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.
If you’ve ever looked into disability insurance coverage, you know that it can be confusing. There are so many terms and definitions that it can make your head spin. But if you focus on the essentials, it becomes easier to understand.
In this episode, Billy goes over the 4 key elements of a disability insurance policy that you must understand, and explains why they matter to you and your family.
Highlights from this episode include:
The 4 key elements of disability insurance and why getting them wrong can end your life as you know it (1:01)
The devious way insurance companies can prevent you from earning income outside of medicine (2:08)
The benefit you must have in the event of a partial disability (3:06)
This mysterious benefit is essential but almost completely unknown by most physicians (3:49)
The almost magical trick to saving money on insurance, even as your income rises (5:50)
You probably already know that disability insurance is something you need to have, but you might have wondered if you need it while you’re young and not making much money.
In this episode, Billy discusses the benefits to getting your disability coverage as soon as possible, and why waiting could leave you without insurance when you need it most.
Highlights from this episode include:
The #1 reason you must consider getting your coverage as early in your career as possible (1:01)
Your financial exposure is higher than you think as a resident and how to protect your future (1:56)
Why the discounts you get now save you even more money later (3:57)
How to make the process as painless as possible, even when you feel like you don’t have a minute to spare (7:18)
The life-changing risk you take by waiting to purchase your insurance (7:55)
Getting your own specialty disability coverage is one of the best decisions you can make for your financial future. But should you try to do it by yourself? If you’ve ever looked into disability insurance, you probably know that policies are filled with confusing language and definitions. And to top it all off, companies use their own special names that don’t always make sense.
And then there’s the medical and financial underwriting process that can be tough to do on your own.
In this episode, Billy goes over the most important things to be aware of when purchasing disability coverage, and why having a specialist guide you through the process can make it much faster and easier than you ever thought possible.
Highlights from this episode include:
Get these policy details wrong, and the insurance companies will just take your money while you struggle to support your family (:58)
How to breeze through underwriting, saving you tons of time, while still getting the disability coverage you need (3:05)
Why your medical history is not necessarily a deal-breaker and how to get the coverage that could prevent a financial catastrophe (4:30)
The horrifying scenario that can result in you being approved for a policy, but not being paid benefits when you need them most (5:13)
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.
When it comes to you and your disability insurance, words matter. Specifically the policy language that defines your occupation. How this part of the policy is worded can make the difference between the insurance company paying you during a disability, or leaving you high and dry on a technicality.
In this episode, Billy discusses how this definition should be worded and common pitfalls that doctors like you need to be aware of when it comes to disability insurance.
Highlights from this episode include:
Why the wrong occupational definition could bankrupt you and your family (1:46)
How to continue earning a living, even when you can’t practice your specialty… And still, keep your insurance benefits (2:41)
Is the policy provided by your employer good enough? Not if it doesn’t have this specific feature (3:12)
The commonly misunderstood emotional cost of disability and how to protect yourself from mental breakdown (4:45)
If your policy has this common definition of your occupation, you’re heading for financial ruin (5:34)
