Physicians are among the highest earners, but many don’t feel like it. Having already managed large debt burdens on compressed budgets by the time they pay off their student loans and build up to a sizeable income, many physicians learn the value of setting financial goals and seeking professional advice early on.
There’s an old episode of “The X-Files” in which insurance salesman Clyde Bruckman, played by Peter Boyle of “Everybody Loves Raymond,” sits with a young couple at their kitchen table trying to sell them an insurance policy.
When unwanted illness or injury keeps you from practicing medicine for months or years at a time, a long-term disability insurance policy is designed to provide a benefit while you are unable to work.
Permanent life insurance provides death protection for policyholders, but is it the right solution for all physicians?
Here are five reasons why physicians might want to obtain or keep a permanent life insurance policy:
Insurance. If you’re a Millennial, the word probably evokes yawns and shrugs. But insurance is needed for many reasons in our lives. We purchase travel policies when we book a vacation. We insure our cars. But what happens when that car gets smashed by another car, sending you sideways into the landscape? Or the plane falls out of the sky? Or you get sick.
These are dramatic images, but they can happen. To anyone. At any age.
No one likes to consider their own mortality. But if you have a family or spouse who relies on your income as a Texas physician, set those feelings aside. Realizing the need for life insurance is an important first step, while qualifying for it is much more involved, as insurers evaluate each application based on a number of criteria, including age, lifestyle, profession, and health. If you're considering applying for life insurance in Texas, be aware that these health conditions listed below may affect your application, resulting in higher premiums or denial.
Graduating residents are tired of hearing it by now, but despite a good chance of having a greater income in the near future, this probably isn’t the time to trade in your used car for the keys to an expensive late-model vehicle. You want to be responsible, and that means thinking about how to spend wisely after residency.
As a new physician, how you manage your income is crucial in order to have a solid financial plan that is working for you. Decades ago, being a physician was much simpler; today, new physicians have to take on the rising costs of operating a practice plus the decreasing amounts of reimbursements from health insurance companies. So, how can you make the most of the income you are earning and avoid financial mistakes? Financial security starts by avoiding these five common financial pitfalls. Let us take a closer look at each one and the solution to circumvent it.
