Disability Insurance For Physicians: Graded Or Level Premium
Graded vs. Level Disability Insurance Premium
When a physician begins their practice, insurance can seem daunting; but it’s necessary for protecting the future. Disability insurance safeguards a physician’s investment in the event they can’t work in their chosen profession due to an accident or an illness. When choosing the correct disability insurance, it’s important to weigh the options. Although both graded and level disability insurance offer the same security and coverage, key distinctions exist between the two. The experts in disability insurance for physicians at Doctor Insurance Group can help you determine which plan is most appropriate for your needs.
Graded premiums begin at a lower rate, which increases over time. Every insurance carrier provides a schedule of rates to ensure that you understand the amount of premiums each year. However, in the long run, graded premiums are not advantageous due to the unpredictability of cost.
With a graded premium, the cost escalates with each passing year. Over time, this fails to be cost-effective as your coverage remains the same while your premiums fluctuate. Over the course of 25 years, this increase can be significant. In contrast, choosing level disability insurance will lock your costs into a rate that will not increase over time.
Level premium coverage offers a rate that only changes if you wish for additional coverage. Doctor Insurance Group offers non-cancelable, guaranteed renewable disability insurance, meaning the cost of premiums cannot increase. These options are not available with some insurance carriers, such as AMA; they can cancel your insurance or raise your rates at the beginning of any billing cycle, causing the seemingly inexpensive policy you purchased several years ago to skyrocket in cost. With True Own Specialty Disability insurance, you’ll have true protection tailored to your specialty.
Disability insurance protects you in the event that you can’t work in your chosen profession due to an accident or illness, so be proactive. Give Doctor Insurance Group a call at 800-997-0148 to discuss the best disability insurance for physicians. We can help determine which insurance plan is right for you and your needs. You spend your career looking out for others. Let us look out for you.