For many physicians, life insurance feels like one of the most confusing tools in their financial plan. With so many types, structures, and sales pitches, it’s hard to know what’s actually valuable and what’s just another product.
When designed with intention, life insurance can do much more than provide a death benefit. It can become a valuable part of your overall wealth strategy.
Here are some of the ways physicians are using life insurance creatively:
- Asset Protection: In many states, life insurance offers a level of creditor protection that helps shield your personal assets from lawsuits or malpractice claims.
- Managing Future Taxes: Certain policies can be structured to help offset estate or retirement tax liabilities, allowing more of your wealth to go to your family or charitable causes.
- Supplemental Retirement Income: Permanent life insurance may offer tax-advantaged access to cash value during retirement, providing flexibility when other income sources are limited.
- Practice Protection: Life insurance can fund buy-sell agreements or key-person coverage, helping ensure continuity for your medical practice.
- Long-Term Care Benefits: Hybrid policies can provide long-term care benefits without the need for a separate LTC policy.
At Finley Davis, we work with physicians to cut through the noise and make life insurance part of a thoughtful, personalized strategy. Whether you’re focused on protecting your practice or building long-term wealth, we can help you see the full picture.
If you would like to learn more about how life insurance might strengthen your plan, we’re always ready to talk.