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Disability insurance for dentists

Dentists should get long-term disability insurance to protect their incomes in case they’re hurt or ill and can’t work.

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By

Andrew HurstSenior Editor & Licensed Insurance ExpertAndrew Hurst is a former senior editor at Policygenius who has spent his entire career writing about life, disability, home, auto, and health insurance. His work has been featured in The New York Times, The Wall Street Journal, the Washington Post, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, and Property Casualty 360.

Edited by

Anna SwartzAnna SwartzSenior Managing EditorAnna Swartz is a senior managing editor who specializes in home, auto, renters, and disability insurance at Policygenius. Previously, she was a senior staff writer at Mic and a writer at The Dodo. Her work has also appeared in Salon, HuffPost, MSN, AOL, and Heeb.

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It’s extra important to have disability insurance if you’re a dentist. Disability insurance can replace your income if a serious illness or injury makes you unable to practice as a dentist — it can even pay out for years if you’re left permanently disabled.

We recommend getting a personal long-term, own-occupation disability insurance policy. It’s a good idea to sign up for disability insurance if your job offers it, but don’t rely on this coverage alone. Group disability insurance typically covers short-term absences, which is why you should still have a private, long-term policy.

Key takeaways

  • Long-term, own-occupation disability insurance offers the most protection.

  • The disability insurance you get through work may not be enough coverage in the event of a serious illness or injury.

  • You can lock in your disability insurance rates when you buy a policy, so get coverage early — you may even want to get coverage while you’re still training to become a dentist.

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Why dentists need disability insurance

Disability insurance is basically income protection insurance — it helps replace your income if you can’t work because of a serious injury or illness. It’s especially important protection for dentists because of the amount of time and money you’ve spent on education and training — think of disability insurance as a way to safeguard that investment.

We recommend long-term disability insurance because it can pay out benefits for years, even up until retirement age if your disability is permanent and you can never go back to work. 

Make sure to get own-occupation coverage, which means you can still collect benefits as long as you can’t work in your specific job or specialization — even if you can go back to work eventually.

Disability insurance benefits work just like your regular income, so you can use them on whatever you need — rent or mortgage payments, childcare, groceries, and any other expenses. 

Check your policy to understand exactly what’s covered, but in general, disability insurance pays out if you need to take time off for most kinds of illnesses or injuries, including:

  • Severe anxiety or depression

  • Broken bones

  • Nerve damage

  • A heart attack or stroke

  • Cancer and other serious illnesses

What about the disability insurance you get from work?

You may already get disability insurance through the dental office or practice where you work. While it’s worth having this kind of coverage (which is called group disability insurance), especially if it’s paid for by your employer, you don’t want to rely on it by itself.

Group disability insurance is usually short-term coverage, which means it will only pay out benefits for a year or less, sometimes only between three to six months. Your benefits will also be taxed like income (unlike disability insurance you pay for on your own) since group disability plans are often paid for with pre-tax dollars.

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Disability riders for dentists

There are a few important disability insurance riders, or extra coverage options, that may be important for dentists.

  • Cost of living adjustment (COLA): Automatically increases your monthly benefit every year to keep up with inflation.

  • Future increase rider: Lets you purchase more coverage later on when your income increases.

  • Non-cancelable/guaranteed premiums: Keeps your rates the same as long as you continue to make your payments on time.

  • Partial disability benefit: Pays out if you lose income because of an injury or illness, even if you’re not fully disabled.

  • Presumptive disability benefit: Waives your policy’s waiting period if you lose the use of your hands, feet, or speech.

  • Retirement protection: Contributes toward your retirement funds like you did while you worked.

  • Student loan rider: Continues making your dental school payments while you’re disabled.

Cost of disability insurance for dentists

Disability insurance typically costs 1% to 3% of your annual income. Depending on the type of dentist you are and how much you make in a given year, you can expect to pay between $84 to $173 a month (or more).

Disability insurance costs for dentists also depend on things like age, health, hobbies, and income. Specialized dentists, like orthodontists, often have higher incomes, which means more expensive disability insurance premiums.

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Disability insurance cost by medical speciality

Monthly cost of long-term disability insurance for dentists

Oral and maxillofacial surgeons

$173 or higher

Orthodontists

$173 or higher

Dentists, all other specialists

$146 to $438

Dentists, general

$134 to $401

Prosthodontists

$84 to $252

Source: Rates are based on the most recent average salaries for dentists and oral surgeons, published by the Bureau of Labor Statistics.

Are graded premiums a good idea for dentists?

If you’re still in dental school or early in your dental career, you might want to consider graded premiums instead of level premiums. Graded premiums start low and get more expensive as you get older, so you can get more coverage without having to wait to make more money.

Graded premiums may cost more than level premiums in the long run, but you may earn enough later on that the difference won’t matter much.

Best disability insurance companies for dentists

The best disability insurance companies for dentists should have experience covering high earners. They should also offer riders that dentists need, like cost of living adjustments, future increase options, and retirement protection.

If you’re not sure where to start, you can use Policygenius to get disability insurance quotes and see what your best options are.

What we like …

BBB

A.M. Best

Ameritas

Includes a survivor benefit for your beneficiary.

A+

A

Assurity

Includes a vocational training benefit.

A+

A-

Guardian

Offers lifetime continuous benefits for total disabilities, even after the policy expires.

A+

AA+

Illinois Mutual

Offers coverage for disabilities related to mental health, drugs, and alcohol.

A+

A-

Massachusetts Mutual

Offers a future insurability rider that's good until your 60th birthday.

A

A++

Petersen

Specializes in coverage of people with very high-risk jobs and severe medical history.

A+

A

Principal

Offers a lump-sum payment of $62,400 in addition to regular benefits if you're presumptively disabled.

A+

A+

The Standard

Includes a family care benefit if you have to take care of a sick loved one.

A+

A

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How to buy disability insurance for dentists

You can find disability insurance that meets your needs as a dentist by following these steps:

  1. Calculate how much coverage you need Pick your monthly benefit amounts, how long your policy will pay out, and set an elimination period (the time between your illness or injury and when you receive benefits).

  2. Consider riders Certain riders are helpful for dentists, but you don’t have to add any if you’re happy with your policy’s base coverage.

  3. Compare disability insurance quotes Get long-term disability quotes from multiple companies to find the best one for your needs.

  4. Fill out a longer application You will have to share your age, gender, address, job title, and income when you apply for long-term disability insurance.

  5. Complete a phone interview Answer questions about your medical history and lifestyle (like whether you smoke or have any risky hobbies).

  6. Go through underwriting Take a medical exam, verify your income, and get an attending physician's statement (APS) from your doctor.

  7. Sign your policy and get covered After the underwriting process (which takes four to six weeks) receive your policy in the mail. Sign and send it back to the insurance company to start your coverage.

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Author

Andrew Hurst is a former senior editor at Policygenius who has spent his entire career writing about life, disability, home, auto, and health insurance. His work has been featured in The New York Times, The Wall Street Journal, the Washington Post, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, and Property Casualty 360.

Editor

Anna Swartz is a senior managing editor who specializes in home, auto, renters, and disability insurance at Policygenius. Previously, she was a senior staff writer at Mic and a writer at The Dodo. Her work has also appeared in Salon, HuffPost, MSN, AOL, and Heeb.

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