Veterinarian Disability Insurance – Saving Money on Premiums by Michael Relvas
There are many ways that Veterinarians can protect their expertise and ability to earn an income. However, Individual Disability insurance is by far the most effective way of providing yourself, your family and your future with the financial security of knowing your income is insured. But how do you decide whether to purchase income protection offered through insurance companies like Guardian, Standard, MetLife, etc. or to go with other policies available to Veterinarians, such as the Avma Disability policy?
The simplest and most straightforward approach is to simply compare the benefits of each option. Individual Disability insurance offered directly through an insurance company will normally provide a higher quality of benefits than an Association policy. With Disability insurance, quality should certainly be a priority over pricing. Although it may be less expensive to purchase Association coverage right now while you are healthy and able to work, I assure you that you will no longer feel this way if you ever suffer a disability. Individual Disability insurance will pay in more circumstances and more often than Association coverage does. Although this is not in every circumstance, the difference between the provisions of each contract could lead to a difference of tens of thousands of dollars at claim time.
Regardless of the quality of Disability coverage, there are options available where Veterinarians can save money on their Disability insurance premiums and we’d like for you know about them. Consider your working situation – most Veterinarians work in facilities or animal hospitals with other Veterinarians and employees. There are multiple people who are all in a similar situation and in need of income protection as well. Insurance companies offer something called multi-life discount programs, which are intended for groups of 3 or more workers of any single company. These programs can provide anywhere from 10-45% discounts on Disability insurance premiums, depending on your gender and age. In order to qualify for these programs, a combined 3 or more employees from the same Veterinary facility must apply for Disability insurance through the same insurance carrier.
In applying for a Multi-Life Disability discount program, each applicant must still be in good health and should expect to be medically underwritten, unless a certain participation requirement can be satisfied. The multi-Life discount programs available are not there to help those who are not medically eligible for Disability insurance, but rather those are eligible and are looking to save money on their premiums.
Disability insurance protects a person’s income, which is their greatest financial asset. Although you do not want to be spending a ton of money on insurance, you still need to be sure that you are protecting yourself and your family with the best option available. As you begin to look into purchasing Disability insurance, be sure that you speak with your insurance advisor regarding the options available related to Multi-Life Discount plans. If you do not currently have an advisor and are interested in learning more about these types of programs, feel free to call 800-817-4522 or visit Veterinarian Disability Insurance.
About the Author
Michael Relvas is a Disability Income Specialist with MR Insurance Consultants. Michael specializes in providing interested professionals with information, personalized quotes and advice on Disability insurance. To review your options and speak with a Disability specialist call 800-817-4522 or request a Disability Insurance Quote.
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