How many DI quotes to get?

[hrain]

Hi guys,

I'm trying to get in my DI applications under the wire for the unisex quotes. How many DI quotes should we request? Will they just all be the same if they're coming from the same company, but through different people from WCI's recommended insurance agents webpage?

 

Thanks!

[The White Coat Investor]

When people do that they drive my advertisers nuts.

Step 1: Find a competent, independent disability insurance agent.

Step 2: Have said agent show you all the policies from the Big 5 companies, explain the differences between the policies, show you the pricing, and make a recommendation to you. They'll all be the same if you go to another agent, as long as the agent has access to the usual discounts that competent, experienced agents have access to.

Step 3: Buy the policy.

If you really want a Step 2 1/2, sure, curbside another agent. But more than 2? What's the point? Personally I would only go to another agent if I felt the agent wasn't competent or wasn't communicating well with me. If they're not offering you some type of group discount, that might be a reason to check in with another agent, but I think all of the people on my list have discounts for virtually every one. They're selling a lot of policies to docs every year, otherwise they wouldn't be paying me what I'm charging to be listed on that page.

[hrain]

Okay great, thank you very much. I didn't realize they would all be the same -- will stick with only one.

[DK Unger]

Some parameters might be quoted differently but as Jim said, the main thing is to ensure that every available discount is secured and that the agent reviews the key contractual language. Be sure not to be swayed by premiums alone. The agent should be able to explain the actual policy language to you and not just refer to the illustration. Also keep in mind that any illustration you apply for can be easily adjusted downwards upon approval. So if you are unsure as to whether to max out your eligible monthly benefit, or apply for that COLA rider, apply for it anyways and then adjust it upon approval if desired. The insurance companies will readily reduce their liability but can be hesitant to increase it once you are approved. Hope that helps you make a prudent purchasing decision.

[Scott at MD Financial Services]

Just be aware that the unisex rates are not really going away, just Principal is saying they won't provide unisex rates for residents....they still will for in practice physicians.  In addition several other carriers still have unisex out there with no plans for removing them at this stage.  Finally getting it under the wire now means March 22, 2017 for Principal residents/fellows only, other unisex is still in play.  Sometimes reps forget to tell some of the details as it makes for a sense of urgency that may not really be there.

[hrain]

Thank you all for your responses! I really appreciate all of them...definitely still learning about all this stuff.

[Craigy]

For something as expensive as disability you should definitely shop it around like you would anything else.  However if you've already settled on one company then perhaps this is a waste of time, I don't know.

I read the other day (I think here) that there is at least one insurance company that has a volume-type discount depending on the agent, so obviously you'd want to find that agent to sell you a policy over someone who can't offer that discount.

 

Edit:  here it is:  https://www.whitecoatinvestor.com/forums/reply/35278/

[The White Coat Investor]

Has Principal pushed the deadline back from Feb 5 to Mar 22? Last I heard it was Feb 5.

And yes, this is only for residents. You can still get unisex as an attending.

[DK Unger]

The White Coat Investor wrote:

Has Principal pushed the deadline back from Feb 5 to Mar 22? Last I heard it was Feb 5.

And yes, this is only for residents. You can still get unisex as an attending.

Click to expand...

February 6th is the last day the discount can be quoted. The actual application has to be completed and sent in before March 22nd. Some residents/fellows at certain eligible institutions can still get unisex rates. Standard Insurance has ~40 pre-approved unisex individual disability insurance programs. UCSD is one of those institutions.

[Scott at MD Financial Services]

Jim, as long as we get the application to Principal by March 22 then all is good with unisex.