Finance for Physicians

Physicians are super busy people, but the key is educating them to make the right decisions. What should every physician know about incorporating long-term disability insurance into their financial picture to help them live better lives?  

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Larry Keller, founder of Physician Financial Services. Larry is a Certified Financial Planner (CFP®) and insurance agent who helps physicians secure and maintain life and disability insurance. 

Topics Discussed: 

Basics of Long-term Disability Insurance: 

Best rates and discounts

Finding an agent

Being an educated buyer

Understanding key contract provisions

Comparing insurance companies

What is long term disability insurance?

Types of Disability Coverage: Group, individual, and association 

Special coverage amounts for residents, fellows and new in-practice physicians 

Right Time to Buy: Sooner than later and when you don't think you need it

COVID: Practices shut down, so what happens without income?

Guaranteed standard issue plans and pre-existing medical conditions

Cost range for long term disability insurance for residents and fellows

Unisex/Gender Neutral: Coverage provides blended rates for males and females

Physician and Agent Discounts: Same structure, same policy, but different prices

Own Occupation: Ensures ability/inability to do job duties for medical specialty

Lease w/Option to Buy: Graded premiums or fixed costs where coverage is same

Put in Time Now: Understand what and why you’re getting, paying, and doing

Links:

Larry Keller’s Email

Larry Keller’s Phone: 516-677-6211

Physician Financial Services

Finance for Physicians

What is a physician mortgage? How does it compare to a conventional mortgage? Why is it important to work with a mortgage lender that you trust and that also knows his or her stuff?

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Richard Ricci, a loan officer from Truist (formerly SunTrust Mortgage). Richard graduated with a business degree from the University of Florida and has made mortgage lending and quality of service his passion. Richard specializes in Truist’s industry leading Doctor Loan program. However, he is an expert in all types of mortgage loans, including conventional, VA, FHA, Jumbo, and new construction.

Topics Discussed: 

Basics of Physician Mortgages: 

How qualification works

How credit scores play into loan requirements

Best practices when shopping for lenders and comparing rates

Differences between physician mortgages and conventional loans

What’s with mortgage rates? Lowest they’ve ever been—keep getting lower

Physician Loan Benefits: Lower down payment with no PMI

Debt-to-Income Ratio: Determines maximum loan amounts

Credit Scores: Depends on lender, but higher credit score, better interest rate

All that matters? Don’t be misled by lenders’ interest rates and closing costs 

Compare and Consider: APR and lender fees on good faith/loan estimate 

15- vs. 30-Year Loan Options: Go with 30-year fixed rate, just in case 

Denied?! Gatekeeper cares, limits stress, and knows physician loan guidelines     

Links:

Richard Ricci - Truist Physician and Jumbo Loan Specialist (NMLSR #659699)

Richard Ricci’s Email

Richard Ricci on Facebook

Richard Ricci’s Phone: 855.501.6730

Richard Ricci’s Cell: 904.994.0847

Credit Karma

myFICO

Finance for Physicians

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