Legatum Financial LLC

Most physicians I talk to have group disability coverage through their hospital. Most of them are still significantly underinsured.

Group policies have four gaps that matter: they cover base salary only, they’re rarely own-occupation, they’re tied to employment, and the benefits are often taxable.

Individual own-occupation coverage is the foundation everything else sits on.

Most physicians know about the 401(k). Fewer know about the cash balance plan — which can shelter significantly more income from taxes each year.

For the right practice owner, this is one of the most powerful tax planning moves available. It’s not for everyone, but if you have stable practice income and you’re within a decade of retirement, it’s worth understanding.