LTDI and treatment on non-disabling injury

[Romberg45]

Nice. I’ll have to hopefully remember this in the future. It makes since that they’d do this because they have an incentive to keep me healthy. I...

[Romberg45]

Hello, I was reading my LTDI policy with Ameritas and came across this language in the policy.



My benefit amount is $3,000...

[Romberg45]

Buying insurance, but not needing insurance is cheaper than not buying insurance and needing insurance.

If you spent a total of $100k in...

[Romberg45]

I listened to the podcast today too, and I had some major red flags going up when I heard that. The CEO made it sound like a risk free 10-12% per year...

[Romberg45]

Also, let me guess, you met this guy through your residency program.

They came to my program too. It makes me want to puke.

[Romberg45]

Disability insurance from NWM is not own occupational insurance, despite what they tell you. You need to talk to a white cost investor recommended disability...

[Romberg45]

Thanks for all the answers. This is good to hear because I’ve been having some pain in my fingers, toes, and lower back, and I just didn’t want to...

[Romberg45]

This is exactly my situation right now....

[Romberg45]

I have a question about preexisting conditions and the future increase options for long-term disability.

I have a LTD policy for $6k monthly...

[Romberg45]

Hmm... I’m not exactly sure what you’re asking, nor do I know your situation. Are you a resident or attending? What’s your specialty?
...

[Romberg45]

What specialty are you applying for? I interviewed at Shreveport, and it was literally the worst program I have seen. The chief resident basically told...

[Romberg45]

I never do these donations, mostly because the restaurant will steal the credit for it. For instance, “would you like to donate $1 to the Ronald McDonald...

[Romberg45]

I have a friend who is working in Washington State. Long story short, his clinic received an "anonymous" complaint that he provided inappropriate...

[Romberg45]

My bike was stolen the other night from my apartment. It was inside a locked garage and the people came in and cut my lock and stole my bike.
...

[Romberg45]

Thanks...

[Romberg45]

My question is more out of curiosity. But why do most people recommend you put the majority of your stocks in domestic funds? It seems like most people...

[Romberg45]

My question is why do you need an FIO of up to $15k if you already have $15k in benefit? Unless you mean you can increase your benefit to a total of $30k....

[Romberg45]

I never understood the idea of getting enough umbrella insurance to cover your net worth.

If you’re worth $1 million and have a $1 million...

[Romberg45]

That’s a stupid comment.

If one is riding a bicycle on mixed pedestrian/bicycle paths and riding a bicycle on the roadway, I think it’s...

[Romberg45]

I am currently an intern.

I commute almost daily with my bicycle to work, buy groceries, etc.

Today, while biking to the hospital,...

[Romberg45]

I would recommend against that. Highly
unethical. Even if it did go through, how would you feel knowing you stole 75% of the money from someone...

[Romberg45]

I guess it depends on how much the policy costs and how much you’re willing to spend to have a happy wife.

If the policy costs less than...

[Romberg45]

I would probably look into getting a new policy with one of the agents on here. My reasoning would be because you want to maintain your insurability as...

[Romberg45]

I just read the statute on wills in my state and it appears that you need either two witnesses or a notary for the will to be valid, but the validity...

[Romberg45]

Hi,

I just made an online will today. On the instructions, it says I must have two witnesses be present with me at the notary's office while...

[Romberg45]

I agree with you Scott. But I don’t see how getting quotes from an equally built plan could hurt. Knowledge is power....

[Romberg45]

It wouldn’t hurt to get quotes from an independent agent.

I have a policy from Ameritas for $6k benefit with an FIO for up to $20k and...

[Romberg45]

So apparently, my apartment allows me to pay my monthly rent with a credit card without any convenience fees, so I will obviously be doing this for the...

[Romberg45]

Car accidents are getting more and more expensive. 10 years ago, a fender bender wasn’t all that expensive. But nowadays, they have back up sensors...

[Romberg45]

Why no quotes from the other 4 companies?...

[Romberg45]

I've had the same password for everything since high school. How do you keep up with all those passwords?...

[Romberg45]

My thought process of giving the life insurance money to my brother was so he could use it to pay off his car debt and hopefully he'd put the rest towards...

[Romberg45]

Hmmm... I've never heard of that before, but I don't think I'd be interested in a service like that. I don't think I could trust anyone with the power...

[Romberg45]

Thanks for all the responses. To clarify things, I truly have no dependents. And no assets (other than furniture, clothing, and electronics). I rent an...

[Romberg45]

Good call on the living will. Once I did my SICU rotation in a level 1 trauma center, I realized quickly I needed those. Unfortunately, I made one and...

[Romberg45]

Hi, I am a single intern without any kids. I have $50k in life insurance through my residency program (free for me), I have ~$40k in a Roth IRA, and approximately...

[Romberg45]

I agree. I think where Dave gets his number is he falsely assumes you'll get 12% earnings per year if you invest in "good growth mutual funds"....

[Romberg45]

The Dave Ramsey one-size-fits-all model is to get 10-12 times your annual income in life insurance coverage.

The physician finance bloggers...

[Romberg45]

What speciality are you?

[Romberg45]

A few things to clarify. Your definition of disability in your plan isn’t the strongest own occupation definition. You can get a definition that says...

[Romberg45]

I agree. This stuff isn't even all that expensive if you're young and healthy. An intern making $55k will be paying about $1300/yr for social security...

[Romberg45]

That is a good point, but I think every physician (assuming they're not financially independent) should have some sort of own occupation, or own occ not...

[Romberg45]

Every MD needs own specialty insurance coverage, even radiologists, in my opinion. What if you get a mild TBI to where your medical judgment isn't reliable,...

[Romberg45]

Sorry, I am just now realizing you mean Social Security Disability. I thought you meant short-term disability insurance at first.

Social...

[Romberg45]

I think the appropriate argument to get insurance during residency is in case you get disabled during residency. I'd hate to get disabled during residency...

[Romberg45]

This would depend on multiple factors.

1. Different programs could possibly have different discounts. But assuming your fellowship is at...

[Romberg45]

I sent you a PM describing in further detail. But basically, you'll save money 100% of the time with the basic plan in your scenario no matter if you...

[Romberg45]

Hey Scott, I have a couple of questions about this. Let's say someone bought a policy at age 30 with a level premium and the disability company goes out...

[Romberg45]

Scott's very knowledgable in this area, so there's not much I can say that he hasn't, but one thing I would add is to make sure they quoted you the premium...

[Romberg45]

I'm not sure if this is the right place to post this. So feel free to move it to another forum if appropriate.

I read an article where the...

[Romberg45]

State Farm.

I got quotes from 5 different companies and found State Farm and Geico to be the cheapest.

I made a renters insurance...

[Romberg45]

I just bought $10k in personal property coverage and $300k in liability for only $8/month....

[Romberg45]

You can get liability only insurance for as little as $60/year. Someone in my apartment unit left their heater off during the winter and froze the pipes,...

[Romberg45]

Dental insurance is a misnomer. It isn't insurance at all, but rather a discount plan.

Dental insurance is usually only worth it if you can...

[Romberg45]

Thanks. I will call my agent today. I've already been approved for the policy, but I haven't signed up for the policy yet....

[Romberg45]

I am an incoming anesthesia intern. I will be doing a transitional year internship and then doing my 3 years of anesthesia, although I am in a categorical...

[Romberg45]

My car has been in two wrecks (neither my fault). The first person pulled out in front of me and I hit them with my front end going "about 20 mph"...

[Romberg45]

Buy term-life and do #4.

If you’re doing this purely for your heirs and not your own retirement, then why go low-risk super low returns?...

[Romberg45]

I don't see the pushback on the guy owning 6 cars. As long as he has his financial ducks in a row, who cares what he does with his money? Hearses don't...

[Romberg45]

OP, you might want to read this: https://www.whitecoatinvestor.com/an...-illustration/

[Romberg45]

I would argue that the odds are shaking him if he dies early or late. If he dies early, he could have bought way more of a benefit for the same amount...

[Romberg45]

I supposed it would depend on location. If it’s a busy metro where you never have a vacancy, then it’s probably not negotiable. My friend put his...

[Romberg45]

I’ve always just signed my rental leases as is. Am I making a mistake? Is that like paying sticker price for a car?

So is negotiating rent...

[Romberg45]

I don’t know you’re entire financial situation, but $700k likely may not be enough life insurance for you. And you definitely don’t need $3.2 million...

[Romberg45]

It is my understanding that umbrella insurance doesn’t malpractice claims.

Otherwise, you are correct. It would make sense to buy the...

[Romberg45]

Do you have kids? How much life insurance are you purchasing (that would be important to know)?

A general rule of thumb for life that I’ve...

[Romberg45]

From your post, it appears that you’re buying your VUL for an investment rather than for life insurance, considering you didn’t mention how much...

[Romberg45]

I’ve gotten multiple quotes so far and they’re all double the price for the exact same coverage.

I think the problem is my parents get...

[Romberg45]

I wouldn't say car insurance is a one-size-fits-all approach like the previous poster is alluding to.

I think we would need more information...

[Romberg45]

Right now, my car has full-coverage with a maximum coverage 250k/500k for the liability. Just to have it in my name, I got quoted over double the price...

[Romberg45]

No, I don't have any assets of great value other than a 4 figure Roth IRA.

I posted a question a few weeks ago about umbrella insurance,...

[Romberg45]

I have two questions.

About me: Soon to be intern. Nothing out of the ordinary to put me at a higher than normal risk for personal liability....

[Romberg45]

If you don't trust your agent, don't buy from them. Just get quotes from another person.

It is my understanding, that if you get disabled,...

[Romberg45]

But after 50 years, 200 per month at 7% interest would be ~$1 million. So at 71 years old, would you rather have $1 million cash or $1 million in life...

[Romberg45]

The policy is currently worth less than you've even paid for it. $200/month*12 years = $28,800. So it's worth less than you paid for it...

...

[Romberg45]

God, what 3rd world city do you live in?...

[Romberg45]

That makes. I suppose every person is different with different values and goals. I would bet that most people settle down and don't move cities after...

[Romberg45]

For what it's worth, Utica National Insurance Group is NOT BBB accredited, at it has 10 customer reviews with an average 1-star rating. With that being...

[Romberg45]

Different strokes for different folks, but I've made good friends with people from Airbnb. During a stay in NYC, a guy renting out the room next to me...

[Romberg45]

I would disagree because I've had wonderful experiences with Airbnb. In my experience, I get 3 times nicer places for 1/3 the price.

Granted,...

[Romberg45]

Yes, I definitely want to be like the guy from your residency. I have a 4-year payback where I will be making fair market salary for an anesthesiologist....

[Romberg45]

What I really like about renting is that I can move around as much as I like, once the lease is up. If I rent a place that's 30 minutes from the hospitals...

[Romberg45]

Thanks for the input. It sounds like you're saying it wouldn't really financially hold a high-income professional back just because they chose to rent...

[Romberg45]

Luckily, I'm not doing military, so I can't be deployed.

That is a good point about rental housing. They're almost always basic houses instead...

[Romberg45]

Thanks for the reply.

I am an incoming intern in anesthesia (4 year residency) and I will have a 4 year payback to good 'ole Uncle Sam....

[Romberg45]

100% agree. You leverage your gains but also leverage your losses.

It will probably be best for me to rent until I have a family. If I never...

[Romberg45]

I am young and have no experience with owning a home. I am curious as to how much you’ve spent in repairs over the years compared to the property value....

[Romberg45]

Good points. Generally speaking, you probably can't rent very many houses in those types of neighborhoods since most people probably own there....

[Romberg45]

Market timing definitely is key in buying a house. More so than the stock market since you can't time cost average your home purchase over time like you...

[Romberg45]

That is definitely true. As a single person, I would 100% be renting a 1 bedroom apartment, or at the very maximum, a 2-bedroom duplex. However, if I...

[Romberg45]

People always seem to emphasize buying a home in a good school district, even if you don't have kids, for the resale value. As long as we don't have school...

[Romberg45]

These are all good points. I think a flaw in my initial post was to assume you are either renting or buying throughout your entire life when in fact you...

[Romberg45]

Yeah, I'm glad I'm thinking about this stuff early in life (26 yo). I agree with the additional costs you pointed out with the exception of principal,...

[Romberg45]

Yeah, I could see that side of homeownership being desirable for some people. My dad is proud of his lawn and my mom enjoys working on her flowerbed....

[Romberg45]

This is not your typical buy vs. rent scenario. I'm asking if, over one's lifetime, do you save a significant amount of money owning a home vs. renting...

[Romberg45]

I've wondered the same thing about diagnostic radiology. I'm trying to talk my friend into buying disability insurance.

[Romberg45]

As an incoming anesthesia resident, I am jealous of your ability to have the option of obtaining full mental/nervous coverage, because I am forced to...

[Romberg45]

Huh, I am curious as to why it seems to be so expensive for you. Are you by chance from California? From my research, disability insurance is more expensive...

[Romberg45]

Do you use tobacco by chance? Because that will significantly increase your premiums....

[Romberg45]

Scott, Thanks for the responses. You've been super helpful.