Author Archives: Billy Gwaltney

If your employer provides you with a group disability insurance plan, buying private coverage might feel redundant.

But if you do become disabled, you don’t want to lose the lifestyle you’ve worked so hard to achieve.

So collecting both seems like a great way to ensure you and your family miss nothing. In this episode, you’ll find out all about collecting disability insurance from two policies.

Listen now to discover how to maximize your payouts if you become disabled!

Show highlights include:

Why your private policy lets you collect benefits on disabilities group insurance doesn’t even cover (1:41)

How private coverage always adds to your employer’s policy (2:37)

Why your employer’s group policy might not payout (even if it specifies 60% of your salary) (4:17)

The sneaky way your employer’s policy might be a false sense of security (4:38)

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.

Many trainee physicians are afraid of needing disability leave. As a trainee, you don’t have guaranteed job stability and insurance coverage like full-time residents or fellows.

That makes it tough to worry about an accident or needing disability leave.

Disability insurance promises you peace of mind. But it’s tough to find the right policy: Some providers don’t offer much coverage, they’re expensive, and they cap your future coverage.

This episode shows you the key elements to look at to find a policy that secures your family’s lifestyle.

Listen to discover how to maximize your insurance for stability—even as your career advances.

Show Highlights Include:

What financial underwriting occurs when purchasing disability insurances a trainee (1:33) 

How getting the wrong policy as a trainee could cap how much coverage you get as a full time resident (1:33)

Why insurance companies don’t care if residents take disability… but worry about giving trainees too much coverage (3:00)

The most important factors to find an insurance policy that lets you keep your lifestyle (4:30) 

Why getting a disability policy as a  “locks in” a discount for the rest of your career—regardless of your health(5:45) 

How to maximize your insurability throughout your career as a resident (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.

Employers of residents or fellow physicians often provide Long Term Disability coverage. But does that coverage mean you can’t get your own LTD insurance?

The good news: An employer plan does not stop you from getting additional, private insurance.

But not all insurance plans are created equal. If you want the most comprehensive long-term disability coverage, you have to be aware of a few catches.

If you ignore these, you might find yourself with too little coverage in an emergency.

Listen now to discover how your employer’s insurance plan impacts your personal LTD decisions!

Show Highlights Include:

Does your employer’s policy keep you from maxing out your own private LTD insurance policy? (0:54)

How much private insurance can you purchase? It depends on your medical specialty (1:44)

Why having your own and your employer’s policies can keep you from getting the full benefit out of each (2:20)

How combining your employer’s group policy and your own private insurance can raise or lower your taxes (2:45)

How your insurance plan is calculated differently as a trainee vs. an attending physician (and how much coverage you can purchase as a trainee) (3:06)

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.

When you advance from a resident or fellow physician to an attending physician, your income grows. And with more income, you can increase your disability insurance.

But how much disability insurance should you have? Are your benefits going to be taxed? And why doesn’t your policy cover 100% of your salary?

You might not be asking yourself these questions today. But answering them means you get to keep your lifestyle if you become disabled.

Don’t let confusion stop you from getting the disability insurance you need.

Listen to discover how to maximize your disability coverage!

Show Highlights Include:

Why an early medical screening gets you the optimal private disability policy. (1:07)

How big insurance companies calculate your maximum disability coverage (and how that lets you get the best possible policy). (2:08)

Why private disability insurance only covers about 55% of your salary. (3:14)

How to ensure any disability payouts are tax-free, spendable cash that maximize your quality of life. (4:48)

How your state’s tax rate affects your insurance coverage. (5:41)

Pay increase? Here’s how that new salary affects your disability policy. (6:49)

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.

Many young physicians wonder if the Cost Of Living Adjustment is an important insurance rider. They want to know how a COLA works and how it’s calculated.

By earning interest, a COLA ensures that disability payments keep pace with inflation.

But not all COLAs are the same, and you may not even need one.

Listen now to discover everything you need to know about COLAs!

Show Highlights Include:

How a COLA insulates your disability payments from changes in the economy (1:21)

You aren’t required to have a COLA — but without one, inflation will eat away at your benefit payments (1:55)

The major benefit of a compound-growth COLA over a flat 3% option (2:36)

How to get a COLA that compounds at up to 6% interest — and why that’s not always the best choice (3:13)

Does the COLA calculation matter? (4:43)

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 considering your insurance options, you may have come across the Mental Nervous benefit.

This confusing benefit has a very specific purpose: to cover your psychiatric care.

But what is psychiatric care, exactly? What disabilities does this benefit cover? And how long does it pay?

There is a lot of confusion around the Mental Nervous benefit. And in today’s episode, you’ll get a clear understanding of when this psychiatric benefit applies to you.

Listen now to discover the ins and outs of the Mental Nervous benefit.

Show Highlights Include:

The three disabilities that trigger your Mental Nervous benefit (1:29)

How long does psychiatric care last under your Mental Nervous benefit? (1:42)

Why the Mental Nervous benefit’s payout doesn’t cover nervous system problems like Parkinson’s disease or Alzheimer’s (2:33)

How to talk with your insurance provider about psychiatric care under the Mental Nervous benefit (3:38)

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.

Your disability insurance policy may include a Future Insurability Option. With an FIO, you can increase your coverage without an updated medical review.

This allows you to increase coverage throughout your career.

But what if you don’t take this option, or you let it lapse? When you find yourself in need of more insurance, it can be costly — or outright denied.

Don’t leave your future disability insurance up to chance.

Listen now to discover how to keep your future insurance options flexible.

Why getting an inexpensive FIO early in your career can save you thousands of dollars (1:00)

How to get the most from your FIO before you reach your insurance company’s age limit (1:50)

Why getting an early medical screening may limit your Future Insurability Options (and what to do when that happens) (2:33)

Red flags that an insurance provider might not honor your original FIO (4:09)

Why getting an FIO is most important when you’re on a tight budget (5:55)

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.

To get disability insurance, your provider needs to review your medical history. That history is your medical underwriting. It determines your insurance rates. And once that insurance cost is set, it only covers your income at the time of that review.

What happens when you make more money? With a Benefit Update Rider, you have the option to increase your coverage to match your income.

These Benefit Update Riders have limits that you must know if you want to maximize your coverage.

Don’t get stuck with an outdated policy. Discover how a Benefit Update Rider gets you the most out of your disability insurance.

Listen now to find out how to keep your insurance costs low and coverage high.

Show Highlights Include:

Why you want to buy a Benefit Update Rider early in your career (1:11)

The “gotcha” clause that can cancel your Benefit Update Rider (and what you need to do to keep it) (2:58)

How to avoid a review of your medical underwriting to keep your insurance costs low (4:15)

Why your insurance provider sees you as a statistic — and how to use this to your advantage (6:20) The three exceptions to your Benefit Update Rider that allow you to upgrade your insurance coverage early (7:17)

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.

Combining your disability coverage with life insurance sounds like a smart financial move. You want to cover career gaps after an injury and get the coverage that always protects your loved ones.

But having a sustainable financial future starts with knowing what discounts work for you. Combining policies is a case-by-case situation (and you don’t want to stack your policies on bad advice).

In this episode, you’ll discover the best way to combine your policies for protection that lasts a lifetime (and if it’s right for you).

Highlights from this episode include:

The contract trick for getting more discounts than you ever imagined. (1:50)

How to get extended grace periods and all the exceptions you need in your coverage today. (3:04)

How to avoid the ‘chop shop’ company policies that suffocate your finances and play by the book.  (4:20)

The smartest time to diversify your insurance coverage. (4:54)

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 Physicians Entrepreneurial Approach to Financial Planning with Kyle Christensen Pt.1. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

And/or Physicians Entrepreneurial Approach to Financial Planning with Kyle Christensen Pt.2. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

When it comes to policy shopping, you might combine disability coverage with life insurance. But you want to make sure you get the most protection (without paying the most in fees).

There are a few things to consider in the underwriting process of combining plans. Getting the best rates is about knowing how discounts work for you.

In this episode, you’ll discover how to find the best rates for combining plans (and if it’s the right move for you).

Highlights from this episode include:

The most efficient underwriting process for getting $1 million of no-exam coverage. (1:04)

Why purchasing life insurance at your healthiest locks in the best rates right now. (2:26)

The ‘Smart Term’ strategy for making coverage less expensive and longer-lasting.  (3:58)

Why life insurance is the best way to protect your wallet today. (5:06)

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.