There are many life insurance options and variables that choosing the one that is right for you and your family can be difficult. The main goal of your life insurance is to be able to provide for your family in the event you suffer an untimely passing. Seems challenging, but once you know your needs, the rest is easy.
Term insurance is the most common and basic type of life insurance for dentists. Choose the duration of coverage and the amount. Should you pass away within the specified time your policy will pay out the death benefit. However, if you outlive the duration of your policy, no death benefit will be paid. Term insurance offers two unique riders in that is convertible to permanent coverage and also annually renewable after the initial coverage period. The annually renewable term or ‘ART’ is rarely used as the premium increases dramatically year after year and becomes cost prohibitive. The conversion option to permanent coverage is often used when your health status no longer allows you to secure new term life insurance. There are restrictions on when you can exercise the conversation that you should discuss with your agent.
Under term insurance there is an option to choose between level-term and decreasing term. Each option has their own benefits and you should choose the option that best suits your needs. Typically if the main reason for your life insurance is family protection then level-term is the better option. The amount of coverage stays the same throughout the length of the term, as well as the premiums. On the other hand, a decreasing-term policy decreases the amount of coverage over the length of the policy. This policy is typically used to decrease a debt, such as a mortgage or business loan, over time. Premiums will usually be cheaper with this option
Whole life insurance or permanent insurance is yet another option and an alternative to term insurance. This policy will cover you from the moment you place the policy up until you pass away. As much as we may all not want to believe it, death is inevitable. This policy ensures a death benefit will be paid, unlike term life insurance.
The most important aspect of life insurance is to ensure that your family will be able to provide for themselves even after you are gone.
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