doctors life podcast

The Doctor’s Life Podcast Episode 009- What’s The Right Amount of Life Insurance?

Life insurance. It’s a tough subject to get around to. Nobody wants to think of a loved one passing away or wonder if your family will be able to survive if you pass away. When evaluating or re-evaluating your life insurance plan, there are definitely some things to consider. Nick Schneider is back in the Doctor’s Life Podcast studio this week with some advice on what to look for in your life insurance policy as well as what to consider to make sure you have the right coverage.

All episodes of The Doctor’s Life Podcast are available here, iTunes, and on SoundCloud. If you have an Android device, you can download a podcast player (I recommend Podcast Addict), and it will pull from iTunes. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…

Life insurance policy

Is It Time for Life Insurance?

Many younger Americans lack life insurance. A 2014 report from insurance industry analyst LIMRA found that only a third of Gen Y Americans have any life insurance coverage. In the same survey of 6,000 respondents, six in 10 Gen X and Gen Y Americans said their households would be hard pressed to make ends meet if their primary breadwinner passed away.1

Why don’t more young adults buy life insurance? Shopping for coverage may seem confusing, boring, or unnecessary. Yet when you have kids, get married, buy a house or live a lifestyle funded by significant salaries, the need arises. Insurers are trying to make it easier these days, not only by making more choices accessible online but by shortening the window of time it takes to approve a policy.1

Continue reading…

Whose Lives Should a Physician Insure?

The Physician’s Life Insurance Primer – Should you own life insurance on others?

The primary reason most people own life insurance is to ensure that their loved ones will have the means to replace lost income and pay for their financial obligations in the event of their premature death. In fact, life insurance is a critical financial tool in any circumstance in which the premature death of an individual could result in a financial hardship on another. So, while owning it on your own life may be the best possible use of life insurance, you may want to consider all circumstances in which it could provide essential financial protection for you, your family or your business. Read more to learn more about who physicians should consider insuring. Continue reading…


Life Insurance as Part of Your Tax Diversification Strategy

The Physician’s Life Insurance Primer Series: How life insurance fits in a savings and tax diversification strategy

For many people, life insurance forms the security foundation of their financial plan. While most financial planners recommend that life insurance be purchased for its protection, and not as a primary savings vehicle, few would argue that cash value life insurance doesn’t have some fairly unique and attractive savings features.  When these are considered in the context of a person’s overall savings and investment strategy, they may offer some advantages for physicians, especially for providing additional tax diversification of income sources. Continue reading…

Physician Family

What Makes Whole Life Insurance Different?

The Physician’s Life Insurance Primer Series: What is Whole Life Insurance and how does it work?

Although whole life insurance, in its present form, has been around for over a century, it remains somewhat of an enigma for people who want to buy permanent protection, especially as new forms of life insurance have sprung up around it over the last several decades. In this article, we’ll discuss how this type of policy works and some of the features that may be useful within a complete financial plan. Continue reading…

How Much Life Insurance Do You Need?

The Physician’s Life Insurance Primer Series: Right-sizing your policy can offer the real peace-of-mind that insurance is meant to provide.

Anyone with a family to protect understands the critical role life insurance plays in their financial plan. However, in determining the actual amount of coverage to provide essential protection needs, many people tend to adhere to simplistic rules-of-thumb, such as a “multiple of income,” which may leave them wondering if they own too much or too little coverage. That’s not exactly the “peace-of-mind” we hope for when buying life insurance.  We will review steps you can take to achieve the peace that life insurance promises. Continue reading…

Physician Family

Types of Life Insurance for Physicians

Introducing The Physician’s Life Insurance Primer, a series explaining life insurance. This post introduces the basic types of life insurance and fundamental pros and cons of each.

Broadly speaking, there are two categories of life insurance, term insurance and permanent insurance, commonly known as whole life insurance. Continue reading…

Baby Hand

The Importance of Life and Disability Insurance

It may seem like just another added expense to pay each month, but Life and Disability Insurance is a necessity for physicians. We all have a bit of “It will never happen to me” syndrome, but this is a case where it’s definitely better to be safe than sorry.

As a physician you probably carry a hefty student loan balance (unless you’ve paid it off, in that case, congratulations). You also probably make more money than your spouse. If an accident happens and you’re disabled, any debt you have won’t just disappear – even though your income may. Continue reading…

Contract Review

Physician Contracts, Disability Insurance and Investments

Contracts: Horrible Unexpected Results Of Casual Contracts

It’s tempting to trust your new employer and assume he or she has your best interests at heart. Employers are, after all, showing faith in you when they offer you a contract. However, it’s not uncommon for unexamined contracts to contain unintended pitfalls that make things go horribly wrong, sometimes long after you’ve been hired. That’s what happened to a physician in the Chicago area, as described in this article. How do you overcome contract dangers like this? Continue reading…