How to Protect Your Future Income? Disability Insurance

Can we take a few minutes to talk about the rest of your life? As a dentist, you’ve spent a lot of time and money investing in your career. So what are your goals? Buy a house, a new car, start your own practice? Your income and ability to make money is the foundation for all of your goals. You need to protect that foundation. You insure your house and your vehicle. Why wouldn’t you protect the very thing that affords you these items — your ability to produce an income?

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Often, disability is unexpected. Disabilities don’t all come from accidental injuries. According to the Social Security Administration, injuries only make up 3.5% of disability insurance claims. Most often (96.5%), they are common illnesses like cancer, heart-related conditions, and mental-health disorders.1 An unexpected injury or serious illness could suddenly prevent you from practicing for weeks, months, or even end your career.

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More than 25% of today’s 20-year-olds will face disability before they reach retirement, according to the Social Security Administration.2 Now is the right time to buy disability insurance to protect your income foundation for three reasons.

  1. Buying your coverage when you are young and healthy makes you more likely to qualify for a policy without medical exclusions.
  2. Your premium is based, in part, on your age. The younger you are when you buy coverage, the lower the premium will be.
  3. You don’t have to prove your income to qualify as a new dental school graduate.
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Disability insurance can be very affordable, but not all policies are created equally, so it is important to discuss policy options and coverages with your FDA Services representative. Call or text us today at 850.681.2996 to discuss your disability coverage.
 

This blog was originally posted on March 10, 2020.


1“Annual Statistical Report on the Social Security Disability Insurance Program, 2017.” U.S. Social Security Administration, Office of Retirement and Disability Policy, Office of Research, Evaluation, and Statistics, October 2018.
2 Social Security Administration Fact Sheet, January 2019.

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