Disability Insurance Broker Explains Association Disability Insurance
As an experienced Disability Insurance Broker, I often get questions from physicians and dentists regarding association disability insurance. Association disability policies are provided by insurance companies, the same insurance companies that provide individual coverage, but they do it through an affiliation with an association.
Association policies have several distinct features that are different from an individual policy that the insurance company might offer directly to the public. One is that the rates are banded by age, and they go up every five years. Those rates are not guaranteed. They’re not going to change the rates for you specifically, but the insurance company does have the right to change the rates at any time for the entire class of individuals covered under that association.
The second thing is, the insurance company and the association can cancel that plan at any time in the future. It does not have the same guarantees that you can get under an individual policy with the same insurance companies in some cases.
If you are a physician or dentist and have questions about association disability insurance, contact our professional Disability Insurance Brokers for guidance. Let our experience work for you.
This educational blog was brought to you by Disability Insurance Broker Michael J. Bruno, seasoned Chartered Financial Consultant, Chartered Life Underwriter and Registered Health Underwriter. Specializing in financial planning and disability insurance for physicians and dentists for over 30 years.