How permanent life insurance helps physicians manage capital gains

In the complex world of financial planning, we at OMA Insurance are seeing that physicians are increasingly turning to an often-overlooked tool: permanent life insurance. As you navigate the intricacies of wealth management, we’re here to help shed light on how these policies can be a game-changer in managing capital gains and achieving long-term financial goals.

The rising trend among physicians

Recent data from OMA Insurance reveals a notable uptick in the adoption of permanent life insurance among its members. This trend aligns with broader industry patterns, as more professionals recognize the multifaceted benefits of these policies. But what's driving this shift?

Preya Singh-Cushnie, Senior Director at OMA Insurance, explains, "Physicians are realizing that permanent life insurance is more than just a death benefit. It's a powerful financial planning tool that offers tax-efficient wealth accumulation and flexibility for various life stages."

Beyond basic coverage: A financial Swiss Army knife

Permanent life insurance policies offer a unique combination of benefits that can be particularly advantageous for you.

Tax-sheltered growth: Unlike traditional investment vehicles, the cash value in a permanent life insurance policy grows tax-free, allowing for more efficient wealth accumulation over time.
Capital gains management: By redirecting funds that would typically be subject to capital gains tax into a permanent life insurance policy, you can potentially reduce your overall tax burden.
Flexible estate planning: These policies offer options for estate freezes and can be instrumental in creating a legacy for family or charitable causes.
Access to funds: Many permanent life insurance policies allow for tax-free borrowing against the cash value, providing a source of liquidity when needed.
Customized solutions: Policies can be tailored to address both personal and professional financial needs, offering a level of flexibility not found in many other financial products.

A different approach to financial advice

At OMA Insurance, we are committed to providing you with unbiased, member-centric advice that considers your unique career trajectory, financial goals and risk tolerance. "Our advisors are non-commissioned and licensed professionals," Singh-Cushnie explains. "This means our recommendations are based solely on what's best for the physician, not on what might generate the highest commission."

Navigating complexities with expert guidance

While the benefits of permanent life insurance are significant, navigating the complexities of these policies requires expertise. That’s where OMA Insurance advisors can help:

Analyzing current and projected income
Evaluating existing Insurance portfolios
Assessing short-term and long-term financial goals
Understanding risk tolerance and liquidity needs
Exploring tax-efficient strategies for wealth transfer

Looking ahead: A tool for all career stages

As the financial landscape continues to evolve, permanent life insurance remains a versatile tool for physicians at all career stages. Whether you're a new graduate looking to establish a solid financial foundation, a mid-career professional focused on wealth accumulation, or nearing retirement and considering legacy planning, these policies offer valuable benefits, and there’s a product available to meet your needs.

For physicians interested in exploring how permanent life insurance can support their financial goals, the first step is to speak with an expert. Our advisors offer personalized consultations to help you understand your options and to make informed decisions. Contact us to schedule a consultation with a non-commissioned advisor.