The average monthly Social Security Disability Income (SSDI) payment is $938, replacing on average, about 33% of current income (Source: The Council of Disability Insurers, The Long Term Disability Claims Review: 2005) 
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Each year, 1 person in 8 will suffer disability (Source: National Association of Insurance Commissioners) READ MORE
Dentist IQ: Why You Need Disability Insurance
Why is it essential for dentists to protect their incomes with disability insurance? Disability Insurance coverage is important for many professions, but even more so for dentists.
Dentists earn significant incomes. If a dentist is an employee, it’s likely that his or her employer-provided short-term and long-term disability plans fail to provide adequate benefits or specialty specific definitions. If the dentist is self-employed, he or she may not have any disability insurance. The example below illustrates what can happen when dentists don’t have sufficient disability insurance policies.
Dr. Laura Anderson:
Dr. Laura Anderson was a self-employed pediatric dentist. She operated a small office with six employees and earned approximately $200,000 annually. Laura’s father was disabled so she knew firsthand the importance of securing disability insurance. Yet, she hadn’t purchased a disability policy. She planned to do so as soon as she paid off her student loans and upgraded her dental software.
Unfortunately, Laura never got the chance. She had recurrent trouble with her vision. Then, one morning, she awoke to a shadowy haze. She was diagnosed with Macular Degeneration. She permanently lost most of her central vision — critical for recognizing patients, reading and working as a dentist. Laura had to close her office—erasing not only her own income, but also the income of six employees.
Learn from disabled Dr. Laura!
In hindsight, the decision to delay disability insurance was Laura’s undoing. She wouldn’t have dreamed of going without car insurance or home insurance. Why did she consider her income less important? Don’t make the same mistake. Get acquainted with the top five reasons you need income protection. Learn how Laura could have protected herself and her employees for less than she would pay for a single disability policy. Visit the education section of our site for articles, a disability insurance glossary of terms and an online disability IQ quiz. Or, get your instant disability insurance quote now!
Do any of these points describe you? If so, learn more about disability insurance today!
You have less than two years of income saved for emergency purposes (excluding retirement or college savings).
You are a primary or secondary breadwinner in your family.
Loved ones (children, parents, or others) rely on you for financial support.
Other non-earned income (such as interest or dividends) will not adequately cover your living expenses.
You have no one to rely on to support you in the event that you lose your earning power (for example, you’re divorced, single or do not have affluent and generous family members).
It would be difficult to achieve your long-term savings goals such as retirement if your paycheck stopped.
You would prefer not to downsize and change your lifestyle in the event of disability.
You can’t afford to live on 43% of your current gross pay (the amount provided by most long-term group disability plans after taxes)
*While Dr. Laura Anderson is fictional, her scenario reflects the very real disability dilemmas faced by many dentists every year.