Hi, I'm Billy Gwaltney and this is the CYA podcast. This show is for the physician who understands the importance of protecting everything you've worked so hard to achieve. Each week I'll bring you tips and advice to help you cut through the clutter and misinformation and show you exactly what you need to preserve your income and way of life. If you're ready to achieve the peace of mind that only financial security can bring let's get started.
(00:29): Come to today's episode of the cover, your assets podcast. This is Billy, Gwaltney your host, and I'm very happy to be with you today. Today, we're going to tackle the question of what if I think I'm uninsurable. When it comes to specialty disability coverage, I work with physicians all over the country and we run into situations where obtaining the insurance through medical underwriting is not a given. And so a question that may be on your mind is what if I think I'm uninsurable, let's talk about what this means. And first this is not always the case. Some people can think they're uninsurable and they're not. And so it's important to ask the question and make sure that, you know, for your particular scenario, if that's the case before you assume it's the case, we can, pre-screen informally with the top insurance companies, their underwriters will provide anonymous feedback.
(01:21): So we don't give them somebody's name or particular identifying markers, but just give them the scenario, the highlights and important details. And these underwriters are really good and upfront about telling us how they would handle the situation. They don't want to waste their time or your time. And so they're, they'll tell us how they would view it. So the first thing that's important to do is don't assume ask that's is it's important for you to know. Second is whatever the answer, if the answer is less than favorable it's not always the answer forever. And so it's wise to understand that there's some kind of timeframe or timeline when coverage could be attainable. If somebody is uninsurable right now, during the pre-screening process, the underwriters will tell us in their opinion, their professional opinion, if and when coverage could be available in the future. So if they say, Hey, we can't do anything now, there's not been enough time.
(02:19): That's elapsed since a particular event or diagnosis, we could consider after five years or at some point down the road. So they'll tell us that. And that would be important for you to know. The third thing to consider is that if you are uninsurable with the top traditional insurance companies, we can often secure coverage through Lloyd's of London or another insurance carrier or provider that specializes in own occupation coverage for people with a significant medical histories. And so just because you've had a medical event or history that makes you uninsurable with the names that most people are familiar with from a traditional disability insurance standpoint, it doesn't mean you can't get coverage and getting coverage is important because at time of claim, the name of the company on the policy is going to matter much less than what the definition say on that contract. And so these companies, the are these marketplaces like Lloyd's of London and another one or two companies that would offer coverage potentially, and it would have an own occupation definition of disability with it.
(03:26): They typically would offer coverage with a five-year benefit period or a 10 year benefit period, per occurrence. As I mentioned, it would typically include the own occupation, definition of disability. And so it's worth considering is worth pursuing, especially compared to self-insuring. I mean, everything has to be looked at in the context of compared to what if there's no other coverage available? Self-Insuring is a, is a risky proposition. And obviously if you have medical history, you would want to explore alternatives with an employer. If they have group disability, this long-term, or potentially a supplemental policy that you could buy into, that would be worth exploring as well. But having private specialty coverage or own occupation coverage is wise it also even with those. And so maybe to compliment that, and so it's worth considering what your alternatives would be. So I would just encourage you to ask and explore it. I would be happy to discuss your situation. Feel free to arrange a time. Any anytime, reach out to me, text me to arrange a conversation. My number is 7 0 4 2 7 0 2 3 7 6 again, 7 0 4 2 7 0 2 3 7 6. I'd be happy to discuss your situation at any time. I hope this has been helpful until next time. This is Billy Gwaltney. And thank you for carving out a few minutes.
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