If you are shopping online for disability, chances are you have visited several websites and have received multiple quotes. This begs the question: Are disability insurance premiums for physicians the same everywhere?

The answer: It depends. Technically, premiums are set by the companies. In fact, some companies even say “the premiums are set by law.” This is true for a standard policy from each company.

However, if you are eligible for one of Set for Life Insurance’s exclusive discounts, your premiums will be much lower than elsewhere. How is this so? Set for Life Insurance has spent the last 20 years setting up discounts at hospitals around the country for medical residents, physicians, CRNAs, dentists and medical and dental students. Once the discounts are in place at the hospital, subsequent employees of the hospital have access to these discounts. If the rates are unisex, they benefit the insured even more, by approximately 55%!

If you are comparing quotes from company to company and there is no discount present, the rates should be the same. If they are dramatically different, check the illustration for accuracy:

• Are you being quoted at the correct occupational class? For example, if you are in a surgical specialty such as anesthesiology, surgery or emergency medicine, your occupational class will be lower and your premiums will be higher. If you are a pediatrician, general practitioner or a non-invasive cardiologist or radiologist, your premiums will be less since you will be in a higher occupational class.
• Were you quoted with the accurate gender and date of birth? Correct geographical location? I’ve seen people misquoted as being a male when they are female and this can cause a 40% or so discrepancy. Age and geographical location can matter too. For instance, if you are in California or Florida, your rates will be more than if you are in Texas, Pennsylvania or Colorado.
• Are you being quoted the same product? Some companies have multiple products from the same company. Look closely to ensure you are comparing quotes accurately.

For more information about disability insurance for physicians, CRNAs, medical residents or dentists or to compare quotes, please contact Set for Life Insurance today!