By Rick D’Angelo
Disability insurance is very valuable and important for you to have. These are the top three questions we get asked about disability insurance on a regular basis.
Do I need disability insurance? Is there a difference between carriers? How long should I wait until I get disability insurance?
We buy insurance to protect many assets, our homes, cars and boats. Disability insurance is the only insurance that will protect your greatest asset, the ability to earn an income. Disability insurance will make sure that you and your family will not be financially devastated in the event of an accident or illness. As a dentist, the odds of becoming disabled in your career are one in four. Most of us think of a disability being caused by an accident, but the fact is that 90 percent of all disability claims are caused by illness or disease. You have worked too hard and had too much training to not have a disability policy.
There are several carriers that offer a disability policy. However, not every policy is equal. Sitting with your agent and reading the contract is extremely important. The disability contract, and the definition of disability, tells the policy when to pay, how much to pay and for how long to pay for. There are different definitions of disability and knowing which definition you have is a must. If disabled and unable to practice dentistry, you want a definition that would allow you to work in another profession, or even teach dentistry, yet still consider you disabled and pay you your full benefit. Too often we see policies that have additional wording that prevents you from working at all or stops paying your benefit much quicker than it should. You should review your policy with an expert to make sure the policy is right for you.
Waiting until you have your own practice or making a “better” income could be too late to get disability insurance. Getting it sooner rather than later only works in your favor. Like other insurances, disability is based on age, health and overall insurability. As we are younger, we typically see quicker underwriting and more favorable rates. Does this mean if you don’t get disability insurance right out of dental school you have missed your opportunity? Absolutely not! It is always a good idea at any age to see if disability insurance is still an option for you.
Just like any financial vehicle, disability insurance is there to assist you in achieving your goals. Speak to a disability specialist with FDA Services today.