It’s easy to assume that your employer insurance coverage will protect you during a catastrophic event, but that’s not necessarily the case. To truly cover your greatest asset as a CRNA, which is yourself and your ability to earn a living, a personal disability insurance policy can be a life saver. Today we talk with BrightThink Wealth Strategies insurance specialists Robert and Kyle Smith, who specialize in working with CRNAs, to learn about the why this coverage is so critical.
Click the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
The past year in the industry has taught many CRNAs that its important to prepare for circumstances that could interrupt your ability to work. While the COVID pandemic and its impact on our daily lives is (hopefully) a very rare occurrence, the need to protect yourself is not.
That’s why we wanted to spend time talking about the importance of disability insurance. It’s not something people immediately think about, especially when their employer provides coverage, but it’s an area where many people are lacking and could leave you vulnerable.
To help us understand the value of disability insurance, we’ve asked Robert Smith and Kyle Smith to join us on the show. They both work in this industry and have a wealth of experience. That’s especially true with Robert, who has spent the past 30 years selling disability insurance to CRNAs and now has about 1,800 CRNA clients. Together they’ll take us through what they’ve learned, how they help clients, and how this coverage can help fill gaps in your income.
Just consider this stat. On average, one in four people are disabled at some point in their career and the average claim is 2.5-3.5 years. It’s clear that you are taking a significant risk to your income if you don’t own their own disability insurance.
So as you get started, keep an ear out for these topics:
- How Jeremy and Robert first met in Branson, Missouri
- Why an individual disability insurance policy is important and how to find the right carrier
- Why women pay about 50% more than men
- The coverage that you have through your employer might not be adequate.
- What options you have to cover the gaps in your existing coverage
- How policies differ if you’re a 1099 employee vs W-2
- How taxes factor into your premium
- What are the benefits of working with Robert and Kyle to add this insurance
Check it out in the interview at the top of the page and use the timestamps to help you navigate through the many topics we discussed.
2:01 – Welcome our guests today
3:23 – What we’re talking about today
4:10 – Background on Robert and Kyle
5:03 – The companies that offer disability insurance
7:26 – Do you have adequate coverage through your employer?
11:56 – Have an emergency fund
14:37 – What if anesthesia is the cause of your disability?
17:01 – Understanding your employer policy
19:01 – How does age effect your policy?
24:05 – Financial planning process
25:19 – Plans for 1099 vs W-2
30:04 – Story about someone that didn’t insure
33:21 – Advantages of working with BrightThink Wealth
36:23 – How to get in touch with Robert and Kyle
38:33 – Lightning Round
“I’m out here to try and save people from themselves, save them from making the decision to not buy this stuff. It’s critical. You have to protect your income.”-Robert Smith, Master Disability Income Specialist