As a dentist, you spend a significant amount of your time mastering your craft and growing your career, which makes protecting it crucial. One way to do that is through appropriate insurance policies and riders.
Riders are additions to insurance policies that can help you modify or expand coverages to fit your needs now and in the future. One policy rider to consider is a long-term care rider.
A long-term care rider gives you more opportunities to use the benefits that are associated with your life insurance policy, such as helping accommodate costs that may be associated with your long-term care needs. Benefit triggers include being unable to perform at least two activities of daily living (ADL’s) without substantial assistance or severe cognitive impairment requiring continual supervision.
These riders are attached to permanent life insurance policies, as opposed to term life insurance policies, due to the differences in coverage. Exact use cases and other coverage details for long-term care will vary depending on your state and policy provider, so it is encouraged to thoroughly discuss your options with your insurance agent.
If you find yourself concerned about the high cost of long term care and are considering permanent life insurance, you may want to discuss the possibility of including a long-term care rider. As with many other insurance policies, it’s crucial to begin planning for sufficient coverage while you are healthy.
If you are early on in your career as a dentist, it may seem too early to plan for long-term illnesses and permanent life insurance. However, by securing your policies and riders sooner rather than later, you can potentially save money while creating a financial safety net for yourself and your family.
If you haven’t yet considered permanent life insurance, it’s important to do so as early in your career as reasonably possible. Permanent life insurance is a long-term coverage that may grow in value with no expiration date to provide a death benefit for your heirs to help protect their futures after you have passed.
These policies are tailored to meet your needs, provide adequate coverage in the case of your death, and more. Some policy options may include:
To make sure you select the right options and have coverage that will meet your needs, work with an insurance professional who is familiar with your needs as a dentist.
Learn more about the benefits and terms of permanent life insurance policies to find the right coverage for you!
Treloar & Heisel offers dental and medical professionals a comprehensive suite of financial products and services ranging from business and personal insurance to wealth management. We are proud to assist thousands of clients from residency to practice and through retirement. Our experienced teams deliver custom-tailored advice through an active local presence, while our strong national network ensures that clients experience the same high level of service throughout the country.