Common mistakes in insurance planning on your own

Issue: BCMJ, vol. 59, No. 8, October 2017, Page 431 News

As a physician, do you recommend patients self-diagnose or self-treat?

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

Channelle Sawyer. Common mistakes in insurance planning on your own. BCMJ, Vol. 59, No. 8, October, 2017, Page(s) 431 - News.

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About the ICMJE and citation styles

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