Disability Insurance

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 in individual policies. Group policies are dependent on your association with the group or affiliation, so the price and policy features are not guaranteed and are subject to change. The price also increases as you get older and the benefits can 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 dentist will incur a claim, eligible illness, or injury, the product is priced appropriately. When properly explained, this product is a core part of a dentist’s 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. Ensuring your insurability guarantees that you can still get the coverage and that it is not too late to medically qualify.

(Disability maximum is about 60% of your annual income)

Annual Income X.60 divided by 12 = Monthly Benefit Amount

100,000 60,000 = $5000
110,000 66,000 = $5500
120,000 72,000 = $6000
130,000 78,000 = $6500
140,000 84,000 = $7000
150,000 90,000 = $7500
160,000 96,000 = $8000
170,000 102,000 = $8500
180,000 108,000 = $9000
190,000 114,000 = $9500
200,000 120,000 = $10000
220,000 132,000 = $11000
240,000 144,000 = $12000
260,000 156,000 = $13000
280,000 168,000 = $14000
300,000 180,000 = $15000

For a free, no-obligation quote, please click here.