As a new physician, emotions run high. There's relief at having completed your residency, the anticipation of starting the next chapter of your life, and the feeling of dread surrounding the mound of debt you've accumulated.
When you get married, there’s an array of things that change for you and your spouse. You now address each other as husband and wife, you come home a little earlier from work to see your companion, and you spend time making plans for the future together. Additionally, maybe you have moved into your spouse’s apartment or home, or perhaps you are considering buying a new home together. No matter what your future plans look like, marriage will undoubtedly impact your finances. Below we have broken down five financial changes that newlyweds should be prepared for.
Travel insurance may sound like another type of insurance you don't really need, similar to extended warranties and rental car insurance. In reality, though, investing in travel insurance may prove to be well worth the spend. Let's take a look at 5 compelling reasons why you may want to get travel insurance before your trip.
As you know, a disability can happen to anyone. According to the Council for Disability Awareness, 1 in 4 of today’s 20-year olds will become disabled before they retire. In addition, statistics show that 1 in 8 workers will be disabled for five years or more during their working careers. With statistics like these, it’s pretty hard to turn your back on disability insurance.
The truth is, having a disability will inhibit you from living your life the way you want to and from earning a living. As a physician, you have a high standard of living and you want it to stay that way, which is why you’ve decided to buy disability insurance.
“If you get hurt or become too sick to work, what happens to your income?” It’s one of the first questions that Scott Dial, a disability-income expert who works with TMA Insurance Trust, asks medical residents and new physicians. For some people — 40 percent, to be exact — that answer is usually “I don’t know” followed by “I think my employer has something,” or “my spouse will have to work.” The average healthy person is rarely counseled on handling a disability.
Life insurance – you hear about it often, yet it still seems like a confusing topic. With so many products, solutions and varying opinions, it can be difficult to decide which type of life insurance will best suit your needs and protect your family if the unexpected happens. As a Texas physician, the two main types of life insurance you should familiarize yourself with are Term Life insurance and Permanent Life insurance. Below you will find must-know information regarding both types, in addition to each policy’s pros and cons. Keep this information handy when it comes times to purchase your policy.
As a medical resident, you are aware that certain disabilities can have life altering consequences, especially if safeguards were not put into place before the disability occurred. It is no secret that residency is often a trying time, including lack of money, long hours, little sleep and an accumulation of student loans. Contemplating your financial future can feel overwhelming when you are just trying to get through the long list of daily responsibilities as a medical resident. Even if purchasing disability insurance is not currently at the top of your priority list, take a quick look at a few reasons why it is a good idea to protect yourself early on.
