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Financial Health

for Healthcare Professionals

Why Life Insurance Is Critical for Practicing Physicians

BY DANIEL CASCIATO BASED ON THE 1. It can create income replacement. aging. The less healthy When Is the Right Time to
BOOK SERIES THE HEALTH OF YOUR 2. It can create business continuation you are, the more insur- Purchase Life Insurance?
WEALTH BY HOWARD WOLKOWITZ protection if an owner or partner dies. ance will cost you, or Purchase life insurance when
3. It can create estate preservation pro- you may become unin- you have someone else to pro-
Mark Twain famously once wrote that tection to pay estate and inheritance taxes. surable. tect, when you want to lock in
people who die without life insurance 4. It can create estate and business your insurability, and when you
should have to come back and clean up equalization so specific assets can go to Health and are healthy. Sometimes physician
the mess they left behind. Wise words, specific people. Financial clients ask agents to compare dif-
indeed. 5. It can pay off debt, taking financial Underwriting ferent companies and products
Think about what insurance does - not pressure off your family or business. Medical underwriting on a spreadsheet, but spread
about what it is. What it does is protect 6. It can complete educational savings has become very sheeting can be manipulated.
your downside from a total catastrophic for the children. sophisticated. If you Clients can be misled by what’s
unforeseen risk. 7. It can complete a retirement saving have one health issue, HOWARD included and omitted. With the
Also, think of life insurance as a long- plan for the surviving spouse. underwriting can be WOLKOWITZ amount of assumptions and plan
term investment made on behalf of your Three ingredients underlie the decision very straightforward. If designs, an accurate spreadsheet
family. While you may never realize the to purchase life insurance: you have multiple can be challenging and may omit informa-
return on your investment, your family • Someone you love would be financial- health issues, underwriting can become tion to the point of being rendered useless.
will. ly impacted by your death. more complicated. Insurance companies It is recommended you work with a
Your advisor’s role is to help you identify • You are medically and financially intentionally focus on age, gender, and trusted advisor to guide you through the
your insurable needs, present you with qualified to be underwritten. health to compete for your business. process of comparing policy offerings by
viable insurance options, and explain the • You can afford to fund the solution to A husband who is healthy but a smoker, interpreting complex language and mar-
pros and cons of each option. the above problem by paying insurance and a wife who is a less healthy but a non- keting speech.
The right insurance agent helps you premiums. smoker may end up insured by different
secure the right amount of coverage at the companies because of the underwriting For more information contact Howard
right time for the right price. Every insur- Don’t Wait to Buy Life Insurance policies for their different health classifica- Wolkowitz, Financial Advisor, at
ance policy you own is an asset. If you Most life insurance is priced based on tions. HWolkowitz@FinancialGuide.com or
own health, dental, visual, or hospitaliza- your attained age, not your actual age. Financial underwriting is based on the (954) 558-3673.
tion insurance, these assets protect your When you are six months plus one day economic value and needs of your family.
Howard Wolkowitz is a registered representative
net worth if you require medical care. If past your birthday, your premium cost is Life insurance companies will generally of and offer securities and investment advisory serv-
you own auto, property, or casualty insur- based on your attained age, the age you’ll underwrite up to 20 to 30 times your ices through MML Investors Services, LLC. Member
ance, these assets protect your net worth if be on your next birthday. By waiting to annual income. If more coverage is need- SIPC (www.SIPC.org). OSJ: 2400 E Commercial
Blvd., 11th Floor, Ft. Lauderdale, FL 33308.
you have an accident or catastrophe. buy life insurance, you pay more and you ed, a letter will be required to explain your (800)320-4180. CRN201908-216390.
Life Insurance serves several purposes: risk deterioration of your health due to need for additional coverage.

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4 September 2017 southfloridahospitalnews.com South Florida Hospital News