How Much Does dentist Disability Insurance Cost?
Dentists should expect to pay between 1% to 5% of their gross income on an individual disability insurance policy. Policy premiums increase as you age, so getting a policy when you are young or in residency is the best practice. This enables you to lock in lower premiums.
Things That Impact Disability Insurance Costs
Riders: Your initial policy can offer Future Increase Options, Cost of Living Adjustments, and/or Student Loan Riders.
Specialty: Every medical specialty has a premium based on the risk level to practice what you are trained to do. Surgeons and emergency room physicians will be classified as higher risk.
Gender: Women generally pay slightly higher premium rates than men, due to longer life expectancy and higher chance of going on a claim.
Age: The older you get, the greater the risk of injury or illness. Therefore, disability insurance is more costly for older dentists. Typically, physicians and dentists purchase disability when they are younger to obtain the lowest rates.
Health: Your health history and family medical history impact your rates. These includes things like:
- Family medical history
- Pre-existing conditions
- Medications you are taking
- Use of tobacco, alcohol and related items