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When it comes to policy shopping, you might combine disability coverage with life insurance. But you want to make sure you get the most protection (without paying the most in fees).

There are a few things to consider in the underwriting process of combining plans. Getting the best rates is about knowing how discounts work for you.

In this episode, you’ll discover how to find the best rates for combining plans (and if it’s the right move for you).

Highlights from this episode include:

  • The most efficient underwriting process for getting $1 million of no-exam coverage. (1:04)
  • Why purchasing life insurance at your healthiest locks in the best rates right now. (2:26)
  • The ‘Smart Term’ strategy for making coverage less expensive and longer-lasting.  (3:58)
  • Why life insurance is the best way to protect your wallet today. (5:06)

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.

Read Full Transcript

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.

(00:28): Welcome 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. As always today, we're going to talk about, is it important to buy life insurance when you're also buying specialty disability coverage? And that's a great question question that comes up a lot. A lot of our clients when they're purchasing specialty disability coverage are doing so while they're in training. And so budgets are tight, perhaps they they're not married or don't have dependents yet. And so the question comes up, Hey, is this something that I should think about it is worth considering for a handful of reasons. One of those is that you're going through the medical underwriting for the disability anyway. And so the idea of killing two birds with one stone is something to think about because the underwriting process is similar.

(01:16): If you're buying your life insurance with the same company that you're getting your disability coverage from, then they can utilize the same application, the same phone interview that you may be doing for the disability coverage. If it's a different company, you may have to duplicate those. But since you're in that frame of mind anyway, for the disability, it can make it smoother and easier and quicker to do the life insurance. At the same time as food for thought, you can often get up to a million dollars of life insurance without the insurance physical they're still medically underwriting. You like they are for disability, but they're just doing it electronically and over the phone, but you would not have to do the urinalysis, the blood profile re kg, those kinds of things. Some companies do allow you to get higher than a million, but the restrictions are a good bit tougher.

(02:05): The majority of people that apply for higher amounts without labs don't get through without needing labs. At least that's the feedback I've gotten from the top companies, even over the last couple of weeks. And so it is generally doable. At least for the clients we work with to look at a million without having to go through the insurance. Physical. Another reason to consider now is locking in your good health. Even if you don't have dependents, even if you don't have a family yet, or if you're one of the fortunate ones that doesn't have a lot of debt, maybe you don't own a home yet. Life insurance underwriting is different than disability, underwriting, disability underwriting with our clients. You know, the discounted rate that we talk about is generally the rate they can obtain if, if clients are healthy ish, okay, so it may not be perfect, but if they're generally healthy than, than the rates, the rate with life insurance, it can a lot pickier.

(03:00): There are for most companies anywhere from three to four non tobacco medical underwriting classifications, and you can get credits for family history for better cholesterol, height, weight, and which means you can also get deemed for those things. And so getting the best rate is usually easier to do the younger. You are not always, but usually speaking generally to a large audience that might be listening to this, the healthier or the younger you are, the healthier you tend to be, or at least in a lot of cases, you may stay this healthy, but you likely won't get healthier. And so locking in your good health, whatever level that is, is wise to consider because an insurance company will give you the coverage when you probably, or perhaps think you need it the least. So while we feel the most healthy, the most invincible is generally the time that we should think about insurance, because that's when an insurance company will give us the best rate.

(03:58): Another reason to consider it is the term insurance is really cheap. Typically, especially compared to the disability coverage, you can get a million dollars of coverage for 20 to $50 a month, depending on your age and health and the duration of the term. And so this doesn't have to, it's not like you're doubling the cost of whatever you thought you were going to be paying for disability. It can be a good bit less expensive. You will likely need the coverage eventually. And so getting it again while you're healthy and young and getting it inexpensively is wise to consider because that'll carry forward for, if you get a 20 year term or 30 year term that can last quite a while and you will likely need the coverage. Eventually you can also, if you do it correctly, convert the term insurance to permanent coverage at the same underwriting classification.

(04:45): So even if a number of years down the road, you, you look to convert to make your coverage last longer for your lifetime. The really good health rate you got when you were younger will be the health rate that is applicable for the permanent policy. And so that's, it's just smart business to consider that. Of course it doesn't always fit into a trainee budget. And I recognize that and we have certain you know, we have clients that just simply, aren't going to get life insurance until they absolutely need it or have to, but again, it's less expensive than you might think it's worth considering because you're worth the investment. And so over the course of your career, you know, if you're a trainee and you become an attending and your career hits his stride, that's a lot of revenue that your business entity yourself is going to be generating.

(05:35): And so investing in protecting that for those that depend on it, the most is again, a smart business, at least something to consider. So those are some key highlights as to why to consider life insurance while you're buying disability. Even if you're in training and on a tight budget, it can be affordable if you do it right and securing your good health is worth looking into hope, found this helpful. Please feel free to text me anytime to arrange a conversation. My number is 7 0 4 2 7 0 2 3 7 6. And again, that's 7 0 4 2 7 0 2 3 7 6. I'd be happy to chat with you. And until next time in the meantime, have a great rest of the day, a great week. And again, this is Billy Gwaltney. Thank you for carving out a few minutes.

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