Disability Insurance FAQs for dentists
Comprehensive disability insurance coverage is a must for dentists. While you hope you'll never have to use it, disability insurance is a fundamental component in financial planning and should not be ignored.
If you're new to the world of disability insurance, you probably have lots of questions on what it is, how much you need, and what options you should consider. Below are some frequently asked questions that are usually on the minds of dentists as they search for the right disability insurance.
What is disability insurance for dentists and why do they need it?
Disability insurance gives you income to live on in the event you become injured or sick and are unable to work.
How much disability insurance do dentists need?
Generally, if you are the main breadwinner, you should plan to have enough coverage to replace all of your post-tax income. But depending on your overall household income, you may not need to cover all of your own income.
What is short-term versus long-term disability insurance?
The purpose of short-term disability insurance is to cover you for a serious injury or illness that prevents you from working temporarily. While long-term coverage allows you to maintain your income in the event that your condition keeps you from working past your short-term benefit period.
What is group versus individual disability insurance plans for dentists?
Group plans are designed to cover all employees regardless of their health, age, and other personal considerations. While individual disability insurance polices come with higher premiums, they offer superior coverage and are customizable to your personal needs so you can opt to be more fully covered in certain circumstances.
What are the major factors that impact cost of dentist disability insurance?
The cost of disability insurance varies between the insurance companies and is also impacted by factors like your speciality, the riders you choose, your age, you personal health, and where you live.
What is a disability rider?
Disability income riders are valuable add-ons that you can purchase with your policy for additional financial protection. Some examples are Guaranteed Renewable and Non-Cancelable.
How much does disability insurance cost for dentists?
As a dentist, you will need to spend anywhere from 2% to 5% of your gross income on their disability insurance premiums.