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.
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.
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.
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 |
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 | |
---|---|---|---|
Includes a survivor benefit for your beneficiary. | A+ | A | |
Includes a vocational training benefit. | A+ | A- | |
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- |
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 |
Offers a lump-sum payment of $62,400 in addition to regular benefits if you're presumptively disabled. | A+ | A+ | |
Includes a family care benefit if you have to take care of a sick loved one. | A+ | A |
How to buy disability insurance for dentists
You can find disability insurance that meets your needs as a dentist by following these steps: