You’ve worked hard for your credentials, and now it’s time to protect them and your income. Proper insurance planning is key to the longevity of your practice.
The risk of becoming disabled due to an accident, illness or injury is high, and as a medical professional you see this daily. You might be thinking, it won’t be me, but the risk is always there. Not only does it affect you physically, but it takes a significant emotional and financial toll. Having proper income protection and insurance planning is key to the longevity of your practice.
Arthritis and musculoskeletal issues like back pain are two of the most common reasons hard-working people suddenly cannot perform their normal job. Depression, diabetes, and complications from cancer or heart disease are also very common. Long-term health conditions that keep you from your job are considered disabilities.
If a disability stops you from being able to work, having disability insurance means you will get paid a percentage of your monthly income to assist you in paying your bills and taking care of your family. This is especially important if your career is a main source of income for your household.
Go to sleep at night knowing that if anything happens to you, your standard of living will be protected for your partner and/or children. A life insurance policy will cover any debts, lease contracts or funeral expenses, and it leaves money to your loved ones so they are protected.
There are two kinds of life insurance: Term and Permanent.
Term life insurance covers you for a set period of time and pays out a tax-free, lump-sum death benefit to your beneficiaries if you pass away during that time. Term life insurance policies are cheaper than purchasing permanent life insurance, making it a smart option for young families with limited budgets.
Permanent life insurance is more expensive than term life insurance, but even a small amount can make a big impact. If you plan on having considerable assets, leaving charitable donations, completing succession planning, or paying off capital gain taxes, this will be the best choice for you. Permanent life insurance can also be used as a tax-sheltered savings account that you can draw from as the cash value increases. Start now to generate a significant value that you can use as a down payment on a house or as collateral for a loan.
Critical Illness Insurance
While you may be feeling fairly healthy at this age, serious illnesses such as cancer, a stroke, or a heart attack don’t always care that you’re in the prime of your life. In fact, insurance companies call these diseases “the big three,” as they make up the vast majority of critical illness insurance claims every year.
If you’re diagnosed with a critical illness, critical illness insurance will pay you a tax-free lump sum to assist you in paying your bills, financing treatment options, replacing lost income, or finding a replacement for your business until you are healthy enough to work again. A bad diagnosis doesn’t have to ruin your life, but being unprepared might.
We understand how important your practice is to you, and because of this, your insurance portfolio will be representative of that. Please contact us to learn more about how to protect yourself and everything you have worked for.