Disability Insurance for Dentists Is Essential to Safeguard Your Earnings!
According to the Council for Disability Awareness, more than 90 percent of disabilities get caused by common ailments like cancer, heart disease, and musculoskeletal disorders like carpal tunnel, arthritis, and chronic back pain.
It is a fact that disability could occur at any moment and affect any field. It is the reason why disability insurance for dentists is crucial. It is dreadful to lose your aptitude in dentistry suddenly and the associated financial burden, especially in light of the education and training you underwent to become a dentist, not to mention the money outlay and dedication.
If you’ve decided to secure your income through Disability insurance, how do you know what policy you should choose? Here’s a quick guideline to start:
“Own Occupation” Coverage
A policy for your occupation will protect those who cannot work in your chosen area of expertise. That means that even if a condition like carpal tunnel syndrome or a chronic back injury prevents you from fulfilling your job as a dentist. You’ll still be eligible for benefits even if you are in a position to work in a different profession.
Specialty Definition
If you’re an expert in your chosen field, you could find policies that provide specific definitions of disability for specialists.
It can go a step further than your occupational coverage. By allowing you to keep receiving benefits even if an impairment makes it impossible for you to perform the duties associated with your area of dental specialty.
Disability Insurance Coverage for Residual Disability
There remains a disability after the dentist has gone back to practice on a part-time basis. Many dentists know that having an occupation or specialization definition of disability is crucial for a dental disability insurance policy. Still, they might not be mindful of the specifics of how a claim will be covered by an insurance company when recuperating.
To make this part easier for the dental disability insurance policy. we suggest that you have an occupational disability insurance policy that covers the loss of income during the recovery process versus one that defines the permanent disability as “time and obligations.”
Future Rider Increase
Suppose you’re beginning your career and are looking to purchase disability insurance. In that situation, it would be wise to find out if a raise rider might add to your plan.
You can get additional disability insurance at predetermined times as your income rises without going through the medical underwriting procedure again. This insurance policy guarantees you future insurance even if your medical condition alters since purchasing the initial design.
Cost of Living Rider
Cost of Living riders automatically boosts your benefits to compensate for increases in living expenses. If you are disabled, your benefits will rise yearly to keep up with the cost of living.
Everyone is afraid of having the chance of suffering from an injury or illness. However, as a dentist who has specialized knowledge, the ability you have to perform the profession you choose is your greatest asset. Contact Ottawa Life Insurance at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca today to protect that asset with disability insurance for dentists.
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