How to Save Thousands on Your Own Specialty Disability Insurance Premiums

How to Save Thousands on your Own Specialty Disability Premiums

Own Specialty Disability Insurance

Own Specialty Disability insurance can seem expensive.  However, a good policy can become a financial lifeline for you and your family should you become unable to practice your medical specialty because of an injury or sickness.  It can also allow you to continue to earn an income while working in another occupation.  

InsuranceMD works with physicians to ensure they get the best Own Specialty Disability Coverage while finding them the lowest premium for that coverage.  

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InsuranceMd Shops for Quotes from all 6 Own Specialty Disability Insurance Carriers

Compare Quotes from all 6 Carriers - One of the ways doctors can save money on their disability coverages it to compare quotes from all 6 disability carriers.  Because of varying factors, each carrier's premium pricing will vary - sometimes bay as much as 50%.  We compare quotes side-by-side to find the best premium across all the available Own Specialty carriers.  

Look for discounts - Certain carriers might be offering a discount based on your hospital affiliation or professional medical association affiliation.  InsuranceMD finds which discounts you are eligible for and applies them to your search ensuring you are getting the best possible rate savings you thousands.  

Carrier A

$518

Per month

Monthly Benefit Amount: $10,000

Elimination Period: 90 Days

Benefit Period: Age 65

Disability Definition: 
True Own Specialty

Riders: Residual Coverage - 3% Cost of Living Rider - Guaranteed Premiums - $5,000 Future Increase

* Based on 43 Year-Old-Male Hospitalist.  Quotes can vary based on available discounts - age - medical specialty- and health history

Carrier B

$492

per month

Monthly Benefit Amount: $10,000

Elimination Period: 90 Days

Benefit Period: Age 65

Disability Definition: 
True Own Specialty

Riders: Residual Coverage - 3% Cost of Living Rider - Guaranteed Premiums - $5,000 Future Increase

* Based on 43 Year-Old-Male Hospitalist.  Quotes can vary based on available discounts - age - medical specialty- and health history

Carrier C

$438

per month

IMonthly Benefit Amount: $10,000

Elimination Period: 90 Days

Benefit Period: Age 65

Disability Definition: 
True Own Specialty

Riders: Residual Coverage - 3% Cost of Living Rider - Guaranteed Premiums - $5,000 Future Increase

* Based on 43 Year-Old-Male Hospitalist.  Quotes can vary based on available discounts - age - medical specialty- and health history

Your Best Rate

$372

per month

Monthly Benefit Amount: $10,000

Elimination Period: 90 Days

Benefit Period: Age 65

Disability Definition: 
True Own Specialty

Riders: Residual Coverage - 3% Cost of Living Rider - Guaranteed Premiums - $5,000 Future Increase

Understanding the Risk Factors that impact Disability Premiums

Disability policy premiums are calculated based on a set number of uncontrollable factors.  These factors determine the premium you will pay based on certain risk assessments.   Below are the cost-associated criteria and the impact they may have on your policy's premium.  

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AgeThe younger you are, the lower your premiums will be on your policy.  The sooner you buy your policy the quicker you will lock in your age-based premiums for the life of your contract. 

Sex - Women pay nearly double for disability insurance because of the heightened risk for women becoming disabled.  Insurance carriers data show that women are more than twice as likely to become disabled and stay disabled, therefore premiums for women are more expensive.  However, among the six major carriers and based on available discounts, female rates may vary as much as 60% when shopping and comparing coverages.  

Geographical Location - Physicians in certain states like California and New York as an example will pay more on their own specialty disability insurance policies.  If you are currently training in another state but you plan to move to a state like New York and California which are known for their slow government-run systems, you could save thousands by starting your plan in another state.  

Medical Specialty - Insurance carriers classify certain medical specialties as high risk even though the risk of becoming disabled is equal among every worker.  Naturally, a surgeon might pay a higher premium than a pediatrician for coverage.  

Qualifying Benefit Amounts - higher-paid physicians need more disability insurance, therefore, they will pay more in overall premiums because the benefit amount higher-paid physicians qualify for.  Locking in your rates earlier will help you save on premiums over time.  

Riders - Some riders on your disability policy are al-la-carte and the decision to add certain riders will impact the overall cost of your policy.  Riders that should always be added to your policy regardless of cost are the Own Occupation/Specialty Specific rider as well as the Residual/Partial Rider. 

Own Occupation/Specialty Specific Rider - ensures that your policy will pay your full benefit if a sickness or injury prevents you from working in your medical specialty.  As an example, if you are an OBGYN and your disability prevents you from delivering babies your policy will consider you totally disabled and you would be eligible to receive your full tax-free disability income benefitThe Own Specialty rider allows you to continue to work in another capacity either within your current medical specialty or inside another occupation while still paying your full tax-free monthly benefit, regardless of how much income you are earning in another occupation.   

Residual/Partial Rider - this rider protects you against a partial disability while you are still working in your medical specialty.  As an example, if you are an OBGYN and you suffer a sickness or injury that has not impacted your ability to deliver babies but it has impacted your income.  A residual rider will protect you from partial loss of income while you are still working in your medical specialty.  

Your Health - If you are healthy you are likely to pay a standard rate.  Certain health history may result in higher premiums associated with the calculated increase in risk to the insurance carrier.  Certain carriers have shown a tendency to underwrite less strictly than others however certain health history may cause a carrier to issue a policy with a pre-existing condition waiver or an increase to your premium. 


Trust an Independent Agency Like InsuranceMD

Work with a broker like InsuranceMD, not an Agent.  Agents work for 1 - 3 insurance carriers and spend their time trying to fit you into the products they offer which means you are likely going to be paying more for your disability insurance than you should be. 

The fact is that the rate you pay for disability insurance has nothing to do with the agent or broker you work with.  Agents and Brokers do not have the ability to alter the premiums you pay.  So when you work with a Broker Like InsruanceMD you may save thousands because you are shopping transparently through every carrier at the same time ensuring that you are getting the absolute best rate for coverage.  

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Only Six Insurance Carriers Offer "True" Own Specialty Disability Insurance

Ameritas - Guardian - Ohio National - MassMutual - Principal - The Standard

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