Hello:
I recently started to work as an Attending Physician in a University hospital. I have read White Coat Investor in the past, but the influx of paperwork and information that comes with new employment has been overwhelming. Naturally, this has raised several questions:
Life-Insurance:
-The employer offers a basic life-insurance policy for 40,000 basic coverage. They offer additional coverage with a company called Dearborn National. Should I select No Additional Coverage with the University and shop around for term-life insurance on my own? Will having basic coverage from the employer (without any option of dropping it or getting my money back) affect private life insurance packages?
Disability:
-The employer offers Short Term Disability (60% of weekly salary, maximum of 22 weeks, cap of $693/week following 14-day elimination period) with Dearborn National. Should I use this or put No coverage and shop for my own?
-Same deal with Long-term Disability. The plan offers 60% of salary following 90 or 180-day elimination period with/without COLA through Standard. Should I choose No Coverage and shop around for my own?
If I do select private coverage for Life Insurance and Short-Term/Long-Term Disability, what companies do you recommend? Should I choose same company for everything?
If you need any more information, please don’t hesitate to ask.
Thanks a lot.
I recently started to work as an Attending Physician in a University hospital. I have read White Coat Investor in the past, but the influx of paperwork and information that comes with new employment has been overwhelming. Naturally, this has raised several questions:
Life-Insurance:
-The employer offers a basic life-insurance policy for 40,000 basic coverage. They offer additional coverage with a company called Dearborn National. Should I select No Additional Coverage with the University and shop around for term-life insurance on my own? Will having basic coverage from the employer (without any option of dropping it or getting my money back) affect private life insurance packages?
Disability:
-The employer offers Short Term Disability (60% of weekly salary, maximum of 22 weeks, cap of $693/week following 14-day elimination period) with Dearborn National. Should I use this or put No coverage and shop for my own?
-Same deal with Long-term Disability. The plan offers 60% of salary following 90 or 180-day elimination period with/without COLA through Standard. Should I choose No Coverage and shop around for my own?
If I do select private coverage for Life Insurance and Short-Term/Long-Term Disability, what companies do you recommend? Should I choose same company for everything?
If you need any more information, please don’t hesitate to ask.
Thanks a lot.
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