Dentists have more to lose in income than the average worker. According to the Bureau of Labor Statistics, the median salary for dentists is over $150,000. In some markets, dentists can earn well over $250,000. Specialists like surgeons and orthodontists make significantly more. How would you replace that income if you can’t practice dentistry — whether temporarily or permanently — due to an accident or illness?
In addition, dentists have more financial obligations than the average worker, namely student loan debt. According to the American Dental Education Association (ADEA), the average student loan debt for 2016 dental school graduates was over $262,000, and more than 30 percent graduated with debt over $300,000. Student loan debt doesn’t go away if you become disabled and can’t work in the dental field. A physician disability insurance policy designed specifically for dentists can protect you from the loss of income due to accident or illness. Here are five of the leading disability policies for your specialty:
The good thing about Ameritas' dentist disability insurance is that the job of a dentist is considered your own occupation and you’ll be paid benefits if you can't work as a dentist but can work in another occupation. You can choose a non-cancellable policy which means Ameritas can never cancel or modify your policy as long as you pay the premium. A benefit period is up until what age the insurance company will pay your benefits if you become disabled. For example, if you become disabled at age 55, do you want them to pay you benefits until you are 60? or 65 years old? Or 70? The length of a benefit period will affect the price of the premium because the longer the benefit period, the greater is the insurer's risk. Ameritas's maximum benefit period is up until age 70. Other key features and riders available to dentists through Ameritas's disability insurance policy:
- A 2-year limitation on coverage for mental disorders or substance abuse
- Two options for COLA riders
- A future increase option rider that enables you to increase your base monthly benefit without providing evidence of insurability, up to three times your base monthly benefit, through age 55
Guardian has two disability insurance products available for dentists: Provider Plus and Provider Choice. Guardian is known as the Cadillac of insurance products and is one of the largest mutual insurance companies in the United States. One reason for this honor could be because Guardian has the best definitions of total disability when it comes to dentist disability insurance. At Guardian, if you are totally disabled, you will still receive full benefits even if you are gainfully employed in another occupation. In addition, you may be able to collect full benefits even if you can still work as a dentist, but in a limited capacity or only part-time. Guardian considers dentists totally disabled if more than 50% of your income is from either hands-on patient care or surgical procedures that you can no longer perform. At Guardian, you can purchase benefit period coverage for up to ages 65, 67 and 70. Meaning if you become disabled, you will receive payments up to whichever age you choose. Here are other features:
- No benefit limitations for mental or nervous disabilities (except for in California or Florida)
- Three options for cost-of-living adjustment riders
- A benefit purchase option that enables you to purchase additional coverage every three years up to age 55 with evidence of financial eligibility
- A catastrophic disability rider
- Student Loan Protection.
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Principal's dentist disability insurance, called Solutions 750, offers a range of options for maximum policy design flexibility and customization. When buying disability insurance, you need to know how the insurance company defines "disabled." At Principal, their occupation rider defines total disability as being unable to perform the material and substantial duties of your occupation, even if you can work in another field. The difference between Principal and Guardian is that Guardian permits you to still work as a dentist and receive full benefits, whereas Principal does not. In addition, Principal offers dentists a COLA rider to make sure your benefits keep up with inflation. Principal’s COLA benefit is increased on a compound basis instead of simple. They offer a 3% or 6% COLA maximum. Upon returning to work full time, you keep any increased disability benefit without having to provide evidence of good health. More features in Principal's policy:
- A maximum benefit period to age 70
- A 24-month limit for mental and/or nervous disorders with an own-occupation definition of disability
- A partial disability benefit that requires a loss of earnings of at least 20%
- A benefit update rider that allows you to increase policy benefits every three years up to the maximum issue and participation limits, up to age 55, without medical evidence of insurability
- A future benefit increase rider that increases benefits based on the Consumer Price Index with a minimum of 4% compounded and a maximum of 10% compounded
Starting to get confused? Click here to talk to a LeverageRx Disability Insurance Expert for free
The Standard has two dentist disability insurance policies: Protector Platinum and Platinum Advantage. Both policies have all of the components along with several riders to create a tailored solution for maximum disability income protection. For example, The Standard defines total disability in their own-occupation rider as the inability to perform the substantial and material duties of your occupation. However, if you can work in another role, then you can still receive benefits. More features from The Standard:
- A maximum benefit period to age 70
- Two options for cost-of-living adjustments, either a 3% or 6% maximum
- A basic residual disability rider that pays a residual benefit if you have at least a 20% loss of duties or time, AND at least a 20% loss of income
- An automatic increase benefit rider that provides a 4% compounded increase in the base monthly benefit, without evidence of insurability, that is renewable every five years
MassMutual's disability insurance policies, Radius and Radius Choice, features several options to tailor your dentist disability coverage to your specific needs. MassMutual defines total disability as when you cannot perform the main duties of your occupation and are under the care of a doctor. However, being under the care of a doctor may just mean you visit a doctor regularly. Both the Radius and Radius Choice policies at MassMutual have benefit periods available to ages 65 and 67, which means you can receive benefits from a disability up until that age. Radius Choice, however, offers a maximum benefit period to age 70. MassMutual’s COLA rider (to ensure your benefits keep up with inflation) increases your monthly benefit by a set percentage for each year you are disabled starting after the first 12 months of receiving benefits:
- Year 2: Benefits increase 3%
- Year 3: Benefits increase 6.1%
- Year 4: Benefits increase 9.3%
- Year 5: Benefits increase 12.6%
- Year 6: Benefits increase 15.9%
Which Banks Offer Physician
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BMO Harris offers doctor loans for primary residences, for purchase or refinance.
- 100% financing up to $1MM for training or attending
- 95% financing up to $1.5MM for training or attending
- 90% financing up to $2MM
Fifth Third Bank offers residents and physicians a primary residence loan for either purchase or refinance:
- 100% financing up to $750k (training or attending)
- 95% financing up to $1MM (training or attending)
- 95% financing up to $1.25MM (attending more than 1 year)
- 90% financing up to $2MM (attending more than 2 years)
First Horizon's doctor loan program is available for primary residence, for purchase or refinance:
- 100% financing up to $1.5MM (training or attending)
- 95% financing up to $2MM (training or attending)
- 90% financing up to $2.5MM (training or attending)
First National Bank offers residents and physicians financing on primary or secondary residences, for purchase or refinance:
- 100% financing up to $1MM (training or attending)
- 90% financing up to $1.5MM (training or attending)
Frandsen Bank & Trust's doctor loan program is available for primary or secondary residences, for purchase, refinance or equity:
- 95% financing up to $1.25MM (training or attending)
- 90% financing up to $2MM (training or attending)
Fulton Mortgage Company has a doctor loan program available for home purchase only on primary residences:
- 100% financing up to $1MM (training or attending)
- 95% financing up to $1.25MM (training or attending)
Huntington Bank's doctor loan program is available for primary residences, for purchase or refinance:
- 100% financing up to $1MM (training or attending)
- 95% financing up to $1.25MM (training or attending)
- 90% financing up to $2MM (attending)
KeyBank's doctor loan program is available for primary or secondary residences, for purchase or refinance. For residents or attending physicians alike:
- 100% financing up to $1MM
- 95% financing up to $1.5MM
- 85% financing up to $2MM
Geographic restrictions may apply.
Level One Bank's doctor loan program is available for primary residences, for purchase or refinance:
- 100% financing up to $500k (training)
- 100% financing up to $1MM (attending 1+ year)
- 85% financing up to $2MM (training or attending)
Mercantile Bank's doctor loan program is for primary residences, for purchase or refinance:
- 100% financing options for residents & fellows
- 100% financing options with loan amounts up to $2MM for practicing physicians
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Regions' doctor loan program is available for primary residences, for purchase or refinance:
- 100% Financing up to $750k (training or attending)
- 95% financing up to $1MM (training or attending)
S&T Bank's doctor loan program is available for primary residences, for purchase or refinance:
- 95% financing up to $5MM (training or attending)
TD Bank's doctor loan program is available for primary residences, for home purchase only:
- 100% financing up to $750k (training or attending)
- 95% financing up to $1.25MM (training or attending)
- 90% financing up to $1.5MM (training or attending)
Truist's doctor loan program is available for primary residences, for purchase or refinance.
For training or attending physicians with less than 10 years experience:
- 100% financing up to $750k
- 5% down up to $1MM
- 10% down up to $1.5MM
**if you have been attending for more than 10 years but less than 15, Truist requires a 10% down payment
West Coast Mortgage Group's doctor loan program is available for primary residence, for purchase or refinance:
- 95% financing up to $850k (training or attending)
- 90% financing up to $2MM (attending 1+ year)
- 80% financing up to $3MM (attending 1+ year)
Joel Palmer is an award-winning journalist, corporate copywriter, and marketing specialist with over two decades of professional experience. He writes compelling, authoritative, and original content for companies and organizations across a wide range of industries, from financial services and real estate to government and software development.