Most people want to avoid thinking about getting hurt, but the fact is, injuries and illnesses do happen. The point isn’t to dwell on the negative but to focus on how income may be replaced in the event of an unforeseen health event. Disability income insurance is a way to manage this risk.
Your ability to generate revenue is your greatest asset. If something happened to you, it would have a significant impact on your cash flow. Whether you’re just starting your training or you’re already in practice, one of the first things you need to do is protect your ability to earn an income. While health insurance will help pay to get you back to good health, an entirely different type of insurance is required to replace the income you forego while you are unable to work. This insurance is called disability income, or “DI” for short.
In part one of this two-part series, we discussed how disability and life insurance can be an important part of wellness. In this blog post, we’ll take a closer look at how ADA student members disability insurance can help protect your financial wellness in the face of a disabling illness or injury.
Whenever I talk to ADA student members, I always stress the importance of enrolling in the no-cost ADA student members disability insurance as soon as possible. I’ve been working as an Insurance Plan Specialist for Great-West Financial long enough to know that having disability coverage while you’re in dental school is one of the most important ways you can help protect your future.
There are countless ways you could become disabled. Fall off your bike and break your leg. Slip on the ice and injure your back. A skiing accident could end your career as a dentist. You could also be diagnosed with an illness, such as cancer, that could force you to interrupt your education.
As dentists, we’re in the business of prevention. But what happens when in spite of our preventive efforts, our patients develop a problem? We quickly move into damage control mode to protect our patients’ interests. Shouldn’t we do the same for ourselves?
That’s why we need insurance. When something happens, we want to control the damage and protect our interests. Would you ever consider leaving an auto dealer with your new car and no auto insurance? You have so much invested in your decision to become a dentist, and as a result of this investment, you have tremendous earning potential. Yet although you’d insure your car without hesitation, you still haven’t insured yourself.
Maybe you just don’t know what you need. Unfortunately, both of us got a quick education when we had to use our insurance plans early in our careers. We are hoping that our stories will help to illustrate which insurance coverage you need as soon as you get your license, and why.
The completion of dental school (or residency) brings a whole bunch of changes and new responsibilities. As this blog has made clear many times before, there are several financial changes a new grad must deal with. One of those financial questions new grads are often confronted with revolves around disability insurance. While not exhaustive, I’ll attempt to give a few tips on disability insurance in this article.