Presentation to University of Kentucky First and Second Year dental students on November 20, 2014.

1. Welcome 1st and 2nd
Year Students
University of Kentucky
College of Dentistry

2. Planning for the Future as a
Dental Student
Or-
Planning? I have to survive
written boards first!

3. Our Speaker Credentials
Keith Bowman, BA, Registered Rep, CLU, CLTC, MDRT
23 years in the insurance/financial services business
BSC, University of Louisville
Series 6 and 63 licensed by SEC as a Registered Representative
CLU – Chartered Life Underwriter, less than 3% of all agents.
CLTC – Certified in Long Term Care
MDRT – Million Dollar Round Table
Top 1% of all agents nationwide in production and ethical standards
Cynthia Bowman, MA, LUTCF
14 years in the insurance business
BA and MA, University of Louisville.
LUTCF – Life Underwriter Training Charter Fellow
David Bowman, BA
6 years in the insurance business
Graduated Cum Laude from WKU with a business degree
Seeking CFP-Chartered Financial Planner
Brandon Bowman, BA
2 years in the insurance business
Graduated Magna Cum Laude from WKU with a business degree
Seeking CIC – Certified Insurance Counselor

4. Our Philosophy
 To provide superior information, service and products
to dental professionals about the types of insurance
and financial services that they will need to use
during the course of their dental career.
 To support the dental community by providing
instruction to dental students, and organizations,
volunteering with dental societies, and providing
sponsorships for dental organizations.
 To be a resource nationwide for dental professionals
in the areas of insurance and investments.

5. Specific Areas of Instruction
 Types of insurances and investment vehicles.
 In depth understanding of the types of insurance
 How to read an insurance contract
 How to understand insurance riders
 At what point in a dental career these products may be
important and why.
 In depth understanding of the types of investment services that
are available.
 What to consider before you invest.
 How to understand retirement plans in the dental office and
how to choose appropriate plans.
 How to understand and assess benefits in your personal dental
contract.
 To provide experts in Risk Management in the dental office to
schools, dentists, and dental organizations

6. Our Dental School Curriculum
We offer a 4 year commitment to our
dental schools to provide education
about insurance and investments
based on the increased need of each
appropriate class level

7. 1st/2nd year dental students
 A brief overview of common insurance
and investment products
 How to determine insurance needs
 What to consider before you invest

8. 3rd year dental students
 Review of common insurances and investment
products.
 Student Liability during Externships
 Basics of Risk Management

9. 4th year dental students-Lunch #1
 In depth analysis of insurance contracts for the new
dentist.
 Personal risks in the dental profession and why insurance
is used.
 How to read personal and group disability insurance
contracts.
 Insurance language and how it can change your coverage.
 Insurance needed to back up a practice loan.
 Insurance in Buy-Sell agreements.
 Benefits provided to you by employers
 Benefits you provide to employees

10. 4th Year Dental Students-Lunch 2
 In depth analysis of insurance contracts for the new
dentist- continued.
 Types of Malpractice contracts
 Provisions of personal malpractice contracts
 Personal vs Group malpractice contracts
 General Liability-what it is and how to read the contract
 Contents and building insurance options
 Flood and earthquake rider coverage
 Worker’s Compensation-who it covers and when it’s needed

11. Items to consider for First and
Second Year Students
 Did you or your spouse earn money in
2014 or will you earn any in 2015?
 Are you married?
 Do you have children?
 Do you own your home?
 Do you carry Health Insurance?

12. What if I answered “Yes”
You may or may not need to consider
some insurance or investments
products
Before you consider any financial
products-you need to understand what
these products are, what they are
designed to do and if they fit YOUR
needs.

13. Basic Insurance and
Investments
 Disability Insurance
 Malpractice Insurance
 Health Insurance
 Life Insurance
 Retirement Plans

14. Disability Insurance
 Insurance that provides a tax free
benefit in the event that you cannot
work due to sickness or injury
 Generally cannot be used unless you
have a job or job specific education.
 Generally does not apply to dental
students until 4th year

15. Malpractice Insurance
 Provides coverage for injury to a patient for
any service or procedure you or your
employees provide or fail to provide.
 Is provided by the school while a student is
enrolled in an accredited dental program
 Student policies may be required by upper
classmen who do externships. Generally this
is not covered by the University

16. Health Insurance
 The Affordable Care Act (Obamacare)
 Mandated coverage for individuals
 Cannot be denied coverage or rated higher
due to medical history
 Plans separated into metallic tiers
 Broze, Silver, Gold and Platinum
 University offered plan

17. Healthcare Exchange Marketplace
 Kentucky has state-run exchange
 Open enrollment on Nov 15th for Jan 1st effective
date
 Compare carriers and prices
 See if you qualify for government subsidies or
payment assistance
 See if you qualify for Medicaid/KCHIP
 Coverage is still available off-market
 But cannot qualify for subsidies

18. Life Insurance
 Insurance that provides money to a
named beneficiary in the event of your
death

19. Reasons to Leave Money to a Beneficiary
 Pay for a Funeral
 Pay Death Taxes and Other Estate Settlement
Costs
 Pay Off a Home Mortgage
 Create a College Fund for Children
 Pay Off Loans
 Create a Retirement Fund for a Spouse
 Leave money to a charity

20. Basic Types of Life Insurance
 Life insurance comes in many shapes
and sizes
 Two basic categories:
 Term Insurance
 Permanent Insurance

21. Term vs Perm
 Term Insurance
 Advantages:
 Initial term premiums are generally lower than
those for permanent insurance
 Lower premiums might allow you to buy higher
coverage at a younger age when your need for
protection is often greatest
 Good for short term need, such as protection
for outstanding mortgages or car loans

22. Term vs Perm
 Disadvantages:
 Premiums increase as you grow older
 Coverage may terminate at the end of the
term, or may become too expensive to
continue
 There are no cash values or paid up insurance
options
 If you miss a payment, your policy is usually
cancelled

23. Retirement Planning
 Vehicle used to put money away to use
at retirement.
 Many different types of products
 Usually tax advantages for investing
 Usually penalties for withdrawal before
retirement

24. Types of Retirement Plans
 ROTH and Traditional IRA’s
 401K’s
 SIMPLE IRA’s
 SEP’s
 Defined Benefit Plans
 Tax Deferred Annuities
 SLIRPS

25. Retirement Basics-
What to Consider Before I Invest
 Earned Income availability
 Diversification
 Risk Tolerance
 Time/Value/Money
 Dollar Cost Averaging

29. Risk Tolerance
 Age
 Time Horizon
 Purpose of Investment
 Personal Risk Profile

30. Time-Value of Money
 “A Tale of 2 Dentists”
Brother #1- $2000/40 Years-$1,718,285
Brother #2- $4000/20 Years-$322,795

31. The Rule of 72
 Example
Age 25 $5000 Earning 9%
Age 33 $10,000
Age 41 $20,000
Age 49 $40,000
Age 57 $80,000
Age 65 $160,000

32. DOLLAR COST AVERAGING

33. DOLLAR COST AVERAGING

36. Questions
Contact Information:
Bowman Insurance & Benefit Services
502-638-2969
888-905-4258
Email: Bowmaninsurance@ymail.com
Web Site: www.bowmaninsuranceandbenfits.com