While you’re finishing dental school, you likely have a number of questions about the next steps in your career, including some related to your insurance coverage.
You’ll have a number of insurance coverages to consider, including policies that are legally required and others that may not be mandatory, but can still help protect you and your assets.
Here are some insurance policies that you may want to secure prior to dental school graduation:
Malpractice insurance, also called professional liability insurance, protects you against claims of malpractice, negligence, and similar concerns. Requirements regarding this coverage vary from state to state, so it’s important to know the laws and regulations of the state you will be working in so you are properly insured.
Dental malpractice insurance may come with a number of options. For example, you may have the ability to choose a claims-made policy or an occurrence policy:
In addition, premiums for malpractice insurance coverage can vary based on a number of factors, including your work location, age, risk management courses taken, procedures that you will be performing, and the type of practice you will be joining. Many companies even offer discounts to those entering practice for the first time.
Disability income insurance allows you to protect your ability to earn a living in the event of an injury or illness. While it might seem early in your career to consider these issues, being prepared ahead of time can prevent a future loss of income.
It’s essential to work with an experienced professional who can help you find the policy that’s right for you today, while allowing for scalability in the future.
There are a number of factors that can influence your disability income insurance premium, including your age, income, current health, and the policy options you choose. Some options you may have include:
Life insurance may be considered by a dental student for various reasons, including: protection for your dependents in the case of your passing, you are considering seeking financing to start a practice, or you simply wish to protect your insurability.
There are often two different kinds of life insurance policies that are offered — term and permanent. The kind you choose can also determine the cost of your policy and premium.
Some differences between the two include:
For a recent graduate, term life insurance is often the best choice as it offers higher coverage levels for a relatively low premium. Generally speaking, if you are older or have any major, current health concerns, you are more likely to see higher premiums.
Due to the vast number of options in malpractice, disability, and life insurance policies, it’s best to work with an insurance professional who is experienced not only with the questions and issues you may have, but with the dental industry as well.
An insurance professional can help you understand and explore the most appropriate insurance fits for you based on your needs and concerns.
Aside from insurance coverage, there are a number of questions you likely have while you’re in the process of finishing dental school and beginning your career.
Our comprehensive post-dental school guide provides you with insight on:
Access our Post-Dental School Survival Guide eBook today to get in-depth answers to questions about your upcoming dental career.
Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.