Disability insurance- do i need it right away?

[toothfairy04952]

Hello guys,
Any dental disability insurances you guys would recommend for a new grad? Or can i wait a year or two before getting it.

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[MD Financial Services Scott]

Yes you should obtain coverage that has the terminology which will provide the behavior you want out of a disability contract at claim time. Not all contracts are written the same so think about the performance/behavior you want from a policy then obtain a contract with the language necessary to have that performance/behavior be the result.

 

[IHO]

Hello guys,
Any dental disability insurances you guys would recommend for a new grad? Or can i wait a year or two before getting it.

Need more info. If you are exceedingly healthy you could delay. Important terms in your policy: own occupation. Other terms to consider: residual disability and age limits to collect. Generally speaking, a disability po;icy is more important than life insurance. You should have enough disability insurance to cover your current budget, including student loan payments.
Peace,
Iggy

 

[allDAT]

Hello guys,
Any dental disability insurances you guys would recommend for a new grad? Or can i wait a year or two before getting it.

own occupation, guaranteed renewable, non-cancellable. Very few options available for true own occupation for dentists out there.

you should talk to a broker; guardian and mass mutual are the big ones I compared in 2015. I went with Mass.

Consider having a COLA rider. Best if you can increase your benefit without having to prove you’re healthy. Also good to be able to apply for partial disability if you can return to practice but in a limited capacity.

Pay for it with after tax dollars so the benefit is not taxed if paid out. If you’re female, getting a policy in place early may afford you an opportunity to get a gender neutral policy which is cheaper.

 

[MD Financial Services Scott]

own occupation, guaranteed renewable, non-cancellable. Very few options available for true own occupation for dentists out there.

you should talk to a broker; guardian and mass mutual are the big ones I compared in 2015. I went with Mass.

Consider having a COLA rider. Best if you can increase your benefit without having to prove you’re healthy. Also good to be able to apply for partial disability if you can return to practice but in a limited capacity.

Pay for it with after tax dollars so the benefit is not taxed if paid out. If you’re female, getting a policy in place early may afford you an opportunity to get a gender neutral policy which is cheaper.

All good points and so you know there are about 6 true own specialty disability insurance players in the market that once the contracts are put in place the terms of the policy can never be changed by the carrier.