Yes! One of the benefits of working with an independent broker is the premium discounts they can offer for each product. When you call an insurance company to get a quote and apply directly, they are not going to tell you about the available discounts unless you specifically ask for them. Each company has their own discount programs, some of which include:
- AMA discount – MetLife offers a 10% discount to all members of the American Medical Association (AMA). You do not need to be a member at the time of application – only upon approval, and continuous membership is not required.
- Association discount – If you are a member of a local business association, a discount on your disability insurance may be available simply for being a member.
- Business owner discount – Guardian has a special program available for business owners registered with a specific national association to offer a 10% discount. Standard Insurance Company offers a 15% discount to business owners that own at least 25% of the business and have two financially successful years in business. This discount is not available for medical or dental occupations.
- Mental/nervous disorder discount – Some policies have unlimited benefits for mental/nervous disorders. However, in states where a limitation on these benefits is required or where the insurance company has chosen to limit the benefits (usually to a period of 24 months maximum), a 5-10% premium discount is often included.
- Multi-life discount – When three or more people from the same business apply together, a discount of 10-30% can be applied (depending on the company), and the rates would be based upon the unisex rate tables instead of gender-distinct rate table. Since women pay significantly more than men for the same disability insurance coverage, setting up a multi-life policy with unisex rates can save as much as 50% off the regular premiums when a group of women apply together.
- Student/Resident discount – Every insurance company targets medical professionals for disability insurance, especially while they are still in medical school or residency/fellowship. They have set up partnerships with many of the medical colleges throughout the US to offer a 10% discount to medical students, residents, and fellows. Contact us to find out which discounts are available at your medical college.
If you are interested in finding out about discounts for your disability insurance program, please contact us at 1-800-571-2980 or email us at Info@terminsurancebrokers.com.