Financial – Christopher C. Babcock

Oral surgeon Christopher C. Babcock, DMD, has worked in dental practices in Louisville, Kentucky, for more than 15 years. In addition to his work in dentistry, Dr. Christopher C. (Chris) Babcock, DMD, is a representative of and advocate for disability and life insurance plans that replace income lost due to an injury or illness.

Life insurance and disability insurance plans are advised for working individuals who have family members dependent on their income. Both plans are essential for creating financial security in case of a debilitating injury or death. Some companies offer hybrid plans that combine features of life insurance and disability insurance.

One example is a plan that includes permanent life insurance and long-term care coverage. In this policy, premiums cover a death benefit while accruing a cash value. Maximum long-term care coverage is calculated as a multiple of the premium.

If the policyholder requires 24-hour support due to an injury or illness, the long-term care coverage kicks in and covers the costs, up to the maximum allowance. Other hybrid forms combine life insurance with a critical illness plan. Under these plans, individuals diagnosed with illnesses such as cancer, heart attack, or severe head trauma, receive a lump sum.

After his three private disability insurance policies protected his financial health, accomplished maxillofacial surgeon Christopher C. “Chris” Babcock, MD, DMD, became a licensed insurance broker to educate more people on the value of obtaining adequate coverage. Dr. Christopher C. Babcock frequently shares his story at finance-focused seminars geared toward helping professionals maintain their financial status during emergencies. One group particularly at financial risk due to disability is the self-employed.

While employees often receive short and long-term disability benefits from their jobs, self-employed people must purchase policies on their own. A combination of a three-to-six month emergency fund, savings to cover out-of-pocket health insurance maximums, and a long-term disability insurance policy are the best way for freelancers to protect themselves from financial ruin.

The most suitable type of long-term disability policy depends on several factors. Freelancers who do less physically-demanding work such as writing or consulting may be better served by policies that cover partial disability. On the other hand, high-earning freelancers should consider buying “own occupation” coverage, which goes into effect if the disability hinders the policyholder’s ability to do their specific line of work.

Category: Financial

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