Author Archives: Billy Gwaltney

This episode was first broadcast in August 2023. You can find a full episode archive by subscribing to Cover Your Assets on the platform of your choice (Apple, Spotify, Amazon, or Google).

Why do shady brokers take advantage of so many innocent physicians?

The biggest reason is that most people want cheaper rates, even though the top four companies offer safe, worthwhile coverage.

Physicians think they’re doing the right thing but set themselves up for misfortune instead. They can lose thousands of dollars every year and face hours of stress and endless troubles when a disability case comes up.

In this episode, you’ll see the common pitfalls that price shoppers face and discover how to prevent shady brokers from taking advantage of you—so you get the coverage you deserve.

Episode Highlights:

The dirty little secret shady brokers use to dupe you into paying thousands of dollars extra for cheaper coverage. (2:25)

Three overlooked coverage mistakes that could cost you a fortune. (3:00)

Make sure you have these “Vital Cost” features in your coverage when buying (Warning: not knowing these allows your broker to take advantage of you). (3:28)

Three “Life Saving” features without which your coverage is useless (Note: Missing one of these means you’ll be left high & and dry during a disability). (4:25)

Surprising reason why using a graded premium is going to cost you thousands of dollars more instead of saving money. (5:24)

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney, head of Professional Planning Group, Inc., shows you exactly what you need to do to protect your income and way of life.

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.

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠

Should I Choose the Benefit Increase Rider (BIR) or Future Increase Option (FIO)?

Are you a physician wondering whether you should choose the Benefit Increase Rider (BIR) or Future Increase Option (FIO) for your policy? In this episode of the Cover Your Assets podcast, Billy Gwaltney dives into the pros and cons of each option. He breaks down the guidelines and requirements for both riders and explains how they can affect your coverage and cost. Whether you prioritize flexibility or cost-efficiency, this episode will help you decide on your insurance needs. 

Episode Highlights: 

Billy explains how BIR and FIO riders allow you to increase coverage in the future without redoing medical screenings. (1:06) 

The differences between the BIR and the FIO, and how they can both lead to maximum coverage based on your income. (3:52) 

The BIR requirements and guidelines, including updating your income and accepting additional coverage you qualify for. (5:22) 

The flexibility of the FIO, which allows you to increase your coverage anytime and by any amount, without adhering to a specific schedule. (6:58) 

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney shows you exactly what you need to do to protect your income and way of life. 

Stay up to date with Billy on ⁠Facebook⁠, ⁠LinkedIn⁠, or ⁠YouTube⁠.  

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠

As a physician, how do you choose the right disability policy for your specific needs, to protect your income and way of life? From understanding the importance of private coverage to exploring the three non-negotiable components of a quality policy, host Billy Gwaltney provides valuable insights to help you make an informed decision. Discover why relying solely on employer policies or group coverage may not provide the necessary protection, find out which companies are offering the best coverage, and learn the three non-negotiable components of a quality disability policy.

Listen to this episode for crucial tips and to gain the peace of mind that financial security brings.

Episode Highlights:

The significance of owning a private disability policy and the importance of comprehensive definitions. (00:38)

Four insurance companies currently offering private, non-cancelable, and guaranteed renewable disability coverage. (2:50)

Understand why the name brand or popularity of an insurance company is not as important as the contract itself. (5:28)

Explore the three non-negotiable components of a quality disability policy: true specialty own occupation definition, enhanced residual benefit, and long-term recovery benefit. (6:36)

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney shows you exactly what you need to do to protect your income and way of life.

Stay up to date with Billy on ⁠Facebook⁠, ⁠LinkedIn⁠, or ⁠YouTube⁠.

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠

Is being an independent broker in the insurance world the same for everyone? Host Billy Gwaltney answers that question in this episode, exploring the differences in being an independent broker in the insurance industry. He breaks down the two broad categories of independence and discusses the advantages of working with a truly independent broker who prioritizes the client’s needs over company affiliations.

If you’re curious about the true meaning of independence in the insurance broker world and want to ensure you’re getting the best coverage for your needs, this episode is a must-listen.

Episode Highlights:

 Billy defines the term “independent broker” and discusses the varying definitions within the insurance industry. (00:52)

The importance of specialized coverage and the benefits of working with a broker who represents companies with the strongest contracts. (2:46)

Billy uncovers the truth behind brokers who claim to be independent but repeatedly recommend the same insurance company as the solution. (5:40)

The commission structure for brokers and how productivity bonuses should not impact their independence. (7:07)

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney shows you exactly what you need to do to protect your income and way of life.

Stay up to date with Billy on ⁠Facebook⁠, ⁠LinkedIn⁠, or ⁠YouTube⁠.

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠

Did you know that the average disability claim lasts for nearly 7 years? In this episode, Billy Gwaltney delves into the duration of disability claims and why it’s important to have the right insurance coverage. He breaks down statistics from the Council for Disability Awareness and highlights the most commonly claimed types of disabilities. Learn more about the significance of the true specialty own occupation definition of disability and the need for a long-term recovery benefit.

Tune in to this episode to learn more about the duration of disability claims and how to protect your financial security.

Episode Highlights:

Statistics from the Council for Disability Awareness on the duration of disability claims. (00:45)

Types of disability claims and the most common illnesses that cause them. (3:43)

The importance of having insurance coverage that considers your specific occupation and allows for alternative ways of practicing medicine, even if you can’t physically show up to work. (5:46)

Why you need a long-term recovery benefit in your insurance coverage. (8:55)

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney shows you exactly what you need to do to protect your income and way of life.

Stay up to date with Billy on ⁠Facebook⁠, ⁠LinkedIn⁠, or ⁠YouTube⁠.

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠

In this episode, host Billy Gwaltney takes a deep dive into the three key elements that make up a top private specialty disability policy and why they’re essential for physicians looking to safeguard their financial security and maintain peace of mind. Billy breaks down each element in detail, offering insights and advice to help listeners make informed decisions about their coverage options.

Listen to learn more about the three pillars and gain valuable insights into securing comprehensive coverage.

Episode Highlights:

The first pillar: True Specialty Own Occupation Definition of Disability. Learn why this definition is crucial for ensuring policyholders receive full benefits even if they pursue alternative income sources. (1:53)

The second pillar: Enhanced Residual Benefit. Explore how this benefit covers partial disabilities, providing income support for physicians who can work part-time due to illness or injury. (3:52)

The third pillar: Recovery Benefit. Discover how this benefit ensures physicians receive continued support if they medically recover from a disability but experience a decrease in income upon returning to work. (5:04)

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney shows you exactly what you need to do to protect your income and way of life.

Stay up to date with Billy on ⁠Facebook⁠, ⁠LinkedIn⁠, or ⁠YouTube⁠.

Have you ever wondered why physicians are required to sign HIPAA authorization and HIV consent forms?

In this episode, host Billy Gwaltney answers this question and sheds light on the importance of these forms during medical screenings for disability coverage. Billy explains how the HIPAA authorization allows underwriters to verify medical information and request medical records if necessary, while the HIV consent form is a precautionary measure in case labs are required.

Listen to learn more about these crucial forms and why they are necessary for obtaining insurance coverage.

Episode Highlights:

The purpose of signing a HIPAA authorization during the application process. (1:03)

How the HIPAA authorization allows underwriters to access medical records and conduct a medical evaluation for disability coverage. (2:00)

The significance of the HIV consent form and its connection to insurance physicals and lab tests. (03:06)

Why the signed HIPAA authorization and HIV consent forms are essential for submitting an application and obtaining coverage. (04:01)

The Cover Your Assets Podcast is on a mission to help physicians like you get their insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need tobe insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney shows you exactly what you need to do to protect your income and way of life.

Stay up to date with Billy on ⁠Facebook⁠, ⁠LinkedIn⁠, or ⁠YouTube⁠.

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠

Why do shady brokers take advantage of so many innocent physicians?

The biggest reason is that most people want cheaper rates, even though the top 4 companies offer safe, worthwhile coverage…

In other words, they set themselves up for misfortune…

This leads to losing thousands of dollars every year. Plus, it causes hours of stress and endless troubles when a disability case comes up.

In this episode, you get to see the common pitfalls that price shoppers face… And you’ll discover how to prevent shady brokers from taking advantage of you, so you get the coverage you deserve.

Tune in now!

Show Highlights Include:

The dirty little secret shady brokers use to dupe you into paying thousands of dollars extra for cheaper coverage (2:25)

3 overlooked coverage mistakes that could cost you a fortune (3:00)

Make sure you have these “Vital Cost” features in your coverage when buying (Warning: Not knowing these allows your broker to take advantage of you…) (3:28)

Three “Life Saving” features without which your coverage is useless (Note: Missing one of these means you’ll be left high & dry during a disability) (4:25)

Surprising reason why using a graded premium is going to cost you thousands of dollars more instead of saving money (5:24)