4 Ways to Save on Your Physician Disability Insurance Policy

3 minute read

If you are thinking about purchasing a disability insurance policy, you are also probably thinking about ways you can save money. Luckily there are a few key components that can help you save money while still landing a comprehensive policy. 

1. Buy the Right Amount of Coverage

One of the best ways to save on disability insurance itself is simply by buying the right amount of coverage. We often see medical professionals purchasing a policy with too high of premiums due to too high of benefit amount for their needs. Disability insurance is designed to protect your income by replacing it in the event of a career-ending accident. Making sure your benefit amount is fitted to your income is the first step in receiving an affordable policy. And remember you can always increase your benefit amount in the future. 

2. Don’t Wait to Buy

While waiting to buy a disability insurance policy might seem like it is saving you money, it is actually doing the opposite. Waiting to buy disability insurance is one of the biggest ways you can drain your wallet. Since disability insurance rates are dependent on your age and health, waiting to purchase a policy can increase your rates every year. So the sooner you buy, the better your rates, and the more money you’ll save. 

3. Cut Your Negative Health Habits

Disability insurance is extremely sensitive to negative health habits. These negative health habits can greatly increase your premium rates. For example, using tobacco products can potentially double your rates! So if you are looking to save money, ditch those negative health habits before you apply!

4. Compare Your Quotes From Multiple Companies

One of the easiest ways to save money on your disability insurance policy is to look at all your options. This way you are sure that you are getting the best rates for your policy. The best way to do this is by comparing your quotes from multiple companies. However, filling out quote requests on every site can be time-consuming, which is why at Pattern, we compare your rates from the best-rated physician-specific true own-occupation disability insurance companies to ensure that you are getting the best policy at the best price!

If you are ready to see your quotes, fill out a quote request today.