95. A Disability Insurance Deep Dive | What to look for in a policy, why it's so often a fight with insurance companies, and how to collect

Our guest today is Dr. Stephanie Pearson, founder and CEO of Pearson Ravitz, an insurance advisory firm that specializes in disability and life insurance for healthcare professionals. In this episode we break down disability insurance start to finish: what to look for in a policy, pitfalls and traps, the deal with disability coverage through work, the steps you need to take in order to collect disability, why insurance companies so often put up a fight in paying, and much more.  Guest bio: Before beginning her career in insurance, Dr. Pearson was in the prime of her career as an OB/GYN when she suffered a shoulder injury at work that soon prevented her from practicing medicine. Her struggle navigating the disability claims process and the challenges of losing her identity as a physician drove her to become a passionate advocate and advisor to her peers on the importance of disability insurance. Stephanie dedicated herself to educating others on the vital need to have the appropriate policy (something she had lacked) and decided to become an insurance broker; specifically, the rare type of broker who follows her clients throughout their careers, advising them continuously as their life circumstances change. Awake and Aware | Our 2024 Live Event Join us at Awake and Aware 2024, a transformative 3-day workshop from May 1st to 3rd in Bend, Oregon. Mitigate stress and stay cool under pressure. Create the mindset you want and lock it in. Limited slots. Website: Awakeandawarebend.com 16.25 Hours Category 1 AMA CME  The Flameproof CourseCohorts 1 and 2 sold out. Cohort 3 begins Sept 10, 2024. This is the hidden anti-burnout curriculum we all should have learned in training. Get the deets Out on TimeStay out of chart debt. Document like a legend. Get home on time! Begins August 15, 2024. Learn more here For full show notes of this episode and all sorts of other goodies, visit our podcast website We discuss:Getting paid a disability benefit from a group vs private policyThe history behind insurance companies heavily scrutinizing physician disability claimsThe fundamental differences between a disability policy you get through work vs. one you buy on your ownThe important fine print in a private policy: specialty-specific and own occupationCan you still have a job that makes money and collect disability payments?The essential questions to ask an insurance agent when shopping for a disability policyWhat in insurance expert looks for in a policy to see if it’s solidDisability policy discountsThe elimination period/waiting period of long term disability policiesIs it worth it to buy short term disability coverage?The steps to take if you think you might need to file for disability Black and white vs. gray cases- why some claims are challenged and others sail throughIs there a penalty if you start the process of filing a claim but don’t file it?Why some specialties pay more for disability than othersThe importance of getting private disability insurance when you’re a trainee/residentThe disability insurance trainee packageThe big question - why should you...