What Physicians Should Know About Mortgage Disability Insurance

November 28, 2022November 3, 2020 by Justin Nabity

It’s easy to understand the value of having homeowners insurance, auto insurance, and term life insurance. These standard insurance policies are affordable, easy to get, and clear-cut regarding what they cover and why you need them.

But there are countless other insurance products on the market that aren’t so easy to understand.

One of those is mortgage disability insurance.

What exactly does it cover? How is it different from regular disability insurance? Is this an insurance policy that physicians should have?

From what it costs to who it benefits, here’s everything that physicians should know about mortgage disability insurance.

3 Ways to Avoid Taxes on Life Insurance Benefits

December 27, 2024October 7, 2020 by Justin Nabity

Veronica Baxter | Boonswang Law Firm As a general rule, they do not tax proceeds from a life insurance policy as income to the recipient. Whether the proceeds take the form of death benefits or Accidental Death & Dismemberment (AD&D) benefits to the insured, the IRS does not consider those proceeds income. Accordingly, three scenarios … Read more

Provider Reviews: Pacific Life

January 7, 2025September 13, 2020 by Justin Nabity

There’s more to life insurance than just leaving your heirs a lump sum of money when you die. When managed properly, a life insurance policy can actually build wealth and create tax-free income in retirement.

But with so many different providers out there, how can you be sure you’re choosing the right policy?

Today we’re continuing our ongoing series of Provider Reviews focusing on the various life insurance policies offered through Pacific Life.

Here is our complete review of Pacific Life from the various plans offered to how much it costs.

How Much Disability Insurance Do Physicians Need?

August 22, 2023August 28, 2020 by Justin Nabity

Malpractice insurance, auto insurance, health insurance, business insurance, homeowner’s insurance: physicians are required by law to carry various insurance policies. Many other important insurance policies are completely optional.

And one of those optional insurance policies is disability insurance.

Yet as a physician, you shouldn’t think of disability insurance as an option at all. That’s because it’s one of the single best ways to protect your finances and protect your income.

But how much disability insurance do you actually need? When should you get it? Do you need it forever?

Today we’ll be answering the question that many physicians have: how much disability insurance do physicians need?

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

What to Do When Your Physician Disability Insurance Benefit Period Ends

November 27, 2024July 1, 2020 by Justin Nabity

When you purchase a disability insurance policy, one of the decisions that you’ll need to make is how long you want your disability insurance benefit period to last. Your choice can significantly affect your insurance premium payment amount. However, it can also determine how protected you will be in the case of an unexpected tragedy.

One in four of today’s 20-year-olds will have faced a disability of some kind before they retire. With those odds, it’s hazardous to lack financial protection against disability. Especially as a high-income earning physician.

To better understand the consequences, this article will break down the ins and outs of short and long-term disability benefit periods. And help you to take some decisive action now to protect your finances in the future.

Physician Disability Insurance: Post-Claim Underwriting Explained

October 20, 2022July 1, 2020 by Justin Nabity

Having disability insurance is one of the best ways that physicians can protect their future income. Disability insurance can pay most of your income if you become too ill or injured to work. You can use the insurance money to pay for your mortgage, medical bills, utilities, car payments, other financial obligations and investments or … Read more

Group Disability vs. Individual Disability Insurance for Physicians

January 7, 2025June 16, 2020 by Justin Nabity

The need for disability insurance for professionals is crucial. This is especially true for physicians. The choice of whether or not to get disability insurance isn’t a difficult one to make.

Moreover, the real issue comes down to which policy to enroll in. In order to make that decision, you should have a good understanding of the differences in the types of policies you can choose from.

The two classifications of disability insurance include group insurance and individual insurance. Of course, they each have benefits and drawbacks. Knowing these will help physicians take a wise course in their long-term disability insurance purchase.

Many physicians even opt to invest in more than one to secure their financial future and retirement in the event of any medical tragedy.

Furthermore, this side-by-side analysis of group disability insurance versus individual disability insurance will help you determine your best options.

Collaborate with the experts at Physicians Thrive.

Contract Services

Protect Yourself

Manage Your Money

Practice Management

Get connected. Join Us.