When it comes to disability insurance, the biggest difference in premium is gender. Disability insurance costs approximately 40% more for women than men. This is due to claims history. Women tend to become disabled at a much greater rate than men. As a result, their premiums are much higher.
Since women live longer, their life insurance rates are less than their male counterparts.
To help combat the high price tag of disability insurance for women, look for discounts offering unisex rates. This will immediately reduce your rates by 40%. A lot of these discount programs also offer an additional 20% employer sponsored discount. Make sure when you have a discounted policy, the discounts will apply to all future increases.
Set for Life Insurance already has discounts available around the country helping women in the market for disability insurance save big. But what if your employer does not already have a discount? Depending on the company, a discount can be put into place if 2 or 3 (depending on occupation and company) apply for a policy.
For more information, contact the Set for Life Insurance office today!