Are You a Physician Paying Too Much for Disability Insurance?
Aug 16, 2013
Jamie Fleischner

Jamie Fleischner

16 Aug, 2013

If you are a physician carrying an individual disability policy, chances are you purchased it soon after your medical residency and haven’t given it much thought since.

Even if you currently have an individual disability policy, it may be worth comparing your existing policy to other options you may have available to you.

Physicians typically pay between 1-3% of their income to cover their incomes. Women pay a lot more. Their individual disability insurance policies cost between 3-5%.

If you purchased a policy when you were healthy and have had an adverse change of health, it is not recommended to replace your existing insurance as it would require new medical underwriting.

However, if you are still healthy, you ought to compare your existing coverage to new coverage. The difference in price may surprise you.

To save the most on your disability insurance, look for available discounts. These can be association discounts, employer sponsored discounts or unisex rates. Some companies that offer unisex rates still have additional employer sponsored discounts which will help reduce the rates for men. Women save the most on unisex rates, approximately 55%.

Make sure the policy you are looking at is comparable to your existing policy. You do not want to compromise the quality of coverage. Ensure the new policy has own occupation language in the contract that will cover you if you can’t work in your medical specialty.

For more information about paying for individual disability insurance for physicians, contact Set for Life Insurance today!

 

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!