Dentists Disability Insurance Blog

How is your income tax being spent?

Today is national #TaxDay.  Have you ever wondered how your tax dollars are being spent? Today is also a good day to revisit your disability insurance needs.  Has your income gone up since you last reviewed your policy?  Most insurance companies will give you up to 60% of your gross income as a disability benefit.  If your income has outgrown your coverage over the years, we can help fill that gap.

Principal Financial Group is getting a new look

Same name. Same company. Now with an exciting new global look to better represent who we are and where we’re headed in the future. We’ve always been about helping people but our business has changed substantially during the past decades. Our new logo is designed to reflect that. It balances our global expertise with an embracing spirit. It conveys movement and our focus on helping people make financial progress. And, it’s a “P.” We might look different, but we’ll continue to serve you with the strength, stability, integrity and experience you’ve come to expect.

The most important thing you probably aren’t buying — but should be

Disability Insurance

1. Disability insurance

Disability insurance — which replaces some of your income should you become disabled and cannot work — tends to get neglected more than other types of insurance, yet it is one of the most important types to buy. The Bureau of Labor Statistics found that in 2014, 39% of private industry workers took part in short-term disability insurance — which typically covers periods lasting less than six months — and 33% took part in long-term disability insurance, which covers the length of the disability or until retirement. "It's one of the biggest things people overlook," explains Mary Beth Storjohann, certified financial planner and author of "Work Your Wealth." "They think, 'It won't happen to me,' but the stats tell a different story." The Social Security Administration estimates that a 20-year-old entering the workforce has a one in four chance of becoming disabled before retirement.

The #1 Most Damaging Job to Your Health

There is a reason you are told to protect your income with disability insurance. According to a recent article in Business Insider, being a dentist is the most damaging occupation you can have on your health.

Our team at Dentists Disability Insurance has one goal in mind – to efficiently protect your income with the […]

“Own Occupation” Disability Insurance

103-2From the time you start dental school, to wherever you are in your career now, I’m sure you've heard that you need “own occupation” disability insurance.  While that sounds easy enough, it can be a bit confusing.  Own Occupation basically means the policy will protect you in your specific occupation as a dentist.  If you can’t practice dentistry, even if you are working in another occupation, you will receive benefits from the insurance company.  However there are multiple versions, and sub-categories of “own occupation” language.

Group Disability Insurance – What you don’t know can cost you

Group InsuranceIf you work for an employer that offers long term disability insurance you have no need for an individual policy, right?  While it is nice that some employers offer disability insurance to their employees, there are many flaws that employees should be aware of.   If you have health issues, then group insurance may be your only option.  However if you are healthy you should consider supplementing your coverage with an individual policy.

What Not to Tell Your Doctor

DoctorIf you have ever applied for life, health, or disability insurance, you know the insurance company is going to want to see what’s in your medical history.  They will base their decision to offer you insurance on what they find. I am in no way suggesting you keep legitimate health issues to yourself.  Your physician will be able to diagnose, treat, and hopefully cure many ailments that you experience.  What I suggest is you become aware of what is in your medical records.  If you are feeling stressed out because you are overworked, or a little sad because your dog just died, you might want to get through it without the help of your doctor.  Once you mention stress, depression, or anxiety to your doctor it will go in your permanent medical record (even if there is no formal diagnosis).   If an insurance company sees any of these key words in your record, you can be sure your policy will have an exclusion for mental/nervous claims.

Apply for Coverage Without Giving Blood

Blood DrawIf you are healthy and want to purchase a disability insurance policy without having to give blood, you are in luck.  Many insurance companies have now made it easy to apply for disability insurance.  Without the need for medical or financial underwriting, they will offer you up to $7,500 of individual disability insurance, and in most cases all they require is a 10-15 minute phone interview to ask about your medical history.  

Five Myths About Income Protection – Debunked

Debunk-mythsA simple yes or no question:  If you could set aside a small portion of your current income to protect millions in future income, would you? If you’re like most people, the answer is, “yes!” Now, another question:  If you could get disability insurance to protect millions in future income, would you? If you’re like most people, now you’re not so sure. The second we hear “disability insurance,” we tend to think, “It won’t happen to me” and the topic is closed. Myths like that are everywhere and get in the way of making progress toward financial security. I think it’s time to set the record straight.

Facts of Life – Everyone Has a Plan

Stat_DI_61percentIs your paycheck protected?  Most people wake up every day and go to work because they need the income.  Not because they love what they do (even if they do have a great job).  What would happen if you found yourself in a situation where you couldn't go to work.  If you were too sick or hurt, and couldn't work, financially would that be a problem? Believe it or not, everyone has a plan.  What's your plan?

  • Personal savings
  • Family / Friends
  • Social Security Disability Insurance
  • Group Disability Insurance
  • Individual Disability Insurance