Why Disability Insurance for Dentists Is a Must-Have
What would you do if you became disabled? While the prospect of disability may seem unlikely, one in four of today’s 20-year-olds will become disabled before they retire. While that number is staggering, most people don’t have a plan in place. This is why disability insurance for dentists is so important.
Dentists have a high risk of disability. The physical demands of dentistry include years of treating patients while stooping, twisting, and standing. This will strain your shoulders, neck, back, arms, and hands considerably. This, combined with higher incidences of mental illness, makes dentistry a career highly susceptible to disabling conditions.
Losing your ability to earn an income would lead to long-term financial consequences. As a dentist, you also have more financial obligations, such as student loan debt than most workers. The average student loan debt at graduation for dentists is $200,044. According to the Bureau of Labor Statistics, the median annual wage for dentists was $163,220 in 2021, with the highest 10% earning more than $208,000. At a time of disability, you will lose your income but not your financial obligations. Disability insurance for dentists is a must-have, regardless of age, experience, or current income.
Why True Own Occupation Protection
Did you know that the Social Security Administration does not consider someone disabled unless they cannot do the work they previously did or adjust to other employment means because of a disability?
Our true own-occupation definition of total disability allows you to work in another occupation and still be eligible for total disability benefits. And, if you are a dentist who has limited your occupation to performing the duties of a single dental specialty, we consider that specialty your occupation.
This is very important because if your disability were such that you still had the energy and interest to return to work in some other capacity and earn an income, you could still do so without jeopardizing your total disability benefit. No more robust definition for income protection is available anywhere in the disability industry. This type of protection is essential for dentists.
The best disability insurance for dentists would be with a True Own Occupation definition of total disability. These policies provide disability coverage if you cannot work in your dental specialty, even if you are working in another occupation or specialty.
For example, a General Dentist started experiencing lower back pain after many years of practice and can no longer perform the duties of his specialty. A True Own Occupation definition will pay him his full claim even though he currently earns income elsewhere. Therefore, he will receive his full disability monthly benefit due to the inability to perform General Dentistry plus any new income he receives in another occupation, such as Dental Consulting.
What is The Definition of Total Disability, and Why Does it Matter?
The core of disability insurance for dentists, the definition of total disability, outlines what constitutes being totally disabled. Some policies pay benefits if you cannot perform the duties of your own occupation, even if you are at work in another occupation. Others pay only if you cannot perform the duties of your own occupation and you’re not working in any other occupation. Still others pay only if you cannot work in any occupation for which you are reasonably qualified.
For example…
Let’s say you are a prosthodontist who has limited your occupation to performing the surgical duties of this specialty. You suffer a severe injury or sickness that prevents you from performing those duties. Under the true own-occupation definition of total disability, with its specialty language, you could continue to be considered totally disabled even if you decided to work in another capacity. If you remained totally disabled, the amount of income earned in your new career would not affect your disability benefit.
Why You Need Disability Insurance for Dentists Now
Disability insurance for dentists is better purchased sooner rather than later. Here are three reasons why:
- Age. You can get lower rates when purchasing insurance now, as disability insurance costs rise with age.
- Health. Your health and well-being matter. Today, you may be in better health than you will be down the road. Certain pre-existing health conditions may impact the cost of your policy, your ability to obtain insurance, or whether or not any conditions are excluded from being covered within your policy.
- Discounts. You may be eligible for permanent discounts.
DrDisabilityQuotes.com Can Help You Get the Best Disability Insurance for Dentists
As a dentist, you’ve invested so much in preparing for a career that will provide you with the income to achieve your financial goals. Please find out how you can safeguard that income by giving us a call today.
Frequently Asked Questions About Disability Insurance for Dentists
Where Can You Buy Disability Insurance for Dentists?
DrDisabilityQuotes.com works with top disability insurance carriers to help you get discounted rates and flexible options. We will prepare quotes and provide an unbiased analysis of the available options. Please request your quote here.
Does Disability Insurance Cover Student Loans?
Individual DI provides you the freedom and flexibility to customize your disability coverage, including opting in for a rider that will specifically cover your student loan debt.
What Does Disability Insurance Cover?
Disability insurance for dentists provides tax-free monthly benefits if, due to an accident or illness, you cannot perform the substantial duties of your specialty.
When Should You Start Coverage?
The best time to invest in disability insurance for dentists is when you’re young, in good health, and training. Even the best disability insurance for dentists considers your age and health when determining premium rates and coverage, so the sooner you invest, the better.
Contact Us Today!
If you have more questions about disability insurance for dentists, contact us to see how you can safeguard your income by requesting a free quote today.