18
Apr

How much does disability insurance cost for physicians?

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.

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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!