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Welcome to the latest episode of the Physician Cents Podcast, where we explore complex financial topics tailored specifically for physicians. Whether you're a medical student, resident, fellow, or attending physician, you're going to find valuable insights that can help you increase your financial IQ, further your financial journey, and improve your overall well-being. Hosted by Chad Chubb and Tyler Olson, let’s dive in!
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Disability insurance protects one of your most valuable assets: your ability to earn an income. For physicians, this coverage is essential. Years of training and high potential earnings create substantial financial stakes. If illness or injury prevents you from working, disability insurance ensures your financial stability and career plans stay on course.
Let’s dive into why disability insurance matters for physicians, what Guaranteed Standard Issue (GSI) plans offer, and how to make the right choice for your situation.
Physicians invest countless hours and years into their education and training. The payoff is a steady, often substantial, income. That income supports your family, pays down medical school debt, and builds long-term wealth. But what happens if you can't work due to illness or injury?
This is where disability insurance becomes critical. Without coverage, a sudden loss of income could derail your financial plans. Whether you're still in residency or already practicing, having disability insurance secures your financial future against the unexpected.
A Guaranteed Standard Issue (GSI) plan is a type of disability insurance designed to simplify the approval process. It skips the in-depth medical underwriting required by traditional policies, making coverage accessible even if you have medical conditions.
These plans typically offer streamlined enrollment through hospitals, residency programs, or medical institutions. GSI plans are particularly important for physicians who might otherwise struggle to qualify due to health issues or prior insurance denials.
Physicians face unique risks when applying for disability insurance. Insurance companies assess your eligibility based on medical history, prescription records, and other factors. Here are some common reasons insurance applications get declined or modified:
These risks illustrate why GSI plans are a game-changer for many physicians. They provide guaranteed coverage without the barriers of medical underwriting.
GSI plans are often available to residents, fellows, and sometimes medical attendings through their affiliations with hospitals or programs. However, the availability of these plans varies widely across institutions.
Some hospitals promote GSI opportunities actively, while others rely on specific agents to inform physicians. If you’re unsure whether your institution offers a GSI plan, persistence is key. Check with Human Resources, Graduate Medical Education offices, or experienced colleagues, as these programs often aren't well-advertised.
GSI plans offer significant benefits, especially for physicians early in their careers.
Certain scenarios make GSI plans invaluable. Here’s when you should prioritize them:
While GSI plans come with limits, such as maximum monthly benefits between $10,000 and $15,000, they remain a robust choice for many physicians.
GSI plans aren’t perfect for everyone. Here are instances where traditional disability insurance might be a better fit:
When in doubt, consult with an experienced agent to assess your unique needs.
Choosing the right insurance agent can make or break your experience. Physicians, busy with clinical duties, often rely on trusted agents to guide them through the process. Here's how to find the right fit:
Red flags to watch for include pushy sales tactics, lack of transparency, or prioritizing commissions over your needs.
Physicians often miss out on important insurance opportunities due to misinformation or inadequate preparation. Here are common mistakes and how to avoid them:
Remember, disability insurance is too vital to leave up to chance.
Disability insurance isn’t just a safety net; it’s a financial lifeline. If illness or injury prevents you from practicing medicine, your policy steps in to protect your income and keep your plans on track. Without it, the financial impact on your career, family, and goals could be devastating.
GSI plans streamline this crucial protection, making it accessible to more physicians. While they may not fit every need, their guaranteed coverage and simple enrollment process make them an excellent starting point.
For physicians, acting early with disability insurance is key. Whether through a GSI plan or a fully underwritten policy, having coverage ensures your years of hard work and future income are safeguarded. The decision doesn’t have to be overwhelming—find an experienced, trustworthy agent, explore your options, and make the choice that fits your needs.
Your income powers everything else in your financial plan. Protect it today and set the foundation for a secure and successful career.
The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don’t expect!) about a sponsor, please let us know. We call it the “best of the best” for a reason, and we will maintain that standard for our listeners & viewers.
This information is for general purposes only. This information is not intended to be a substitute for specific professional financial, tax, or legal advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.
Wealthkeel’s Advisory Services and Financial Planning offered through Vicus Capital, Inc., a Federally Registered Investment Advisor. WealthKeel LLC, 615 Channelside Drive, Suite 207, Tampa, FL 33602 -- 267.590.9533.
Olson Consulting LLC, Offering Advisory Services and Financial Planning, is a State-Registered Investment Advisor.
This podcast is intended for general public use and is for informational purposes only. The Physician Cents Podcast is not affiliated with or endorsed by Park Avenue Securities, Guardian, or Physician Financial Services and opinions stated are their own. Lawrence B. Keller is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 355 LEXINGTON AVE, 9TH FLOOR, NEW YORK NY, 10017, 212-261-1850. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Physician Financial Services is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License #0C37340, AR Insurance License #10572297397688.1.
A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.
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Conversations helping graduating medical students to attending physicians build a strong financial foundation
