Disability insurance is vital to protecting you and your family from loss of income due to you incurring an illness or injury. Often referred to as “paycheck insurance” disability coverage will replace your income if you are unable to perform dentistry. There are a variety of policies available and not all are created equally. The most common coverage is “True Own Occupation” disability which is defined as not being able to perform the material and substantial duties of your occupation due to illness or injury. The operative word here is “true” which also allows you to be engaged in any other occupation and still collect your disability benefits.
Disability insurance is sold in group policies as well an individual policies. Group policies are dependent on your association with the group or affiliation and the price and policy features are not guaranteed and subject to change. The price also increases as you get older and the benefits can also diminish the older you get. Some disability coverage is certainly better than no disability coverage but these policies are inferior to individual coverage where your benefits and payments remain level throughout the life of the policy. The exception to this is an individual policy labeled graded where the premium payments are scheduled to increase with age.
This important coverage is often overlooked due to “sticker shock” when consumers review the pricing. Given the high probability that a dentists will incur a claim, eligible illness or injury, the product is priced appropriately. When properly explained this product is a core part of a dentists insurance portfolio. Please call one of our disability specialists today for a no obligation conversation regarding coverage and costs. You are never going to be as young and healthy as you are at this very moment. Insuring your insurability ensures that you can still get the coverage and it is not too late to medically qualify.
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