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Purchasing at individual rates when not leveraging discounts can cost you tens of thousands of dollars over your lifetime. In some cases women are paying 40-50% higher rates by purchasing an individual policy without available discounts. Male or female, participate in multi-life discounts for individual policies whenever possible.
MAKE BETTER USE OF EMPLOYER-SPONSORED PLAN
Most physicians need both group disability coverage and supplemental individual coverage. Group disability insurance rates are typically much lower than individual rates. By having your employer include premiums paid for your policy in your taxable income, you can keep more of your employer-sponsored benefit in the event of a claim, thus allowing you to scale your individual policy benefits back.
UPDATE YOUR POLICY
If you can self-insure your loss of income or even a partial loss of income, why are you paying for insurance that you don’t need? if you’ve accumulated assets and an emergency fund, Maybe you could decrease the monthly benefit, or discontinue paying for some of those costly riders.
Many individuals purchase policies with too many bells and whistles. Riders such as residual disability, return of premium, COLA (cost of living adjustment), own occupation, and guaranteed purchase options can be very expensive. If you do not understand the purpose of the riders and additional costs to your policy, now might be a great time to get up to speed.