If you’re a medical professional like a resident, doctor, dentist, veterinarian, physician assistant, or nurse practitioner, disability insurance is one of the most important components of your financial security because your career relies on your ability to perform your job and earn income.

You have inescapable responsibilities like paying your mortgage, car payment, student loans, insurance, groceries, and generally providing for your family.

 

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A paid-up life insurance is a life insurance policy that is paid in full, remains in force, and you don’t have to pay any more premiums.

It stays in-force until the insured’s death or if you terminate the policy. Paid-up life insurance is only an option for certain whole life insurance policies. A whole life insurance policy offers life insurance coverage for the whole life of the insured individual. Premiums stay the same and the death benefit is guaranteed as long as you continue to pay the policy premiums.

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A life insurance policy’s term length is simply the amount of time the policy lasts.

Common term lengths are 10, 20, or 30 years.

Your term length is based on 3 main factors:

  1. How long will your debts and outstanding liabilities will last? (like if you need to pay off loans or to raise kids)
  2. How much can you can afford? (a longer time period means higher premiums)
  3. How much do you qualify for? (this is based on your age and income)

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If you’re looking into long-term care insurance, you may not know where to start.

Here are 6 tips for choosing an excellent LTC insurance agent:

1. Is the agent “independent”?

Do they represent multiple insurance companies and have many options or do they only represent one company? A “captive” agent represents one company and they can’t sell other companies’ policies. Ask them if they offer traditional, hybrid policies, and life policies with LTC riders? Do they have short-term care insurance and home care plans if you don’t qualify for LTC insurance? Do they have reimbursement and cash indemnity options? Do they have annual pay, limited pay, and single pay options? If they only offer or show you one type of LTC insurance, find someone else that offers you all the options and will educate you on the differences. Continue reading →

The way an insurance company defines a disability is SUPER important when buying a disability insurance policy.

The 3 most common disability definitions are any occupation, modified own occupation, and own occupation.

 3 Common Disability Definitions

1. Any Occupation

“Any occ” policies have the most common and strictest disability definition. They are usually found in employer group plans and low-cost individual policies. You will receive benefits if you can’t work in any capacity for which you are reasonably suited to work in. An any occ policy will deny claims if you can work in another profession, but choose not to work. Continue reading →

If you’re a couple researching long-term care insurance, a decision you need to make is the length of your benefit period.

How long should you both have coverage – 2, 3, 4, 5, 6 years or even an unlimited time period?

This can be a daunting decision because we have no idea how long we’ll need care.

An option that can help lengthen your benefits is to add a shared benefit rider, which will give you a pool of benefits that you can share.

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You’ve spent countless hours and probably a good bit of money building and growing your small business. What would happen if you or a key person in your business became disabled? How would that affect your business? It probably wouldn’t be a pretty situation.

As a business owner, you have inescapable responsibilities to your business and employees. Disability insurance protects businesses and their employees from the consequences of the disability of a key member of the company. While businesses of all sizes can use this protection, disability insurance is especially important to a small business owner, a professional with a small practice, and employees who rely heavily on these owners.

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Many people start thinking about putting a long-term care insurance plan in place when they are IN or near retirement, but this can often be too late!

Health

When applying for long-term care insurance, your health is super important.  If you aren’t healthy enough, you will not qualify for it. Insurance companies establish their own health requirements and offer discounts to applicants who are in good health. Once you have coverage, the insurance company cannot take away your coverage if your health gets worse.

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Independent vs. Captive

Independent agents are independent of any one insurance company.

Unlike a captive or direct insurance company, who only offers their own proprietary products, we don’t have to try and fit you into the one offering available. Instead, we find the right company and policy for you based on your individual needs!

Many consumers don’t fully understand just how important that really is. When it comes to something as important as insurance, it’s crucial to work with an agency who has an in-depth knowledge of multiple insurance products, companies, and guidelines — not just one.

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