3 minute update
This year has been full of surprises, and it's not done yet. At the end of 2020, wide spread unisex discounted rates will be discontinued.
We know that the end of the year is already hectic and the last thing you need is another item on your To-Do list.
However, this change will really impact the rates you will pay for a policy.
Policy rates for males and females are different. Typically, women pay up to 50% more than men for disability insurance. To combat this price gap, Principal offered a and allow another discount option for females.
The chart above demonstrates an average expected prices would be with and without the discount.
Due to the fact that Principal is the last company to offer wide spread unisex discounts, this may be the only opportunity to lock in the best rates for most women.
Without the unisex discount, rates are expected increase for women 50% or more starting in 2021.
To lock in your discounted rates, fill out a quote request as soon as possible. This will not only give you access to the discounted rates for the lifetime of your policy, but it can also show you all of your own-occupation options.
So go request your quotes to lock in your unisex pricing with Principal. Application must be signed and dated by 12/31/2020 to keep those lower policy prices.
Reminder: signing an application is not a commitment or binding in any way.
There are a few requirements you need to check off to see if you are eligible for the Principal unisex rate before it goes away. Here are a few of the requirements:
Women will be the biggest benefactors of this discount because men will be able to get gender distinct rates which are slightly cheaper than the unisex rate.
2. ATTENDINGS OR SIGNED CONTRACT
You must be an attending physician or have a signed attending contract if you are still in Residency or Fellowship and graduate by June 30th. Younger Residents will not be able to benefit from unisex rates.
3. HAVE THE RIGHT AGENT
Unisex multi-life rates are only available based on attending employer discount codes set up by each independent agent. Not all agents will be able to get you a unisex multi-life discount.
4. W2 EMPLOYEES
You need to be a W2 employee or have a signed attending contract where you will be a W2 employee. Physicians that are solely independent contractors would not qualify in most situations.
If you are a female attending physician and want to find out if you have a unisex multi-life discount available, you have to act quickly and follow these steps:
1. EDUCATE YOURSELF
Take a few minutes to educate yourself on the basics of disability insurance, which you can do by checking out our Beginners Guide to Disability Insurance.
2. FIND SOMEONE YOU CAN TRUST
Find a reputable, independent agent who will gather all of your options and help you to evaluate and compare. Since agents have these discounts at different employers and institutions, it would be best to find an agent with the most Principal discounts already set up to have the best chance of getting the unisex rates in time.
3. GET STARTED
Apply before December 31st, 2020. If you have a Principal unisex multi-life discount available, complete an application on or before the last day of 2020. An application does not obligate you to purchase the policy, it simply locks in your rate while the insurance company gathers info to make you an offer. Get started with by reviewing your quotes here!
We know you have more important things to do than worry about insurance, so, while waiting may seem like the easiest option, we encourage you to get a quote before the end of the year to lock in your 2020 policy pricing!
We hope that this information will help you to make the right choice for yourself and your future while we are quickly approaching the New Year.
So, if you are looking to keep your lower rates, lock them in now! Fill out our quote request to ensure that you can keep your lower rates!If you have any questions, please let us know, we are always here to help!