When shopping for physician disability insurance, many doctors wonder: “If I use a broker, will I end up paying more?” This is a valid concern, as no one wants to overpay for coverage. However, the truth is that working with a disability insurance broker does not increase the cost of your policy. In fact, partnering with an experienced broker can save you money while ensuring you get the best coverage tailored to your specific needs.

Understanding How Disability Insurance Pricing Works

Disability insurance premiums are set by the insurance companies and are filed with state insurance departments. This means that whether you purchase a policy directly from the insurance company or through a broker, the cost remains the same. Unlike other industries where prices may vary depending on how you buy a product, disability insurance pricing is standardized.

The Benefits of Using a Disability Insurance Broker

While you don’t pay more by using a broker, you gain significant advantages by doing so:

1. Access to Multiple Carriers

A broker works with multiple insurance companies and can compare different policies on your behalf. This ensures that you get the best policy at the most competitive price instead of being limited to a single company’s offerings.

2. Tailored Coverage for Physicians

As a doctor, your income and specialty require a specific type of coverage, such as true own-occupation disability insurance. A broker understands the nuances of physician disability insurance and ensures you get a policy that meets your professional and financial needs.

3. Discounts and Savings

Because brokers represent their clients rather than the insurance company, they can help you save money by comparing multiple options from different providers. They also offer expert guidance on securing the best discounts available.

4. Expert Guidance

Navigating disability insurance policies can be complex, with various riders, definitions, and fine print. A broker explains these details, helping you make an informed decision that aligns with your career and financial goals.

5. Ongoing Support

Your broker remains a resource for you even after you purchase a policy. Whether you need to update your coverage, file a claim, or have questions about your policy, a broker provides ongoing support that a direct insurance company representative may not offer.

The Bottom Line

Using a disability insurance broker does not cost you extra; instead, it provides access to more options, expert advice, and potential savings. For physicians, having the right disability insurance policy is crucial for financial security. By working with a knowledgeable broker, you can confidently choose the best coverage without paying more.