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When purchasing a personal disability policy to protect your income, it is crucial to purchase a policy that properly reflects your specific needs as a dental professional. Within disability policies there are key features that your policy must include to make sure in the event of a disability, your benefit is paid properly, and you are protected in the way you deserve. What is The Most Important Feature? Own Occupation Rider This rider can be classified by several different names including True Own Occupation Rider, Regular Occupation, or Own Occupation. Own Occupation means that you are considered to be disabled and eligible for your benefit if you cannot perform the duties of your specific job. If you have a broader definition of disability, such as Social Security Disability, to receive your benefit you would have to be disabled to the point you cannot perform any job whatsoever. This is a crucial difference as you may not be able to perform clinical dentistry because of your disability, but you can receive the monthly benefit from your policy as well as performing another line of work, in most cases actually working as a professor at a dental school or residency! Won’t my benefit become less valuable over time due to inflation? Cost of Living Adjustment Rider (COLA) The COLA rider is a guard against inflation to protect your buying power while receiving your benefit. While on disability, your benefit will increase annually by 3% to ensure your benefit does not lose value due to inflation over the period that you are on claim. What if I am not fully disabled but still suffer losses from a long-term injury? Partial Disability Partial disability benefits pay out when you lose 15% of income, time, or duties due to a disabling event. For example, a dental professional hurts their hand and is only able to work 4 days a week instead of 5. This would be a 20% loss of income, time, and duties and would result in a 20% partial disability payout in proportion to your current disability benefit. The difference between policies is in how partial disability is calculated. In calculating your pre-disability income, carriers will refer to what is called a lookback period. A lookback period is the number of years that a carrier will take into account previous earned income to decide the amount of disability benefit given in relation to your total monthly benefit at the time of disability. Some carriers will offer longer lookback periods and take the average of the best two years of earnings. Other carriers offering disability may have shorter lookback periods offering less forgiveness to years with lower earnings. These are the key elements in a disability policy for dental professionals to be aware of when purchasing a policy or evaluating an existing one. There are however different supplemental benefits that the carriers offer with their policies to differentiate themselves. For more information on the key features to look for in a disability policy or the supplemental benefits offered by carriers, contact a CFS Agent, we’re here to help! Written by: Neal Cudahy
Dentistry is a high-income, highly skilled profession that positions individuals for long-term success. During dental school and residency, speakers often emphasize the importance of practice management and financial management as central pillars of a successful career. However, one of the more challenging conversations involves personal life insurance. Proper planning in this area allows dentists to protect themselves enabling them to focus on what they do best — caring for patients. Life insurance is a risk management tool, not just a formality. By understanding its mechanisms and protective benefits, individuals can harness life insurance as a valuable asset that supports them throughout various phases of their career. Compared to many other professionals, dentists typically enter the workforce with significant student loan debt, often ranging from $100,000 to $600,000 or more. After graduation, additional financial responsibilities can follow quickly, including purchasing a home or acquiring a dental practice. Carrying such a heavy debt load early on can make dentists, and their families, more vulnerable to financial strain if unexpected events occur and proper planning is not in place. Dentists can secure life insurance early in their career and use it as a protective tool if circumstances do not go as planned. NOT ONE-SIZE-FITS-ALL Life insurance is not one-size-fits-all, especially for dentists whose financial responsibilities tend to grow rapidly. The two of the most common types of life insurance are Term Life and Whole Life, and each serves a different purpose within a dentist’s overall financial plan. TERM LIFE INSURANCE Term life insurance provides coverage for a specific period of time, commonly 10, 15, 20, or 30 years. If the insured passes away during that term, the policy pays a death benefit to the beneficiaries. Term life insurance is often the most cost-effective way to obtain a large amount of coverage, making it especially valuable during high-liability years. It can help protect a spouse or family while student loans, a mortgage, or practice debt are still outstanding. Term life insurance ensures loved ones are not burdened with debt or forced to make significant lifestyle changes should the unexpected happen. Some Term policies are also convertible, allowing dentists to convert term coverage into whole life insurance later without additional medical underwriting—an attractive option for future practice owners who may want access to cash value in the future. WHOLE LIFE INSURANCE Whole life insurance, on the other hand, provides lifelong coverage. In addition to a guaranteed death benefit, Whole life policies build cash value over time. This cash value grows on a tax-advantaged basis and can be accessed during the insured’s lifetime through policy loans or withdrawals. For dentists with stable income and long-term planning goals, Whole life insurance can serve as both a protection and a cash accumulation tool supporting legacy planning, future expenses, or conservative diversification alongside traditional investments. LIFE INSURANCE WORKS FOR YOU The most effective strategy is not choosing one option over the other but understanding how each fits into different stages of life. Discussing life insurance can often feel uneasy because it requires contemplating potential future situations that no one wants to imagine. However, life insurance ultimately empowers dentists to pursue their goals confidently, knowing their loved ones and financial obligations will be protected. Written by: Julia Breneman