Disability insurance provides financial protection in the event you become unable to work due to injury or illness. If you are unable to work due to an illness or injury, disability insurance will pay a portion of your income to protect you from financial hardship. In essence, disability insurance provides you with income and acts like a safety net when you can no longer work to generate income.
Disability insurance coverage pays you a monthly benefit if you get sick or can’t work. You can use the money from the insurance policy to cover your rent or mortgage, loans, food, utility bills, and other living expenses. The insurance coverage applies to issues that arise on and off the job. Disability insurance provides you with financial peace of mind knowing that you will have financial resources to maintain your standard of living short-term, or long-term.
As a dentist, you need to focus your attention on being able to recoup your investment and maximize your earning potential. While disability insurance is available to anyone, it is essential for dentists because your investment in education combined with your earning potential is huge. Suffering a disability can prevent you from practicing and doing your job. That’s why disability insurance is crucial for dentists and standard procedure.
If you are just starting your career as a dentist, paying back student loans is daunting. Combine that with mortgage payments, car payments, and other living expenses, a 50% chance of losing income for 3 months (or more) will create some type of financial ruin. Having disability insurance provides income while you cannot earn a paycheck.
When you purchase disability insurance coverage, you transfer the risk of losing your ability to earn income onto an insurance company rather than absorb the risk yourself.
Learn MoreIf 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.
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