Disability insurance for dental students

[grandpa]

I have been accepted to dental school! My son-in-law is in his third year of dental school. We had a great visit over spring break and discussed various topics related to our future practice. He is in the process of selecting disability insurance and asked me to read a recent article on the subject. There appears to be many considerations in selecting a policy with numerous options. It is rather sobering to know that possibly 1/3 of us will experience temporary or permanent disability during our careers.

Does anyone have a good resource web site on disability insurance for dentists and dental students?

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[toothart]

Our school (NYU) offered us to sign up with a company by the name of Great West. We get an initial $50,000 coverage which will increase when we leave the school and go into practice. The coverage is free while we are in school, but once we leave the premium bills come in for greater coverage.

Regards

 

[Dino_D]

One was recommended to me by a colleague and he said it was pretty good if not the best one out there. However, the name escapes me right now. I think he said it started at $200/month and I think that is for 60% coverage of average annual salary. I need to contact them to get exact details though.

 

[doctordi]

I am glad to see that all of you are interested in disability insurance. I am a financial planner and my company specializes in disability insurance for residents and physicians, we perform educational seminars at residency programs often. Please feel free to email me for more information, quotes or just plain advice. Ok the basics

Lock in young and healthy with a non-cancellable guaranteed renewable policy you will lock in to the rates and benefits more cheaply than if you wait. With this type of coverage the company can never change your benefits or increase your rate.

While in residency females can often qualify for and obtain unisex rates saving up to 20% on current and future premium.

Specialty specific true own occupation is a must for physicians (to my knowledge only two companies are offering true own occ to age 65 for all specialties). This benefit allows you to work in another occupation or medical specialty and still collect your benefit.

Residual or Partial disability allows you to return to work and still collect a benefit if your income has dropped due to disability.

Future increase option is also very important. The amount of coverage you can purchase is determined by your income. This option allows you to purchase increases in coverage as your income increases without proving health or insurability. All you have to prove is income.

Cost of Living Adjustment is very valuable if you are disabled for a long period of time your benefits will increase with the consumer price index keeping your monthly benefit level with inflation.

Lifetime benefits (only one company currently offers) If you become disabled young and have not had time to save for retirement this can be really valuable. Most companies pay to age 65-70.