Author Archives: Billy Gwaltney

There’s a lot of confusion and speculation behind pricing special disability coverage. You might feel so overwhelmed by the wave of information that you put it off until you really need it. By then, your rates have skyrocketed beyond repair. 

Preserving and protecting a career path starts with coverage that works with your wallet, not against it.

In this episode, I share the invisible expenses behind special disability rates and how you can design a plan for peace of mind. 

Highlights from this episode include:

• The ‘ticking time-bomb’ that is making your disability rates more expensive each year. (1:10)
• How to pay the lowest rate possible right now (even if you want to change career paths later on). (2:36)
• Why most physicians get stuck paying premium prices and how you can protect your wallet (while paying discount rates). (4:24)
• A common misconception about disability coverage that’s harming your health right now.  (6:13)

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.

If you enjoyed and valued this content, you may also want to check out Episode 56: Billy’s initial conversation with a Female Trainee. This episode is available in the podcast channel on this site or on Spotify or Apple Podcasts.

Some physicians rely on group insurance policies from employers. This saves money in the short term, but what happens when you move on to an employer that doesn’t offer coverage? Or open your own practice?

Many times the cost of disability coverage has skyrocketed, making it a financial burden.

But if you purchase private coverage early on, it will be cheaper but also portable. That policy will cover you no matter where your career takes you, allowing you to focus on your work, knowing your income is protected if you become disabled.

In this episode, I discuss why portability is important and how to get a policy that will protect you for your entire career.

Highlights from this episode include:

• How advice from group benefits people at your employer could cost you everything you have (2:53)
• Why cheap employer group policies are a huge financial risk (3:33)
• Why purchasing a policy as a trainee is a career-saving decision, even if you think you can’t afford it (4:01)

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 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.

Healthy, young, non-smoking physicians typically think they can get away without having disability insurance. It makes sense — insurance can seem foolish when you’re healthy. 

But what happens if you get sick? Healthy, young, physicians have a 25% chance of becoming disabled for 3 months or longer — and a 40% chance that a disability lasts 5 years or longer. 

Even a 3-month break in income while your expenses add up can be financially devastating. But a 5-year gap can create financial doom. 

In this episode, I’m sharing the most common types of disabilities and the only way to protect yourself from financial ruin should you become disabled.  

Highlights from this episode include:

• Why healthy, young, non-smoking physicians need disability insurance more than any other type of physician (0:51)
• The surprisingly simple way to prevent financial ruin if you have a disability that lasts 5 years or longer (1:14)
• How a disability can bankrupt you (even if you can still perform some parts of your job) (3:02)
• How even the shortest disability can create financial chaos (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.

If you enjoyed and valued this content, you might also want to check out Episode 58 – Billy’s initial conversation with a Non-Surgeon Trainee. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

And/or Episode 60 – What if I do lots of Procedures & lots of Clinic. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts. 

The decision to purchase disability insurance is not always easy. After all, there are plenty of other things you could do with that money. And if your budget is tight, the decision gets even harder. Most clients want to know if they are at risk of becoming disabled.

The answer: surprisingly high. And there’s no way to know when it will happen or how long it will last. If you want to avoid financial ruin, you have to be prepared. Being prepared will give you peace of mind, knowing that you’re ready for whatever comes your way.

In this episode, I discuss current disability statistics, ways to reduce your odds of becoming disabled, and how to avoid a financial catastrophe.

Highlights from this episode include:

• Surprising news from current statistics about your risk of becoming disabled (and what you can do about it) (1:49)
• A simple way to drastically decrease your chances of experiencing a disability (3:58)
• Why medical problems spell disaster for your finances if you’re not prepared (4:22)
• A common misconception about disabilities that can leave you unprepared for their true cause (5:02)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 may also want to check out Episode 56: Billy’s initial conversation with a Female Trainee. This episode is available in the podcast channel on this site or on Spotify or Apple Podcasts.

When money is tight, it can be tempting to pick up a disability policy with a cheaper premium. But that’s not always the best financial move for you. Often the policy that is cheaper today will cost you far more money tomorrow. 

It’s critical for you to understand the difference between various premium structures. Then you don’t get stuck with a policy that costs more than it’s worth.

In this episode, I discuss the difference between level, step-level, and graded premium disability policies, and why that could save your financial life.

Highlights from this episode include:

• How to ensure that your policy premium will never increase over time (1:39)
• The sneaky reason why shady agents want you to buy graded premium policies (3:41)
• Why a cheaper price upfront costs you way more in the long run (4:23)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 59 – The rate is the rate. This episode is available on this site’s podcast channel (Click HERE) or on Spotify or Apple Podcasts.

Many physicians hesitate to get disability coverage because they fear rising costs over time. There are plenty of horror stories of companies raising rates and terms unexpectedly, leaving doctors without the coverage they desperately need.

This is common with lower-tier companies. That’s why we don’t sell or recommend their policies.

In this episode, I discuss everything you need to know to get a disability policy that provides the right coverage AND won’t increase in price in the future.

Highlights from this episode include:

• Make sure your policy definition contains these words now or it’ll cost you in the future (1:32)
• How to avoid constantly increasing premiums (and decreasing coverage) (2:32)
• Why not getting a policy from one of the “top 4” companies can kill your career and ruin your finances (5:06)
• The insider’s secret to getting and keeping the best rates and discounts for as long as you have your policy (6:07)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.

Most physicians know about term insurance. It’s cheap, and if you die, your family gets paid quite a bit of money. Whole life insurance is another matter entirely. It is more expensive, more complicated, and typically pays a smaller death benefit. So why would you ever purchase it?

In this episode, Billy busts some financially irresponsible myths about whole life insurance, discusses why you should consider it, and how to structure a policy to get the maximum value for your dollar.

Highlights from this episode include:

• If you don’t purchase whole life from this specific type of company, you’re losing thousands of dollars (1:46)
• The mind-blowing reason whole life is more expensive than term insurance (3:03)
• Why the conventional wisdom on life insurance may leave your family in debt when you die (3:40)
• The one essential question you must ask yourself about life insurance (4:32)
• How to structure your whole life policy like a billionaire (5:27)
• The astonishing truth about where banks store their cash (6:26)

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.

This is a more personal episode than we’ve done lately, but with all that’s going on in the world right now, it seemed like the perfect time to explain why we at PPG love working with you. Having worked with thousands of physicians around the country, we have come to realize that there are a number of traits that really make doctors a special group of people, and in this episode, Billy will discuss why you make the world a better place and the insurance business more enjoyable.

Highlights from this episode include:

• The truth about how you respond in times of crisis (2:09)
• These specific acts of selflessness set you apart from other professions (2:18)
• Why doctors can’t have a bad day (2:46)
• The bizarre way people seem to view those that help them in their most desperate times (3:54)

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.

Being a physician can be extremely difficult. Long hours, tough working conditions, and having to witness life-altering medical conditions and even death on a regular basis. It can take a serious toll on your mental and emotional state. Every once in a while this can cause even the strongest doctors to have a breakdown… or worse. 

So what if you can’t work and earn your salary due to a condition that isn’t a physical disability?

In this episode, Billy discusses how to get disability coverage in such a case, the options that are available, and how to determine if this option is right for you.

Highlights from this episode include:

• The secret to cutting through the confusion created by other agents and make sure you understand this benefit (1:33)
• If you’re in one of these specialties, you should get this coverage immediately (3:34)
• Insurance companies will use this to deny you psychiatric benefit coverage (4:54)
• When you can’t get the psychiatric benefit, this should be your very next step to protect your livelihood (6:19)
• The surprising truth about how long a psychiatric benefit is typically paid (7:32)

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.

You realize that it is essential to purchase disability insurance coverage as soon as possible, even before you’ve finished your training. But what happens when your income starts to increase, and the policy you have would no longer cover your expenses in the event that you couldn’t work. 

In today’s episode, Billy discusses the best way to make sure your policy will grow along with your career, how to maintain the proper coverage definitions, and how to increase your benefits, even if your health has declined.

Highlights from this episode include:

• Why the government hates disability income insurance benefits (1:52)
• This helps you maintain your original discounts, no matter what changes in your life (4:07)
• How to get increased disability coverage guaranteed, even if your health gets worse (4:36)
• How to protect your financial well-being when the insurance company won’t let your purchase this coverage (6:16)

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.