Most of the uninsured doctors I talk with really want to get disability insurance, but they struggle to find a few minutes to fill out the application. Sure, they understand the importance of getting a good policy before something happens to their health in order to protect their families financially. Still, they get busy and put off completing the application again and again thinking they will have time to do it later.
But one thing that really seems to motivate doctors to take the time to get their insurance is their birthday!
The premium rates on good individual disability policies are locked-in level to at least age 65. However, rates are based on your age at the time of application, so the younger you are at the time of purchase, the lower the level premiums. Rates tend to go up about 4% to 6% each year you wait, so the sooner you start coverage the lower the premium.
When I talk with doctors who know they need coverage and have been meaning to get it in force, I remind them, “Your birthday is coming up, you will save money if you apply before your birthday.” This is almost always a motivator to help them take the time necessary to get the application done.
If you need disability insurance and are motivated to save money by applying before your birthday, it is a good idea to start the application a couple of months ahead of time. Often it can take 4 to 8 weeks to get an application approved.
Contact us today. With over 20 years of experience, we can help you craft a own-occupation physician disability insurance policy that is best for you.