Why life insurance often makes sense alongside disability
Many physicians address life insurance while they are purchasing disability insurance, for two practical reasons:
Efficiency
Life insurance applications and underwriting steps are similar to disability insurance. If labs are required they can be utilized for both policies as well.
Coordination
Coverage amount and structure should match your family’s needs, desires and long-term plan, not just a generic rule of thumb.
Watch: Life insurance for physicians
Billy Gwaltney explains how physicians think about life insurance decisions in an interview with Dr. Jeremy Pyle.
What “good coverage” means
Life insurance should be sized and structured around your and your family’s goals, then implemented with as little friction as possible.
What we guide:
- The coverage amount and length of time aligned to your responsibilities
- Policy type decision (term vs permanent, when appropriate)
- Carrier selection across top insurers to fit your situation
- Underwriting steps and timing so you do not repeat steps unnecessarily
When physicians typically add life insurance
- As income changes significantly
- New and/or increasing family financial responsibilities
- Mortgage or practice-related debt
- Estate planning coordination
- Legacy goals involving family, charities and/or community