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Washington State Dental Association

The Need for Life Insurance

Even if you are experiencing some financial challenges, Life Insurance should never be thought of as a non-essential expense. If a family loses a main breadwinner, the financial consequences could range from simply challenging to totally devastating. Life Insurance is one of the most important things you can have to ensure that your family will be taken care of if something happens to you.

Forty percent of American households would immediately have trouble meeting their basic living expenses if a primary wage earner passed away. Life Insurance coverage is an essential tool for protecting your family and your practice by making sure that your loved ones will be taken care of in the event of your death. Life Insurance ensures that their financial future is not left to chance. Having coverage can mean the difference between your family keeping their family home, your children having money for college and your spouse having a means to retire.

Here are a few good reasons to purchase Life Insurance:

• You are the main income earner for your family, and they are dependent on your income. If you were to die tomorrow, your family would have trouble meeting their basic needs.

• You have significant debt due to the home mortgage, student loans, practice loan, etc. that you do not want to burden your family with if you passed away tomorrow. 

• You do not want your family to be burdened with estate or other taxes that would reduce the estate your family receives when you die. 

• You have a special needs child who depends on your income for his or her care, probably for the rest of his or her life.

• You are saving for your children’s private school or college education. If you passed away, the kind of education that you would like to provide for them would be financially out of reach.

Although people are told by their financial planner, spouse and others that they need Life Insurance, they still find reasons for putting off purchasing a policy. But WDIA’s advice is to buy it now. First, the premiums for the same coverage will increase the older you become, so it will be less expensive for you to buy it now verses next year. Second, the longer you wait, the more you risk developing health issues that could increase your premium or make you ineligible for coverage at all.

If you are ready to look at your life insurance options, please contact Washington Dentists’ Insurance Agency at 206-441-6824 or 1-800-282-9342.


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