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For more information on disability income insurance, please call us toll free at 800 318 6050
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Most dentists have insurance coverage on their homes and autos. But if their future earnings cease because of an accident, injury or illness, the loss of income could present serious financial problems. A solution? A disability income insurance policies for dentists can help replace a portion of the loss of income due to disability during one's working years.
At Physician Financial and Insurance Services, we have helped many dentists secure their income and provide security for their families. We have been working with members of the medical community since 1993. We have a unique understanding of dentists' needs, schedules and preferences. At "Disability for Physicians", we will design a disability plan specifically tailored to your unique situation.
OCCUPATIONAL SPECIFIC BENEFITS
As a dentist, one of the most important policy features to have in your disability contract is an own-occupation definition of disability. Simply stated, this means that if you are unable to work in your specialty due to an injury or illness the policy will pay you a benefit, even if you choose to work in another occupation. For example, if you get injured and can no longer practice as an endodontist, the policy will pay you a benefit even if you can earn an income in another specialty or occupation. This definition differs greatly from many less expensive or group plans. Many of them say you must not only be disabled from your occupation, but unable to work in any gainful occupation.
OCCUPATIONAL CLASSIFICATION
Insurance companies have different rates and policy features for different occupational classes. As a dentist, your profession qualifies you for the most comprehensive disability plans available.
GROUP DISABILITY BENEFITS
Many dentists are offered group disability insurance by their employer. Consider the following limitations with many group plans:
Group plans may be changed or canceled at any time. This could leave you without coverage when you need it.
Most group plans can’t be taken with you if you should decide to switch employers.
Most group plan benefits are taxable
Many group disability plans have a restrictive definition of disability. They require you to be totally disabled before they will pay a benefit. In other words, if you have the ability to do any type of work, benefits may not be payable.
BUSINESS OVERHEAD EXPENSE DISABILITY PLANS
If you are a dentist who owns your own practice, you may want to consider disability overhead expense. If you were to become disabled, this policy can provide funds to help cover ongoing expenses such as rent, equipment leases, employee’s salaries, utilities to keep the practice open during the period of disability. Few dental practices could survive if the dentist is not generating new revenue. In a very short time, the practice will either shut down or have to be sold. An overhead expense policy is designed to give you the ability to cover expenses while on a disability claim and come back to an existing practice when you’re able to.
SOCIAL SECURITY
Qualifying for Social Security benefits is very difficult because the disability must prevent you from doing any kind of work - not just your usual job.
WORKER'S COMPENSATION
Worker's Compensation only covers job related sickness or injury. These benefits are limited.
THINK ABOUT THIS....
If you saved 10% of your income each year, a one-year disability would wipe out 10 years of savings. Who would you turn to for financial assistance? Would family be willing to help you out? Do you think a bank would want to give a loan to a disabled person with no income and no guaranteed prospect of being able to repay.
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