I'm a student and would be soon practicing privately as a dentist. Do I need to go for disability insurance?
Total Comments: 5
Posted: Tue May 11, 2010 11:05 am Post Subject:
Your knowledge and expertise are your greatest assets. You're the one who's supposed to take care of your family's financial needs. Professional liability insurance covers you for illnesses and injuries thus enhancing your chances of applying your dentistry skills.
Posted: Wed May 12, 2010 08:24 am Post Subject:
Professional liability insurance covers you for illnesses and injuries thus enhancing your chances of applying your dentistry skills
This is entirely inaccurate. "Professional Liability insurance" (aka "malpractice insurance"), as does any "liability" coverage, protects your wallet/savings/assets in the event you harm a third party as a result of your [professional] negligence. It has absolutely nothing to do with your own loss of income due to illness or injury.
[Steven, if you are a licensed agent, I hope you have your own errors & omissions policy. You may be selling folks the wrong kind of coverages.]
If you are concerned about not having any income in the event of a serious illness or injury, you need DISABILITY INCOME insurance.
You would need an "occupational" policy (covers you 24 hours/day) with an "own occupation" definition of total disability. Expect a maximum benefit of 60% of your pretax income. You'll also have to choose an "elimination period" (often described as a "time deductible") -- the number of days following a disabling event during which you will not be paid. If your disability lasts longer than that, then you will receive a weekly benefit for the period of your disability up to the limit of the policy (usually not beyond age 65, but lifetime is available at a price).
Most policies will also change the definition of disability from "own occupation" to "any occupation" after two years of continuous disability, making it harder to be considered disabled. For more premium dollars, you can find a policy that will not do that.
You should also consider life insurance. Dentists have one of the shortest life expectancies of all medical professionals -- can't cope too well with the stress of having to treat people who are scared of them.
Posted: Wed May 12, 2010 09:20 am Post Subject:
Hi Everyone,
I'm sorry, and thankful to Max for pointing out the mistake. Actually we're discussing about 'Disability insurance for dentists', and all I meant was that the disability policies would even protect a dentist from illnesses and physical injuries.
I just wanted to stress upon the fact that apart from professional liability insurance, a dentist should also have other things in place e.g. a disability insurance policy. Don't know how I got mixed up while typing it. :)
[Steven, if you are a licensed agent, I hope you have your own errors & omissions policy. You may be selling folks the wrong kind of coverages.]
I'm not a licensed agent. I've been a part of this community since it's inception. I've always participated with an intention to help others and identify issues that keep coming. (Yeah, I do study a bit while posting my replies though..) Steven
Posted: Thu May 13, 2010 05:41 pm Post Subject:
No problem, Steven, we're all human and make mistakes.
Posted: Fri May 14, 2010 06:35 am Post Subject:
I feel there are other things which are important as well- make sure you note the financial strength of your carrier while signing up. Believe it or not, disability insurance is a part of a successful financial planning.
Posted: Tue May 11, 2010 11:05 am Post Subject:
Your knowledge and expertise are your greatest assets. You're the one who's supposed to take care of your family's financial needs. Professional liability insurance covers you for illnesses and injuries thus enhancing your chances of applying your dentistry skills.
Posted: Wed May 12, 2010 08:24 am Post Subject:
Professional liability insurance covers you for illnesses and injuries thus enhancing your chances of applying your dentistry skills
This is entirely inaccurate. "Professional Liability insurance" (aka "malpractice insurance"), as does any "liability" coverage, protects your wallet/savings/assets in the event you harm a third party as a result of your [professional] negligence. It has absolutely nothing to do with your own loss of income due to illness or injury.
[Steven, if you are a licensed agent, I hope you have your own errors & omissions policy. You may be selling folks the wrong kind of coverages.]
If you are concerned about not having any income in the event of a serious illness or injury, you need DISABILITY INCOME insurance.
You would need an "occupational" policy (covers you 24 hours/day) with an "own occupation" definition of total disability. Expect a maximum benefit of 60% of your pretax income. You'll also have to choose an "elimination period" (often described as a "time deductible") -- the number of days following a disabling event during which you will not be paid. If your disability lasts longer than that, then you will receive a weekly benefit for the period of your disability up to the limit of the policy (usually not beyond age 65, but lifetime is available at a price).
Most policies will also change the definition of disability from "own occupation" to "any occupation" after two years of continuous disability, making it harder to be considered disabled. For more premium dollars, you can find a policy that will not do that.
You should also consider life insurance. Dentists have one of the shortest life expectancies of all medical professionals -- can't cope too well with the stress of having to treat people who are scared of them.
Posted: Wed May 12, 2010 09:20 am Post Subject:
Hi Everyone,
I'm sorry, and thankful to Max for pointing out the mistake. Actually we're discussing about 'Disability insurance for dentists', and all I meant was that the disability policies would even protect a dentist from illnesses and physical injuries.
I just wanted to stress upon the fact that apart from professional liability insurance, a dentist should also have other things in place e.g. a disability insurance policy. Don't know how I got mixed up while typing it. :)
[Steven, if you are a licensed agent, I hope you have your own errors & omissions policy. You may be selling folks the wrong kind of coverages.]
I'm not a licensed agent. I've been a part of this community since it's inception. I've always participated with an intention to help others and identify issues that keep coming. (Yeah, I do study a bit while posting my replies though..) Steven
Posted: Thu May 13, 2010 05:41 pm Post Subject:
No problem, Steven, we're all human and make mistakes.
Posted: Fri May 14, 2010 06:35 am Post Subject:
I feel there are other things which are important as well- make sure you note the financial strength of your carrier while signing up. Believe it or not, disability insurance is a part of a successful financial planning.
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