Hedgy

7+ Year Member
Sep 22, 2009
210
122
Montana
Status
Dentist
My dentist friend next door to me is 41, has 6 kids, and was just diagnosed with a rare cancer that has a 55% 5-year survival rate and 35% 1o-year survival rate. He's woefully short on disability and barely has enough life insurance to cover his practice and loans. Make sure you have enough of both to cover your family if something like this were to happen. I sound like a salesman, but this is the 3rd dentist that I know of in the last 5 years in my city that has had a catastrophic health condition.
 

Localnative

7+ Year Member
Jan 4, 2011
312
327
25.0000° N, 71.0000° W
Status
Non-Student
My dentist friend next door to me is 41, has 6 kids, and was just diagnosed with a rare cancer that has a 55% 5-year survival rate and 35% 1o-year survival rate. He's woefully short on disability and barely has enough life insurance to cover his practice and loans. Make sure you have enough of both to cover your family if something like this were to happen. I sound like a salesman, but this is the 3rd dentist that I know of in the last 5 years in my city that has had a catastrophic health condition.
AGREED.
know of at least a few early 40 something clinicians in my area in that situation (seems like a lot of "rare" cancers, life threatening cardiac conditions, strokes are increasing in prevalency in my age group)
1st thing I did final year of OS residency was research different disability and life insurance policies. my advice is to have 2 disability policies (metlife is a good start) and mix of term and whole life for you and your significant other. There are other benefits to whole life insurance such a building cash value (which can, for example, be used to finance your child's education in the future)

Life happens when you are busy making other plans. I think Lennon or some member of Electric Light Orchestra said that.
 

schmoob

Moderator
2+ Year Member
Mar 26, 2015
2,466
3,528
AGREED.
know of at least a few early 40 something clinicians in my area in that situation (seems like a lot of "rare" cancers, life threatening cardiac conditions, strokes are increasing in prevalency in my age group)
1st thing I did final year of OS residency was research different disability and life insurance policies. my advice is to have 2 disability policies (metlife is a good start) and mix of term and whole life for you and your significant other. There are other benefits to whole life insurance such a building cash value (which can, for example, be used to finance your child's education in the future)

Life happens when you are busy making other plans. I think Lennon or some member of Electric Light Orchestra said that.
I HIGHLY HIGHLY discourage Whole Life. The psychological aspect of having cash value is used to manipulate the insured that they actually "own" something, or have an investment.
As an OS, I strongly encourage you to drop your Whole Life policy and reevaluate your coverage options as your money can be put to much better use elsewhere.
PM me if you'd like to discuss further.
 
OP
Hedgy

Hedgy

7+ Year Member
Sep 22, 2009
210
122
Montana
Status
Dentist
I have mostly term life ins. USAA term is excellent and I have a 30 yr policy with them for less than what I'd pay for most 20 yr policies. I do have some whole life as well, but more as something to leave my kids once I'm past my term. Many don't like whole life. I don't have a problem with it, but I wouldn't use it as an investment tool like they sell it. It has increased in value at about 6-8% every year while I lost almost 47% of my 401k during the recession.
 

Localnative

7+ Year Member
Jan 4, 2011
312
327
25.0000° N, 71.0000° W
Status
Non-Student
I HIGHLY HIGHLY discourage Whole Life. The psychological aspect of having cash value is used to manipulate the insured that they actually "own" something, or have an investment.
As an OS, I strongly encourage you to drop your Whole Life policy and reevaluate your coverage options as your money can be put to much better use elsewhere.
PM me if you'd like to discuss further.
thx... will PM you
 

bigstix808

Mac Daddy Member
10+ Year Member
Oct 10, 2007
1,078
33
GA
Status
Dentist
and any students reading this ... get it before you graduate! you'll never beat the rates at that time.

anecdotal story here ... my classmate, mid twenties, diagnosed with breast cancer 1st year out of school. she has never practiced dentistry but gets 6k / mo bc she was smart enough to sign up before she graduated.
 

Incis0r

I LOVE Dental School
5+ Year Member
Aug 10, 2014
4,630
5,931
Alterac Valley
My dentist friend next door to me is 41, has 6 kids, and was just diagnosed with a rare cancer that has a 55% 5-year survival rate and 35% 1o-year survival rate. He's woefully short on disability and barely has enough life insurance to cover his practice and loans. Make sure you have enough of both to cover your family if something like this were to happen. I sound like a salesman, but this is the 3rd dentist that I know of in the last 5 years in my city that has had a catastrophic health condition.
Thank you for creating this thread!

anecdotal story here ... my classmate, mid twenties, diagnosed with breast cancer 1st year out of school. she has never practiced dentistry but gets 6k / mo bc she was smart enough to sign up before she graduated.
What insurance carrier(s) do you recommend?
 

MD Financial Services Scott

Disability and Term Life Insurance Representitive
5+ Year Member
Feb 27, 2014
294
82
Denver, CO
www.mdfinancialservices.com
Status
Non-Student
Thank you for creating this thread!



What insurance carrier(s) do you recommend?
There a lot of great companies but they are not all great at everything.... Depending upon your state of residency, age, gender, health status, duration of coverage and the amount of coverage some carriers are more competitive than others. We use a lot of Lincoln, Transamerica, Banner, and Protective in the term life insurance space.
 

bigstix808

Mac Daddy Member
10+ Year Member
Oct 10, 2007
1,078
33
GA
Status
Dentist
just find a broker that will work with multiple companies. Guardian is one of the top. Principle. NW Mutual.

biggest thing is make sure you know about any and all definitions of "own occupation" with whatever policy you have!
 

MD Financial Services Scott

Disability and Term Life Insurance Representitive
5+ Year Member
Feb 27, 2014
294
82
Denver, CO
www.mdfinancialservices.com
Status
Non-Student
My prior post were some recommendations for term life insurance. Guardian, Principal, Standard, Ameritas, Mass Mutual, and Ohio National are the best for Disability Insurance.
 

MD Financial Services Scott

Disability and Term Life Insurance Representitive
5+ Year Member
Feb 27, 2014
294
82
Denver, CO
www.mdfinancialservices.com
Status
Non-Student
Hi,
I am looking for to buying my disability insurance. Do you have any recommendation? Do yo have any email I can contact you?
A carrier/product recommendation would be based on age, gender, medical specialty, state of residency, who your employer is and any medical issues you are dealing with. I am happy to chat with you to see what we can get done for you.