In this episode, we discuss why the wrong first step can limit your options—and how physicians and their families can protect the income supporting the life they worked so hard to build A physician's income may look secure—until an illness or injury changes their ability to work. For medical families, that risk is about far more than a paycheck. Physician income may be supporting student loan payments, housing, childcare, retirement goals, and the future a family spent years delaying gratification to build. Protecting that income is part of protecting the family's stability, choices, and peace of mind. In this episode of the Physician Finance Series, Dr. Lisa sits down with Lawrence "Larry" Keller, founder of Physician Financial Services, about what physicians and their families need to understand before purchasing disability insurance. Larry explains disability insurance in practical terms: What happens if a physician becomes too sick or injured to continue performing the specific duties they were trained to do? He breaks down why policy language matters, including own-occupation coverage, partial disability benefits, recovery benefits, future increase options, and cost-of-living adjustment riders. The conversation also examines Guaranteed Standard Issue disability insurance, commonly called GSI. For eligible residents and fellows, GSI may provide access to an individual, portable disability insurance policy without traditional medical underwriting. Medical history, prescriptions, prior surgeries, therapy, pregnancy, and other health factors may therefore be treated differently than they would be in a medically underwritten application. But timing matters. In some circumstances, applying for medically underwritten coverage before confirming whether a GSI plan is available can reduce—or even eliminate—access to certain GSI options. Larry explains why residents, fellows, spouses, and even Graduate Medical Education departments may not know a plan exists, why not every insurance agent can offer one, and why physicians should ask direct questions before signing an application. This episode covers: What disability insurance actually protects Why a physician's specialty and daily duties matter The difference between total, partial, and residual disability coverage Why own-occupation language deserves careful attention What Guaranteed Standard Issue disability insurance is Why residents and fellows should investigate GSI before applying elsewhere How therapy, prescriptions, prior surgeries, pregnancy, and other health factors may affect underwriting Why physicians practicing on visas need to understand overseas benefit provisions How employer-sponsored coverage may—or may not—protect bonuses, RVUs, additional shifts, and other income What attending physicians can explore if they did not obtain coverage during training How spouses and partners can help gather information and ask better questions Why the lowest premium and a simple comparison spreadsheet do not tell the full story Larry also explains why physicians do not need to become insurance experts—but they do need to consult experienced professionals, ask better questions, and understand what they are purchasing before they commit. For residents and fellows, the central takeaway is clear: before submitting a medically underwritten disability insurance application, determine whether a GSI option is available through your institution. For attending physicians, this conversation is not intended to create regret or panic. It is an invitation to review your current coverage, understand what it protects, and explore what options may still be available based on your present situation. For spouses and partners, this episode provides practical questions and language to participate more confidently in a decision that affects the security of the entire family. Listen and share this episode with a resident, fellow, attending physician, medical student, or physician spouse who needs to understand what is at stake before checking disability insurance off the financial to-do list. Be sure to subscribe so you never miss your dose of MedLife support. Meet Lawrence Keller Lawrence B. Keller, CFP®, CLU®, ChFC®, RHU®, LUTCF is the founder of Physician Financial Services and has spent more than 35 years helping physicians and other healthcare professionals address their disability insurance, life insurance, and financial planning needs. His work focuses on the specific financial concerns of members of the medical profession, including residents, fellows, attending physicians, and physician families. Larry regularly lectures to residency and fellowship programs and contributes to physician-focused blogs, podcasts, and educational platforms. Known for his detailed understanding of physician disability insurance, Larry helps clients evaluate policy definitions, underwriting considerations, institutional discounts, Guaranteed Standard Issue opportunities, and the relationship between individual coverage and employer-sponsored benefits Connect with Larry: Physician Financial Services* Visit physicianfinancialservices.com *Visit the website to download your free GSI Disability Insurance Guide for Medical Residents & Fellows as a gift from Larry. Email Lawrence Keller LKeller@physicianfinancialservices.com Phone (516) 677-6211 Disclaimer: This podcast is intended for general public use and is for informational purposes only. Please consult a qualified professional regarding your individual situation. The MedLife Support Podcast is not affiliated with or endorsed by Park Avenue Securities, Guardian, or Physician Financial Services and opinions stated are their own. Lawrence B. Keller is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 777 Third Ave, Suite 1703, New York NY, 10017, 212-541-8800. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Physician Financial Services is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License #0C37340, AR Insurance License #1057229. 7545285.6 Exp. 6/28