True-own Specialty Disability
Insurance for Dentists
Disability insurance for dentists should always contain a preferred definition of total disability referred to as Occupation or Specialty specific coverage. A True Own Specialty disability plan protects you from financial loss due to an injury or sickness that prevents you from performing the duties of your specialty while still paying you your full tax-free benefit even if you elect to work in another occupation. This protection provides peace of mind knowing that you could continue to support you and your family’s needs.
Research shows that dentists have a 1-in-4 chance of acquiring long-term disability that could prevent them from working in their specialty prior to the age of 65. Some disability insurance policies for dentists will refuse to pay you if your disability leaves you fit enough to work in another area of dentistry or an entirely new field. With own-specialty disability coverage, however, you receive full pay-out even if you elect to work in another occupation.
At InsuranceMD, we provide dentists with true-own specialty disability insurance.
what will the insurance cover?
It provides a tax-free replacement of income if a sickness or injury prevents you from performing the material and principal duties of your specialty. It also provides you the freedom to earn an income in another occupation while still paying you your full tax-free benefit.
Who can benefit from own-
specialty disability insurance?
Own Specialty Disability Insurance is available to Dentists residing in the U.S. who are actively working full-time at the time they apply for coverage. You must also qualify for coverage through medical and financial underwriting at the time you apply.
What’s included in own specialty disability insurance for dentists?
- Definition of total disability – under a true own-specialty definition a dentist is considered disable, and therefore eligible for full benefit payout, if they are unable to perform the duties of their specialty.
- With an own specialty policy a dentist is free to work in another occupation even while they collect their full benefit from a disability that prevented them from working in their dental specialty.
- Guaranteed contract provisions and locked-in premiums – you can renew your policy regardless of your health or current income.
- Partial or residual benefits – gives you the ability to collect a pro-rated amount of your coverage if you are disabled but still working in your medical specialty.
- Cost of living riders (COLA) – safeguards your benefit against the risk of inflation.
- Future increase options – ability to increase coverage as your income increases over time, regardless of your health.
- Catastrophic coverage (CAT) – provides an extra monthly benefit should your disability prevent you from performing 2 out of the 6 daily activities of living.
To date, only 6 insurance companies offer *true own-occupation coverage for dentists. InsuranceMD works closely with these 6 carriers and can provide unbiased side-by-side comparisons to help you choose the best possible coverage for your needs.
Why and when should you start coverage?
Disability insurance can only be purchased when you are healthy, therefore you need to purchase it when you don’t need it with the wherewithal to realize that your most valuable asset is your ability to continue to earn an income while working in your medical specialty and without your income nothing else is possible. According to LifeHappens.org 1 in 4 of today’s 20 year old future physicians will suffer a long term disability prior to their age of 65 therefore you can’t afford going without coverage.
Ideally, dentists and other healthcare professionals must start coverage as early as residency training. Insurance premiums increase over time, so it makes sense to purchase your policy when you’re at your youngest and healthiest.
Employer-Sponsored Long Term Disability Insurance is NOT Own Specialty
Employer-sponsored disability insurance is a Long Term Disability coverage offered by most employers and it is not considered to be True Own Occupation/Own Specialty coverage. True Own Specialty disability insurance for dentists enables you to claim benefits if a sickness or injury prevents you from working in your dental specialty while allowing you to continue to collect your full benefit even if you elect to work in another occupation. Employer-provided disability insurance does not consider you eligible for you full benefit if you elect to work in another occupation and often does not cover your entire earning ability.
What Carriers offer True Own Specialty Disability Insurance?
Six insurance carriers are providing True Own Specialty Disability insurance to dentists. Ameritas – Guardian – MassMututal – Mutual of Omaha – Principal – and The Standard.
Unlike the coverage offered through Employer Sponsored plans, these six carriers offer an Own Specialty Disability insurance policy that will pay your full Tax-Free monthly benefit if a sickness or injury prevents you from working in your medical specialty while allowing you to earn an income in another occupation.
What Features of a Disability Policy truly matter?
True Own Specialty Definition of Total Disability
The Definition of Total disability remains the most important feature of every Long Term Disability Policy. True Own Specialty Disability insurance for dentists pays your full benefit if a sickness or injury prevents you from performing the duties of your dental specialty while continuing to pay your full benefit even if you elect to work in another occupation.
Residual disability coverage should be included in whichever policy you purchase. This rider protects you from the inability to earn your regular income caused by a sickness or injury while you remain working in your dental specialty.
Non-Cancellable and Guaranteed Renewable
This remains an important feature for all disability insurance plans for dentists. Non-Cancellable simply means that the insurance carrier cannot raise the rates or change the policy provisions within your contract. Guaranteed Renewable provides peace of mind where the carrier is guaranteeing you that they will renew your policy every year regardless of your current health or income.
Future Increase Options
Future Increase options should be considered for physicians who’s earning potential may increase as they progress in their career. This rider guarantees that the carrier will increase your benefit regardless of your health so long as your income justifies the increase.
Catastrophic Coverage (CAT)
Catastrophic riders were the least popular rider in 2020 among physicians. This rider provides an additional monthly benefit should your disability result in your physical inability to perform 2 out of the 6 Activities of Daily living as defined by Investopedia.
Cost of Living Coverage (COLA)
This rider is more important for younger physicians. It protects you from a disability that occurs while you are younger and the rise of inflation. This rider is less attractive to physicians above the age of 55 where the risks associated with inflation and disability are no longer as crucial.
How Much Does Own Specialty Disability Insurance Cost?
Everyone’s quote is different based on the following factors:
- medical specialty
- Health history
- existing coverage
- policy riders
- available discounts
- benefit amount
Attain financial security through InsuranceMD
Increased cost savings
Not many healthcare professionals know that they can enjoy discounts when applying for own occupation disability plans. As your trusted insurance agent, We help you determine which discounts you’re eligible for during the quotation process and ensure you get the best value for your money.
Our agents have over 20 years of experience providing physicians and dentists with tailored insurance solutions built specifically for each client’s unique needs. We work closely with carrier underwriters to ensure you receive the best possible underwriting outcome.