Dentist Specific Disability Insurance
Advisory Resource Group professionals are experienced in helping Dentists nationwide design and select the most appropriate disability options both personally and for their practices.
Individual Disability Insurance
Individual disability income insurance provides an income to an individual who is sick or injured and is unable to work. Dentist specific coverages refers to the definition of disability within the policy and when a claim will be paid. An “Own Occupation” definition of disability will pay a benefit if the individual has an injury or illness and is unable to perform the material and substantial duties of their regular occupation (i.e. your specialty), even if they go back to work in another occupation. This will protect the Dentist from being forced to work in another occupation other than what they were trained for.
Additional components of Dentist specific disability policy include:
- Non-cancelable and Guaranteed Renewable coverage
- Future benefit increase options
- Residual and recovery benefits also known as “Partial Disability Benefits”
- Cost of Living adjustments (COLA)
- Catastrophic disability rider
Disability Overhead Expense
A Business Overhead Expense (BOE) policy pays overhead expenses if an insured practice owner or employee becomes disabled. The policy is typically short-term, from 12 to 24 months, and is designed to keep the practice running until the insured recovers from a disability.
BOE policies typically cover rent, interest payments on some types of debt, utilities, salaries, office equipment expenses and maintenance, both payroll and property taxes, professional membership dues and subscriptions, accounting fees and insurance premiums for employees. In some cases, BOE policies also cover the salary on any temps hired to do the job of the disabled person.
Disability buy-sell policies protect dental practices with two or more partners by providing cash for another owner to purchase the disabled insured’s share of the practice. This policy does not replace income, rather it protects the practice. The benefits of this policy are twofold, the disabled partner receives their value of the practice and the other partner(s) remain fiscally stable.
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