Contact: David Alemian www.PhysiciansRetirementPlan.com.
Tel.(760) 231-8788 Email: David@PhysiciansRetirementPlan.com When critical illness strikes, it can be financially devastating for almost anyone.
When doctors are hit by a critical illness…,
it can be particularly hard, because for doctors a critical illness can be a career changing event.
Hi, I’m David Alemian and welcome to another edition of The Alemian File.
You may have heard me talk about what I now call The Alemian Retirement Killers
Taxes, Inflation, Major Medical Illness, Market Losses and late start to saving due to medical school bills.
Any one of these can financially kill your retirement plans.
Today I’m going to talk about major medical illness.
These illnesses can kill your retirement during your working years,
or they can kill your retirement later on during your retirement years.
And there are two types,
there are critical illnesses which for this conversation we'll call heart attack, stroke, Cancer, .........ALS disease, ..........blindness, .......end-stage renal failure, or ........major organ transplant ……
the big three being heart attack, stroke, or cancer.
And then there chronic illnesses, that requires long term care……
the inability to perform two of the six ADL's.
Today I'm going to focus on critical illness,
and I'll talk about chronic illness in a future episode.
You’re a doctor, you know more that anyone that critical illnesses can come out of nowhere
and strike without warning.
Let me ask you a question…
What would happen if
You were the one who is stricken with a critical illness, in mid-career.
Think about it , you spent all those years in medical school, and in training and building your practice, and then all of a sudden through no fault of your own…
Because for medical reasons, you could no longer practice medicine.
What would happen?
How would it impact you and your family?
For many of you
this would be such a financially catastrophic event that you don’t even want to think about it.
The sad truth is that statistically,
some of you who are watching this will one day lose your ability to practice medicine, because of a critical illness.
Well, that's why you have disability insurance right?
But do you have enough?
Chances are you don't, ........because with all the other expenses and overhead many doctors go under insured when it comes to disability.
So what's the solution?
You could build it into your retirement plan by re-directing where you’re putting some of your retirement money
and put it into a new type of life insurance called life insurance with a critical illness rider.
This type of retirement savings vehicle is making huge gains in popularity largely because of the safety, security and tax-free retirement income that is also associated it.
That being said, I’m still amazed that many insurance agents, financial advisors and CPA’s still aren't familiar with it.
So what is life insurance with a critical illness rider, anyway?
This is life insurance that you don't have to die to take the death benefit.
If you are diagnosed with a covered critical illness, you can actually take the death benefit from the life insurance policy, even though you are going to live.
With one company that I know of, .......up to $1,000,000 cash tax-free,
another company up to 1,000,000 1/2 dollars cash tax-free.
You could have two of these policies from two different companies, and if you suffered a critical illness you could have up to two and one half million dollars in cash tax-free, if the policies were big enough.
More than enough to launch a new career should you so choose to start one.
These types of policies should be part of every retirement plan, because they provide financial protection for you and your family during your career, and then
provide tax-free retirement income during your retirement.
If you have questions about this or any other retirement issues,
send an email to Questions @ The Alemian File .com
I'm David Alemian and Thank you for watching.