Naturally, we are often asked “how much does disability insurance cost for physicians?”
Since the cost of disability insurance for physicians varies by multiple factors, to get specific numbers please request a quote comparison below.
The following are the factors that affect the cost:
- Age – The younger you are, the lower the rate. It is financially prudent to start coverage while you are young.
- Gender – Males pay less than females. Females should explore plans with gender neutral rates.
- State of Residence – Less populated states have lower rates. If you are moving to a less populated state, it might be financially prudent to wait until you move there to establish coverage.
- Medical Specialty – Invasive physicians pay higher rates than non-invasive physicians. You might want to consider establishing coverage while you are an intern or if you plan on switching to an invasive specialty.
- Health – Pre-existing health issues can increase the rates. Make sure you establish coverage while you are young and therefore likely to be healthier.
- Policy Benefits / Riders – The higher the monthly benefit the higher the rate. Additional riders (like COLA) increase the rate. Review the costs of additional riders like COLA and whether they are mathematically cost-effective. Work with a physician disability insurance broker that can provide such analysis.
To review your unique personal situation and answer your questions in greater detail, contact us now!