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HOW DO I PAY MY BUSINESS LOANS IF I AM OUT OF WORK?

HOW DO I PAY MY BUSINESS LOANS IF I AM OUT OF WORK?

January 28, 2019
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We help dentists plan for many phases of their careers and ultimately their financial independence.  Protection planning is not the most exciting conversation but we believe it is essential to the success of a solid financial plan. 

For more information on financial planning for dentists please use the following hyperlink. Financial Planning for Dentists

Planning for the unexpected is a crucial part of any well-structured plan.  As an umbrella protects you from the elements, Business Loan Protection (BLP) can protect you from unforeseen health events that might keep you from paying your business loans.  As part of the financial planning process we generally recommend our dental and medical clients consider adding Business Loan Protection when they have significant business loans.  This will help cover any loans associated with practice acquisition or general practice debt including real-estate.  BLP is a type of disability coverage designed for small and medium size business owners.  It can be added to new or existing business loans.  Just as requiring life insurance as a collateral assignment, BLP can reduce the risk to lenders and provide a valuable benefit to you. 

Any owner with practice, equipment or real-estate loans should consider this type of protection.  Only a few carriers offer this type of coverage and we would be happy to review with you when making this important financial decision.

This article is meant for educational purposes only. It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. Waddell & Reed does not provide tax or legal advice. Investing involves risk, including the potential for loss or principal. (01/19)