Why Every Dentist-In-Training Needs Disability Income Insurance

While you are in training for a career in dentistry, it’s possible you may think that dealing with insurance can be deferred because, well, there’s time. Insurance can be dealt with once “real life” kicks in, you might say.

However, there are several compelling reasons for securing disability income insurance for dentists while you are still in dental school. Let’s explore them.

Is Dentistry Risky Enough To Require Disability Income Insurance?

You probably haven’t thought of your profession as risky, but the truth is that the work you have chosen is highly specialized, and if something happens to you whether on or off the job, you could see your career come to a quick end or significant slowdown.

For example, a minor hand injury may not slow down  an accountant, lawyer or business executive. A dentist, however, could see months or years of income fall away as a result of a hand injury. So while dentistry as a profession is not risky, the risks that the individual practitioner is exposed to can put their ability to earn an income at peril. For this reason alone, it’s important to try to mitigate risk in the ways that are easily possible. Purchasing disability income insurance is an easy way to help mitigate the risk of a potential loss in income.

Protecting Your Investment with Disability Income Insurance

If you’re a dentist-in-training, you may think that because you are not currently earning much money, you do not have anything valuable to protect. Not having income may translate in your mind to not having much to protect. Not true. It could be argued that, in some ways, as a dental student or dentist in-training, you are probably worth more at this point in time than you will be worth at any time in the future, simply because all your earning time is ahead of you. 

All of your earning at this point is locked potential. Consider that potential an investment, and the investment is you. Disability income insurance allows you to protect your future insurability, even if it’s in the form of securing some small amount of coverage with an option that may allow you to increase your coverage in the future, as your income increases, without having to worry about any potential changes in your health. 

How Do You Protect Yourself From Obligations to Lenders?

Many federal loans forgive or discharge loans in the event of a disability, but if you read the find print, you’ll discover that their definition of disability may be somewhat restrictive. One way to help navigate this is to include a student loan protection rider on your disability income insurance policy.

What Is a Student Loan Protection Rider?

Many disability income policies offer student loan protection riders. A rider is optional coverage that you may be able to secure at an additional cost. If you’ve obtained  student loans to fund your education, you may wish to consider including a student loan protection rider on your disability income insurance policy, which may help pay all or a portion of your monthly student loan payments in the event you become disabled.

The First Step Toward Comprehensive Insurance Coverage

Navigating the world of insurance can be overwhelming. But understanding all of your options is the first step to making smarter coverage selections for your future as a successful practicing dental professional. 

Additional Coverage Considerations

While malpractice insurance (or professional liability insurance) is a completely separate product from disability income insurance, it’s often presented as the “other insurance” dentists in training should familiarize themselves with. 

If you are reading this article because you are currently in training and are concerned about your risk exposure ,it is important to understand that most schools will ensure that you are covered for malpractice while in training under the auspices of the program. There are a few exceptions. One may be in the event of an externship. If you are participating in an externship, make sure that the coverage through your dental school provides coverage. If it does not, you will need to purchase separate coverage. In addition, you will need your own coverage when taking your board exams or in some instances when engaging in a working interview. 

To learn more about your options and explore additional details regarding disability income insurance and malpractice insurance, download our free guides today.

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. 

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