“The best disability insurance policy is the one that’s in force when you become disabled”
Becoming a dentist takes a lot of time, and a lot of money (the average dentist will graduate with $300,000 in student loan debt). The average income for a general dentist makes that investment worth while. In the USA it’s roughly $175,000 / year. Stretch that over a 30 year career including a modest 3% annual growth, and you have an $8,300,000 asset. Considering this is the largest asset you will ever own, it’s probably worth insuring.
So what company offers the best disability insurance policy for a dentist?
If you’ve shopped around at all, you may be aware that your options are somewhat limited. 30 years ago there may have been 30+ insurance companies to choose from that were offering disability insurance to the medical community. Today there are fewer than 10:
- Principal (A+)
- Guardian (A++)
- Ohio National (A+)
- MassMutual (A++)
- Ameritas (A)
- Standard (A)
As you can see from the list above, all of the insurance companies left in the marketplace have been around for a long time (100+ years). They all have A, A+, or A++ ratings from A.M. Best (“assigned to companies that have, in our opinion, an excellent or superior ability to meet their ongoing insurance obligations”). And they all offer good policy language for disability coverage.
One size fits all… Right? Not when it comes to disability insurance.
Choosing the best insurance company, and designing the best disability policy policy, really comes down to a number of different factors. Age, gender, state, income, and occupation can all play a role in determining what policy is going to best fit your needs. Just because your colleague bought a Guardian policy a few years ago doesn’t mean it’s right for you.
Considering the asset you are trying to protect, and the complexity of disability insurance policy language, we highly recommend the help of an experienced insurance professional. Someone who is not aligned to one insurance company, and can provide an unbiased comparison of all your options. Without the help of an experienced agent, you could end up spending twice as much on a policy that does the exact same thing as another policy. Wouldn’t it be nice if you had a side-by-side comparison from the top insurance providers? This way you could compare the cost and benefits from each company. Dentists Disability Insurance, LLC has been helping dentists like you find the best disability policy at the lowest available price for more than 15 years.