How the Top Carriers Calculate the Maximum Coverage Available

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses how top insurance carriers calculate the maximum disability coverage available for physicians. He explains the importance of guaranteed salary, group long-term disability policies, and the need for regular updates to coverage as income changes. The conversation emphasizes the significance of understanding the calculation process to ensure physicians secure the maximum coverage they are eligible for based on their income.

The maximum disability coverage is based on guaranteed salary.Group long-term disability can affect private coverage amounts.Regular updates to income can increase coverage eligibility.Most clients decline employer-provided group policies.Insurance carriers use a formula to determine coverage limits.Income increases over time can lead to higher coverage.It's crucial to keep in touch with your broker for updates.The calculation is similar across top insurance carriers.Details matter when applying for disability insurance.Physicians should be proactive in managing their coverage.

Takeaways:

• The maximum disability coverage is based on guaranteed salary so regular updates to income can increase coverage eligibility.
• Most clients decline employer-provided group policies as group long-term disability can affect private coverage amounts.
• Income increases over time can lead to higher coverage. It's crucial to keep in touch with your broker for updates.