What kind of planning brings you joy? Is it the kind that allows you to open your own practice, expand the one
you have, or see that beautiful smile that comes from restoring a patient's good oral health? Or maybe it’s
envisioning your next vacation, preparing for a new addition to your family or buying that vacation home or
car you’ve always dreamed of?
As you move through the different stages of life, being prepared with the right amount of
life insurance is an important part of planning, too. While it won’t likely bring the same
level of short-term satisfaction and excitement as your other planning does, it may help
deliver important peace of mind and long-lasting support to those you care about most.
Here’s what you want to ask yourself to determine whether you are fully protecting what
is most important.
Have you experienced a lifestyle change in the past year or so? For example, moving from a double to single
income, welcoming a new child or buying a new home. Are you caring for an aging parent?
Any of these changes can spur the need to consider the adequacy of your life insurance protection.
You need enough to cover your financial obligations and outstanding debt, which is usually 10 – 12 times your annual income1.
This accounts for inflation, market returns and average household expenses.
When one partner leaves the work force to take care of a growing family, the remaining
income becomes even more critical to securing the lifestyle and goals of the family.
Don’t overlook the importance of insuring the stay-at-home caregiver. At a minimum, a
surviving caregiver would want enough coverage to pay someone to provide the
services the stay-at-home parent was providing for free.
Are you planning to open your own practice or thinking about expanding your current one?
Most lenders will require that you have life insurance to collateralize your loan should
you die prematurely. Additional life insurance could also help a spouse or other loved
one cover business debt or obligations associated with the practice you leave behind.
Could long-term family goals be met if your income were to stop?
It’s important to consider the answers to questions like the following:
— Would there be enough assets to cover your child’s (children’s) college education?
— Could your surviving partner:
- Pay off the home mortgage?
- Cover other substantial outstanding debt, freeing them to allocate reduced income to everyday living expenses (i.e., bills, groceries, entertainment, vacations, housing costs)?
Do you have a child that will require your financial support into adulthood?
Ensuring an adult child will have the care and support they require is an important
motivator for confirming you have adequate life insurance. It could help cover the costs
and expenses associated with a child’s care as well as help ensure the quality of life
they were used to continues.
You’ve already covered an important base by making sure life insurance is at the
cornerstone of a sound financial plan. However, and as we know so well, our lives,
lifestyles and financial obligations have a way of changing. That’s why it’s a good idea to
find the time to periodically review your coverage to make sure it’s enough. If increasing
your existing ADA Level Term Life Insurance has been on your to-do list for a while, we
You have access to up to $3,000,000 of coverage, designed specifically for dentists. You
can supplement your existing plan with another 10 or 20 years of level premium coverage
while protecting financial commitments like:
- — A practice loan that will be paid off within 10 or 20 years
- — Enough coverage until you retire or your kids finish college
- — Protection for a variety of short- and mid-term financial obligations
- — Your mortgage
The chart below illustrates just how competitively priced our coverage can be.
$500,000 20-Year Level Term Life Insurance*
Your rates could be even lower if you qualify for our Preferred rates2, available to the
healthiest individuals who have low-risk health and lifestyle characteristics.