How should a high-earning professional handle searching for life insurance?
Posted by: Financial Planner on 11 Aug, 2011
Recently, CardRatings.com readers got a unique and in-depth look at the life and spending of an American Express Centurion card – better known as “the black card,” a form of credit only used by the highest earning professionals in the nation, including celebrities.
There aren’t many people who don’t need life insurance, especially the older they become, and the deeper their ties are to others. Many have families or other loved ones whose financial well-being would be affected by one’s passing. Depending on your age, the level of your success, and the amount of dependants and assets you must consider, your life insurance needs will vary.
Let’s think of this in terms of those working in the medical field. A resident physician might be adequately insured with a low-budget term life insurance policy or combination of term and whole life insurance, while physicians toward the middle of their careers should probably opt for a tax-efficient whole life insurance strategy. Older doctors with permanent life insurance who need the coverage for estate tax liquidity and/or legacy creation might be better suited with either an individual guaranteed universal life insurance policy or a guaranteed survivorship universal life insurance plan.
As you can see, the life insurance policy that would work best for you might not necessarily work best for the next person. So give us a call today at (877) 972-3262 for personalized life insurance quotes and financial planning advice.
