Specialist Series: Disability Insurance with Max Miller

What's so great about GSI? No medical underwriting. With GSI, there's no need for a medical exam. It's a breeze for those with a history of medical conditions, and it may be a smart option for those without medical conditions to consider. Group pricing perks. GSI usually comes with group pricing, which can sometimes mean cheaper premiums. In many instances, GSI policies cost less than fully underwritten policies. However, because these policies are guaranteed, sometimes the premiums can come in a little higher than fully underwritten plans, so it's always best to shop and compare. Full package. GSI plans often offer almost all the features that you'd find in traditional plans with medical underwriting, with just a few differences and limitations. Portability. It goes where you go. GSI plans are like a trusty sidekick. You can take them with you, even if you switch jobs. GSI policies have drawbacks, too. There's less customization. You might not have as many choices with GSI disability insurance compared to individual, fully underwritten disability insurance. Some features available through traditional underwriting may not be available under a guaranteed issue plan, such as retirement protection, higher cost of living riders, and catastrophic disability coverage. Group risks. Your rates and coverage depend on the group's health and occupational profile. GSI can make coverage more accessible and cost-effective, but it may come with standard terms and limitations for the entire group. Some limits. GSI policies could have limitations, especially when it comes to mental health and substance abuse risk. 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.