Bowman Insurance and Benefit Services

Disability Insurance

 

Policy Features Important to Dentists

 
Exclusions

Anxiety and depression are two medical health factors that often cause dentists to be declined for disability insurance.  Some disability policies, however, specifically exclude mental and nervous disorders.

True Own Occupation

If you become disabled, it’s likely that you’ll still be able to work.  But it’s important for a dentist to be considered disabled if he cannot perform his own occupation.

Non-cancellable and Guaranteed Renewable

Non-cancellable and guaranteed renewable guarantees that after a policy is in-force, there will be no changes to the premium schedule, monthly benefits, or policy benefits to age 65 (or a certain age).  The insurer must continue coverage as long as premiums are paid on the policy.

 

Other Types of Disability Insurance

 
Business Overhead Expense

This insurance provides reimbursement for the ongoing expenses of operating your practice if you are disabled and cannot work.  These expenses can include rent, electricity, heat, telephone, employee salaries, and loan payments.  This insurance can allow a dentist to continue running a practice and if necessary, sell a practice, in an effort to prevent a “fire sale.”

Disability Buyout

This insurance reimburses the owners or partners in a dental practice in the event they need to buy out the financial interest of the disabled partner.  This not only protects a disabled partner’s financial investment in the practice, it also enables the remaining partners to keep the business healthy and active.

Business Reducing Term

If you own a business, it’s a pretty good bet that, ultimately, you own the debt that goes with it.  But you accept that as part of the cost of having a business in the first place… unless you can’t meet the payments because you can’t generate revenue because you can’t run your business because you’re disabled.

That’s when the cost is too high.  Business Reducing Term Disability Insurance helps business owners protect their companies, their personal wealth, and even their credit rating.  Consider this: If you have financial obligations that require periodic payments expiring at a given time, you should consider applying for Business Reducing Term coverage.

  • Have you borrowed money to buy your business, expand it, or improve it?
  • Do you offer guaranteed employment contracts to any of your employees?
  • Are there purchase agreements on the books?