Insurance For Physicians – What Kinds Do You Need?
You have travelled a long road to becoming a physician. You put in the gruelling hours needed to pass medical school and build your practice. Now you want to make sure that you can protect your income and share your wealth after you’re gone.
The good news is that there’s a variety of ways insurance can help you reach these goals.
Protect your income
If you want to make sure your income is protected, three types of insurance can help make sure you and your family are provided for:
Critical illness insurance provides you with a tax-free lump sum benefit payment if you have a serious illness such as cancer or a stroke. This will enable you to reduce the amount of time you are working or even temporarily stop working without worrying about reduced income.
Disability insurance will replace up to seventy percent of your income if you are ill or injured and cannot work.
Whether permanent or term, life insurance can ensure that your family will be taken care of if you die suddenly. You can select an amount of coverage that is appropriate for your needs.
As well, office expenses can be significant. Having insurance that protects your office can help protect your income. You should consider:
Overhead insurance to cover things like rent and salaries if you are unable to work for any reason.
Office insurance is similar to home insurance in that it covers your office and its contents against perils such as fire; it also includes liability coverage.
Malpractice insurance provides additional liability coverage.
Smart tax planning to increase your wealth
You can use a permanent life insurance policy to help save money by growing tax-free inside the policy. In addition, having life insurance (permanent or term) is a great way to leave your loved ones a tax-free death benefit.
Using your life insurance policy as a safe savings vehicle also enables you to lock in returns and take more risks with your other investments, leading to long-term growth.
Maximize my estate and leave a legacy
There are several benefits to having life insurance as part of your estate:
Beneficiaries receive the death benefit tax-free.
Beneficiaries can use the death benefit to pay for funeral expenses or taxes on other assets.
Anyone can be the beneficiary of a life insurance policy – from your grandchildren to your favourite charity.
We can help!
Having the right kind of insurance can help protect your income, minimize your taxes, and enable you to provide a meaningful legacy after your death. Give us a call – we’re here to help you with all your insurance needs!