The Mensh Minute…Your Path To Financial Freedom: Recent Episodes
Daniel Mensh
Do you find yourself wondering what the differences are between many types of insurance? Are the terms used to market products overwhelming and confusing? This podcast is designed to provide brief, insightful, and helpful explanations of various types of insurance that protect assets and income in the event of disability or long term care. We all have choices…remain fearful with our heads in the sand on uncomfortable topics or choose the path to financial freedom by picking up tips to protect yourself and those you care about.
Disability Insurance can be pricey, especially when paying level fixed fixed costs. Graded payment options are ideal for medical residents and fellows to lock in more benefit at far lower costs while training with the option to fix the price once income stabilizes.
GME (graduate medical education) programs need to compete nationally for talented young physicians. One way is to offer top benefits such as Guaranteed Standard Issue disability insurance to avoid medical review and allow residents and fellows to secure policies with significant discounts.
There’s no perfect time to buy Long Term Care Insurance but certainly the younger you are and healthier you can be, the easier it is to get a policy issued.
A detailed explanation for why it’s important for medical or dental residents and fellows to lock in individual disability insurance policies before they graduate. Discounts, fixed pricing, access to increase options as income increases.
An explanation of morbidity vs mortality underwriting…chronic illness likelihood vs how long someone will live. These are totally different risk criteria.
Detailed explanation of total disability, own occupation, and specialty own occupation in individual disability insurance policies.
LTC Insurance explained…All traditional Long Term Care Insurance policies include 4 main variables. Daily/monthly amount; Length of benefit; Inflation protection; Elimination Period
Employer paid group LTD coverage becomes taxable as ordinary income so individuals need to secure personally owned tax free policies to supplement their income.