At our firm, we have always held that disability income insurance is protection that anyone practicing dentistry should secure as soon as possible (read: immediately!). As a financial services professional, I am all too familiar with the common reasons doctors offer for putting off the purchase of this important risk management tool. I’ve heard, “Well, you know what, I am not making any money right now,” or “I’m still paying tuition!”
Disability is one of those things that most people believe “will not happen to me,” until it, unfortunately, does and inevitably upends their life. Being “taken out” by a disability is hard enough physically and emotionally; it need not be exacerbated by the financial hardship that comes from losing your primary source of income.
I would contend that in some ways, you’re probably worth more as a student than you are at any time in the future. Hard to believe? Well, it’s true! As a student, you are “all potential,” and as such, you have all your earning years ahead of you. That’s something to be cherished and protected.
Securing disability income coverage while you are in training may put you in a position to update the coverage once you get out of your training program. Another great part is that once you obtain it, you may be able to update your coverage without regard to any changes that may have occurred in your health history. Again, if you’re a young person and you’re thinking “what kind of health changes?” – generally your body is in its best condition the younger you are.
Also, by the time you graduate, your income likely will have gone up. Most people want to increase their disability income coverage at that point because there’s more at stake. Now that you’re making some “real” money, you want to make sure that you protect that income. Knowing that you have locked in your health history early in your career, it likely will allow you to access better rates for purchasing additional insurance.
You may have heard that some companies offer discounted rates for dental students or residents. They may let you “lock in” a lower rate when you’re in school. Given that most people are in school when they’re younger and in better health, then obviously the rates you lock in will be in your favor. Think about that! Now is a great time to buy disability income insurance. Don’t put it off until after graduation – get it while you can.
The bottom line is that disability income insurance is a kind of asset protection. You would never think of not having health insurance, would you? Of course not. Everything hinges on your physical health, and you want to protect that asset. It helps to think about disability insurance as the insurance you get to protect your financial health. It’s the stopgap measure that kicks in when you are unable to produce an income due to disability.
Just remember, you’re likely the most valuable money-making asset you have.
Treloar & Heisel and Treloar & Heisel Property and Casualty are divisions of Treloar & Heisel, Inc.
Insurance products are offered through Treloar & Heisel, Inc.
This content is intended for general informational purposes only and should not be construed as advice. Please consult with a licensed insurance advisor.
~Jamie L. Fehrs, MBA, ChFC®, Manager, Financial Services Association Division, Treloar & Heisel
This blog post was sponsored by Treloar & Heisel.