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Disability Insurance Secrets: What You Need To Know NOW - YouTube
Channel: ZDoggMD
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- Matthew Wiggins from Pattern.
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Welcome back to the show.
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We're back,
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because it's residency graduation season
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is coming up
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and disability insurance,
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which we talked about on a previous show,
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is now becoming crucially important
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because the timing of the
purchase is important.
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Fill us in right now, tell us
what the people need to know.
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- So, so residents and
fellows typically get
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about like 10 emails a day
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towards the end of
residency and fellowship.
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And it's easy to ignore.
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It's easy to say, Oh, this
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this is just some kind of
salesmanship or something
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and I'm just gonna ignore everything.
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The problem is this is actually one
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of the most important
foundational financial aspects
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of your life to nail down
before you leave training.
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And the reason is, is because
when you're in training
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these insurance companies want
you to buy a policy early on,
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right? They want you to pay premiums
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over a longer period of time.
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So they actually give residents
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and fellows discounts and
they can be 10, 20, 30% off.
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And not only does that lock in your rate
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at a good bit cheaper rate
for your disability insurance
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but let's say you buy a $5,000 policy when
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you're getting out.
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That means it'll pay you 5,000 a month.
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If you get disabled
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and you want to increase
it at 10,000 a month
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maybe I don't know, five
years down the road.
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If you get the resident
discounts locked in,
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resident fellow discounts locked in.
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It also applies to your
increases in most situations.
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So it not only saves you that money now
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on the maybe smaller policy you get,
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but as you make more income,
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you need to increase your coverage.
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The discount still in
most cases gets applied
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to the increase, even down the road.
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So it's a big money saver.
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Now it's a big money saver later.
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And with as important as
the disability insurances
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and you're protecting your income
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you really want to get it
done at the right time.
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And it really is like one day you're
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in training and you have
these discounted rates.
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And then the next day they
have no, no sympathy on you.
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You know, they give you the full rate.
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- So this is crucial because
the timing is so important
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because I remember they
were pitching it to me
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when I was graduating.
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And I'm like, Oh, I'm joining a group
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and it's not gonna matter.
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And I'll be taken care of,
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wrong, wrong, wrong, wrong, wrong.
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Because my group disability insurance,
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turns out was taxable.
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So instead of getting 60% of my income,
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I was getting 30% of my
income if I got disabled.
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And the other issue is
if I left that group
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that policy doesn't follow me.
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So if you get the policy
yourself, yeah, you got to
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pay the premium, but it's post tax money.
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You get it, when you're, when you get paid
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the disability policy amount,
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that is not taxable.
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It goes with you where you go
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and it's scalable like you said,
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at the potentially at
the same district right
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- It is scalable. And a
lot of times it's scalable
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without having to prove your health again.
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So without any more physicals,
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no more medical record
checks, anything like that.
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So the, the younger and healthier
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and the most discounted rate, you can get
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you want to lock all that in early.
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So that then when you
increase it later is cheaper.
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And a lot of times the ability
to increase it as guaranteed.
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So
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- And the other thing we need
to realize people think, well
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why do I even need disability insurance?
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But the thing is, a lot of
people think, Oh, trauma, trauma
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trauma for disability.
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If I, I got injured.
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I got in a car accident.
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They forget that a lot of this,
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maybe the majority of this is illness.
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So you get sick,
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including mental health issues, etc.,
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disability covers that.
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And this is insurance on your income.
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So it's so important to
actually take it seriously.
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- Yeah. Well, you know,
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different studies show
around three-fourths
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of all disabilities are
illnesses and not accidents.
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So everybody thinks like,
Oh, I'm not dangerous.
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I don't live dangerously.
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Or I don't drive fast
cars or whatever, you know
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but really cancer, mental
illness, arthritis.
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There's so many illnesses
that affect doctors
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that aren't just accidents.
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And like I said,
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75% are from illness and
really can't plan that.
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Or no one is going to happen.
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- Yeah. And again, it's crucial
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because when you're young,
it's when you really need this.
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So people are like, well, why
should I start paying now?
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And, you know, I'm more
likely to get disabled when
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when I'm older or something
have, no, no, no, no, no.
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Because this is when
you have the most loans,
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you have the lowest income.
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You need that insurance policy, because
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if something happens, you are
going to be in big trouble.
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- (Matthew) Right.
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And in our last show, we
went through all the details
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which I'm going to link through here.
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The way people can find you
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is through a link we're sharing. Right?
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- Yeah. Really just click on the link.
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And we try to take this thing
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and make it really simple, fast and easy.
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We know you don't have a ton of time,
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so we try to make it nice and slick.
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And so you click on that
within 24 to 48 hours,
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we're looking at all six of
your own occupation options
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side-by-side and educating you on them
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and really individualize it to you.
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And then, you know,
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if it's something you
want to take advantage of,
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you can get your resin or
fellowship discounts locked in.
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We'd love to help you with that.
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- And this is key,
definitely click through
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because you said something own
occupation, which we talked
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about on the last show,
which is so important,
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own occupation is a rarity
in the disability insurance.
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And it means that if you're disabled
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and unable to do your own specialty
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whether it's neurosurgery or
ophthalmology or psychiatry
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you get paid, and you can go
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and get another job doing something else
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without effecting your benefits.
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But a lot of disability
insurance is not own occupation
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including a lot of group plans. Right?
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- Yeah, that's right.
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So that's why it's so important
to learn these things.
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Definitions actually matter,
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in disability, insurance, life insurance.
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It's like, you know, I mean,
it is what it is, right?
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But disability insurance
is it own occupation.
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There's even things called riders on them
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that help you to get special
cost of living adjustments,
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as you're disabled to help with inflation.
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There's things that will
pay you partial benefits,
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if you're partially disabled.
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So there's so much to be educated on.
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We find a lot of young doctors just throw
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their hands up and say,
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Well, I'll worry about it later
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at some point in time,
but then rates are higher.
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Your health may have changed.
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And so that's why when you're
younger, you're healthier,
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especially if you're in training
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and you have discounts available.
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You really want to learn this stuff now.
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And so our whole business is built around,
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making it simple and easy and educational.
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So you can be, you know,
doctors can be empowered,
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and learn what they need to learn.
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Make a good decision and get
it right to the first time.
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- Awesome. Well, we'll
have people come click
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through the link.
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Thank you again for sharing
your wisdom with us,
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especially when it's so
timely and we are out, peace.
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