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Breeze is a disability insurer. It says from year-to-year, 2020 to 2021, long term disability insurance costs rose 20%. The company says a 23% jump in the average monthly amount of benefits paid out drove the increase.
That outgo is partially caused by COVID.
Breeze said age is also a factor in the increase. If you’re 18 to 24, the average annual premium sits at $451. People in the 45 to 54 bracket have rates over double that at $1,800.
And high wage earners are hit harder than those with low wages.
Occupation also comes into play. Drivers had the lowest rate at $510 and physicians the highest. Here’s the Breeze list:
1. Physician Average annual premium 2021: $3,027 Average annual premium 2020: $3,409
2. Dentist Average annual premium 2021: $2,460 Average annual premium 2020: $1,076
3. Consultant, IT consultant, Management Consultant Average annual premium 2021: $1,876 Average annual premium 2020: $1,812
4. Director Average annual premium 2021: $1,809 Average annual premium 2020: $1,882
5. Vice President Average annual premium 2021: $1,689 Average annual premium 2020: $1,696
6. Product Manager Average annual premium 2021: $1,659 Average annual premium 2020: $995
7. Attorney Average annual premium 2021: $1,629 Average annual premium 2020: $2,112
8. Truck Driver Average annual premium 2021: $1,542 Average annual premium 2020: $1,298
9. Project Manager Average annual premium 2021: $1,401 Average annual premium 2020: $601
10. Dental Hygienist (Group) Average annual premium 2021: $1,392 Average annual premium 2020: $1,265
Source link: PropertyCasualty360.com — https://bit.ly/3MeuMBx |
