Importance of Disability Insurance
According to American Dental Association, 1 out of 4 dentists will be disabled long enough to collect benefits at some point before retirement. This statistic proves that having disability insurance is an important part of your long-term career success. Your career is built on your ability to conduct exams and complex procedures. If you are unable to practice, or run your dental practice if you own one, there can be serious consequences regarding your income and ability to provide for your family and clients. In addition to the key disability insurance considerations we outline below, it is critical to do your own research and consult with other industry experts.
Look beyond employer coverage
Many employer benefits plans do offer disability insurance options but few have coverage options that will fully replace your income. These policies are often limited to short-term time periods with strict limitations, meaning you often won’t get the optimal coverage for your situation. Take ownership of your long-term career success and identify coverage options beyond the basic features your employer provides.
The insurance company
There are so many options when it comes to disability insurance from provider to quality and price. The first step is identifying an insurance provider you trust. This involves taking the time to ask questions, read any contract, and compare features. Look for insurance providers that are financially stable and will be with you for the long-term in case you do need the disability coverage down the road.
Features to look for in a policy
There are many different features to consider with your disability coverage. Some of these add-ons may be perfect for your unique situation, but there are few basic features commonly recommended to dentists.
Own-occupation – “own-occupation” coverage ensures you are covered if an injury or illness prevents you from working in your dental specialty, even if you are still able to work in another field.
Benefits guaranteed to age 65 – this ensures you can collect benefits until you reach age 65, even if you do need to collect earlier.
Non-cancelable – this means your insurance company cannot change any aspect of your policy like the premium or unexpectedly cancel on you.
When to apply for coverage
It is best to apply for disability insurance as early as possible, ideally while you are in optimal health so you are covered if the need arises. You do not want to apply once you need the coverage as you will not be approved.
It is clear disability insurance is an important part of ensuring you have a long, successful career. But these policies can be difficult to navigate without a bit of guidance. For more information on how to identify the right disability coverage for your situation, contact the Business Banking team at Bankers Trust.