Summary:
In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the intricacies of selecting a graded premium policy for private specialty disability coverage. He explains the differences between graded and level premiums, emphasizing the long-term financial implications of each choice. The conversation highlights the importance of understanding the terms of disability insurance policies, especially for physicians, and provides insights into when a graded premium might be a viable option. Billy also addresses the common misconception that lower initial premiums equate to better deals, urging listeners to consider the long-term costs associated with graded premiums.
Takeaways:
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Graded premiums start lower but increase over time.
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Level premiums provide stability in long-term costs.
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Understanding the terms of your policy is crucial.
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There is no free lunch in the insurance world.
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Most clients end up keeping their insurance despite financial independence.
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Graded premiums can be beneficial for guaranteed issue policies.
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It's essential to confirm the type of premium you're getting.
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Wealthy individuals often still opt for insurance coverage.
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Long-term planning is key when selecting a premium type.
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Consulting with an expert can clarify your options.
(00:20) Welcome
(00:46) Understanding Graded vs. Level Premiums
(04:15) Long-Term Financial Planning with Premiums
(06:37) When Graded Premiums Make Sense
(08:29) The Importance of Disability Insurance for Wealthy Individuals
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.
Billy Gwaltney
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