Why every dentist should have disability insurance

The largest asset you will ever have is your ability to earn an income.  Every dentist should protect their income with true own-occupation disability insurance from a reputable insurance company.  As a dentist there are many things that can prevent you from practicing dentistry, while still allowing you to work in many other occupations.

Here are the top five highly rated insurance providers that offer true own-occupation disability insurance to dental professionals.

Guardian’s Provider Choice (rated A++ from A.M. Best)

Often considered the Cadillac of insurance policies, Guardian has been a leader in the disability insurance marketplace for the past 30 years.

• True own-occupation definition built into the base policy.
• Non-cancellable and guaranteed renewable
• A maximum monthly benefit of $17,000
• Two options for partial disability benefits. The Basic Partial rider requires a 20% loss of income and will pay a minimum of 50% for the first 6 months of a disability.  The Enhanced Partial rider requires a 15% loss of income and will reimburse you for your actual loss of income for the first 12 months
• Three options for Cost-of-Living Adjustments – 3% fixed, 6% maximum (based on actual CPI-U), and a 4-year delay
• Benefit Purchase Rider allows you to increase your monthly benefit to the maximum allowable every 3 years without medical underwriting
• Student loan protection rider will reimburse you for student loan payments
• Catastrophic disability rider that pays additional benefits if you need assistance with daily living
• 24-month limitation for mental nervous claims (stress, depression, anxiety, and drug/alcohol abuse)
• Level or graded premium options available

Principal’s HH750 Series (rated A+ from A.M. Best)

One of the more affordable disability insurance options available, Principal allows for a flexible policy design in efforts to customize various benefits and riders.

• True own-occupation definition available under the Regular Occupation rider
• Non-cancellable and guaranteed renewable
• A maximum monthly benefit of $30,000
• The Residual disability rider requires a 20% loss of income and will pay a minimum of 50% for the first 6 months of a disability.
• Two options for Cost-of-Living Adjustments – 3% and 6% (based on actual CPI-U)
• Benefit Purchase Rider allows you to increase your monthly benefit to the maximum allowable every 3 years without medical underwriting
• Catastrophic disability rider that pays additional benefits if you need assistance with daily living
• Two options for mental nervous coverage. 24-month limitation (includes a 10% discount) or full mental nervous coverage without the discount.

Standard’s Platinum Advantage (rated A from A.M. Best)

Allows for a flexible policy design with customizable options.

• True own-occupation definition available as a rider
• Guaranteed renewable. Non-cancellable also available as a rider
• A maximum monthly benefit of $20,000
• Two options for partial disability benefits. The Basic Partial rider requires a 20% loss of income and will pay a minimum of 50% for the first 6 months of a disability.  The Enhanced Partial rider will pay a minimum of 50% for the first 12 months.
• Two options for Cost-of-Living Adjustments – 3% fixed or 6% maximum (based on actual CPI-U)
• Benefit Increase Rider allows you to increase your monthly benefit to the maximum allowable every 3 years without medical underwriting
• Student loan protection rider will reimburse you for student loan payments
• Catastrophic disability rider that pays additional benefits if you need assistance with daily living
• 24-month limitation for mental nervous claims (stress, depression, anxiety, and drug/alcohol abuse)
• Family care benefit will pay benefits if you take time away from work to care for a sick family member

Ohio National’s ContinuON Income Solutions II (rated A from A.M. Best)

The newest addition to the disability insurance marketplace, Ohio National has made an impact with its enhanced policy features and customizable options.

• • True own-occupation definition available as a rider
  • Non-cancellable and guaranteed renewable
  • A maximum monthly benefit of $17,000
  • Two options for partial disability benefits. The Basic Partial rider requires a 15% loss of income and will pay a minimum of 50% for the first 6 months of a disability.  The Enhanced Partial rider requires a 15% loss of income and will continue to pay benefits after you recover and return to work (assuming you still have a loss of income)
  • Two options for Cost-of-Living Adjustments – 3% fixed, 2-6% maximum (based on actual CPI-U)
  • Guarantee of Physical Insurability rider gives you a dollar amount of coverage that you can increase each year without medical underwriting
  • Student loan protection rider will reimburse you for student loan payments
  • Catastrophic disability rider that pays additional benefits if you need assistance with daily living
  • Two options for mental nervous coverage. 24-month limitation for mental nervous claims (stress, depression, anxiety, and drug/alcohol abuse) includes a 10% discount.  Unlimited mental nervous coverage is also available without the discount.
  • Level or graded premium options available

MassMutual’s Radius Choice 21 (rated A++ from A.M. Best)

Allows for several options to tailor your policy for your specific needs.

• • True own-occupation definition available as a rider
  • Non-cancellable and guaranteed renewable
  • A maximum monthly benefit of $20,000
  • Extended partial rider requires a 15% loss of income and will reimburse you for your actual loss of income for the first 12 months
  • 3% fixed Cost of Living Adjustment available as a rider
  • Two options for guaranteed increase options.
    • Benefit Increase Rider allows you to increase your monthly benefit to the maximum allowable every 3 years without medical underwriting.
    • Future Insurability rider gives you a dollar amount of coverage that you can increase each year without medical underwriting
  • Student loan protection rider will reimburse you for student loan payments
  • Catastrophic disability rider that pays additional benefits if you need assistance with daily living
  • 24-month limitation for mental nervous claims (stress, depression, anxiety, and drug/alcohol abuse)
  • Dividends payable to the policy owner in year 6+
  • Offers better rates for general dentists with residency training
  • Level or graded premium options available

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