Author Archives: Billy Gwaltney

How much are you paying right now for your insurance premiums?

There’s a 95% chance it’s too much. Because 95% of physicians are unaware they can reduce how much they have to pay in premiums on their coverage.

How?

By simply getting a discount through the right associations…

And by doing so, there’s a good chance you can save up to 50% on your coverage.

In this episode, you’ll discover how to add discounts to your existing attendant coverage. And, if you’re still in your trainee phase, you’ll find out how you can save up to 50%!

Listen now.

Show Highlights Include:

How to save up to 40-50% on your disability coverage permanently by using trainee discount (1:23)

How you can to get up to 15% off your coverage as an attendant (even if you’re past the trainee period) (3:24)

The “Policy Discount” loophole most insurance companies use to charge you extra premiums (and how you can avoid it…) (4:32)

A secret strategy for saving money on your insurance policy (while upgrading your coverage) (4:50)

If you enjoyed and valued this content, you might also want to check out Episode 61 – Should I purchase Disability insurance before moving to Califronia. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

And/or Why Buy Early? This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

The state of Massachusetts is taking away gender-neutral discounting.

Which means that you can no longer add that to your policy to get a whopping 30-40% discount…

The highest discount you can get as an attendee. Comparable to your trainee discount, which is not available to practicing physicians.

In this episode, we show you how to use gender-neutral discounting to lower your premium rates permanently.

Listen now!

Show Highlights Include:

How insurance companies decide how much to charge you on premiums (and how you can lower it in your benefit.) (1:04)

Why if you’re a females need to get your disability coverage ASAP (hint: you’ll likely end up paying a fortune) (1:45)

3 different scenarios take advantage of your disability coverage and claim benefits while working your profession (4:13)

How to claim the 30-40% gender-neutral discount before it expires permanently (7:11)

Disability premiums can be seen as a “luxury,” especially when various expenses wear you down.

Which makes it easy to delay paying it until a later time. But this is a fatal mistake.

Why?

Disability can come knocking on anyone’s door at any time.

So you must ensure your most valuable asset. That way, when hard times do come, you don’t have to sacrifice your and your children’s lives.

In this episode, I share advice on how you can pay off your debt and your disability coverage at the same time. So that you don’t have to put a pause on your lifestyle because of accidental disability.

Listen now!

Show Highlights Include:

Should you pay down your debt OR increase your disability coverage? (0:43)

Figuring out what your most important asset is so that you can protect your income during a disability (2:25)

#1 mistake physicians make about claims that eat up their income (3:21)

How to pay off both your debt and your disability premium in minimum time (4:55)

How to know if you’re underinsured by your insurance company (and discover when is the “right” time to upgrade your coverage) (7:51)

What do you think, as a young physician, your most crucial asset is?

Your retirement account or your real estate portfolio? Or some other type of holding?

What if I told you it’s none of that…

The most important asset as a young physician is your ability to get up from bed every day and do your job.

We’re talking about a lot of money here, especially as a young physician in the early thirties, when you’re likely to work for another 20 or 30 years.

In this episode, you’ll learn sound advice on what you should do as a young physician to get disability coverage in the event of an illness. While dodging the loopholes that insurance companies use to avoid paying on a claim.

Listen now!

Show Highlights Include:

The exact amount young physicians in their early thirties make on average (You qualify to make this amount if you’re early in your career) (1:21)

How much it costs to get disability coverage in the event of an illness. (Don’t end up paying more than what it actually costs.) (3:03)

How to win financially even if you get disabled at the end of your career (3:31)

The underhanded “out-clause loophole” that insurance companies use to avoid paying on a claim (Knowing this will save your life when things go south…) (4:20)

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

Many physicians end up paying more than necessary for the same exact disability policy as another one who pays half of what they do.

Why?

They committed one of the 5 major mistakes which skyrocket disability policy rates.

In this episode, you’ll discover what factors determine the cost of your disability policies, so you can get the best deal possible.

Listen now.

Show highlights:

Why your disability insurance rate goes up by 5% for each year you delay buying it (1:25) 

How your speciality impacts your rates over the life of your policy (even if you switch specialties in the future) (3:25) 

Why buying your disability policy during your residency can unlock massive, life-long savings for the same exact policy (3:37) 

The “Trainee Discount” secret for reducing your disability policy rates (without sacrificing your coverage) (8:24)

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

When physicians reach out to me about disability policies, they always ask what types of disability policies are available.

There are two different types. But even though they’re both considered disability policies, one works in your favor and you may be forced to pay back your benefits with the other one.

In this episode, you’ll discover the two types of disability policies, and which one you should choose for the maximum benefit.

Listen now.

Show highlights:

The 2 types of disability policies (and how to pick the best one for you) (0:49) 

The “adverse selection” reason for why group LTD policies restrict your benefits (3:14) 

Why you might be forced to pay back your disability benefits if you sign up for the group LTD policy (6:12) 

How to get paid your full disability policy (even after landing another job) (7:19)

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.