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Disability insurance for Dentists (continued)

A quality disability insurance policy for a dentist should also:

4. Have the most liberal definition of residual (partial disability) dentist insurance
Many dentists are conscious of the fact that an occupation and even a specialty definition of disability is important in a dentists disability insurance policy but they may not be as aware of the nuances of how one's claim is paid by an insurance company when one is recovering and when there is still a residual disability after a dentist goes back to their practice on a partial basis.

To simplify this part of a dentists disability insurance policy: We recommend that you own an occupation disability insurance policy that covers loss of income during recovery versus one that states that residual disability as "time and duties."

Own Occupation Disability Insurance That's Right for You

A hypothetical situation described below can help demonstrate this. Doctor Jones has dentist insurance and has been receiving disability insurance monthly income because of total disability. Now Dr. Jones has recovered has returned to his practice.

The question is: Is there any money coming in when work begins? The answer is that there will probably be none and then will increase steadily. Even though Dr. Jones is treating patients and practicing full time it could be some time, maybe never, before the practice returns to where it was before the disability.

Future Insurability Option

This allows you to obtain more disability insurance without having to show evidence of medical insurability, you just have to show that your income would justify more insurance. This rider is especially important when you are new in practice and you expect your income to increase.

Cost of living increase riders
These kinds of riders will increase one’s disability insurance payments after you are receiving a the benefits. The amount of increase is tied to the Cost of living index with a maximum of 3% or sometimes 6% a year. Tip: Look for a cost of living rider that uses compound interest not simple interest.

Automatic Increase Rider
This rider increases the monthly insurance amount automatically by a fixed percentage every year for the initial years of the disability insurance policy.

Your Protectyourincome.com representative can tell you more about riders and how these extras or “riders” vary among companies.