Grand Rounds - What to know about disability insurance with Dr. Stephanie Pearson
May 20, 2024
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Dr. Stephanie Pearson, a former OB-GYN turned disability insurance broker, educates physicians on the importance of disability insurance. She discusses the challenges in understanding policy language, emphasizes the need for tailored coverage, and explores the differences between insurance agents and brokers. The podcast delves into the complexities of disability insurance policies, including gender-based pricing and the impact of income levels on coverage eligibility. It also highlights the implications of various medications on insurance policies.
Physicians must understand 'own occupation' and 'total disability' policy terms for adequate coverage.
Group disability policies may require supplementation with private policies for comprehensive protection.
Deep dives
Disability Insurance Importance and Expertise
Understanding the significance of disability insurance for transitioning physicians, Dr. Stephanie Pearson, an ex-OB-GYN, shares her journey from injury to becoming a disability insurance expert. Her personal experience emphasizes the crucial need for physicians to protect themselves financially.
Key Questions when Shopping for Disability Insurance
Dr. Pearson highlights the importance of understanding policy language, especially 'own occupation' and 'total disability' definitions to ensure appropriate coverage. She recommends caution regarding group policies, stressing the need for supplementation with a private policy for comprehensive protection.
Navigating Policy Limits and Guaranteed Standard Issues
Navigating policy options involves understanding coverage limits based on individual circumstances and career stage. Dr. Pearson discusses guaranteed standard issue policies as alternatives with no medical underwriting, emphasizing the advantages for trainees and the impact of employer-provided policies.
Securing Insurance Coverage for Physician-Specific Needs
Addressing common insurance inquiries and concerns, Dr. Pearson sheds light on the gender-based cost differences in disability insurance and the necessity of tailored coverage for physicians. Discussions range from policy portability to duration limitations and the importance of disclosing medical information accurately.
This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
Dr. Stephanie Pearson once practiced as an OB-GYN, but an injury during a delivery changed the trajectory of her career. She now is a disability insurance broker who counsels other physicians in the best ways to protect themselves and their income. She shares her experiences and knowledge with us today and takes some of the mystery out of shopping for the best disability policy. Work with Stephanie and her team: http://pearsonravitz.com
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