Are You Paying High Female Premium Rates for Your Physician Disability Policy?
Updated: Sep 16
Women usually have a good deal when it comes to life insurance. They might typically pay 20% to 40% less than men. But unfortunately, disability insurance premiums for women are usually much higher. Depending on the age and company, rates of 40% to 60% higher are common.
Is there anything you can do? Maybe.
I recently was able to show a female doctor how to reduce her premium from about $7,000 per year to about $4,000 per year for very similar coverage.
Knowledgeable agents, with experience writing female disability policies, have a few tricks to get those rates down. Obviously, shopping around to the best companies is important. Female rates can vary significantly from company to company based on age and specialty of the applicant.
But the best way to get your rates close to the male rates is for your agent to find a way to get you discounted unisex rates. This used to be fairly easy to do a few years ago when there were many options. Today, the options are almost all gone. Almost. And we will not be at all surprised if the window of opportunity were to completely end soon.
Getting discounted unisex disability insurance rates can be tricky especially if you are in a small group or solo practice. Working with an agent who has done this for years will definitely give you an advantage. I recently was able to show a female doctor how to reduce her premium from about $7,000 per year to about $4,000 per year for very similar coverage. She bought her original policy from a relative who did not specialize in disability insurance and it really cost her.
If you are currently paying high female rates, we may be able to help you get your rates far lower. Each situation is different, so contact us for our professional opinion.