How much life insurance should you have?

A question we’re commonly asked is how much life insurance should I have? There are three primary approaches to calculate how much life insurance to buy. The first approach is mirroring your colleagues/friends. Ask around to find out how much others have and buy a similar amount. This is the easiest approach but often results in too little coverage. The second approach is buying a multiple of income. Insurance companies will offer up to 25 times someone’s annual income in life insurance. But this approach still works off of an estimation and not…

Should I get specialty disability insurance coverage while in residency or fellowship training?

You might be thinking, “Should I buy specialty disability coverage while I’m still in residency or fellowship training?” Simply put – YES. First, you need to get it while you’re healthy—Medical underwriting approval is typically required due to the comprehensiveness of specialty disability coverage. This approval is not guaranteed in the future. Second, it’s usually less expensive —The discounts we’ve obtained for residents and fellows are substantial and remain after you graduate. Many of these discounts are not available after graduation. Third, you can qualify for a Future Insurability Option—This allows you to…

How much Disability Insurance can I get?

We’re often asked, “How much disability insurance am I eligible for?” Typically the maximum benefit someone can be covered for is 65 to 70% of adjusted gross income However, how much you actually receive can be much less. Why? Because most group disability benefits through an employer are taxable income, while individual policy benefits are not taxable income. For example, Dr. Pepper becomes disabled and receives $10000/month from her group long-term disability policy. But because this is taxable income, she’s only able to use $6500 of this amount for living expenses. However, Dr….

Do I need to supplement my group disability insurance with an individual policy?

You might be wondering if a group long term disability provided by your employer is enough to cover you if you become disabled. Most employer provided policies cover a percentage of income up to a maximum cap, to normal retirement age. While this sounds good, an important factor is that group policies usually cover all employees regardless of their health. This creates significant gaps. First, to reduce costs, group policy benefits are typically reduced by any social security or workers compensation payments, or other sources of income. Also group policies almost always have…

Your Most Important Financial Asset Is…

You might be surprised to learn that your most important asset is not your retirement account or real estate…it’s your ability to get out of bed every day, go to work and earn a good income. You and your family’s way of life depend on this asset. So if something happens to derail its performance, it is vital to be sure this asset is properly insured. According to the Council for Disability Awareness, over 1 in 4 of today’s 20 year olds will become disabled before they retire. This is why adequate disability…

How long could you last without a paycheck?

Have you ever wondered how long you could survive without a paycheck? According to the Counsel for Disability Awareness, more than 1 in 4 20 year olds will be disabled for at least 90 days during their career, which will have a serious effect on their paycheck 1 in 8workers will be disabled for five years or more during their working careers. A typical female, age 35, with a professional occupation, average height (5’4”) and weight (125lbs), non-smoker, and who leads a healthy lifestyle – has a 24% chance of becoming disabled for…

Should I work with a disability specialist even if I already have a financial advisor?

You might be thinking, “Is it important to work with a disability insurance specialist even if I already have a financial advisor?” The answer to this is absolutely, yes. A really good disability insurance specialist takes the complex, quirky, and some might even say weird, concept of own occupation disability insurance, and makes it easy. There are multiple components, definitions and terms that make up quality disability coverage. If any of these are missing, you could easily regret it at claim time. Of course by then it’s too late to close any gaps….

What happens to my Disability Insurance if I recover and return to work?

An important question to consider is, “What happens to my disability insurance if I medically recover from a disability but my income does not ‘recover’?” According to the Council for Disability Awareness, the average length of disability for professionals is 82 months. Once someone is no longer medically disabled, most group and even individual disability policies stop paying benefits right away or shortly thereafter. The problem with this is a person’s income often does not return to its pre-disability level. In some cases it may never return. This is why it’s vital to have…

How Do I Know If My Policy Really Contains The True Specialty Definition of Disability?

An important question to answer with certainty is, “How do I know if my policy, in fact, has the true specialty definition of disability. There’s a lot of confusion surrounding this issue. The true specialty definition of disability contains two components. First, you’re considered to be disabled if due to illness or injury you’re unable to perform the material and substantial duties of your occupation at time of claim. If you’re a physician or dentist, your occupation can mean a specific, professionally recognized specialty or subspecialty. AND second, you can earn any amount…

What is the ‘Specialty Occupation’ Definition of Disability?

A question we’re commonly asked is,“What is the ‘specialty occupation’ definition of disability? This states that you’re totally disabled, if due to illness or injury, you’re unable to perform the material and substantial duties of your occupation at time of claim. If you’re a physician or dentist, your occupation can mean a specific, professionally recognized specialty or subspecialty. This definition allows you to earn any amount of income from a different job while on claim and continue to receive full policy benefits. For example, a surgeon becomes disabled because of a back problem…

Billy Gwaltney was recommended to me by a friend, and time and again, I am very glad I received that recommendation. Billy has impeccable knowledge about physician disability insurance plans, and he helps you to navigate through the information with great skill. Billy is highly accessible, and he is incredibly responsive to any requests. I really cannot imagine working with anyone else for my life or disability insurance needs. I cannot endorse him highly enough!

-Dr. Wesley, Infectious Diseases Physician

Read More Testimonials