As a practicing dentist, you must have the reassurance that you can still provide financially should you become disabled. High-quality disability insurance is one of the most crucial insurance plans that any health care professional can invest in because it allows for just that – compensation in the event of disability.
What Is Own-Occupation Disability Insurance?
Own-occupation disability insurance is a disability insurance policy available to working professionals who are not insured under another disability policy or who do not have enough coverage under a group disability policy.
Working professionals invest in own-occupation disability insurance policies so that if they become disabled in a way that interferes with their ability to practice, they can collect a portion of their salary from their insurance policy and maintain an income.
When To Purchase Own-Occupation Disability Insurance?
Working professionals purchase an own-occupation disability insurance policy when they are young and healthy – at the beginning of their careers. It is imperative that a professional buy their policy when they are young, as insurance companies require a physical exam before disability policies go into effect. It is less likely that a professional will have existing disabilities at a younger age which helps to ensure coverage and keep premium payments low. Trying to purchase an own-occupation disability insurance policy with a pre-existing condition can be near impossible.
How Does Own-Occupation Disability Insurance Work?
As an own-occupation policy, the policy is written specifically for the worker’s industry – for example, a dentist would carry a dental disability insurance policy. It is crucial to invest in a specialty disability policy because insurance companies design them to cover disabilities specific to the industry in question. Group disability policies and general disability policies are less likely to cover these types of disability claims.
The working professional pays premiums for their own-occupation disability insurance policy – depending on the type of policy, these premiums may be the same for the life of the policy, or they may increase over time. Policy premiums must be paid consistently for a disability policy to remain active, and as long as they are, that policy can effectively cover a professional until their retirement.
Should the own-occupation disability insurance policy holder become disabled at any point in their career and unable to work, they can file a claim with their insurance policy. Upon approval of a claim, the insurance company will pay out the benefits designated in the policy documents. These disability benefits may be for a short-term or long-term disability, depending on the policy details.
What Are The Pitfalls Of Not Having Own-Occupation Disability Insurance?
A working professional without own-occupation disability insurance is risking everything. Becoming disabled does not just mean no income for the foreseeable future – it could mean being unable to work ever again, which may well cause the end of a private practice!
High-quality disability insurance is about more than insuring for eventualities; it is about securing a future should disaster strike. With so much riding on that future, it only makes sense to trust a reputable provider with a history of providing custom disability solutions for healthcare professionals.