Life insurance is not just one more expense to add to the many expenses of running your own medical practice. It’s also not just a way to protect your family in the event of your passing. Instead, life insurance has recently become a financially sound way to protect your assets. In other words, life insurance can – and should – be an investment, not just another monthly expense. Many physicians have assets that are vulnerable and unprotected in CDs, bonds, and savings accounts. These assets are “creditor exposed,” and are at risk of being lost at any time due to various liabilities.
A life insurance policy, on the other hand, can serve as a “creditor protected” form of liquidity. Unlike traditional life insurance policies, there are now new policies that allow you to keep your assets both liquid and available should you need them in an emergency. Ask your financial advisor about a life insurance policy that has a high death benefit multiplier, provides tax-free growth, is creditor protected, and keeps your assets 100% liquid.
Keep in mind that not all insurance companies offer this type of life insurance plan, so look for an experienced insurance expert who regularly works with top physicians and medical professionals like you.
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