We are completely convinced that every physician should have an individual disability insurance policy. But what if you waited too long, or your medical history prevents you from qualifying for one? In that case, group coverage may be a good option.
In this episode, Billy discusses when you should opt in to your employers disability insurance, what to look out for when it comes to group coverage, and pitfalls that could leave you without insurance, even if you’re part of the policy.
Highlights from this episode include:
- The only people who should rely on group coverage and why it could bankrupt you if you don’t fall into that category (1:14)
- Why “adverse selection” can render group disability benefits worthless (2:16)
- Does your group policy define your occupation this way? If so, it could mean you get paid $0, even if you become disabled (3:00)
- The devious way coverage on your group policy can change without you even knowing about it (4:55)
- The spectacularly confusing way definitions vary in group disability policies and how it can destroy your financial plan (6:35)
- The ONLY way to ensure you actually protect your ability to earn a living with a group policy (7:30)
To ask questions on insurance coverage or to get a quote, please don’t hesitate to call us anytime at 704-270-2376, and I’d be glad to discuss your specific situation with you.