Why is Disability Insurance More Expensive for Women?

Posted on: November 9, 2016 by Chuck Krugh, CFP

Occasionally we have clients compare rates for similar individual disability insurance policies for men and women. “Why are rates higher for women,” they ask. The answer: Because it’s worth it! Here’s why: When insurance companies set rates, they base them on their claims experience for similar policy holders in the past. Insurance actuaries are some […]

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Common Disability Insurance Riders

Posted on: October 20, 2016 by Chuck Krugh, CFP

A rider is a special feature or additional guarantee on top of a basic insurance policy. Some riders are available for free – you just have to check the appropriate box on the application. For other riders you may have to pay some additional monthly premium. But depending on your individual situation, the extra guarantees […]

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Dentists! Are You Affected by the Recent American Dental Association Disability Insurance Rate Increase?

Posted on: October 7, 2016 by Chuck Krugh, CFP

Thousands of practicing dentists across the country got some bad news from their disability insurance company last spring: Their affiliated disability insurance company, Great West Life, announced a significant rate increase effective May 1st. Premiums for men increased by about 16 percent, while female dentists were hit even harder, with a premium increase of up […]

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Residents – What They Earn and What They Owe, Nationwide

Posted on: September 27, 2016 by Chuck Krugh, CFP

The average salary for residents for 2016 was essentially unchanged compared to the prior year, at $56,500, according to the recently-released Medscape Residents Salary  & Debt Report 2016. That represents an increase of $100 per year, which is well within the margin of error. Naturally, some specialties out-earned others, and just about everybody out-earned emergency […]

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Young Doctors: Run – Don’t Walk – To Fund A Roth IRA

Posted on: September 7, 2016 by Chuck Krugh, CFP

Young physicians – especially those about to enter residency or still in residency, have a unique tax planning opportunity that’s almost unmatched by any other profession: The opportunity to contribute to a Roth IRA (or Roth 401(k)) while earning an income far, far below their likely income brackets in retirement. And that’s why the Roth […]

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Why People In Their 20s and 30s Need Disability Insurance

Posted on: August 23, 2016 by Chuck Krugh, CFP

As a young and healthy person, it’s easy to think of wheelchairs, canes and handicap placards as an issue for older Americans. But that’s just not true. Aside from the risk of accidents and injuries, there are also a number of severe, debilitating and potentially career-ending diseases strike young people even in their 20s and […]

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The different types of disability insurance

Posted on: August 9, 2016 by Chuck Krugh, CFP

Disability insurance is almost a must-have for any professional – especially those whose peak earning years are ahead of them. A freak accident, a bad break with a dreaded disease, or a problematic pregnancy can all disrupt or end a career that you spent most of your life preparing for – and less than one […]

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The New Doctors’ Financial Planning Checklist

Posted on: July 26, 2016 by Chuck Krugh, CFP

Congratulations on becoming a physician! You’re going to help a lot of people, potentially save a lot of lives, and in the process, make a good deal of money. The total lifetime earnings of a physician easily amounts to upwards of $7 to $10 million and sometimes more, over the course of a successful career […]

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What To Look For in a Doctor’s Disability Insurance Policy

Posted on: July 11, 2016 by Chuck Krugh, CFP

1.) An ‘own occupation’ definition of disability. Most doctors are pretty active. If you’re like most doctors, you’re on your feet for much of the day. Surgical specialties and emergency medicine may require more activity than others, but few doctors are very sedentary in their practices. Furthermore, the vast majority of physicians could not quickly […]

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Is Your Medical Specialty Among the Top Earners?

Posted on: June 14, 2016 by Chuck Krugh, CFP

Want to know what your fellow docs are getting paid? The 2016 Medscape Physician Compensation Report is out. Here are some of the key findings: The five specialties that are among the top earners are as follows: Orthopedics: $443,000 Cardiology: $410,000 Dermatology: $381,000 Gastroenterology: $380,000 Radiology: $375,000 … And here are the lowest-earning specialties, in […]

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