Graduating dentists in their last 6 months of training or first year of practice may purchase up to $5000/month benefit regardless of income or group benefits in force. Dental students in their 3rd and 4th year may purchase up to $2500/month.
Dental specialists in their first six months in practice may purchase up to $6000/month. These specialists include Orthodontists, Endodontists, Periodontists, Oral and Maxillofacial Surgeons, and Prosthodontists.
When should you buy before graduation?
- If you are working for a dental with available discounts, purchase your policy before you finish your training. This will lock in the lower rates and the policy can travel with you throughout your career. Make sure the policy discounts are permanent and apply to future increases. Furthermore, if you are a woman, look for unisex discounted rates as it will reduce your premiums more significantly.
- If you are moving to a more expensive insurance state such as California or Florida, purchase your policy prior to your move.
When should you buy after graduation?
- If you are moving from a more expensive state to a less expensive state, wait to purchase your policy.
- If your current program doesn’t have a discount but you will be working for a discounted hospital, wait to purchase your policy. Otherwise, contact Set for Life and they will help you set up the discount at your current hospital.
Look for the following provisions in your disability insurance policy:
- Own occupation definition of disability. This will cover you if you can’t work as a dentist even if you can earn an income in another specialty or occupation.
- Noncancelable, guaranteed renewable. This means that as long as you pay your premiums, the company cannot cancel your policy or make changes to your contract.
- Increase options. Make sure you have the ability to increase your policy in the future without further medical underwriting.
For more information about disability insurance for dentists, please contact Set for Life Insurance today!