Why dentists should know the drill when it comes to disability insurance
What do dentists need to keep in mind when considering disability insurance?
Experts indicate that dentists will want to consider only “own occupation” policies. The policies dictate disability occurs when the insured can’t perform the daily activities of their own profession.
For dentists, own occupation policies are highly preferable to “any occupation” policies. The coverage definesdisability when the insured can’t perform the daily activities of their profession. However, insurers also require there to be no other suitable employment opportunities available to the disabled individual.
Additional policy features dentists should make a priority include:
- Benefits available until 65: Enables policyholders to secure benefits until they turn 65 — regardless of whether they are disabled at age 30 or 59
- 90-day elimination period: The time that must pass between the disability and payment of benefits is only 90 days
- Non-cancelable: Insurers can neither cancel the policy nor alter any of its terms
- Residual disability benefits: Allows policyholders who aren’t totally disabled to collect for a loss of income owing to partial disability
- Future increase option: The ability to increase the amount of disability coverage as a person’s income increases over the years
Given the investments required to become a successful dentist, considering the purchase of disability insurance seems like a wise idea.
Are you a dentist or dental professional? If so, have you taken this important step?