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6 Disability Insurance Basics That You Need to Know

What if you become disabled and can’t practice dentistry for a period of time?

If you can't work, you can't earn an income. Considering that you have a 1-in-4 chance of becoming disabled before you retire,1 you can see why it's so important for ADA members to have disability income protection insurance.

Here are 6 important factors that you need to think about when you're choosing a disability insurance plan:

1. TRUE "OWN OCCUPATION" COVERAGE

This important feature pays 100% of your benefits if you're disabled, even if you're able to practice in another area of dentistry or in another profession. It's important to note that some providers will offer this coverage as an optional enhancement and may require you to pay an additional amount for it.

2. YOUR INSURABILITY

Your insurability is largely determined by your age and health. The younger and healthier you are, the easier it is to get insurance and the less it will cost you. Other factors can also impact your insurability, such as whether or not you smoke.

3. RIDERS

Riders are extra features that can be added to your policy for an additional fee to enhance your coverage for your specific needs and wants. Common riders include:

  • Cost of Living Adjustment (COLA) – Increases benefits while you're on claim to keep pace with inflation
  • Residual Plus – Provides benefits without being totally disabled
  • Future Increase – Allows you to get more coverage in the future without a medical exam

4. COSTS

A number of factors can affect your premiums, such as your age, the amount of coverage you choose, features of coverage and riders, as well as the waiting period. You'll generally have the option of waiting 30, 60, 90 or 180 days before you start to receive benefits. Another factor is how your premium is charged – either level or graded. Level premiums may start a little higher, but then they stay the same for the life of the policy. Graded premiums start low and gradually increase every year based on age.

5. BENEFIT PERIOD

A benefit period is the maximum duration for payment of disability insurance benefits. Most policies will provide benefits up to age 65, and some to age 67.


While you're looking into disability insurance, be sure to review:

ADA Disability Income Protection Insurance

1Odds of disability are based on actual disability claims submitted to Protective by insured ADA members.

CLC..2401632 (03.23)
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The information on this website is not a contract. Protective refers to Protective Life Insurance Company (PLICO) and its affiliates, including Protective Life and Annuity Company (PLAIC). PLICO, founded in 1907, is located in Nashville, TN and is licensed in all states excluding New York. PLAIC is located in Birmingham, AL, and is licensed in New York.

Protective® is a registered trademark of PLICO. The Protective trademarks, logos and service marks are property of PLICO and are protected by copyright, trademark, and/or other proprietary rights and laws. ADA® is a registered trademark of the American Dental Association (ADA). ADA Members Insurance Plans® is a registered service mark of the ADA. The ADA trademarks, logos, and service marks are the property of the ADA and used by Protective with permission. In some states, the ADA is entitled to receive royalties from the ADA Members Insurance Plans.

ADA Members Insurance Plans refers to the group life, disability, and supplemental medical policies issued by PLICO and PLAIC to the ADA.

Policies issued by PLICO in all states except New York: Term Life Insurance1 (TL-P 1-21), Student Term Life Insurance (TL-ST-P 2-21), Universal Life Insurance1 (TP-P 11-20), Level Term Insurance2 (LT-P 1-21), Disability Income Protection Insurance3 (IP-P 7-20), Office Overhead Expense Disability Insurance4 (OE-P 9-20), Student Disability Income Insurance3 (ST-P 8-20), Hospital Indemnity Insurance (HI-P 11-20), and Critical Illness Insurance (CI-P 7-20).

In New York, policies issued by PLAIC: Term Life Insurance1 (TL-P-NY 1-21), Student Term Life Insurance (TL-ST-P-NY 2-21), Universal Life Insurance1 (TP-P-NY 2-21), Level Term Life Insurance2 (LT-P-NY 2-21), Disability Income Protection Insurance3 (IP-P-NY 12-20), Office Overhead Expense Disability Insurance4 (OE-P-NY 01-21), Student Disability Income Insurance1 (ST-P-NY 1-21), Hospital Indemnity Insurance (HI-P-NY 1-21), and Critical Illness Insurance (CI-P-NY).

Consult the policy for benefits, riders, limitations, and exclusions. Benefits adjusted for misstatements of age or sex. Benefits are provided under a group policy issued to the ADA. Each Plan participant will receive a Certificate of Insurance explaining the terms and conditions of the policy. An insured must maintain continuous ADA membership to remain eligible for insurance.

1For term life insurance and universal life insurance, premiums increase annually based on age. The Premium Credit is not guaranteed but reevaluated periodically. Universal life recommended premiums consist of the costs of insurance (which vary based on the member’s age and coverage amount), the amount a member places into the Policy Value Account and service charge. Premium deposits may fluctuate or remain level.

2For level term life insurance, premiums are fixed based on the member’s age, gender and coverage amount at issue.

3Premiums increase every five years based on age for disability income protection. Premium Credit is not guaranteed but reevaluated periodically.

4Premiums increase every 10 years based on age to age 60 and every 5 years thereafter to age 75 for office overhead expense disability. Premium credit is not guaranteed but reevaluated periodically.

Coverage for dental student members is issued regardless of condition if under age 60. Coverage automatically renews each academic year. Individuals may convert coverage to the plans for practicing dentists after graduation by paying member premiums and maintaining continuous ADA membership.

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