funding requests for things like a sick pet, home damage, uncovered medical bills, or worst yet a premature death. Unfortunately one of the most recent trends on the internet is the use of crowd funding such as GoFundMe as an alternative to life insurance. A loved one passes away, and you can expect within a few days the GoFundMe campaign will show up on your Facebook feed. I saw one this morning, and while it’s sad, and I want to help, I can’t help but also think “why didn’t he/she have life insurance?”.
Three out of four dentists suffer from musculoskeletal disorders that affect their ability to practice, and studies estimate that the percentage of dental professionals suffering from general pain in the back, neck, shoulder, or arm is as high as 68%.
“The best disability insurance policy is the one that’s in force when you become disabled” Becoming a dentist takes a lot of time, and a lot of money (the average dentist will graduate with $300,000 in student loan debt). The average income for a general dentist makes that investment worth while. In the USA it's roughly $175,000 / year. Stretch that over a 30 year career including a modest 3% annual growth, and you have an $8,300,000 asset. Considering this is the largest asset you will ever own, it’s probably worth insuring.
According to USNews.com being a Dentist is the 2nd best job in America. Number 5 is Orthodontist, and 8 is Oral Surgeon. No single job suits all of us, but many of the best ones have a few attributes in common: They pay well, challenge us year after year, match our talents and skills, aren't too stressful, offer room to advance throughout our careers and provide a satisfying work-life balance. Whether the position is in demand is also a consideration, especially among job seekers. U.S. News uses these qualities to rank the 100 Best Jobs of 2018. Software developer, physician assistant, dentist, nurse practitioner and orthodontist are among the top-ranked careers on the list. You can also explore the best paying jobs and other more specific career rankings. Source: https://money.usnews.com/careers/best-jobs/rankings/the-100-best-jobs
Real Life Story: CNBC’s Finance Correspondent Stresses the Importance of Disability Insurance After her own Unexpected Tragedy
How CNBC Finance Correspondent, Sharon Epperson, Avoided Financial Disaster Through a Sudden, Medical Disability
Photo credit CNBC
CNBC’s Senior Personal Finance Correspondent, Sharon Epperson, shares a powerful reminder of how important it is to be financially prepared for the unexpected. She notes, “In my reporting on personal finance, I often tell readers and viewers that it is […]
Once you make the decision that you need income protection, and you find a policy that fits your needs, now you need to decide how to pay for it. Insurance companies offer a few options:
- Noncancellable & Guaranteed Renewable with fixed level premiums – Once you get the policy everything is guaranteed until age […]
How much are your hands worth? As a dentist you have put a lot of time and money to get to where you are. Your future earnings potential is in the millions. And in a flash that could all be gone.
In the insurance world it’s very hard to overpay, or under pay for a policy. Each company employs a team of actuaries that comb through thousands and thousands of statistics in order to understand a certain risk. They then have to price their various products in a way that makes them profitable, and also competitive. That’s why when you see a very inexpensive insurance product such as term life insurance or accidental death & dismemberment insurance, you can be sure that you will likely never file a claim. If the risk is all the same, why is one policy more or less expensive than another? And what should you do to find the best deal?
Did you know that Dentists Disability Insurance can also help with your life insurance needs? We are licensed with just about every insurance company out there, and have years of experience with both term and permanent life insurance. September is Life Insurance Awareness Month. With kids back in school, and summer winding down, now is a great time to review your plan. Consider the fact that 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Insurance Barometer Study by Life Happens and LIMRA. And the study also found that 40% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.