Posted by Amy Carbone on Jan 28, 2025 3:23:15 PM
If you’re a practicing physician or a dentist (or in training to become one), you’ve invested tens of thousands of hours, substantial financial resources, and tremendous effort to build your career. The path to practicing medicine or dentistry is long and demanding, requiring years of education, training, and sacrifice. Yet, as fulfilling as this profession is, it comes with a unique vulnerability: the potential for an injury or illness to suddenly jeopardize your ability to earn an income.
This is why disability income insurance is crucial. It offers financial protection when an unforeseen circumstance prevents you from working, helping ensure your income — and by extension, your lifestyle — remains intact.
Why Disability Income Insurance Should Be Purchased Early
The best time to purchase disability income insurance is when you’re younger and healthier.
When applying for a policy, the insurance company will review your health, known as medical underwriting. As you age, your health records may reveal conditions leading to a denied disability income insurance application.
On the other hand, younger, healthier individuals typically enjoy lower premiums and more favorable terms. Additionally, securing coverage early in your career helps lock in a policy that can provide invaluable peace of mind throughout your working years.
For medical and dental professionals, especially those with high levels of student debt, the stakes are even higher. Your ability to earn an income is your most valuable asset, and protecting it should be a priority.
But What Happens If You Have a Preexisting Condition?
Unfortunately, life doesn’t always allow for the perfect timing of major financial decisions. Some physicians and dentists may already have a preexisting medical condition by the time they consider disability income insurance. These factors can make obtaining coverage more challenging—and more expensive.
Insurers are often hesitant to take on what they perceive as a higher risk. However, even if you’ve received a disability income insurance denial, this doesn’t mean you’re out of options. Certain insurers specialize in covering individuals with medical conditions or risk factors that others might avoid. While the terms may vary, these policies still provide critical protection for your income.
Experienced Advisors Can Offer Solutions for Hard-to-Insure Applicants
For physicians and dentists with preexisting conditions, finding the right coverage can feel overwhelming. However, there are insurers who cater specifically to hard-to-insure applicants. These providers understand the unique risks you face as a healthcare professional, work to craft policies tailored to your circumstances, and help you gain access to the benefits you may need.
Working with a knowledgeable insurance advisor can make all the difference. Advisors with experience in the medical and dental fields can help identify insurers willing to take on higher-risk applicants, as well as guide you through the underwriting process.
Don’t Leave Your Income Vulnerable
Whether you’re just beginning your career or have already faced some health challenges, disability income insurance is necessary to protect your financial future. As a physician or dentist, your income supports not only your lifestyle but also your ability to repay student loans, invest in your practice, and save for the future.
Don’t wait to explore your options. If you have faced some health setbacks, there are solutions available. Take the time to consult with an insurance advisor who understands your specialty and secure the coverage you need to safeguard your most valuable asset — your ability to earn an income.
Want to learn more about obtaining an insurance product created specifically for individuals who have encountered challenges securing traditional disability income insurance (DI)?
Speak with an advisor on our team to learn about coverage that offers the protection and peace of mind you deserve.
