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This comes as no surprise to my female readers but typically females pay a lot more than their male counterparts for very similar items.
This phenomenon is known as the “Pink Tax.”
Female physicians were able to avoid this pink tax when it came to disability insurance because multiple companies offered unisex policies.
Unfortunately that is about to change as the last of these companies is removing this option at the end of the year.
Pattern, a sponsor of this blog, asked me to put the following post on this platform so that my female physician readers could still take advantage by locking in 2020 unisex rates before 2021 rolls around.
This year has been full of surprises, and it’s not done yet.
At the end of 2020, wide spread unisex discounted rates will be discontinued.
We know that the end of the year is already hectic and the last thing you need is another item on your To-Do list.
HOWEVER, THIS CHANGE WILL REALLY IMPACT THE RATES YOU WILL PAY FOR A POLICY.
What Are Unisex Discounts?
Policy rates for males and females are different.
Typically, women pay up to 50% more than men for disability insurance.
To combat this price gap, Principal offered a discount option for females.
The chart above demonstrates an average expected prices would be with and without the discount.
What Does This Mean For You?
Due to the fact that Principal is the last company to offer wide spread unisex discounts, this may be the only opportunity to lock in the best rates for most women.
Without the unisex discount, rates are expected increase for women 50% or more starting in 2021.
How Can I Lock In My 2020 Rates?
To lock in your discounted rates, fill out a quote request as soon as possible.
This will not only give you access to the discounted rates for the lifetime of your policy, but it can also show you all of your own-occupation options.
So go request your quotes to lock in your unisex pricing with Principal.
Application must be signed and dated by 12/31/2020 to keep those lower policy prices.
Reminder: signing an application is not a commitment or binding in any way.
We know you have more important things to do than worry about insurance, so, while waiting may seem like the easiest option, we encourage you to get a quote before the end of the year to lock in your 2020 policy pricing!
We hope that this information will help you to make the right choice for yourself and your future while we are quickly approaching the New Year.
So, if you are looking to keep your lower rates, lock them in now!
If you have any questions, please let us know, we are always here to help!
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN