Author Archives: Billy Gwaltney

In this episode, Billy Gwaltney discusses the implications of canceling a disability insurance policy, emphasizing that while it is possible to cancel, it is not advisable. He highlights the importance of maintaining such coverage for financial security in case of disability, arguing that the money saved from canceling is often not invested wisely and may not provide the same level of protection as the insurance policy itself.

Takeaways: 

• You can cancel your policy, but it’s not advisable.
• Savings from cancellation often sit idle in checking accounts.
• Investing last savings is not common for most people.
• Disability coverage is crucial for financial protection.
• Insurance companies can profit from your premiums, but so can you.
• Having a private disability policy is a smart decision.
• If disabled, you’ll appreciate having the coverage.
• The money saved from cancellation does little for you.
• Insurance provides peace of mind during uncertain times.
• Prioritize protecting yourself with the right insurance.

Transcript:

00;00;01;23 – 00;00;18;29

Welcome to the Cover Your Assets podcast, a show for the physician who understands the importance of protecting everything you’ve worked so hard to achieve. If you’re ready to find the peace of mind that only financial security can bring. Let’s get started. Here’s your host, Billy Gwaltney.

00;00;19;01 – 00;00;47;19

Welcome to today’s episode of the Cover Your Assets podcast. I’m your host, Billy Gwaltney, and it’s good to be with you, as always. Today’s question is one that came up, from a client not long ago, which is, is it okay to cancel my private specialty disability policy? That’s an interesting question. They’ve been an attending for a while, so there are, probably innumerable a number of things that were, coming across their mind to trigger that question.

00;00;47;19 – 00;01;07;29

And so we had a discussion and just want to, kind of go through some of that with you here today. So is it okay to cancel your disability policy? Well, first, walking away is certainly an option. This is not a mortgage. Your private specialty policy, as long as you pay the premium. The insurance carrier cannot walk away.

00;01;08;00 – 00;01;29;21

They can’t cancel it. They can’t change anything. They can’t raise your rate. You, however, as a policy holder, can walk away. By simply not paying the premium. There’s no penalty for that. It doesn’t hit your credit. There’s no noth nothing there. But it is a once in forever kind of decision. So some things you want to consider before you do it.

00;01;29;21 – 00;01;49;10

Because once you do it, you can’t undo it. You would have to start over if you wanted coverage later with new medical underwriting, the training discounts wouldn’t be there if you’re no longer a trainee. And it can just be more complicated than you. Than you might think. So, few things to consider that I shared with my client.

00;01;49;10 – 00;02;12;23

And, I want to share with you. I work with thousands of physicians across the country that are, each of our client has their own unique situation that they’re thinking about and kind of, navigating life, from a financial standpoint and family standpoint. And so, walking away or canceling a disability policy, does have some pitfalls to it.

00;02;12;26 – 00;02;38;14

One the first one is that most people’s health does not improve as they get older, as we age. Maybe our health stays the same, at least for a while. But very often it’s going to decline over time. We just get weaker, more brittle. We break easier. We have illnesses. You as a physician, you know that. And so, it’s safe to say that our health doesn’t usually improve as we get older.

00;02;38;16 – 00;02;57;06

Okay, so the chances of a disability for someone in their 50s is essentially the same as someone in their 30s or 40s. So just because you’re not running as much or working out as as aggressively or, or may be traveling as much or whatever the scenario might be as you get older thinking that you don’t need this stuff.

00;02;57;08 – 00;03;22;27

Statistically, that doesn’t bear out. The second thing to consider is that self-insured, which is what you’re doing if you don’t have private insurance, you’re just going to use your own assets from yourself to cover any expenses. They call that self-insurance. From a financial standpoint, it’s absolutely brutal during a time of a claim. It, there are several reasons why.

00;03;23;00 – 00;03;47;25

One is expenses. Go up during a claim, to, most people’s assets as they build assets over the course of their, their career. Not all, but a significant percentage of those assets are in retirement accounts that are tax advantaged, which means they have penalties if you take them out too soon. There are taxes when you take them out.

00;03;47;28 – 00;04;08;13

And if you sell at a time when the market is down or, or fluctuating, you can end up walking away with less money than had you not had to sell. Also real estate and other assets, if you’re liquidating those assets, there can be penalties and, and anything we do in a hurry can lead to some unwise decisions.

00;04;08;16 – 00;04;33;13

And so you’re talking about taking assets that oftentimes are taxed oftentimes or penalized depending on the market conditions, can be sold for a loss or at a lower value than otherwise they would have been. And then using that money to pay expenses that are increasing, compared to insurance where it is specifically designed to cover those expenses.

00;04;33;16 – 00;05;05;14

The benefits are typically received without tax from if you’re talking about private specialty disability coverage, if the premium is paid with after tax funds, then the benefit is received without tax. And it’s also systematic. It shows up on the same day every month. You know, the amount, you can plan on it, you can budget around it and so, if you’ve done the planning properly, then hopefully you have enough insurance to still fund retirement to take care of medical expenses, hopefully.

00;05;05;16 – 00;05;25;29

And to, to allow you to not have to tap into those assets that you spent a lot of time building up. And not have to be penalized and accept more money or accept less money than you would have otherwise been able to get had you been able to ride it out, to use it when you had planned on using it originally?

00;05;26;02 – 00;05;51;14

The next thing is that, when it comes to your asset, when we think about assets, your most important asset, your most valuable asset, is not your retirement account. It’s not your house. It’s not your real estate portfolio. It is you. It is your ability as, surgeon, radiologist, pediatrician, whatever your specialty is, your ability to to get out of bed and go perform at a high level.

00;05;51;16 – 00;06;20;27

The specialty that your employer’s paying you a good wage to do. And your family has gotten used to getting a paycheck from this asset. From a financial standpoint, every two weeks or every twice a month or monthly, however frequently you get paid. And that is your most important asset if you do, an analysis, of determining the value of that asset over the entirety of your career, it’s a big number.

00;06;20;29 – 00;06;43;07

So ensuring your most valuable asset is just smart business. I mean, if you talk to Warren Buffett, if you talk to, anybody. This this made a lot of money, in business or those kind of things. If you say, do you insure your most valuable assets? And they would say, absolutely. The smart ones would. Warren Buffett liked it so much that he bought an insurance company, Berkshire.

00;06;43;09 – 00;07;05;27

Because he believes that much in insurance. He doesn’t need the insurance from a financial standpoint, necessarily, but it’s just smart to take pennies, to pay dollars to cover expenses versus taking a dollar or more to to try to pay that dollar when you’re self insuring. So, there are a number of things to factor into this.

00;07;05;29 – 00;07;36;25

Another thing that a lot of people will tend to assume if they’re thinking about getting rid of their insurance, is that they just basically don’t think they’re ever going to need it. And so why waste the money? And that hopefully it is wasted money. Hopefully you don’t need it. But if you do, all of our clients that are on claim were healthy enough, or at least healthy ish, healthy enough to get the insurance when they got it, okay, they never thought they would need it, but they ended up using it.

00;07;36;28 – 00;08;00;13

Over 90% of claims are illness is not injury, so it’s usually not the catastrophic car accident that does it. Although those things certainly happen statistically over 90% or illnesses, the biggest percentage are musculoskeletal conditions. So you hurt your back, you can’t get out of bed, you can do telemedicine, but you can’t do your day to day duties that you were doing before you hurt your back.

00;08;00;16 – 00;08;20;17

So are you now disabled? If you’ve done your disability insurance correctly and you have the true specialty coverage with one of the top four carriers, then then you are going to get paid. If your doctor says you can’t do your specialty because of that injury or illness, and then you have the freedom to go earn money doing something different.

00;08;20;20 – 00;08;43;12

It is very naive, at best. Putting it mildly, to assume that if you can’t do surgery, you could just do clinic and still make as much money. Or if you can’t do interventional cardiology, you could just slot in and be a general cardiologist because the only disability is going to occur to you is you’re going to chop off your hand, that statistically, that’s not what happens.

00;08;43;15 – 00;09;08;01

We do have clients that earn money doing other things while their own claim, because they have the freedom to do it and it doesn’t impact their disability benefit, but none of them ever did it right away. When a disability occurs, it is a gut punch. It takes time, months, sometimes years before someone can maneuver enough to be able to go do something else and earn income.

00;09;08;03 – 00;09;33;13

It is it is incredibly valuable to have a disability policy that gives you the freedom to go do that. And doesn’t require you to do that. But if your expectation is that if a disability occurs, you can just go do something else in medicine, again, that’s naive at best. Some might call it foolish. It’s just not, an advisable approach when it comes to the security of your family.

00;09;33;13 – 00;09;54;16

And when it comes to just smart business, which is insuring your most important asset. Again, we have clients on claim. The good news is that every single one of our clients on claim has gotten paid. We’ve never had, you know, we don’t have any clients who have had to hire an attorney. We had none that we’re in some kind of arbitration.

00;09;54;16 – 00;10;16;29

They all get paid. The majority of them never get paid from their employer policy. So again, another fallacy can be, well, I don’t need my private policy because I’m now at an employer that has a policy. The chances of getting paid from that are, are are not nearly as high as from your private policy. I can’t overstate that.

00;10;16;29 – 00;10;40;00

I’ve done a dozen podcast on the gaps in employer group long term disability policies. They just don’t pay out, in the majority of claims. And if they do pay out, they’re going to fight you tooth and nail. You will likely need to lawyer up. You will likely need to stay on top of that because they’re going to they’re going to require you to jump through hoop after hoop after hoop.

00;10;40;03 – 00;11;03;27

We’ve seen it up close. And so counting on an employer policy to, to help you if you’re disabled and be the only thing you rely on. Again, it’s just not it is it’s not smart business. Private specialty coverage. If you’re planning a doesn’t work out, which is you have a long, successful career, hopefully that is what happens.

00;11;03;29 – 00;11;33;11

But if that doesn’t work out, your plan B needs to be really strong. And the strongest plan B is a well designed private specialty disability policy. Then the assets you’ve accumulated can continue to be utilized for what they’re originally intended for, which is retirement. Other things that you want to do. So the only complaint we’ve ever gotten from a client, this on claim is they should have had the maximum because their expenses did go up.

00;11;33;13 – 00;11;54;23

Expenses do go up. We have had, one client in particular who didn’t have the maximum. She was disabled for two years, had, was healthy as a healthy as, as could be, never bothered to increase her coverage. Got, cancer, significant cancer. She bounced back from it because she was very healthy. She went back to work.

00;11;54;23 – 00;12;18;24

And the first thing she did when she was eligible to do it was increase her coverage to the max. And, if you’ve done your policy correctly, you’ll still be able to do that, but you can’t increase want your own claim. So that’s why you got to make sure that you have your policy in place and then have the maximum coverage before the claim occurs so that you’re not, stuck with a oh type of scenario.

00;12;18;26 – 00;12;42;22

So bottom line, can you cancel your policy? Yes. Is it advisable to cancel your policy? No. I haven’t seen a scenario yet where it made sense even. And last thing I’ll say, even if you do cancel your policy, the 2 or 3 or $400 or 500, whatever it is that you’re saving. That’s likely just going to sit in your checking account anyway.

00;12;42;25 – 00;13;04;11

Okay. It’s not like I mean, you can say, well, I’m going to invest it. Well, most people don’t invest their last $300 in their checking account. Okay. So if you have whatever you have in your checking account, the money that was going to pay for the disability coverage is just sitting there literally doing nothing. Versus yes, the insurance company has it.

00;13;04;11 – 00;13;25;15

They can make a profit on it. Yes, the disability broker gets a small percentage of that. But I would say this, whether I’m the broker or not, pay for the private disability policy. Let it do what it’s supposed to do. You won’t regret it. If you’re disabled, you will realize that it’s. It was the best, smartest thing you did from a standpoint of protecting yourself.

00;13;25;17 – 00;13;47;05

And I do hope all my clients don’t need it. I hope you end up at 65 going, well. I just wasted that money. But if you’ve if you’ve planned correctly, I doubt it’s going to keep you from retiring. It’s not going to it’s not going to affect where your kids go to college. So just do the smart thing and keep it, take it for what it’s worth, I hope you found this helpful.

00;13;47;05 – 00;14;12;10

I would be happy to discuss your situation in more detail. I love doing that. Feel free to text me at (704) 270-2376. Again. 704 2702376. Hope you found this helpful. Looking forward to talking with you on the next episode. Thank you, as always for your time. Thanks for listening to the Cover Your Access podcast and Art conduit media production.

00;14;12;17 – 00;14;32;14

New episodes drop every two weeks. If you’ve enjoyed the conversation, subscribe, rate and review this podcast. For more tips and advice, visit the website and YouTube channel. Check the show notes for links. Join us next time for another episode dedicated to helping physicians like you get your disability insurance right and protect your way of life.

In this episode of Cover Your Assets, Billy Gwaltney explores the concept of terminal illness riders in life insurance policies, detailing how they allow policyholders to access a portion of their death benefits while still alive. The discussion highlights the benefits of having such a rider, including the potential tax implications and the conditions under which these benefits can be accessed.

Takeaways:

• A terminal illness rider allows access to death benefits early.
• You can accelerate up to 90% of the death benefit.
• There is usually a cap of 1.5 million on accelerated benefits.
• The benefits may be taxable depending on the situation.
• Having a terminal illness rider is often a no-brainer.
• You can tap into the death benefit while alive.
• The rider is included at no extra charge.
• Terminal illness is defined as having a life expectancy of 12 months or less.
• You don’t have to use the rider, but it’s worth considering.
• This rider can provide financial support during critical times.

Transcript:

00:00:01:18 – 00:00:19:20

Welcome to the Cover Your Assets podcast, a show for the physician who understands the importance of protecting everything you’ve worked so hard to achieve. If you’re ready to find the peace of mind that only financial security can bring. Let’s get started. Here’s your host, Billy Gwaltney.

00:00:19:22 – 00:00:45:01

Welcome to this episode of the Cover Your Assets podcast. I’m your host, Billy Gwaltney. And as always, it’s good to be with you today. Today, we’re going to talk about two riders that come with, term life policies. The terminal illness rider and the conversion extension rider. And answer the question of are these important? The bottom line answer is yes, they’re important.

00:00:45:02 – 00:01:09:01

I work with thousands of physicians, helping them secure their private specialty disability coverage. And I end up helping most of our clients with life insurance just because the medical screening and the process and the underwriting and all that is so similar. And for our clients that that get term life policies, these two riders are, typically included in their policies.

00:01:09:03 – 00:01:30:08

And I want to read what they mean and then just offer a brief, synopsis of that or summary of that, as to why it’s important, for, term life policy to have a terminal illness rider, it means that you can accelerate a portion of your death benefit up to 90% of the death benefit. There’s usually a cap.

00:01:30:08 – 00:01:57:19

It’s like 1.5 million, whichever is less than 90% or the 1.5 million, for a terminal illness prior to death. Terminal illness assumes your life expectancy is 12 months or less. The accelerated benefits may be taxable. Depends on the situation. And there’s no additional charge to the term life policy for this rider unless it’s utilized. So it just is on the policy at no extra charge.

00:01:57:20 – 00:02:18:07

It’s kind of a no brainer to have this added so that you could tap into the death benefit while you’re still alive for a terminal illness without having to wait until the death benefit is paid. Could come in handy. You don’t have to use it, but it’s it’s at least worth including, the second riders called the conversion extension rider.

00:02:18:09 – 00:02:56:23

And this allows the insurer to extend the conversion period of their term policy to the end of the policy of the level term period or until the policy anniversary nearest their 70th birthday, whichever comes first. So if you have a ten, 20 or 30 year level term policy, what’s important, a valuable asset to include in your term life policy is the ability, the freedom to switch or convert to a permanent life insurance policy, like a whole life policy or universal life policy, or indexed policy.

00:02:57:01 – 00:03:18:06

Without having to redo any of the medical screening. Okay. So at any point during that term period, you can convert or switch to one of these permanent life policies without having to redo the medical screen. Now someone may you may buy your term policy and have no inclination or interest in doing that. But plans change, and people’s health changes.

00:03:18:08 – 00:03:45:14

And if you get toward the latter half of the term period and you your health has changed and now you’re uninsurable, which we’ve had happen. All of a sudden, having the ability to keep life insurance longer can become important. And if you don’t have a conversion feature on your term policy, which most of them chop shop kind of bottom feeder, the cheapest of the online quote engines typically do not have that.

00:03:45:16 – 00:04:06:18

If you have a quality term life policy, that might be, my clients don’t pay, a lot more, if any more than they do. For the compared to the least expensive options, especially in the top tier carriers. Ameritas is very competitive in that way from a cost standpoint, which is who we do most of our term policies with.

00:04:06:20 – 00:04:26:06

But having the ability to switch to a permanent life policy can be important. This rider does have a fee attached to it. It’s usually, 5 to $10 a month, depending on, depending on the cost of the policy and the, the amount of the death benefit. But it is a vital feature to have. It’s not required to have it.

00:04:26:06 – 00:04:48:02

You can remove it if you want to. It’s not advisable to remove it. It’s just not worth that. Money’s just going to sit in your checking account anyway. Typically. And I’m not saying you want to be nickel and dime to death. That’s not the point. This is a valuable feature to have. It’s an asset. Having the ability or the freedom to switch or pivot.

00:04:48:04 – 00:05:11:03

If your life, if your plans change or your life has an unexpected event. And you want to keep coverage longer, and you otherwise will not be able to keep it beyond the ten years or the 20 years or the 30 years, unless you have this conversion feature. It’s a it’s a valuable asset to keep, in your pocket for future use if you want it.

00:05:11:06 – 00:05:37:09

Okay. So, just food for thought. Your decision. Of course. A word to the wise, to not be penny wise and dollar not so wise. Let me know what you think. Would be happy to discuss your situation. Feel free to text me at (704) 270-2376. Again. (704) 270-2376. Thank you as always for your time.

00:05:37:11 – 00:06:01:03

to the Cover Your Assets podcast and on Conduit Media Production. New episodes drop every two weeks. If you’ve enjoyed the conversation, subscribe, rate and review this podcast. For more tips and advice. Visit the website and YouTube channel. Check the show notes for links. Join us next time for another episode dedicated to helping physicians like you get your disability insurance right and protect your way of life.

In this episode, Billy Gwaltney discusses the intricacies of insurance coverage during claims, particularly focusing on the limitations of increasing coverage based on salary changes. He explains the formula used by companies to determine eligibility for coverage and the stipulations surrounding benefit increase riders.

Takeaways: 

• There’s a formula that companies use to calculate coverage eligibility.
• You may be eligible for a higher coverage amount after training.
• Benefit increase riders have specific stipulations.
• You need to increase coverage by at least 50% of the max eligible amount.
• If you increase coverage, it affects your claim duration.
• Understanding your coverage options is crucial during claims.
• Insurance policies can be complex and require careful navigation.
• Disability insurance is essential for financial security.
• Consulting with an expert can clarify insurance options.

Transcript:

00:00:01:18 – 00:00:19:02

Welcome to the Cover Your Assets podcast, a show for the physician who understands the importance of protecting everything you’ve worked so hard to achieve. If you’re ready to find the peace of mind that only financial security can bring. Let’s get started. Here’s your host, Billy Gwaltney.

00:00:19:04 – 00:00:34:11

Hello. Welcome to today’s episode of the cover of Your Assets podcast. I’m your host, Billy Gwaltney. And today we’re going to talk about term life insurance. Why? The best term life insurance policy is not always the cheapest. Buyer beware.

00:00:34:13 – 00:00:43:14

As a disability insurance specialist, working with thousands of physicians across the country, always get asked, hey, can I buy a term life insurance?

00:00:43:14 – 00:01:24:20

Also, the answer is yes. We help most of our clients with term life because it’s, so similar from a medical screening standpoint. And the term life insurance market is very different than the, the private disability marketplace term life is much more commoditized. And insurance companies have made certain philosophical decisions. In fact, the, the majority of them have where they’re basically, in order to reduce cost, they are gutting their client services component of their business.

00:01:24:22 – 00:01:50:16

They’re not many carriers that haven’t done that. The one one of the best ones that I’ve come across in the last probably 15 to 20 years that has not done that and is still robust in their servicing of clients, is actual people, is Ameritas. They’re also one of the top, specialty disability carriers. They’re the the only top carrier that offers the same payer discount on the life insurance as well.

00:01:50:18 – 00:02:16:22

So pretty much all of our term life is with Ameritas. The rates are very good. But equally important to the rate is the care that you as a policyholder get. I have my term life insurance with them as well, so I know it firsthand. And I can move the needle if we ever need help or an exception, for something related to your policy, because we do a lot of business with them.

00:02:16:22 – 00:02:42:04

They know who I am, they like who we are and like how I operate and my team operates. And so we have influence there. When you go, kind of Google term life carriers and get quotes online, you’re working with an agent like me who has made a philosophical decision to not communicate with you directly, but to have an online portal.

00:02:42:06 – 00:03:11:12

And they broker the, the, the, all the, the big names, the carriers and it’s usually cheapest wins and it’s kind of a chop shop like approach. Okay. So, what that means is that the medical screening is kind of a quagmire, and it is fine if you’re perfectly healthy, but if you’re not, then, then there can be some things that are going to be difficult to, to find out or navigate to you get no service.

00:03:11:12 – 00:03:35:14

Okay. Like and I had to stop brokering these companies because when you need servicing, you rightfully would contact me and I would then have it got to the point where I had to basically call the same customer service number that you would call. Okay, they have gutted their client services division, which means they’re there’s a very small team.

00:03:35:16 – 00:04:01:06

If there’s any team at all to deal with, premium payment questions, changing beneficiaries, converting the policy if you want to keep it longer than the term period, which a lot of them don’t even let you do that. That’s another important, consideration when it comes to term life is having the flexibility or the freedom to switch it to a permanent life policy if you wanted to in the future.

00:04:01:08 – 00:04:21:11

So there there are a handful of things that are really three or so things that you look for in a term policy. One is it with a reputable company? Is it a good, solid company? Check. Yes. You want to make sure that two, is the cost on par? Is it among the least expensive among the top tier carriers?

00:04:21:11 – 00:04:43:00

Yes. You want to check that box? Two three if I ever need help. Can I get it? Okay, that’s a box that you need to check. And you might think, well, it’s a term policy. How difficult can it be? We have, if you miss a premium payment, you get a certain grace period. If the annual premium notice doesn’t show up and you forget, you get a certain grace period.

00:04:43:02 – 00:05:07:23

We’ve had clients miss that grace period, and I’ve been able to let them get there or help them get their policy reinstated. With a company like Ameritas, simply because of my relationship with them. They did me a favor. They do not owe that to any policyholder. Once that grace period is gone, most insurance carriers, especially the chop shop carriers, are just going to write it off and you’re done.

00:05:08:01 – 00:05:33:22

You might be healthy enough to get a new one, but you’re going to start over. It’s just very difficult to do that. So that’s just one scenario where that’s important. If you need to change beneficiaries and if you need any kind of help, then, then you’re kind of on your own. If you’re with one of the, the, the cheapest kind of chop shop companies, if you work with me, I can help you get those things done.

00:05:34:00 – 00:05:54:23

A lot of times it is going to be the least expensive option, but sometimes it won’t be, and and I just that’s just the way it is. And if, you know, if I’m not worth the 5% extra or 10% extra or whatever it is, then yeah, just go with whatever the, the online portal is. So that’s kind of how the, the term life marketplace works.

00:05:54:23 – 00:06:28:08

The third thing to keep in mind is the conversion, the ability to switch your term policy to a whole life or universal life or indexed life policy in the future, should you want to. Okay, or should you need to. Now, you may never intend on doing that, but if your health changes down the road and you’re uninsurable and you want to keep life insurance for for the rest of your life, especially as you realize that your life expectancy is shorter because of an illness or something, then the hard reality is, where’s that money going to come from?

00:06:28:08 – 00:06:56:06

Do you what it what are your options? And successful people, wealthy people keep their options open. And one thing that you want to make sure of is that your term policy has the ability to allow you to convert or switch to a permanent policy without any additional medical screening. And Ameritas also automatically allows the long term care rider to be added to the death benefit of their permanent life policy without any additional medical screening.

00:06:56:06 – 00:07:28:10

They’re the only carrier that does that, the only top tier carrier that does that. That’s not a chop shop. So, the devil’s in the details. Also, when it comes to term life, insurance policies and cheapest doesn’t always mean you’re getting the best. So buyer beware. Please be careful as you consider that. Because if your health changes and you get several years down the road and you find that you don’t, that you’re kind of navigating your own island by yourself, it might be too late to fix anything.

00:07:28:12 – 00:07:46:15

With my clients, I know that as they work with me that we’re going to be able to be involved, and we have the best shot at helping get things done. If changes need to be made, if updates need to be made, or if there are any curveballs, we have a chance of hitting the curveball. And that’s what that’s what we want.

00:07:46:16 – 00:08:12:19

That’s what the goal of this is, is to make sure the insurance does ultimately what it’s supposed to do. And also, if you do need to change something or if you need assistance, if something if you do have a curveball that we have the ability to to navigate that and get you where you’re supposed to be. So, and I’m just kind of talking off the, off the chest here and from the heart when it comes to this.

00:08:12:21 – 00:08:32:21

I want to help you get this part of your life, right. The disability coverage you’ve gotten. Right. If you’re thinking about life insurance, please be sure that you don’t miss the forest for the trees and find yourself being penny wise and dollar not so wise when it comes to this part. Just, factor that into the equation for what it’s worth.

00:08:32:21 – 00:08:48:18

Food for thought. I hope you found this helpful. Please message me or text me here (704) 270-2376 if you’d like to discuss further. Happy to do that. (704) 270-2376. Thank you as always. See you next time.

00:08:48:20 – 00:09:12:23

for listening to the Cover Your Assets podcast and on Conduit Media Production. New episodes drop every two weeks. If you’ve enjoyed the conversation, subscribe, rate and review this podcast. For more tips and advice. Visit the website and YouTube channel. Check the show notes for links. Join us next time for another episode dedicated to helping physicians like you get your disability insurance right and protect your way of life.

In this episode, Billy Gwaltney discusses the various insurance coverage options available for residents, emphasizing the benefits of starting with lower coverage amounts. He explains how residents can secure significant benefits and privileges even with minimal initial coverage, making it a financially savvy choice as they transition into their attending roles.

Takeaways: 

• Residents can buy up to $7,500 of coverage while in training.
• Starting with lower coverage means lower costs.
• You still receive the same benefits as higher policies.
• Benefit increase riders allow for future coverage scaling.
• Budget-friendly options are available for residents.
• Strong specialty occupation definitions apply regardless of coverage amount.
• Financial planning is crucial for transitioning to attending roles.
• Lower initial costs do not compromise on benefits.
• Residents should consider their long-term insurance needs early.
• Insurance options can be tailored to fit budget constraints.

In this episode, Billy Gwaltney discusses the emotional and financial challenges faced by individuals who become disabled. He emphasizes the importance of having a solid financial plan in place to support families during difficult times, highlighting the need for contingency planning and the emotional toll of realizing one’s disability.

Takeaways:

• When people become disabled, it is a highly emotional time.
• The reality hits that they’re not going to be able to work.
• The most important thing becomes financial security.
• Paying the bills is a primary concern.
• Having a strong plan B is vital.
• Protecting your family in the worst case is crucial.
• Emotional support is essential during this transition.
• Financial planning should be prioritized alongside health.
• Contingency plans can alleviate stress for families.
• Understanding the emotional impact can guide better support.

In this episode, Billy Gwaltney walks you through your quote email for Ameritas Guaranteed Standard Issue (GSI). Throughout, he discusses the top tier carriers in the insurance industry, focusing on their unique benefits, including non-cancelable policies, guaranteed renewability, and the absence of medical screening. He emphasizes the importance of understanding these offerings for better financial security and coverage options. The Ameritas GSI Disability Coverage represents a valuable opportunity for trainees and physicians seeking to protect their financial future. With no medical questions, flexible coverage options, and extensive benefits tailored for the medical profession, it offers peace of mind that is difficult to find elsewhere. If you are a physician in training, consider taking advantage of this opportunity.

Takeaways

• There are only four top tier carriers that offer these benefits.
• Best coverage with no medical screening ever.
• You should do it because there’s no requirement that they keep this forever.
• Starting amount of either 2,500 or 5,000 or 7,500.
• Maximum cap of 15,000.

In this episode of the Cover Your Assets podcast, host Billy Gwaltney reviews the quote spread with Benefit Increase Rider (BIR). He emphasizes the importance of understanding the details of coverage, the key carriers available, and the various benefits that can be included in a policy. The conversation covers essential topics such as the definition of disability, the benefit increase rider, residual and recovery benefits, and the unique perks offered by different insurance carriers. Gwaltney also highlights the significance of having a knowledgeable broker to navigate the complexities of the claims process and ensure that physicians receive the coverage they need to protect their financial future.Keywordsdisability insurance, physicians, financial security, coverage options, insurance carriers, benefits, medical screening, brokers, financial planning, protection.

Takeaways:

• Benefit Increase Riders allow for future coverage adjustments.
• Residual benefits support partial disability situations.
• Recovery benefits are vital for those returning to work.
• Psychiatric benefits vary by carrier and specialty.
• Cost of living adjustments help offset inflation.
• The definition of disability can significantly impact claims, which is why it’s critical to work with an expert to understand how the different policy options would mean in real life scenarios.

For more tips and advice, connect with the CYA Podcast on YouTube and visit the Professional Planning Group online. Stay up to date with Billy on Facebook and LinkedIn.

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the presumptive disability benefit, a crucial aspect of private specialty disability coverage for physicians. He explains how this benefit is automatically included in policies from top carriers and outlines the conditions under which a physician would be considered totally disabled. Real-life examples illustrate the importance of understanding this benefit, emphasizing its role in providing financial security for physicians facing unexpected health challenges.

Takeaways:

• The presumptive disability benefit is crucial for physicians and is automatically included in top-tier disability policies.
• Total disability can be triggered by specific losses. Permanent loss is required by some carriers, but not all.
• Partial losses can also impact disability benefits.
• Physicians should consider the implications of this benefit.
• Private specialty coverage is essential for protecting assets.

For more tips and advice, connect with the CYA Podcast on YouTube and visit the Professional Planning Group online. Stay up to date with Billy on Facebook and LinkedIn.

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the benefit increase rider in disability insurance policies for physicians. He explains how this rider allows for increased coverage without redoing medical screenings, the importance of regular income updates, and the limitations regarding age and eligibility for increases. The conversation emphasizes the need for physicians to stay informed about their policies to ensure adequate coverage throughout their careers.

Takeaways:

• The benefit increase rider allows for future coverage increases. Increases can occur every three years or sooner with life events.
• Regular income updates are crucial to maintain the rider as failing to update income can lead to the rider being removed.
• Eligibility for increases typically ends at age 50 or 55 though it’s essential to check policy details for specific terms. Your broker can help you understand the specifics to your policy. 

For more tips and advice, connect with the CYA Podcast on YouTube and visit the Professional Planning Group online. Stay up to date with Billy on Facebook and LinkedIn.