We perform an in-depth analysis of your life, disability, business overhead, long-term care, automobile, and homeowners’ insurance coverages as part of our comprehensive Tax and Business Planning Program. In recent years, we’ve witnessed more doctors making huge mistakes with their insurance coverages, costing them dearly in terms of excessive premiums and poor investment returns, says Mario Santiago, CPA, CFP®, a Tax and Business Planning advisor with McGill and Lyon Dental Advisors.

Insurance shouldn’t be used as an investment vehicle, but rather to insure your family against risk it can’t afford to self-insure against. As such, once you’ve accumulated enough assets to reach financial independence, you no longer need life, disability, business overhead, or long-term care insurance, since you can afford to self-insure against these risks. So, the first mistake is maintaining these policies after you reach financial independence, wasting thousands in unnecessary premium costs each year.