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Financial Physician

Now is an excellent time to review your insurance portfolio and focus on your finances. You may be progressing nicely toward your financial goals, but is your insurance keeping up?

Perhaps not — and if that’s the case, some changes are likely to be in order. Your insurance portfolio is the fortress that protects your financial standing and the welfare of your loved ones.

It needs to be strong, and the best way to keep it that way is by conducting periodic checkups.

Let’s get started.

Get reacquainted with the coverages you have. Gather all your insurance policies in a single, accessible place. While you’ll want to protect them, as you would any important financial records, be sure that someone you trust — your spouse, partner, or attorney, for example — knows where they are in the event that something should happen to you. (Hint: Many insurance companies will provide you with electronic copies of your policies, if you prefer to go paperless.)

Now review every policy carefully with one overarching question in mind: Does this policy meet my current needs?

The questions below will help you identify gaps you may need to fill. Once you have completed your review and talked it over with your family, talk with an Insurance Specialist that can help you pinpoint the gaps in your coverage and find innovative insurance solutions to help strengthen your insurance portfolio.


  1. Has my family changed in any way? Since I purchased life insurance, are there new family members to support?
  2. Have I changed jobs?
  3. Are any life insurance policies term insurance? If so, how long will they remain in effect? Will I need to replace them?
  4. Given increases in the cost of living, would the benefits I once thought were enough, be sufficient to meet my family’s needs today? In the future?
  5. Does my life insurance provide living benefits that could help cover the expenses of a terminal illness?
  6. Do I need or want to change my beneficiary/ies?
  7. Do other members of my family have adequate life insurance coverage?
  1. Am I relying on employer-provided disability insurance? If so, will I lose it if I change employers?
  2. What is the benefit? How long will it be paid?
  3. Has my income increased recently?
  4. Will my current physician disability insurance pay benefits until I can return to active practice of my specialty? (Many disability policies will stop or reduce benefit payments when the policyholder is able to perform any kind of job, even one that pays far less than their regular profession.)
  5. Do I need additional disability coverage that would take care of the ongoing expenses of my practice — rent, salaries, taxes, and the like?
  1. Am I planning to transition from my current health insurance to Medicare?
  2. Have I looked into ways to fill the coverage gaps of Original Medicare?
  3. Am I familiar with Medicare enrollment periods and the penalties associated with missing them?
  4. Will I need prescription drug coverage?
  1. With the recent increases in home prices and other costs, does my homeowner’s insurance match the current value of my home?
  2. Have I made improvements that would increase my home’s value even more?
  3. Does my homeowner’s or renter’s policy adequately cover replacement of furniture, appliances, and other possessions?
  4. Do I have an up-to-date inventory of valuable items? (You may want to include photographs or videos.) Is there a copy in a safe place other than in my home?
  5. What would my insurance pay for temporary housing if my home was damaged? For how long?
  1. Am I driving more or less these days?
  2. When is the last time you asked your carrier to rerate you?
  3. Have other factors changed that could affect my auto insurance costs? Your age, credit rating, driving record and address are all taken into consideration when determining your rate.
  4. Am I getting all available discounts including possible discounts for insuring multiple vehicles, or combining homeowners and auto insurance policies?

Now it’s time to act. Call in a specialist.

If the questions above have identified areas where you are at risk of financial setbacks or are not getting the best rates for which you might qualify, it’s time to call in a specialist.The Physician Insurance Specialists at AMA Insurance can help you resolve these issues.  They are salaried, not commissioned, so you’ll get sound advice, not pressure.

Working with highly rated underwriters, AMA Insurance can help you protect what you’ve worked so hard to attain. Because they can tap into the buying power of a million physicians, you can get outstanding protection at favorable rates.

Contact a Physician Insurance Specialist today. Ask for a professional review of your current insurance portfolio and a solid plan for making sure you have the financial protection you need.