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|
Volume3 Issue2
S
upporting
Y
our
P
ractice
RenataWhiteman
SeniorAdvisor
(Insurance)
CDSPIAdvisory
Services Inc.
Ms.Whiteman isa licensed
insuranceadvisoratCDSPI
AdvisoryServicesInc.,with
anexclusivefocusondental
professionals.Shecanbereached
at
1-800-561-9401,ext.6806
or
fora
no-cost,no-obligationreviewof
your insuranceportfolio.
Asadentist, therearemany insuranceplansavailable tohelpprotect you,
your familyandyourbusiness. Becauseeveryonehasdifferentneeds,
tolerance for risk, andbudgetaryconsiderations, all ofCDSPI’splanshave
optionswhichallowyou to tailor costs toyour individual circumstances. In
thisarticlewe review someof the tacticsyoucanuse tocustomizepersonal
andbusinesspolicies, andprovideexamplesof the rates thatwouldapply.
Of course, thesewill varyaccording toyour ageandhealth, and the level of
benefitsyouchoose.
BasicLife
Thekeywith life insurancecoverage is to start earlywhenyou’reyoung
andpresumablyhealthy. Ratesare lowest at thispoint, andhaving
insurance inplacecanallowyou to remain insured shouldyoudevelopan
illness thatwouldotherwise render youuninsurable, as longaspremiums
arepaid. For thosewhohaveamortgage, life insurance is typically
lessexpensive than lender’s insurance—in theeventof adeath, policy
proceeds canbeusedby survivors tocontinuepaying themortgage. You
mayalsoachieveadiscountof up to27.5%onyourpremiums, depending
onyour coverageamount andhealth status. Premium reductionsare
available to thosewhodon’t smoke, use illicitdrugs, or abusealcohol, and
havenotbeen treated for amajorhealthevent suchas cancer, coronary
arterydisease, stroke, diabetesorothers. (
Table
➊
)
AccidentalDeathandDismemberment (AD&D)
TakingoutAD&D Insurance isagoodway toaugment your lifecoverage
for a relatively lowcost. It canhelpprotect your family incaseof a
catastrophicaccidental event,with theaddedbenefitof coverage should
you suffer acareer-endingaccidental injury suchas the lossof a limb.
WhileAD&D Insurance shouldnotbeconsideredasa replacement for
life insurance, it caneasilybeput inplacewhileyouare in theprocessof
applying for life insurance. (
Table
➋
)
LongTermDisability (LTD)
Thereare several variables that canaffect LTD Insurancepremiums. First
is themonthlybenefit youwould receive in theeventof aclaim. There
isamaximummonthlybenefit available, basedonyourpre-tax, after
expenses, annual earned income. A second factor that affectspremiums is
thewaiting (“elimination”)period. Youhave theoption tochoosea longer
waitingperiod—thewaiting timebeforebenefitsbegin—,whichcan
significantly reduceyourpremiumsas theaccompanying table shows.
EXPLORINGYOUROPTIONS
Getting the Best Value fromYour
Insurance Policies
