Story at-a-glance
- Your elimination period (waiting time) and benefit period (payout length) have the biggest impact on cost.
- Longer elimination periods lower premiums—but you need enough savings to cover the gap.
- Short benefit periods save money upfront but may leave you uncovered long-term.
- For high-income earners, coverage to age 65+ offers the best long-term protection.
- Working with a broker like DoctorDisability helps you compare policies and avoid overpaying.
The Hidden Costs Inside Your Disability Insurance Policy
Here’s the deal. You want the best disability insurance—but you don’t want to overpay. Most people get caught up in the monthly premium and ignore the real factors that drive their costs.
Two critical elements decide how much you’ll actually pay:
- Elimination Period (EP): How long you wait before you start receiving benefits.
- Benefit Period (BP): How long those benefits keep rolling in.
Let’s break it down.
Elimination Period: The Waiting Game
Think of the elimination period as a self-funded deductible in time instead of money. It’s the gap between when you file a claim and when your benefits kick in.
- Longer EP = Lower Premiums
- Shorter EP = Higher Premiums
Here’s what most people pick: 60-90 days. That’s the sweet spot. But if you can survive six months or a year without income? Your premiums will drop significantly.
Ask yourself:
- How much cash do I have in savings?
- How long could I cover my expenses without income?
If you’ve got a financial cushion, a longer EP could save you thousands over the life of your policy.
Benefit Period: How Long Will They Pay You?
The benefit period determines how long you’ll keep getting paid after your elimination period is over.
Options usually include:
✔ 2-5 Years → Lower premiums, but could leave you stranded.
✔ To Age 65/67/70 → Costs more, but protects your entire career.
✔ Lifetime Benefits → Rare and pricey, but ultimate protection.
Here’s the #1 mistake: People choose a short BP just to save money. But if you’re permanently disabled, you’re stuck with nothing after 2-5 years. Don’t let that be you.
Pro Tip:
For doctors, dentists, and high-income earners, a benefit period that lasts until at least age 65 is usually the smartest move.
How to Get the Best Disability Insurance for You
✅ Choose the longest elimination period you can comfortably afford.
✅ Get a benefit period that matches your career length.
✅ Work with a broker (not an insurance company) to compare top policies.
At DoctorDisability, we help physicians and high-income professionals get the right coverage at the right price.
Ready to protect your future?
Get a personalized side-by-side policy comparison of the leading disability insurance companies from an independent insurance broker.
