Life and Disability Insurance

Life Insurance

If COVID-19 taught us anything it is that life can change in a heartbeat. Protect your family’s financial security and future for pennies on the dollar. Choose from the top carriers, tailored to your unique situation.

Types of Life Insurance

Term Life Insurance is the simplest type of life insurance you can buy and provides guaranteed benefit protection for a level premium for an allocated number of years. It can be converted to a permanent policy, even if health deterioration occurs. It does not offer cash accumulation, a savings component or loan features. We explain why strong life insurance conversion privileges are essential to doctors and healthcare professionals.

Whole Life Insurance builds cash value while providing a guaranteed death benefit to protect your family. Premiums are guaranteed to never increase, but may be reduced or eliminated, and dividends are offered which may increase the cash value of your policy. There are several product options within the Whole Life Insurance category.

Universal Life Insurance is more flexible because it can be customized for your individual needs. It may guarantee a death benefit for your family’s security and allows you to determine the amount of your premiums and when you will pay them, depending on the determined cash value. Cash accumulates tax-deferred and is accessible on a tax-preferred basis, generally leaving the death benefit income tax free upon your death (under current tax law). You are allowed to change the amount of your death benefit as your needs change. The cash value may be accessed for any purchase (college tuition, a down payment on a home, etc.). There are different product options to suit your needs within this category as well. A properly structured life policy has tremendous tax advantages.

Disability Insurance

We are an independent, unbiased insurance brokerage specializing in disability and life insurance for physicians and healthcare professionals. There is no one size fits all solution. Different insurance companies will underwrite the same medical condition differently. We will provide an objective analysis of your unique situation. Every policy provision is explained in plain English. You will have a clear understanding and confidence in your decision. It would not be fair to you to quote the lowest price. After consulting with you we will personalize a quote tailored to your needs and budget.

The bottom line: doctors must insure their incomes.
After investing so much time and money into building your expertise, you cannot afford to lose your income generation capabilities. You and your loved ones are dependent on your ability to work.
Disability insurance covers a portion of your income if you can no longer work due to a long-term illness, injury, or cognitive impairment. Privately purchased disability benefits are tax free whereas employer sponsored plans have limited benefits and are considered taxable income. (you are left with a small percentage of your gross income.

Key policy features to learn about:

“True own occupation” definition
Specialty specific language in the contract
Guaranteed renewable/non-cancellable
Partial disability or residual feature
Cost of living adjustment
Benefit increase option (particularly important if you are early in your career your income will increase substantially over time and this feature allows you to protect it, without proof of insurability)

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