Story at-a-glance
- Disability insurance typically costs 1% to 3% of your income.
- Factors like age, health, specialty, and benefit amount all affect the price.
- Doctors in training often qualify for big discounts they can lock in for life.
- You don’t have to pay for the max benefit right away—start with what fits your budget.
- Getting coverage early can save you thousands over your career.
Why Disability Insurance Costs What It Does
As a doctor or dentist, your income is your most valuable asset. Disability insurance protects it—so if you get sick or hurt and can’t work, you still get paid.
But how much does it cost?
The short answer: It depends.
But for most physicians and dentists, the premium usually falls between 1% and 3% of your annual income.
So if you earn $200,000 a year, your premium might range from $2,000 to $6,000 per year, or about $170 to $500 per month.
What Affects the Cost?
Several factors determine the price of your policy:
- Age – The younger you are, the lower your rates.
- Health – Pre-existing conditions may increase cost or lead to exclusions.
- Gender – Women often pay more unless they lock in gender-neutral rates.
- Specialty – High-risk specialties (like surgeons or emergency physicians) may have higher rates.
- Benefit amount – More coverage means a higher premium.
- Benefit period – Policies that pay to age 65 or longer cost more than 5-year plans.
- Riders – Add-ons like cost-of-living adjustments or future increase options will raise the price.
- Location – Some states, like California, are more expensive
Discounts for Residents and Fellows
If you’re still in training, you’re in luck.
Many top insurance companies offer resident and fellow discounts—sometimes up to 20% off—that you can lock in for life.
Even if your starting benefit is lower (like $5,000/month), these discounts still apply when you increase coverage later.
Do I Need the Most Expensive Plan?
Not at all.
Many doctors start with a basic policy and add more coverage as their income grows. Riders like the Benefit Increase Rider (BIR) or Future Purchase Option (FPO) let you boost your benefit later—without a new medical exam.
So you don’t need to max out on day one. Just get a solid foundation in place now.
Final Thought
Disability insurance might cost a little—but not having it could cost everything.
Think of it as a small percentage of your income that protects everything that’s important to you, year after year.
And remember: the earlier you get it, the less you’ll pay.
Lock in your health. Lock in your age. Lock in your rates.
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