There are two types of life insurance, term which is renting your insurance and permanent which is owning your insurance. Let me explain the differences. What is term insurance? Term life insurance is temporary insurance (rented) which provides inexpensive protection for a set “term” such as 10 or 20 years. Term insurance has no cash value, rates increase at the end of your term and eventually the policy expires. While the primary benefit of term policy is its affordability, it’s…
What Happens to Your Medicine Professional Corporation When You Retire?
Estate planning for physicians
Highlights 25% discount Own occupation definition of disability Cost of living adjustment Future income option up to $25,000/month HIV HEP B&C Conversion to long term care coverage $100,000 critical illness insurance How much disability insurance am I eligible for? As a medical student you qualify for up to…. – Year 1&2 – $2,000/month – Year 3 – $3,000/month – Year 4 – $4,500/month As a resident or fellow, you qualify for up to… – Resident – $4,500/month –…
Disability insurance is designed to protect your most important asset, your ability to earn income. Below are our top four things physicians should think about when purchasing a disability insurance policy. What does “being disabled” mean? Being disabled means you are unable to work due to sickness or injury. Should I have group or individual insurance? Group insurance is owned and controlled by the insurer and your rates and policy provisions are not guaranteed. For example, a few years ago…
Thinking about your life insurance. Here is our top 6 questions clients often ask Do you have enough insurance? Many clients assume $1 million in coverage is a good starting point — but is it enough? Consider your mortgage, your children’s education costs, and the funds needed to maintain your family’s lifestyle. In reality, every $1 million of insurance typically provides about $35,000 per year over 20 years. Is that sufficient for your family’s needs? Should I rent or own…
Being Disabled means you are unable to work due to sickness or injury. Whether it is a cardiac issue, nervous disorder, complication of pregnancy, a broken bone or pulled disc; anything can cause a disability. For physicians, a disability can be devastating by taking a toll your ability to earn income and this affects you and your family. What is Disability Insurance? Disability can be temporary or permanent. The most common causes of disability include accidents, cardiovascular mishaps, pregnancies,…
Would you rather pay 72% or 17% tax?
The Medical Student offer from RBC Insurance is the most comprehensive individual disability plan in the marketplace for medical students, residents and fellows. HIGHLIGHTS – No medical underwriting – 25% discount – Own occupation definition of disability – Cost of living adjustment – Future income option up to $25,000/month – HIV HEP B&C – Conversion to long term care coverage – $100,000 critical illness insurance as secondary protection MEDICAL STUDENTS How much disability insurance are medical students eligible for with the RBC Medical…
Most physicians are incorporated and save money inside their professional corporations. You may choose to invest in stocks, bonds, mutual funds, or whole life insurance. The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Participating Whole Life Insurance? A participating whole life insurance policy is permanent life insurance where the cash value and death benefit grow over time and can be utilized for retirement and estate planning…