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Life Insurance Playbook for Physicians
Life Insurance Playbook for Physicians
Doctors are some of the most highly trained professionals there are — and they have the grueling educational history to prove it. With four years as a pre-med undergraduate and four more years in med school, they can incur a great deal of debt. Add to that a low-paying, three- to five-year residency, and then a possible fellowship or specialized field, and it is no surprise that the average school debt for doctors is six figures.
According to a report by the Association of American Medical Colleges (AAMC), of medical school graduates in 2018, 77% that attended public school had an average of $188,758 in student loans and other school-related debt, while 72% that attended private school carried an average of $209,367 in debt. What’s more, 12% of public college students and 23% of private college students who had medical student education debt of $300,000 or more.
The Medical School Debt Report 2019, published by Weatherby Healthcare, surveyed more than 500 physicians nationwide who were actively practicing medicine and had graduated from medical in 2015 or before. The goal was to understand the impact that student debt has on their lives.
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What is the Life Insurance Playbook for Physicians?
Table of Contents
- Overview
- Concepts
- Why Whole Life
- Framework
- True Wealth Building
The good news is physicians do not have to be buried in debt. They can find freedom through the infinite banking concept. This is a way of thinking, a way of looking at finances that allows individuals to take control of their money by essentially becoming their own banker. It was created by the late Nelson Nash, author of “Becoming Your Own Banker.”
The concept is revolutionary and can be an effective way to manage debt.