Practicing dentists need quality insurance coverage to protect them against the unexpected in every facet of their career. Dental students also need coverage, but many may be unsure of the appropriate time to get it.
You may not own your own dental practice, or perhaps you're not even working yet, but that doesn't mean you don't need insurance coverage. While you're still in dental school, your ability to work is an important asset.
If an accident or illness prevents you from completing your education, your future becomes compromised. You'll need a way to cover living expenses and student loans.
Your family and loved ones should also be protected from your financial burdens if something should happen to you. Insurance is likely as critical for dental students as it is practicing dentists.
Dental students may not need insurance products like malpractice coverage or business overhead insurance, because they aren't yet practicing nor do they own a dental office.
However, there are two key types of insurance that are important for dental students:
Disability income insurance is important should you suffer an illness or injury which results in your inability to complete dental school. Full benefits may be payable even if you are able to re-train and work in a new profession. A number of companies offer Student Loan Rider which may help pay off your student loans.
Protecting insurability is another important reason to consider securing disability insurance while in dental school. Oftentimes, your health history is reviewed as part of the underwriting process. Adverse health history may impact one's ability to obtain disability income insurance. Younger individuals tend to be healthier.
Policies may be configured to allow for increases in your coverage in the future as your income increases without regard to any changes in your health.
If you pass away while you are covered, the beneficiary of your life insurance policy will receive the life insurance policy death benefit. This can be used to cover medical costs, funeral expenses, and provide for any other needs arising from your death.
While you can purchase insurance coverage at any time during your education, consider the importance of being covered early on. If you choose to wait for a later date to purchase insurance, you'll be fully responsible for the expense of any disability you incur while you're not covered.
This means that if you're in an accident on your very first day of dental school and become permanently disabled, you may still be required to meet some or all of the obligations you agreed to prior to the incident.
Younger individuals tend to have less medical history that may adversely impact underwriting. Purchasing insurance before you attend dental school ensures that your future will be protected from your very first day.
Here are some tips on how to manage your insurance coverage throughout your education:
A number of insurance companies may offer discounts to those individuals who secure their coverage while in dental school. Discounted rates and special limits may be available to dental students who wish to secure disability insurance. Malpractice insurance companies may offer a discounted rate to dentists who are getting ready to enter private practice.
Insurance planning is dynamic and accordingly, you should have a meeting with your insurance agent at least annually to review your coverage and your overall situation. Anytime you experience a significant change, i.e. increase in income; purchase of a practice etc., you should reach out to your insurance agent to discuss.
Get copies of your insurance policies and put them in a safe place you have easy access to. You need to be able to find your records quickly in the event that an incident does occur and you need to review your coverage and how to file a claim.
Make sure to work with an experienced agent who is familiar with the dental marketplace. An agent who focuses on the dental market space may be more familiar with the unique planning needs of dentists.
Do you have questions about insurance coverage for dental students? Do you want to learn more about disability income insurance and how it could benefit you as you pursue an education in dentistry? We can help. We know how overwhelming it can be to get started with your dental career, and we're here to assist you in selecting the right products and services for you.
Contact Treloar & Heisel today for more information.
Treloar & Heisel and Treloar & Heisel Property and Casualty are divisions of Treloar & Heisel, LLC.
Insurance products are offered through Treloar & Heisel, LLC.
This information is intended for general informational purposes only and is not intended as advice. Please consult with a licensed insurance professional.