Here are some specific reasons why dentists should consider buying disability insurance:
- Protect their income: Dentists typically earn high salaries, and disability insurance can provide a source of income if they become disabled and are unable to work. This can help them maintain their standard of living and cover their expenses.
- High risk of disability: Dentists are at higher risk of disability than the general population, due to the physical demands of their job and the risk of injury to their hands, back, and neck. Disability insurance can help protect them financially in case of an unexpected disability.
- Protect their investment: Dental education is expensive, and dentists have invested a significant amount of time and money into their education and training. Disability insurance can help protect their investment by providing financial support if they become disabled and are unable to practice dentistry.
- Group disability insurance may not be enough: Some employers offer group disability insurance as an employee benefit, but the coverage may not be sufficient to meet the needs of dentists who earn high incomes.
- Tailored coverage: Dentists can typically purchase disability insurance policies that are tailored to their specific needs and occupation, such as “own-occupation” coverage that pays benefits if they are unable to perform the duties of their own dental specialty.
Overall, disability insurance can provide valuable financial protection for dentists in the event of an unexpected disability, helping them to protect their income, investment, and financial well-being.