According to the American Council of Life Insurers, permanent insurance is the most common type of life insurance purchased in the U.S. today. There are various types of permanent life insurance available, but traditional whole life insurance is the most popular. Whole life insurance has pros and cons for high-income earners like physicians.
What is whole life insurance?
Life insurance policies come in two main types: permanent life and term life. Whole …
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Similar to most financial topics, benefit elections are not a one-size-fits-all recommendation. Open enrollment occurs at the end of each year and remains open for a month and a half. During this time, you can sign up for health insurance, flexible spending accounts (FSA) for health care and/or dependent care, health savings accounts (HSA), retirement plans, as well as other benefits. Be aware that employers often use the open enrollment …
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The unpaid time between training and practice is probably the one area of planning that catches most residents and fellows off guard. Transition planning involves preparing for the financial and lifestyle changes as you transition from training to practice.
Many new decisions will need to be made during this time, such as:
- Determining which benefits you can and should continue from your former employer.
- Electing benefits offered by your new employer.
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If you have never heard the term “financial infidelity,” it doesn’t mean you don’t know what it is. In fact, according to a recent creditcards.com survey, 32 percent of respondents have financially cheated on their partners. Both finances and cheating can be complex subjects to discuss, even with and, sometimes especially with, those closest to you. Not surprisingly, this topic is pertinent to physicians and dentists because they tend to …
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