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Of all the “tests” you’ll face as you become a dentist, choosing the disability and life insurance coverage that’s right for you may be one of the more challenging. There are no textbooks on the subject. So to help you study up, we put together a checklist that provides some of the key features you should look for when buying insurance, and how the ADA members insurance plans stack up to the competition.
- Is it a high-quality insurance provider? Look at the longevity and financial ratings of the company to make sure it is financially strong and reliable. For over 80 years, the ADA has partnered with Great-West Financial®. Great-West Financial’s insurance provider, Great-West Life & Annuity Insurance Company, has consistently received superior, very strong or excellent ratings from the nationally recognized rating agencies. Together, the ADA and Great-West Financial have crafted coverage that is designed to meet your needs as a practicing dentist. Moreover, the strength of this relationship helps ensure you have the support you need for years to come.
- Are the features of the insurance plan locked in? With ADA members insurance plans, the benefits you receive when purchasing your insurance will not change unless mandated by a law or regulation. You can rest assured that the coverage you sign up for remains the same.
- Do they offer “own occupation” coverage? ADA disability insurance plans offer “own occupation” coverage. As you look to your future as a practicing dentist, consider this benefit of “own occupation” coverage: If you become disabled and can’t practice, you receive full benefits up to age 67 — even if you’re receiving income from another area of dentistry or another profession. Some insurance providers won’t pay disability benefits if you are able to work in dentistry.
- Are the premiums too high? ADA members insurance plans only insure dentists. Because dentists tend to be healthier, premiums may be lower than those you find with companies insuring additional professions.
- Will you be serviced by an agent or a specialist? Agents are usually paid by commission, which may influence the plans they recommend. With ADA members insurance plans, you are assigned a dedicated Insurance Plan Specialist to act as your consultant on your disability and life insurance needs. Because we are salaried, we can focus purely on helping you get the coverage that makes the most sense for you, rather than what will earn the most money for us.
When you’re ready to shop for insurance, use this checklist to help ensure you get the best quality insurance at the best rates. In the meantime, you can take advantage of the ADA student members disability and life insurance, offered to you at no cost. Simply register at insurance.ada.org.
Benefits are not payable, as defined by the respective policy, for death or disability resulting from a sickness, disorder, physical condition, or symptom that existed or was treated within 12 months prior to enrollment. For more on eligibility, pre-existing conditions and other information, visit insurance.ada.org/Student.
Great-West Financial® refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), its subsidiaries and affiliates.
ADA® is a registered trademark of the American Dental Association.
~Nancy Fix, Insurance Plan Specialist, Great-West Financial®