by Guest » Tue Aug 24, 2010 07:33 am
I'm a student of medicine from CO. I'm aware of dental insurance, but I recently attended a seminar where they stressed upon the necessity of a disability insurance policy. Do all dental surgeons need disability insurance?
Posted: Tue Aug 24, 2010 01:18 pm Post Subject:
The only dental surgeons who need disability insurance are those who are working because they need income.
Posted: Wed Aug 25, 2010 05:49 am Post Subject:
I guess it's now a necessity with all dental specialty. I guess one needs to stay covered (for total disability) either for lifetime or up to 65 years age. Perhaps, that's what we mean by their definition of own-occupation.
Posted: Wed Aug 25, 2010 01:09 pm Post Subject:
I dont think there will be a specific disability insurance targeting dentists. i think if they do want a disability insurance then a normal one which is applicable to all will suffice.
Since i dont think dentist's profession includes any risk which may lead to disability of any type.
Posted: Thu Aug 26, 2010 05:33 am Post Subject:
Being a dentist you'd need to fulfill certain duties both substantial and material. So, if you're gonna apply for disability insurance you'd need to make sure that your policy covers your specialty.
Posted: Thu Aug 26, 2010 12:10 pm Post Subject:
Is it ? is there some risk involved in this profession?
Posted: Fri Aug 27, 2010 04:41 am Post Subject:
For any person with specialized occupational skills, or anyone who is self-employed, the proper type of disability income insurance policy is one with an OWN OCCUPATION definition of total disability.
The best policies in this category will not change the definition of disability to ANY OCCUPATION after a certain period of time.
Most policies will run (or start) a disability claim up to age 65, but a few offer "lifetime" coverage. The more coverage one wants, the more it will cost.
Posted: Fri Aug 27, 2010 05:43 am Post Subject:
Hey Max..jus one question...is it just the difference of premiums for the ones that stretch for life time? Or do they also differ in terms of features?
Posted: Fri Aug 27, 2010 10:20 am Post Subject:
Lifetime coverage is very rare. It's not available with all occupations. I don't know of any companies that offer true lifetime coverage anymore. It's all limited to some extent.
The general rule with disability coverage is that you get what you pay for. If one policy is $3,000 and another is $1500, you can bet that there is a reason for the price difference.
When one buys coverage through work, it is very cheap. Don't be fooled and think that it is because of a group discount. It is because the contractual language won't be good.
Posted: Sat Aug 28, 2010 09:35 am Post Subject:
I do understand the problem with these contractual languages. But I'm really wondering as to what occupations will avail such life time coverages!
Posted: Sun Aug 29, 2010 03:13 pm Post Subject:
It's not the occupation but the insurance company. Few, if any, are offering lifetime coverage these days.
The cost for such coverage is not cheap, and the only ones who could truly afford it are persons with very high incomes . . . physicians, surgeons, dentists, engineers, accountants, lawyers . . . are the ones who come to mind first, and the ones who might be most interested. It is not a "blue collar" item.
When one buys coverage through work, it is very cheap. Don't be fooled and think that it is because of a group discount. It is because the contractual language won't be good.
This statement may or may not be correct. Many employer-sponsored disability income policies are both contractually very good, and low cost (if the employer subsidizes or pays the full cost of the insurance) -- at the agency I formerly worked in, our group LTD policies from Unum-Provident had premiums in the $1.75-$2.00 per $100 of benefit, up to $12,000 per month (60% of pretax income limit) -- so for an executive who would receive the maximum monthly benefit, the cost was only $240 per month, paid 100% by the employer (making the benefit 100% taxable to the employee, if the premium is not imputed as income). The benefit was only payable to age 65.
"Supplemental benefits", usually paid solely by the employee, are a different matter -- and the phrase, "You get what you pay for" is appropos.
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