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

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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…

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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…

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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…