Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: What is the best life insurance for doctors? There's no such as thing one carrier that's really the best for physicians. They may have an underwriting program that's a little bit more benevolent for wealthy clients, and generally, doctors are wealthy clients. They may be a little bit more benevolent in medical underwriting; they may be a little bit more benevolent in giving more death benefit amounts for insurance justification purposes. For one carrier to say that they are better at physician underwriting than another, I'm not really sure that that's true.
What I'm looking at always is, 'Who has the best deal and price tag based on my medical condition?' then I can fit that into what I'm presenting to a physician and using brokerage companies that will give me several carriers on a spreadsheet. I'll be able to determine which is the best contract for that physician.
Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
I assume as a doctor you are "self employed". As a doctor your cash flow is going to be significant and the best life insurance policy is the one that you can use in your "defined benefit plan". Why? -because you can put large sums into the retirement plan and build assets very quickly using the tax advantages of life insurance. If you will find a Chartered Financial Planner or a Chartered Retirement Planning Specialist in your town they can show you the difference
President, Lane Independent Agency, Southern California
As a physician you are most likely earning a fair income and want to be sure to minimize your taxes. The government would like to take most of your money and that of your heirs, but there are some very specific ways to avoid much of that government taking. New York Life allows me to provide you with their Whole Life Insurance, at elevated face amounts, due to your elevated income. With this Whole Life Insurance, you can be certain that your family and other heirs will receive their benefits completely tax free. New York Life will allow you to take out substantial amounts of life insurance, paying a premium which will build up over the years, while accruing interest that is tax deferred to you and tax free to your beneficiary when you die. You can borrow against this growing fund when you wish, and not pay taxes on that money if you decide not to pay it back, but instead allow it to lower the death benefit for the loan. You can also repay it and increase the death benefit as though no loan had been taken. While constantly growing, your beneficiary will be taking your large estate in life insurance, paid by your premium payments, take free to the beneficiary, while passing your estate tax free at up to $14,500 per year in tax free premium payments. If your estate is even higher, we can equip you with tax sheltered annuities which can pay you for the rest of your life. Also of note are our Long
Term Care Benefits, which you can protect your entire estate with by ensuring you never have to pay for such long term care or be a burden on your family. In short, as your New York Life Agent, I can provide you with a variety of very suitable choices from which to protect your assets and your family, while keeping the tax agents far from your door.
There is no one life insurance COMPANY that is the best for doctors, although some companies are much more lenient than others regarding medical records. In my experience in writing physicians' life insurance, many physicians treat themselves, and thus do not have the medical records that many companies require for policies with large face amounts. I have much better results with some companies than others, for that reason.
Regarding what TYPE of life insurance to get, you will want to fit your policy to your need. If you have a temporary need, just as wanting your mortgage to be paid off if you died, you will save money by taking your policy in 20 or 30 year Term. If you want a vehicle for tax favored income in retirement, Indexed Universal Life works well. A knowledgeable agent can guide you through your choices so that you get the most bang for your buck.
Finally, the AGENT you choose is important for doctors. Some agents will not understand the medical terms you use. Some do not know the underwriting process well enough to work with insurance companies for cases "outside the box". Some will try to take advantage of what they perceive to be your "wealth". Choose an agent who will treat you like a human being, who knows how to write all types of policies, and who understands underwriting enough that they can get you a fair price.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Doctors and ditch diggers need a life insurance program that is in force when they die. If they have a temporary need the purchase of term insurance to cover that time frame and obligation makes good sense. There are many ways to buy life insurance and many plans to consider. A trusted insurance agent is the most important decision that you can make. Settle on appropriate limits and listen to the agent’s advice. When you die, there won’t be any criticism of the plan or company you selected as long as there is a death benefit.
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What I'm looking at always is, 'Who has the best deal and price tag based on my medical condition?' then I can fit that into what I'm presenting to a physician and using brokerage companies that will give me several carriers on a spreadsheet. I'll be able to determine which is the best contract for that physician.
Term Care Benefits, which you can protect your entire estate with by ensuring you never have to pay for such long term care or be a burden on your family. In short, as your New York Life Agent, I can provide you with a variety of very suitable choices from which to protect your assets and your family, while keeping the tax agents far from your door.
Regarding what TYPE of life insurance to get, you will want to fit your policy to your need. If you have a temporary need, just as wanting your mortgage to be paid off if you died, you will save money by taking your policy in 20 or 30 year Term. If you want a vehicle for tax favored income in retirement, Indexed Universal Life works well. A knowledgeable agent can guide you through your choices so that you get the most bang for your buck.
Finally, the AGENT you choose is important for doctors. Some agents will not understand the medical terms you use. Some do not know the underwriting process well enough to work with insurance companies for cases "outside the box". Some will try to take advantage of what they perceive to be your "wealth". Choose an agent who will treat you like a human being, who knows how to write all types of policies, and who understands underwriting enough that they can get you a fair price.