How to Get Disability Insurance
The first step in obtaining disability insurance is to discussing your plans with a licensed insurance agent who focuses on disability insurance. That’s right, there are licensed insurance agents who focus EXCLUSIVELY in disability insurance for dentists. You do NOT want a local yokel insurance agent who sells auto, life and other types of insurance to every Tom, Dick and Harry. You want a specialist who understands dentists backwards and forwards.
That’s what we can do for you. We can put you in touch with disability insurance specialists who are dedicated to dentists. We do not provide insurance ourselves and do not collect fees from any insurance agents or insurance carriers.
The major insurance carriers cannot provide disability coverage directly to you. They must provide this through licensed independent insurance agents or through a captive agent.
- Independent insurance agents are normally contracted to provide you with multiple insurance carriers and more options to contrast and compare.
- Captive insurance agents work with just one insurance company and provide you with fewer options.
The second step in this process is to compare and contrast disability insurance carriers and plans for your specialty. An independent insurance agent who focuses on disability can do this for you and provide corresponding rates.
The third step will require an application. Often, these applications can be done online but some are paper as well. Your agent will review your application with you, and then submit it to the insurance company along with supporting documents.
Most insurance companies require an interview to review your medical history. Many insurance carriers request a medical evaluation by a medical professional. This is a necessary step before you can obtain disability insurance coverage and protection from financial hardship.
The next step is underwriting whereby an insurance company reviews your application, records, exam results, and financial information to underwrite your case. Your insurance agent will keep you informed about the status. The underwriter’s objective is to assess your risk of filing a claim in the future.
After determining your risk, you will receive an offer for your disability insurance policy. You and your agent will review the offer together and review any changes needed/suggested and changes from the original quote. The process varies but typically takes 4-6 weeks.