Disability Insurance

Disability insurance is NOT health care insurance. It is financial protection for your future income — arguably your greatest asset. If you suffer a disabling illness or injury — such as cancer or a broken arm — disability insurance pays you a monthly benefit amount. You can use this money toward paying bills and other living expenses while you recover. It can even be applied toward student loans.

So it’s kind of like a monthly paycheck when you’re not getting a paycheck?
Yes, if you can’t attend school or work due to a disabling illness or injury, you’ll still need to buy groceries, pay rent, make loan payments, etc. Disability insurance helps ensure you can do this without using up your savings or taking out a loan.

But I’m young and healthy. Why do I need disability insurance?
Even if you’re fit, a kitchen mishap or fall off your bike could keep you from performing your duties as a student or dentist. These types of accidents happen to people every day.

What if I’m injured for a long time?
A severe injury could keep you out of school for a year or more, delaying graduation. Some students are unable to finish dental school due to a disabling injury or long-term illness. Depending on the disability coverage you choose and the point in your career at which you obtain it, you could receive payments for years or even decades.

Will it help me as a dentist?
It can be very important for dentists given the high salary you will earn. Disability insurance helps safeguard your earnings. If you can’t practice, you’ll still have a much-needed source of income to help maintain your lifestyle and meet expenses.

What does the term “own-occupation” coverage mean?
Some disability policies won’t pay you if your disability allows you to work in a new profession or even a different area of dentistry. With own-occupation coverage, you’ll still receive disability payments, even if you choose to work in other types of dentistry — say, teaching dental school classes.

This content was developed in cooperation with Great-West Financial® AM133185.