Life Insurance for Neurosurgeons

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Many individuals do not like to talk about death, but they do need to talk about life insurance. Your life and your ability to earn income are your biggest assets. Primarily, anyone who has a family to support and is an income earner needs life insurance. A life insurance conversation about an untimely death is an important part of every long-term and comprehensive financial plan.

Expert Q&A with Robert J. Linkowski

What kind of life insurance should a neurosurgery resident or new attending purchase?

Without question, term life insurance. This is generally the least expensive and least complicated type of affordable life insurance. Typically, this policy can cover you and your family for 10, 15, 20 and even 30 years at a fixed rate to cover any school loans and new financial obligations.

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What kind of life insurance should a mid-career neurosurgeon consider?

Again, it is very hard to ignore the affordability of term life insurance, but a possible consideration is a permanent life insurance plan, such as whole life and/or universal life. Both are guaranteed to remain in force for the insured’s lifetime.

What should a late career neurosurgeon consider doing with my life insurance?

At this stage of your career, many of our clients begin to implement their estate plan, which often includes term life insurance, permanent life insurance and even second-to-die life insurance with their spouse. Additionally, any life insurance no longer needed can be sold as a “life settlement,” where the insured forfeits his coverage to a third party investor for a cash settlement.

Is my life insurance policy creditor proof in case of bankruptcy?

Yes, exemption laws vary considerably between states, but in general if a creditor obtains a judgement against you, the creditors cannot attach your permanent life insurance cash value to satisfy the judgement.

What happens to my life insurance during a divorce?

If you have a term life policy, you won’t have to worry about splitting the policy up as an asset during divorce, but any cash value in a permanent life insurance policy will often be considered an asset.

Can my life insurance help maximize my retirement?

Absolutely, “pension maximization” is a retirement strategy for couples that involves opting for the highest possible annuity payout for one’s spouse lifetime, while obtaining life insurance to provide income for the surviving spouse.

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