Posted by Amy Carbone on Jul 10, 2023 9:00:00 AM
When considering disability income insurance, you should know your options. One of those options is a policy that provides an own occupation definition of total disability. Here is what to know in case a disability prevents you from performing your occupation’s duties.
What Is Own Occupation Disability Income Insurance?
Own occupation is an insurance contract feature that may cover disabilities that prevent you from performing in the occupation in which you trained and are currently working. Disability income insurance which includes an own occupation definition of total disability may protect your finances should you be unable to work temporarily or long-term as a dentist due to an injury or illness.
It is important to note that, depending on the insurance company, an own occupation definition of total disability may be included in the base contract or available as an optional rider.
Who Does Own Occupation Disability Insurance Cover?
As a dentist or a dental specialist, you are highly trained in a very specialized field. If you become disabled as a dentist, it may be difficult to find employment in a new field with a similar income potential. Compounding this is the significant debt you may have incurred as well as the time commitment to become a dentist.
Further, dentists tend to be more susceptible to disabilities. For example, a hand injury may be an inconvenience to many other professionals, but to a dentist, it may be career ending. In this example, if at the time of the hand injury, your occupation is limited to that of a clinically practicing dentist, having an own occupation definition of total disability, may allow you to return to a new occupation while continuing to receive full disability benefits. I.e. benefits are not reduced by any income you earn in a new occupation.
How are the Own Occupation Disability Income Insurance Policy Benefits Paid Out?
Disability income insurance benefits are typically paid monthly for as long as the disability continues and to the policy’s maximum benefit period. Maximum benefit periods for an individual disability insurance policy are often to a specified age such as age 65, 67, or 70. Benefit periods are selected at the time of policy inception and may be tailored to your specific needs.
Why Should Dentists Have an Own Occupation Disability Insurance Policy?
1. Your Income Is Significant
Since most dentists have a high-value income, a policy with an own occupation definition of total disability can help protect your earnings so you can focus on your health and/or pursue other ways to grow your wealth.
2. You Need Long-Term Benefits
Individual disability income insurance policies often provide for long term payment of benefits in the event of a disability as discussed above. A policy with an own occupation definition of total disability along with a long term benefit period may help mitigate financial disaster in the event you are no longer able to work in your occupation due to an injury or illness.
3. Others Rely on You To Provide for Them
Life happens, but that doesn’t mean you should become overwhelmed by dental school debt and unpaid bills while you are disabled and unable to perform your duties as a dentist.
Explore Your Disability Income Insurance Options
A disability policy with an own occupation definition of total disability can give you an option to seek other job opportunities should an injury or illness prevent you from pursuing your profession as a dentist. Disability income insurance as a whole can help protect your finances. The specifics of that protection depend on your circumstances and your policy. That’s why it’s important to know your options.
In addition to an own occupation definition of total disability, your policy’s coverage may be expanded by the addition of riders. Examples include:
- Partial/residual disability rider..
- Cost of living rider.
- Student loan riders.
- Catastrophic disability rider.
- Future insurability rider.
But how do you know what is right for you as a dental professional? To learn more about the ins and outs of disability income insurance and your options, download our guide, “Disability Income Insurance for Dentists.”
About Treloar & Heisel
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.
