Recently I worked with a group of dental residents looking for individual disability insurance policies. Since they had a lot of great questions, I thought I would post some specific questions as others may be able to benefit from their experience:
Q. What is the difference between own occupation, regular occupation, and your occupation? We were told own occupation is the only way to go!
A. It is true that it is vital to purchase a policy with an own occupation definition of disability on the policy. However, different companies have different names for the same definition. This is where it is important that you work with an independent broker who can help you read the fine print. Make sure the policy states that if due to sickness or injury, you will be paid a monthly benefit even if you are able to work in another occupation. Especially as a dentist, this is crucial. Some policies already have this definition built into the contract. Other companies add a rider that allows for this definition.
Q. Why are Set for Life Insurance’s rates so radically lower than the competition?
A. Set for Life Insurance has spent the last 20 years putting together discounts around the country at hospitals, medical centers, dental schools, medical schools and residency programs. Once a discount is set up, subsequent people at those programs can benefit if they submit an application through Set for Life Insurance. The discounts at some of these places are unisex rates which significantly reduce the rates, especially for women.
Q. What if I don’t see my residency program listed on the discount page?
A. Contact Set for Life and we can help you set up the program easily at your hospital or residency program.
Q. What if I am going to be doing a dental specialty such as orthodontics or pediatric dentistry?
A. Depending on the medical specialty, it may make sense to wait to purchase your policy. Some specialties such as orthodontics and pediatric dentistry offer less expensive rates. Oral surgeons, periodontists and endodontists typically pay the same rate as general dentists.
For more information about individual disability insurance for dentists, contact Set for Life Insurance today!
