Residency to Retirement

Permanent life insurance shares notable characteristics with an asset class many physicians own — real estate — particularly in the realm of tax advantages.

As physicians, we have all borne witness to patients dying at a young age, whether from an unforeseen illness or injury.

Physicians generally use life insurance to achieve certain wealth planning goals — from protecting the family against the risk of a breadwinner’s early death to providing an estate for heirs and more.

As their parents age, many of our physician clients have asked us about long-term care insurance.

Like many sports, such as soccer and basketball, financial independence requires simultaneous offense and defense. One of the most important defensive plays a physician must make is buying disability insurance.

Given the substantial investment to become a practicing physician, it should not be surprising that the most significant asset of most physicians is their ability to practice their profession.

Concerns about potential malpractice liability are top of mind for many physicians of all specialties. This is not surprising given recent verdicts in medical malpractice actions that have awarded millions of dollars in damages to plaintiffs.

KOLOA, Hawaii — In this video from Orthopedics Today Hawaii, Andrew Taylor spoke about early retirement planning for physicians.

In other articles for Residency for Retirement, we have explained that permanent life insurance, also called cash value life insurance, has tremendous tax, wealth accumulation, asset protection and estate planning benefits.

Like their patients, physicians often become more concerned about long-term care coverage as they age.