Guide To Disability Insurance for Dentists
As a dentist, you must protect your income to secure your future. If you’re new to the profession or think your current coverage is inadequate, this guide to disability insurance for dentists can give you some basics to consider as you start your research.
Work With a Broker
Each insurance company structures its plans differently, and you may even notice drastic variations in policies across carriers. To ensure you’re getting the best insurance for your practice or your individual needs, never limit your choices to just one insurance company. Working with a broker gives you insight into additional options, so you can make the decision that will give you the best income protection.
At Dentists Disability, we have affiliations with the most reputable carriers in the industry. What’s more, we only work with dentists. This experience gives us in-depth knowledge regarding the challenges you’ll face if you cannot work.
Consider More Than Just the Cost
If your budget is limited, you’ll naturally get hung up on finding the cheapest policy available. This isn’t the best approach to take when shopping for an insurance plan, though. Instead of focusing solely on cost, make sure you consider the specific terms and language used in the policy.
Short Term vs. Long Term
Some plans offer short-term coverage at a lower rate, but investing in a long-term plan guarantees your income until you retire.
Own-Occupation vs. Any-Occupation
Own-occupation coverage protects your income in cases where you may be able to perform work in other professions but not as your current profession. Any-occupation coverage only protects you if you’re disabled from performing any job, regardless of whether or not it’s related to dentistry.
Residual protection grants you partial coverage if your disability prevents you from working as much as you were before. For example, if you cannot work a full 40-hour week anymore, you may receive benefits to cover the income lost from working reduced hours.
Before you receive benefits, you’ll need to have been disabled for a specified amount of time. This can range from one month up to a year, so make sure you know this detail before signing your policy.
This is just a small list of items you should consider when choosing a policy. If you have any doubts or concerns, ask your broker. At Dentists Disability, we break down your policy in detail, so you understand exactly what you’re paying for. Contact us today to request a quote, or explore other frequently asked questions to learn more.