Common mistakes in insurance planning on your own

As a physician, do you recommend patients self-diagnose or self-treat? Is this effective or the best use of a patient’s time and effort? Do self-diagnosis and self-treatment often have negative outcomes? The answers to these questions may seem obvious, yet too often physicians do not follow their own advice. There is a saying from a prolific business consultant, Peter Drucker, which applies to this topic, “Do what you do best and outsource the rest.”

Your financial health and, more specifically, your insurance planning, is a great example of an area where you should be consulting with experts. The implications of not doing so can range from minor losses to devastating effects. Examples include: 
•    Paying too much for your insurance coverage due to having more coverage than you need.
•    A surviving spouse losing the family home as a result of there not being enough life insurance in place on the deceased spouse.
•    Having to postpone retirement due to not having critical illness insurance.
•    Having to dip into investment accounts to cover unanticipated costs.

Many factors are considered when working with physicians on their insurance planning. During a review meeting we discuss your personal, family, and professional situation. Once we have a full picture of you, recommendations are made that best suit your particular situation. Working with a professional who understands the physician market is very important as there are some products, benefits, and discounts available that are unique to physicians.

Please schedule a meeting to review your insurance with a professional once every 2 to 5 years or whenever you have a major life event (e.g., marriage, birth of a child, home purchase, etc.).

Let insurance professionals work to ensure that you are protected, while you focus on what you know best—medicine.
—Channelle Sawyer, BA
Insurance Advisor, Doctors of BC