What Does "Guaranteed Renewable Only" Mean?

Expert Billy Gwaltney delves deep into the often-misunderstood term "guaranteed renewable only" and what it means for your private specialty disability coverage. If you're a physician navigating the nuances of insurance policies, this episode is a must-listen. Billy breaks down the differences between non-cancelable and guaranteed renewable policies, highlighting important factors such as rates, state regulations, and the implications for policyholders. 

Learn how choosing a "guaranteed renewable only" policy could offer substantial discounts and understand the trade-offs involved. With real-world examples and expert insights, this episode provides crucial information to help you make informed decisions about your insurance options. 

Episode Highlights: 

• The significant cost savings with "guaranteed renewable only" policies. (01:59)
• An explanation of rate increase scenarios and how they affect policyholders. (02:57) 
• How adverse selection impacts insurance companies and policyholders alike. (03:45) 
• Insights into why top carriers, like Emeritus, have maintained stable rates for decades. (04:22) 

The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You’ve spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you’ve dreamed of! Don’t let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney, head of Professional Planning Group, Inc., shows you exactly what you need to do to protect your income and way of life. 

For more tips and advice, connect with the CYA Podcast on YouTube and visit the Professional Planning Group online. Stay up to date with Billy on ⁠Facebook⁠ and ⁠LinkedIn⁠. 

If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠