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Like making plans? Is your insurance still in sync with them? Practical advice for managing Life Insurance.

Think About Life Insurance? You Bet!

What kind of planning brings you joy? Envisioning your next vacation; preparing for a new addition to your family; opening your own practice, or expanding the one you have? Perhaps buying a vacation home, or that car you’ve always dreamed of having? For many, these events are eagerly anticipated and can bring joy to our everyday lives.

As you move through different life stages, each bringing about its own needs, being prepared with the right type 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 could 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 or 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.

Do you have a large estate and are concerned about tax liabilities?

Federal estate tax rates can be a significant percentage of your gross estate and must be paid in cash within nine months of death. Quite often it's the estate's personal assets that are used to cover tax debt. However, assets such as an IRA or a personal residence are not easily liquidated on short notice without substantial tax penalties. Proceeds from a life policy are typically received income tax free and could be used by your beneficiaries immediately to fund estate taxes while preserving assets2.

Finally, keep in mind that your health, age and budget will influence your ability to get the coverage you need. Getting what you need now can ensure you will have what you want when you need it.

The ADA Level Term Life Insurance Plan offered by Protective is practical by design and only available to ADA Members. As a member, you have access to up to $3,000,000 of Level Term Life insurance. It can provide 10 or 20 years of level premium, locking in protection 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*

AGE Male Female
40 $50.39 $42.94
45 $82.37 $64.41
50 $133.20 $108.22

Your rates could be even lower if you qualify for our Preferred rates3, available to the healthiest individuals who have low-risk health and lifestyle characteristics.