In the disability insurance world, Unisex pricing signals that a carrier does not have different prices based on gender. Males and females get the same price. Recent developments have made it more important than ever to understand your disability insurance rate and how gender plays a role in your policy. Time may be running out to secure unisex pricing.
Why Should You Care?
For years, many insurance companies in the country offered unisex rates on disability insurance. Over time, more and more of these companies discontinued their unisex pricing models. Why? Real claims data showed that females filed more disability claims than males. For the insurance companies, it was a matter of simple math: the cost to insure women is generally higher than to insure men.
This Just In
Well, we have just heard that yet another large insurance carrier will discontinue offering unisex rates to dental students, effective this fall. So if you're in your 3rd or 4th year of training to be a general dentist, listen up!
Typically, you would probably start thinking about buying your policy in your 4th year of dental school, right around graduation. However, it may be prudent to consider buying your policy THIS fall and locking in a Unisex rate.
Women, in particular, can benefit from locking in rates now with this large insurance carrier. New rates for females could be significantly higher for policies from this insurance company after the Unisex rating is discontinued. This price difference could add up to tens of thousands of dollars over the course of your career. If you’re male and you know a female dental student pass this along. Spread the word and help your female colleagues!
Students can secure a disability income policy for the price of a few iced coffee drinks a month! Later as your career develops and if your income grows you can expand your coverage, using the Unisex rate that you have now secured, depending on whether you have had any relevant health changes. Once you secure coverage unisex rates remain on the policy to age 65 (as long as premiums are paid and coverage remains in force). If you’re looking to get your foot into the door, this is the time.
Talk to a Provider You Trust, Soon
If you’ll be affected by this shift from unisex rate pricing to sex distinct rate pricing, it’s time to talk to an insurance advisor you trust. Ideally, speak to someone that provides access to a variety of disability insurance carriers and understands the evolving needs of dental professionals throughout their careers.
About Treloar & Heisel
Treloar & Heisel is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.
Treloar & Heisel and Treloar & Heisel Property and Casualty are divisions of Treloar & Heisel, Inc.
Insurance products offered through Treloar & Heisel, Inc.
The information provided in this article is for general informational purposes only. Please consult with a licensed insurance advisor. The terms mentioned in this article are not binding, so you should review the binding contract terms of the policy you intend to purchase.