As a dentist you realize the vital need to protect your income with a good disability insurance for dentists policy.
You’ve made a significant outlay in time and money to attain what you’ve accomplished as a dentist. Your expertise and your ability to physically and mentally utilize that knowledge is how you make your income.
Your assets are a combination of the financial assets that you have or will build up – but the biggest asset you probably have is the capability to practice dentistry. That is why dentist professional liability insurance makes so much sense.
You have made a large investment in time and money to arrive where you are today and you and your family’s continuing financial well-being is tied to being able to use the knowledge and skills of dentistry.
A Guide to Disability Insurance for Dentists
What are the important points to look for in finding and acquiring a quality dentists disability insurance policy?
The following are some of the key points to remember in choosing a dentist disability insurance policy:
1. The policy should be from a financially strong insurance company
A strong disability insurance company will have good financial strength ratings from the independent rating services. For more information on insurance company ratings click here. Your ProtectYourIncome.com associate can give you the financial strength ratings for any insurance company.
2. The disability insurance policy should have an “Own occupation” definition of disability
It should define disability as the inability to perform the material and substantial duties of you as a dentist. This is what’s called the “Own occupation” definition of disability.
3. There is an even stronger definition of disability for a dentist defining your occupation as your specialty.
If you have limited your practice of dentistry to a specialty then the very best disability insurance policy should cover not only your inability to do the duties of a dentist but the inability to do the duties of your specialty. Specialty definition policies are available at ProtectYourIncome.com. You can start the process of finding these policies by going to disability quotes.
If you are not capable of doing your duties as a dentist because of accident or sickness then it’s important to make sure you can replace that income with the right kind of dentist insurance policy – one that is designed for a dentist.
A quality disability insurance policy for a dentist should also have:
4. The most liberal definition of residual (partial) disability 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.”
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.
5. 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.
6. Cost of Living Increase Rider
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.
7. 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.