Disability Insurance For Dentists

Dentist disability insurance

Becoming a dentist takes an extraordinary amount of work and money… and you likely know better than anyone. Here are some recent, very staggering statistics:  the total cost for 4 years of dental school (not including any specialty training) is approximately $200,000, the cost to start up a new practice ranges from $300,000 to $500,000. Now, combine this cash outlay with the approximately 10 years or so of education and residency, and it underscores the incredible investment you have made in yourself.

As a business owner or partner, you’ve worked hard to leverage this significant investment in education and training to establish your reputation and skills, build a successful practice and create a fruitful future for your family and loved ones. If you are like many self-employed dentists, you might figure that your property or liability insurance keeps you and your assets covered in the event an unforeseen circumstance prevents you from working. Unfortunately, you are wrong.

Disability insurance is coverage intended to provide 45 to 60 percent of gross income to workers who lose their wages due to a debilitating injury or illness. Disability insurance intends to recoup enough of the policyholder’s wages to pay for their living expenses while they are disabled.

Long-term disability coverage is essential to ensure peace of mind and security for your practice in the event of an unexpected accident or illness. But, did you know that many dentists don’t have adequate coverage for just such a scenario? This oversight can result in catastrophic consequences such lost wages, and unpaid office expenses and employee salaries.

Here are the 3 biggest insurance myths that are likely putting you at risk as well as the facts you need to consider to protect you and your family’s future:

Myth #1:  “Long term disability Insurance is for workers who could have a freak-accident on the job, not me in my dentist practice.”

Truth #1:  In reality, the majority of long-term work absences are actually due to illnesses, such as cancer and heart disease. Dentists as well as other medical professionals are not immune to these long-term conditions.

Myth #2:  “My business liability and life insurance policies provide me and my practice with adequate coverage and security should anything dire happen.”

Truth #2:  Liability and life insurance do not provide for your expenses should you be unable to complete the duties required in your business due to an illness. For most of us, an unexpected interruption of income could have serious financial consequences.

Myth #3:  “Older workers or pregnant women are the only ones who need long term disability insurance.”

Truth #3:  The fact is that one third of all Americans between the ages 35 and 65 will become disabled for more than 90 days, according to the American Council of Life Insurers. Nearly 1 in 5 Americans will be disabled for one year or more during their working years. Half of all home foreclosures in the United States result from disability as do an alarming number of personal bankruptcies. As owner or partner of a practice, you have the added responsibilities of rent, payroll and taxes, among other expenses. Long-term disability insurance helps you avoid the need to tap into your saving to cover these should something unthinkable happen.

Ensure peace of mind for your practice, yourself and your loved ones. If a disability insurance policy for dentists is not part of your current portfolio, add it today.

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More Information:

Buying Disability Insurance? What You Need to Know
Income Protection Insurance for Dentists and Doctors