Docs Outside The Box 008 – How not to get ripped off buying life and disability insurance
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I’m willing to bet that all of you have either purchased or heard the reasons why you should purchase life insurance and disability insurance. These two products are meant to protect your best wealth-building weapon – you and your income! Whether or not you fully understand these products (and many doctors don’t), the implications can be quite costly. Ranging from just a couple of Benjamins to stacks on stacks of Clevelands, how much you pay for your insurance plans will depend on how well you understand the products and your current financial situation.
I invited Julie Fleischner, president of Set for Life Insurance, to step outside the box on this episode. She’s an independent broker who specializes in disability, life, and long term care insurance. With over 20 years of experience, she has seen plenty examples of physicians either being sold the wrong products or being over-insured. Full disclosure – I have used her services to help me revise my current insurance coverage (more about that on another show).
You can learn more about her services here – Set for Life Insurance
In this episode you’ll learn:
- The difference between an insurance broker and agent
- If all physicians need life and disability insurance
- How to purchase life and disability insurance without feeling ripped off
- What is a rider and which ones every life and disability plan should have
- Why women pay a lot more per month for disability insurance and what women can do to get around the gender price hike
- We run some scenarios – For example, find out how much insurance a 32 year old newly minted female physician really needs
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