Term vs. Permanent: A Physicians Life Insurance Comparison Guide

November 26, 2024August 17, 2020 by Justin Nabity

Term life. Whole life. Universal life. Permanent life. Surely you’ve heard these terms before, but now that you’re ready to buy life insurance, you’ll need to understand what they all mean.

There are hundreds of different life insurance policies to choose from. Some will cover your final expenses while some will leave a death benefit for your children or spouse. Others offer a way to generate tax-free income in retirement.

Term life is the most straightforward policy you can buy — your beneficiaries collect a death benefit if you die before the end of your term period. But there’s one question that everyone has about term policies:

What happens if I outlive my life insurance?

Provider Reviews: AMA Life Insurance

December 27, 2024August 13, 2020 by Justin Nabity

Life insurance is just one of many different types of insurance you should carry as a physician. If you have dependents or a spouse that rely on your source of income, life insurance offers them an added measure of protection when you die.

Like all types of insurance, there are a variety of different policies, types, and providers to choose from.

As part of our continuing series of life insurance provider reviews, today we’re taking a look at AMA life insurance. Is it worth it? Should you have it? Does the fact that it’s offered through the American Medical Association make it a better choice for physicians than other policies?

Today we’ll cover its features, rates, benefit amounts, and other options in our full-provider review to AMA life insurance.

Alternative Tax Free Income for Physicians

June 27, 2024July 15, 2020 by Justin Nabity

When is the right time to use a life insurance contract as part of your financial plan? Now, cash-value universal life insurance contracts are an often overlooked investment vehicle that can offer physicians tax-efficient, low-risk wealth accumulation. As you weigh the value of a life insurance contract in comparison to other financial products, it is … Read more

How Much Life Insurance Do You Need?

November 18, 2024November 20, 2017 by Justin Nabity

Anyone with a family to protect understands the critical role life insurance plays in their financial plan – but how much? 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 … Read more

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

November 14, 2022January 19, 2016 by Justin Nabity

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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 on 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.

Is It Time for Life Insurance?

June 27, 2024July 25, 2015 by Justin Nabity

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

Whose Lives Should a Physician Insure?

August 22, 2023April 20, 2015 by Justin Nabity

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.

Life Insurance as Part of Your Tax Diversification Strategy

June 27, 2024April 20, 2015 by Justin Nabity

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.

What Makes Whole Life Insurance Different?

December 27, 2024April 20, 2015 by Justin Nabity

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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.

Types of Life Insurance for Physicians

December 27, 2024April 20, 2015 by Justin Nabity

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.

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

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

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

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