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Family Doctors & Life Insurance

Family Doctors & Life Insurance As a family physician, your job is to help protect your patient's health. As a spouse and parent, your job is to protect your family's well-being. Life insurance is one ot the many ways that you can help financially protect the ones you love in the event that you are no longer around. Get the facts on why family doctors like you should make sure you are covered. WHY DO I NEED IT? Ask yourself... Would my family be able to financially survive without my income? Can my family afford to pay off my debts and bills, including student loans, mortgage and car payments alone? PAST DJE If the answer is NO, then chances are you need life insurance. Family doctors have more to insure The average debt load of medical students is $161,290." The average yearly salary for family physicians is $189,000." [2] Did you know? The average funeral costs $10,000. TAX Life insurance benefits are tax free Life insurance can be used to: • Replace lost income • Pay off debt • Pay for final expenses (funeral costs) • Pay for your children's education HOW MUCH DO I NEED? Determine how much insurance you need with just a few calculations. First, take into consideration where you 1 and your family live. • How much is your mortgage payment or rent? • What is needed to complete the payments? Car Payment Family 2 Next, consider monthly bills such as: • Car payments • Utilities Utilities College Fund • Loans Mortgage 3. Then think about down the road. Loans Do your children have a college fund? • Can your family maintain their current lifestyle? A Don't forget to estimate for inflation! ДА Financial advisors recommend a S policy that is worth between six and ten times your annual earnings." [4] WHEN SHOULD I RE-EVALUATE MY POLICY Life changes, so may your life insurance needs. The following common life changes should result in a re-evaluation of your policy: You purchased a new home with a larger mortgage. You celebrated a recent engagement or marriage. You have a new member of your family to care for, Your standard of living has increased. You have more debt. You haven't saved for your children's education. You have an aging or disabled family member that needs your help. You have a new or expanding practice. You have experienced slower-than- expected growth of your savings. You wish to shield your heirs from estate taxes. WHAT SHOULD I KNOW BEFORE I BUY In addition to the type of policy you chose, certain habits and lifestyle choices may affect your premium: Age Health Smoking Risky Activities Driving Record Occupation AMERICAN ACADEMY OF FAMILY PHYSICIANS INSURANCE PROGRAM for your financial health Sources [1] American Academy of Family Physicians (2011) [2] http://www.aafp.org/news-now/practice-professional-issues/20120717merritthawkins.html [3] http://money.cnn.com/2012/11/01/pf/funeral-costs.moneymag/index.html [4] https://www.mint.com/blog/planning/the-top-10-personal-finance-rules-to-live-by-0513

Family Doctors & Life Insurance

shared by AAFPINS on Sep 09
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For family physicians, six-digit incomes and student loan debts are not uncommon. Which means you likely have a lot to insure. Have you considered how your family would financially survive should some...

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