A lot of people don’t realize that the price of insurance varies significantly by state. For example, disability insurance is 30% more expensive in California than it is in New York. So if you expect to move soon from one state to another, check with an independent disability insurance agent to find out which state is cheaper. Buy it there, or at least swap policies once you get to the new, cheaper state.
Many employers and professional organizations offer disability insurance as a benefit. It is sometimes even specialty-specific. However, it is generally not portable and often contains other weaknesses. If a policy costs 1/10th as much, don’t expect it to perform in exactly the same way. Now, there are reasons to have a group policy. The best one is if someone else is paying for it, like your employer. But it often also comes without a medical exam or asking any pesky questions about dangerous hobbies. That might be a good reason to have a group policy in addition to your individual policy or because you can’t get an individual policy. But just because it is cheaper? That’s a mistake. There is a disabled doctor out there selling disability insurance mostly because he is so mad that he had to fight the insurance company so hard to get his group disability insurance benefits and doesn’t want that to happen to anyone else.
The proper way is to purchase is to go to an independent insurance agent (i.e. not a captive agent—an agent who only sells policies or primarily sells policies from one company) and evaluate all of your options together. For a doctor, this usually means looking at your current policies, policies from each of the Big 5-6 companies, and any policies available from your employer or professional organization. The agent will help you to compare pricing and features, allowing you to make an informed decision. Then you will know that you own the best policy for you.
Mintco Financial Independent Advisors can point you in the right direction.
Phone : 813-964-7100