Author Archives: Billy Gwaltney

Employer long-term disability (LTD) coverage lures many young physicians into making a massive financial mistake.

Why?

Because employer LTD coverage is much cheaper than private speciality policies. But the cheaper cost comes with an enormous cost:

Not only is it much harder to collect at claim time, but many times employer LTD coverage doesn’t pay anything at all, which can bankrupt your family if disaster strikes.

In this episode, you’ll discover the dirty little details in group LTD coverage that can prevent you from receiving your benefits. And why private speciality coverage pays more if something happens.

Listen now.

Show highlights:

Why the “all coverage is the same” assumption can bankrupt your family if you become unable to perform your job (1:14) 

How insurance companies minimize their risk with adverse selection at your expense (1:58) 

Why you need private specialty disability coverage (even if your employer offers disability insurance) (2:32)

Why private speciality coverage allows you to receive payments while working another job (and group LTD coverage doesn’t) (4:34) 

The “Partial Disability” perk private coverage offers that group coverage doesn’t (8:26)

Having a principal’s benefit update rider allows you to increase your coverage as your income grows. This is crucial because most trainees only get $5,000 a month in disability coverage, but specialists can get up to $30,000 per month.

But there are a few nuances with your benefit update rider. For example, you must increase it every 3 years (or else you’ll get trapped into your existing benefit amount). I had a client who decided not to upgrade, and it backfired on him when his new job created more stress than he imagined.

In this episode, you’ll discover how the principal’s benefit update rider works, and how to get the most coverage from it over the course of your career.

Listen now.

Show highlights:

How the benefit update rider allows you to increase your coverage as your income grows (0:45) 

Why trainees only get $5,000 per month in disability coverage (and how to get up to $30,000 per month) (1:12) 

How to increase your disability coverage (without updating your medical screenings) (2:03) 

Why removing the benefit update rider traps you at the same coverage amount forever (unless you switch insurance companies) (2:50)

Unlocking the best disability coverage for physicians in the nation is a simple process. But it does require your medical records and an underwriter.

While most physicians have no trouble with this process, it can take longer than expected for insurance companies to make sure you’re healthy-ish. But there are a few simple things you can do to speed up this process, and eliminate your worry about disability insurance.

In this episode, you’ll discover how the underwriting and medical records process works, how to speed up the process, and why you don’t have to be as healthy as a triathlete to get coverage.

Listen now.

Show highlights:

How to get the best possible disability coverage for physicians in America (0:52) 

Why showing insurance companies you’re “healthy-ish” allows them to offer you a non-cancellable, guaranteed renewable disability policy (1:18) 

3 reasons why it may take up to 8 weeks for your underwriter to clear you for disability insurance (2:27) 

How to speed up the medical screening process and get disability insurance in two weeks instead of two months (3:52)

We live in an uncertain and unpredictable world where one small mistake can cause untold decades of suffering. Becoming disabled, for example, threatens your ability to make a living, pay off your student loan debt, and provide for your family.

That’s the bad news.

The good news?

Picking the right disability insurance creates certainty out of thin air. Especially if you suffer from a career-ending injury.

In this episode, you’ll discover how to create certainty with your disability insurance plan. And how this small decision prevents years of financial turmoil.

Listen now.

Show highlights:

How insurance agencies and brokers trick you into picking an awful disability policy (and how to avoid this) (2:07) 

Why relying on your financial advisor for your disability insurance can leave you broke and unemployable (2:33) 

How to add certainty to your medical career (even if you suffer from a career-ending injury) (3:30) 

The single deadliest mistake physicians make in their financial plan which can sacrifice decades of education and income in mere seconds (5:13)

If you enjoyed and valued this content, you might also want to check out Why the Broker Matters. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

Many of my clients plan on moving to California after their residency. And so they ask if they should purchase disability insurance before moving.

My answer?

Absolutely! In fact, disability insurance costs 20-30% more in California compared to any of the 49 other states.

In this episode, you’ll discover some tricks to keep your disability insurance rates low (even if you plan on moving to California).

Listen now.

Show highlights:

Why buying disability insurance before moving to California unlocks 20-30% cheaper rates (without sacrificing your coverage) (1:08) 

The single most expensive state to purchase disability insurance in (and 3 simple ways to avoid high fees) (1:40) 

How to get out of Californian price increases when you increase your coverage (3:24) 

Why paying more for the future insurability option rider in training protects your wallet after being employed (4:50)

As a specialist, you have worked hard to grow your practice. But you never know when an unforeseen circumstance might sneak up and destroy your income and way of life.

Navigating the ins-and-outs of own-occupation disability insurance is confusing and lethal — especially when you do a lot of procedures & clinic work.

But it doesn’t have to be this way.

In this episode, you’ll discover how to cut through insurance misinformation, so you can pick a policy that protects your wealth from the unknown.

Listen now.

How being partially disabled surprisingly won’t steal your wealth (and increases other aspects of your practice) (2:25)

Why not being able to perform procedures any longer doesn’t have to put an end to your medical career (3:54)

How a procedural Ophthalmologist took advantage of his partial disability policy (and still continued his revenue-producing clinic work) (4:15)

The single best wealth-protecting disability insurance company you can work with (5:26)

The vague “50% Rule” for getting partial disability (without sacrificing clinic work) (6:00)

To ask questions on insurance coverage or to get a quote, please don’t hesitate to call us anytime at 704-270-2376, and I’d be glad to discuss your specific situation with you.

If you enjoyed and valued this content, you might also want to check out Episode 57 – Billy’s initial conversation with a Surgeon Trainee. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

Good disability coverage could be the difference between financial security for life, and being broke and bound to a wheelchair.

There are between 70 and 75 disability insurance companies to choose from in the USA. Most of them weasel their way out of paying you, with a team of lawyers (and ill-defined policies).

And if you’re a woman, it gets worse: most companies charge you higher premiums just because of your gender. And some of them offer “gender neutral rates”, which is often a way of tricking you into a bad policy.

In short, disability insurance is a minefield.

That’s why we’ve made it easy for you. In this episode, we’ve narrowed down your options to just 4 reputable companies who’ll support your lifestyle (even if you become unable to work).

Listen now and take care of your insurance worries for good.

Show highlights:

Why choosing an independent broker helps you get the best rates on your disability insurance (and avoid institutions who are just in it for the money) (1:57) 

How to simplify your disability insurance choices by narrowing the 70+ companies down to just 4 (2:26) 

How to lock in your trainee discount (without paying high premiums) (2:47) 

The “elimination period” hack that well-prepared medical practitioners use to lower their insurance premiums (3:35) 

How to claim a full disability payout (even if you are still able to work as a doctor) (4:18) 

The “double-dipping” loophole that allows you to profit up to $3,000 from minor injuries (even if you’re still able to work) (10:54)

Why choosing the “COLA rider” option secures your lifestyle after disability (even as inflation continues to rise) (12:21) 

Why females pay more than males for the same disability coverage (and how to get that rate down) (13:23) 

How busy trainees can avoid time-wasting medical screenings with the “streamline” approach (15:53)

If you became permanently disabled, would you be able to pay off your student loan debt?

The average student loan debt for a physician is $201,490. In other words, that’s $2,288 a month, paid every single month for the next 10 years.

How would you be able to cover this expense if you weren’t able to work anymore? What would happen to your house, your car, your kids, and your family? How will you be able to keep the lights on when you’re not able to provide?

Today, you’ll discover two ‘obvious’ methods that you can use right now to completely knock out your student loan debt.

Listen now!

Show highlights:

Two ‘obvious’ ways to pay off your student loan debts completely (and be free from the chains of debt) (1:26)

How to get an extra $2,500 a month tax-free (and cover off debt up to $450,000 over a 15 year period) (1:39)

How to securely cover tens of thousands in increased medical and living expenses (by taking full advantage of your existing insurance policy) (4:02)

Why being cheap when it comes to your insurance policy is the best way to be stuck in student loan debt forever (4:18)

You already know that disability insurance is something you need to have as a medical professional. But as your income increases over time, you may wonder which option is the best for you.

To help you cut through the clutter, Billy takes a closer look at the top insurance plans for physicians in the market. This week, he explains one of the most popular ones: Guardian.

Listen now to discover the pros and cons of the most popular insurance plan for physicians across the country. Plus, find out which coverage plan option is the best for you.

Show Highlights Include:

Two ways to increase your coverage with Guardian (0:37)

A tricky clause that could get your Benefit Purchase Option Rider canceled (and how to keep it) (2:36)

The three exceptions to your Benefit Purchase Option Rider that allow you to upgrade your insurance coverage early (3:22)

2 reasons to choose the Future Insurability Option ( even though it’s more expensive) (4:54)

How the Future Insurability Option saves you loads of money if you‘re planning on moving to another state (7:06)

To ask questions on insurance coverage or to get a quote, please don’t hesitate to call us anytime at 704-270-2376, and I’d be glad to discuss your specific situation with you.

As a physician, long-term disability insurance is a must. And as your salary increases, you’ll need to increase your coverage as well to match your income.

But navigating insurance policies can be a nightmare. With so many different options, it takes forever to cut through the clutter and pick the best fit for you.

To help you decide, Billy explores the best policies on the market. Tune in as we take a closer look at the coverage increase rider that comes with the MassMutual specialty disability policy.

Show Highlights Include

The #1 reason you must consider getting a private policy for your coverage early in your career(0:52)

Two ways MassMutuals allow you to increase your coverage (and how to choose the best fit for you) (1:33)

The two exceptions to your Benefit Increase Rider that allow you to upgrade your insurance coverage early (4:36)

The “gotcha” clause that can cancel your Benefit Increase Rider (and what you need to do to keep it) (5:04)

Why paying extra for the  Future Insurability Option is better for high earners (6:02)

How to pick a policy if you’re planning to move to another state (7:53)

To ask questions on insurance coverage or to get a quote, please don’t hesitate to call us anytime at 704-270-2376, and I’d be glad to discuss your specific situation with you.