Podcast Episode 21 – “How to Buy Life Insurance Without Losing Your Money or Your Sanity” with Dr. Stephanie Pearson
Episode 21 – Have you ever wondered if you had the right kind of life insurance coverage? How about the right amount of coverage? Are you concerned you’re paying for things you don’t need? The life insurance industry is FULL of people who want to take your money and give you as little as possible in return. Fortunately, Dr. Stephanie Pearson knows all about life insurance from both a physician and broker perspective.
If you’ve ever sat with a life insurance salesperson, you probably felt like you needed a shower afterwards. There are a few great leaders in the industry that really have a physician’s interest at heart. Who better than an actual physician to coach us through that?
By the end of this episode, you’ll feel much more confident in buying the right kind of life insurance, avoiding unnecessary costs, and securing your family’s financial future. No need to be afraid of life insurance anymore! Dr. Stephanie Pearson can help you get only what you need to protect your family. Enjoy!
“The key to life insurance is to buy the most coverage that makes sense both in time and money.”
– Dr. Stephanie Pearson
Meet Dr. Stephanie Pearson
Dr. Stephanie Pearson is an OB/GYN physician turned insurance broker following a career-ending injury sustained during a difficult patient delivery. She learned a lot the hard way about disability and life insurance and has become a broker and advocate in order to be able to educate and empower her colleagues on these topics.
Connect with Dr. Pearson
- Website: www.pearsonravitz.com
- Facebook: www.facebook.com/pearsonravitz
- LinkedIn: https://www.linkedin.com/company/19034271
5 Minutes to Financial Security
Insurance can feel overwhelming. When you’ve finished the checklist, you’ll feel at peace knowing that your family’s financial future is secure.
You have successfully requested the free guide, "5 Minutes to Financial Security"
Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice. This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.
- How to build and implement a successful long-term finance strategy
- How to budget effectively without going crazy
- What to do in order to get you and your spouse on the same page with your finances
- Writing a resume
- How to find the right practice to join
- Or anything else related to business or personal finance
I’d love to help you so you can have the successful career and financial freedom you deserve. Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you.
I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.
FREE disability insurance quotes from Pattern: www.thescopeofpractice.com/pattern
Pattern Financial has an amazing platform for helping doctors easily navigate the world of disability insurance. They can find you true “own-occupation” disability insurance in minutes, and it’s completely free to get the quotes!
Unlike other companies, they are a true independent insurance broker, and one of very few that I trust to take care of physicians when they need it most.
Use this link to get the disability insurance quotes for free! Even if you’re not ready to buy disability insurance today, you can still get the free quotes so you’ll know how much to budget for it.
- 00:00 – Introduction to episode 21.
- 01:37 – Subscribe to the podcast, and please leave a review!
- 02:10 – Check out all of the great resources available for free at www.thescopeofpractice.com, and click on the “Resources” tab at the top of the website.
- 03:15 – Join the “Business and Personal Finance for Physicians and Dentists Facebook Group”
- 03:34 – Introduction to Dr. Stephanie Pearson
- 04:37 – Dr. Stephanie Pearson shares her journey from physician to life insurance broker.
- 08:04 – Life insurance is meant to replace your income for people left behind after your death who depend on your income.
- 10:14 – Single men don’t need life insurance. Single women who haven’t started childbearing years yet should consider getting life insurance because pregnancy and pregnancy complications can increase life insurance costs dramatically.
- 11:44 – When beneficiaries receive the payout, they should consider paying off the mortgage immediately so the monthly mortgage payment can be repurposed to childrearing and quality of life. Invest the rest so your interest returns can provide steady income.
- 14:04 – Beneficiaries should invest the money conservatively. For every $40,000 of income you want to produce each year, you need $1,000,000 in life insurance.
- 18:54 – If you’re a non-working spouse, you still need life insurance!!! Your spouse needs a way to replace the economic value you provide.
- 21:44 – If your family is a dual-income household, both spouses still need life insurance. However, you may not need to fully insure both spouses.
- 24:04 – DON’T BUY PERMANENT LIFE INSURANCE! ONLY BUY TERM LIFE INSURANCE!!
- 29:29 – Once you become financially independent, you can save money by cancelling life insurance because you don’t need life insurance anymore.
- 29:54 – If you bought whole life insurance and you want to switch to term insurance, you can! Make sure to get your term insurance in place before cancelling the permanent policy.
- 31:34 – If your employer gives you a free life insurance policy, take it!! But, you should buy additional life insurance outside of your employment because if you switch jobs, it’s not portable. Also, the amount your life insurance through your employer probably isn’t sufficient.
- 34:04 – You need an insurance broker who will advocate for your best interests! You are hiring them as a professional, so you need to be choosy!
- 46:19 – Some ways to reduce premiums include maintaining a healthy weight, “laddering” policies, changing the length of the insurance term, avoiding tobacco products, and shopping different companies.
- 40:14 – Most riders are gimmicks. Few are worth paying for.
- 45:59 – Keep insurance and investments separate! Do NOT buy products where insurance and investments are bundled together.
- 46:22 – Dr. Pearson tells us how things in the life insurance industry are changing in the wake of COVID-19.
- 52:18 – Dr. Stephanie Pearson shares her parting advice.
- 54:12 – Connect to Dr. Stephanie Pearson
- 54:40 – Summary of the episode
- 56:08 – This week’s free resource: “5 Minutes to Financial Security: Your Personal Insurance Checklist.”
- 57:22 – signing off
Full Disclosure: Some of the links to the resources listed above may be affiliate links, which means that I will receive a small commission if you click through and make a purchase. But it doesn’t cost you anything extra—it’s just a way to show you appreciate what we do here. Thanks for this.