What Every Physician Should Know about Long Term Disability Insurance with Lawrence B. Keller, CFP®, CLU®, ChFC®

Physicians are super busy people, but the key is educating them to make the right decisions. What should every physician know about incorporating long-term disability insurance into their financial picture to help them live better lives?  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Larry Keller, founder of Physician Financial Services. Larry is a Certified Financial Planner (CFP®) and insurance agent who helps physicians secure and maintain life and disability insurance. 

Topics Discussed: 

• Basics of Long-term Disability Insurance: 
  • Best rates and discounts
  • Finding an agent
  • Being an educated buyer
  • Understanding key contract provisions
  • Comparing insurance companies
• What is long term disability insurance?
• Types of Disability Coverage: Group, individual, and association 
• Special coverage amounts for residents, fellows and new in-practice physicians 
• Right Time to Buy: Sooner than later and when you don't think you need it
• COVID: Practices shut down, so what happens without income?
• Guaranteed standard issue plans and pre-existing medical conditions
• Cost range for long term disability insurance for residents and fellows
• Unisex/Gender Neutral: Coverage provides blended rates for males and females
• Physician and Agent Discounts: Same structure, same policy, but different prices
• Own Occupation: Ensures ability/inability to do job duties for medical specialty
• Lease w/Option to Buy: Graded premiums or fixed costs where coverage is same
• Put in Time Now: Understand what and why you’re getting, paying, and doing

Links:

Larry Keller’s Email

Larry Keller’s Phone: 516-677-6211

Physician Financial Services

Finance for Physicians