What Affects Disability Insurance Cost for Physicians?
Age can affect initial disability premiums, along with health, occupation, benefit size, duration, waiting period and riders. Reviewing coverage younger may offer an initial pricing advantage, but no single factor establishes the lowest cost or best policy. Additional coverage later can use different pricing.
By Navid Lalezari · Author
Reviewed by Navid Lalezari
Last reviewed
In this guide
Compare the same protection
Ask for comparisons using the same benefit, waiting period, benefit duration and relevant riders. List exclusions and the disability definition alongside cost. Otherwise a lower quoted premium may simply reflect different protection.
Sources:[1]
Separate age from benefit size
Buying a smaller benefit can reduce the initial outlay but also reduces current protection. That does not mean the price per unit of all future coverage is reserved at a younger age. Ask how much the starting benefit costs and how an increase would be rated.
Read next: Buying Disability Insurance During Residency: Age, Premiums, and Future Increases
Identify the student discount in writing
If a student discount is offered within the policy, request its exact name, eligibility requirements, state availability and continuation rules. Resident or GSI examples from carriers use their own terminology. Verify the actual endorsement before assuming the discount applies to future benefits.
Read next: Student Discounts on Disability Insurance: A Guide for Residents and Fellows
Sources:[3]
Check the total commitment
Review the cost of riders, any changing premium schedule, and the payment after a proposed increase. Match the commitment to a realistic budget and existing benefits. This page does not quote a premium, calculate savings or promise eligibility.
Read next: How to Compare Disability Insurance Quotes Without Losing the Details · Physician Planning Toolkit
Common questions
Does a future increase use my original younger age?
Not necessarily. The original coverage can have premium protection while additional coverage is priced using a later attained age. Confirm the pricing rule and any continuing discount in your policy.
Where to go from here
These next steps are educational and have no cost or obligation. They do not start an insurance application or begin coverage.
- Request a conversation
Tell Drs Choices what you are weighing and request a conversation about your situation.
- Explore My Insurance Options
See the disability, life, health and employer-group paths side by side before you decide which one to start.
- Start Your Plan
Build a discussion brief from your own numbers. No account or email is required.
Sources
Drs Choices summarizes and compares these sources on this page. Each entry links to the original if you want to verify the wording yourself.
Guardian: Disability insurance pricing factors
View original source for “Guardian: Disability insurance pricing factors” (opens in a new tab)The Standard: Platinum Advantage specimen, Benefit Increase Rider, printed page 42
View original source for “The Standard: Platinum Advantage specimen, Benefit Increase Rider, printed page 42” (opens in a new tab)Ameritas: Medical resident programs and state variations
View original source for “Ameritas: Medical resident programs and state variations” (opens in a new tab)Guardian: Non-cancellable and guaranteed renewable coverage
View original source for “Guardian: Non-cancellable and guaranteed renewable coverage” (opens in a new tab)