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Should physicians and other high net worth, high income professionals hire an insurance advisor?

The answer to that question depends to a great extent on the doctor who is answering the question; their definition of an insurance advisor; their need for sophisticated insurance products.

The answer to that question depends to a great extent on the doctor who is answering the question; their definition of an insurance advisor; their need for sophisticated insurance products.

Young Physicians, Residents and Fellows

At one end of the spectrum we find young physicians who have recently completed their residency or fellowship.  They have signed a lucrative employment contract but they are carrying a small mountain of medical education debt.  They have spent many years investing in their career.  They have left their training as excellent clinicians, well trained diagnosticians, but are marginal business persons and terrible financial planners.  And often these healthcare professionals in the greatest need of competent advice are the least likely to turn to an insurance agent or advisor to provide investment and risk management vehicles.  MD Preferred Services goes to great lengths to find insurance professionals who enthusiastically accept young physicians as clients; understand their special needs; and are not deterred by their relatively low net worth due in large part to their medical education debt.  The preferred insurance agents in our national database all accept newly minted physicians.  For a young physician who has not yet accumulated the wealth that can provide for their family’s security, the preferred insurance professionals found at MD Preferred Services can offer insurance coverage that can protect families from the sudden and unexpected loss or disability of their physician head of household.

Practicing Physicians

A surprisingly large number of established physicians, who should know better, have not grown their insurance protection in step with their growing careers and families.  These MD’s should ask themselves several telling questions.

  • What would happen if you were gone tomorrow?  Do you have a life insurance plan?
  • Are you prepared to provide for the cost of your children’s education?  A proper retirement plan?
  • Does your current financial plan including sophisticated insurance products?
  • Do you have an ongoing trusting relationship with an insurance agent that specializes in working with physicians?  
  • Do you accept advice from nonprofessionals, family, friends and colleagues?

For a successful practicing physician, access to an insurance agent database populated with pre-screened insurance professionals offering preferred insurance services for healthcare professionals can dramatically reduce the due diligence process.  Even for those who are comfortable with their current financial plan, a consult with a trusted insurance professional can validate the decisions they have made and the investment and risk management vehicles that they are using for their future security.  An insurance agent can also help with many of those issues that are often addressed by financial advisors such as:  student loan repayment, estate planning, savings plans, budgeting, investment strategies and investment asset diversification.  And insurance should always figure in tax planning.

Many senior physicians approach the end of their career with no specific retirement plans to alter their insurance coverage, investment activity and savings plans.  There is indeed investing after retirement and in many ways it is even more vital to forge a trusting relationship with an insurance professional that can review a wide range of programs and products.  A comprehensive financial plan that includes sophisticated insurance vehicles can help a physician and their family enjoy a secure retirement with no fear of outliving their income.

In every case, MD Preferred Services is committed to helping doctors and other medical professionals find preferred insurance professionals offering a broad range of specialized financial services for doctors.  Our indexed insurance database is easy to use and is completely confidential in that any contact with a listed agent will be initiated by the physician.  An MD insurance agent has the right prescription for physicians planning a secure future for themselves and their family.