This is a YouTube video titled "How To Buy Disability Insurance When You're Not Healthy" containing a discussion about strategies for obtaining disability insurance despite prior medical issues. The content includes advice on honesty with insurance agents, checking for guaranteed standard issue policies, and having agents shop around for the best options. It also includes a disclaimer about the hosts not being licensed professionals and that the content is for informational purposes only. The video was created in July 2024.
It doesn't take much of a medical problem to cause you an issue. Obtaining Disability Insurance if you have any concerns about prior medical problems or injuries whatsoever, do these three things. Number one Be honest with your agent. Don't assume the insurance company won't find out about your medical problem if you don't tell the agent about it. They have access to numerous other databases, such as the prescription drug database and insurance database, that are likely to reveal the problem. The agent can't help you if they don't know about the issue. Number two Check into whether your institution has access to a guaranteed standard issue or GSI policy. If you're still in residency or a fellowship or an academic doc, you probably do have access. If you do apply for and obtain this policy first, then go and see if you can get a better, cheaper, fully underwritten policy. Once you've been declined for a regular policy, you can't then go back and get a GSI policy. Number three have your agent shop you around informally to the various companies. They should be able to determine with a high level of confidence whether you are likely to be declined by a given company or not without actually being declined. Recognize that sometimes even the agents are surprised when you're declined, but we want to minimize that occurrence as much as possible, and the three steps above should help to do that. While it's not the end of the world if you're declined because only 6 out of 7 disability insurance purchasers don't ever actually need their policy, not having disability insurance does introduce a risk that you'll have to manage in another way.
The hosts of the White Coat Investor are not licensed accountants, attorneys, or financial advisors. This podcast is for your entertainment and information only. It should not be considered professional or personalized financial advice. You should consult the appropriate professional for specific advice relating to your situation.
