Life changes fast — especially for doctors and dentists. Your income grows. Your family grows. Your responsibilities grow. But most people forget to check whether their life insurance is still keeping up.
The policy you bought five or ten years ago may no longer fit your life today. Here are five clear signs it’s time to review — and possibly update— your coverage.
1. Your Family Has Grown
If you’ve had a child (or two) since you last reviewed your life insurance, your financial picture has completely changed. Kids bring joy — and a lot of new expenses: childcare, education, activities, and long-term goals like college.
If something happened to you tomorrow, would your current coverage replace your income long enough to raise your children and fund their future?
What to Do:
- Add up your family’s annual living expenses.
- Multiply that by the number of years you’d want to provide income (usually until your youngest finishes college).
- If your coverage doesn’t come close to that number, it’s time for an update.
Tip: Most physicians and dentists need 10–15 times their annual income in total life insurance coverage.
2. Your Income or Lifestyle Has Increased
When you started your career, your lifestyle was simpler. Now you may own a home, have higher monthly expenses, and live at a different level.
If your income has gone up, your financial responsibilities have too. That means your life insurance should rise to match your current standard of living — not the one from residency or early practice.
Example:
Dr. Simmons bought a $1 million policy as a resident. Now she earns $350,000 a year and owns a $900,000 home. Her original policy wouldn’t cover her family’s mortgage, education, and ongoing expenses. A quick review helped her increase coverage to $3 million — enough to protect her family fully.
3. You’ve Taken On New Debt
Debt is a key reason to carry life insurance — and one of the biggest reasons to increase it.
If you’ve recently:
- Bought a home or vacation property
- Taken out business or practice loans
- Co-signed student loans or private education debt
…you’ve increased your financial obligations.
Those debts don’t disappear if something happens to you. Your spouse or business partners could be left responsible.
What to Do:
- Add the balance of your mortgage, practice, or personal loans to your coverage need.
- Consider a separate term life policy to match the life of the loan (for example, a 20-year policy to cover a 20-year mortgage).
Tip: Life insurance can protect your family and your business from inheriting unwanted debt.
4. You’ve Changed Jobs or Career Paths
Many physicians and dentists rely on employer-provided life insurance — until they switch jobs and realize that coverage didn’t follow them.
Most group life policies:
- Are tied to your employer
- Offer limited coverage (often just 1–2× your salary)
- End when you leave or change employers
If you’ve recently switched hospitals, joined a new group, or started your own practice, it’s time to make sure your coverage is portable and personally owned.
What to Do:
- Don’t rely solely on employer-provided insurance.
- Get a personal policy that you control — one that stays with you no matter where your career takes you.
Tip: Personal policies are more flexible, fully underwritten, and often cheaper long-term than job-based coverage.
5. Your Financial Goals Have Evolved
Life insurance isn’t just about protection — it’s also a planning tool. As your wealth grows, your goals may shift from income replacement to long-term financial planning.
You might want to:
- Fund college for your kids
- Leave a charitable legacy
- Build tax-advantaged savings
- Protect your estate from future taxes
Permanent life insurance (like whole life or indexed universal life) can play a role in those strategies — growing cash value tax-deferred while providing lifelong protection.
Example:
Dr. Patel built up $150,000 in cash value through his whole life policy. He used a portion to help his daughter with grad school — without paying taxes on the loan.
Tip: Term life is perfect for temporary needs; permanent life can support longer-term wealth and legacy goals.
Bonus: You Haven’t Reviewed Your Policy in 3+ Years
Even if none of the above have changed, life insurance deserves a quick checkup every few years.
Why?
- Carriers often release new products with better pricing.
- Your health may have improved — which could qualify you for lower rates.
- You might find opportunities to combine or simplify old policies.
A short policy review can uncover simple ways to improve your coverage, lower your cost, or both.
The Bottom Line
Life insurance isn’t something you buy once and forget. It’s a living part of your financial plan — and it should grow with you.
If your income, family, or goals have changed, it’s time to review your plan. The peace of mind you’ll gain is worth every minute.
Next Step: Review Your Coverage with Confidence
Our team specializes in helping physicians and dentists find the right life insurance plan — whether it’s updating your term coverage or adding a long-term strategy for wealth and family protection.
Request your free life insurance review today.
Start the next chapter of your life knowing your family — and everything you’ve worked for — is fully protected.
Ready to protect your future?
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