As dentists in Washington continue to work through COVID-19, it prompts the question: “If something should happen to me, would my family be financially secure?” Disability and life coverage protect your family and you if the worst should happen, but if you do not have policies that cover both personal and professional expenses at the needed coverage amounts, the gaps in coverage may cost you.

Washington Dentists’ Insurance Agency (WDIA) encourages dentists to acquire different types of disability insurance as well as life insurance to ensure that all your personal and professional expenses will be covered for the well-being of your family and yourself. Although insurance is not a tangible item you pay for each month like your home or electricity, it is still incredibly important to keep your disability and life insurance in force and up to date with your needs. 

Like COVID-19, a disabling event can touch anyone no matter their age or their health and can cause financial hardship if you are not fully covered by the right kinds of disability insurance. If you become disabled, savings may cover the costs in one aspect of your life, but it is unlikely that you would have enough funds to cover your personal and business expenses indefinitely. If the amount you need is less than what you currently have in monthly benefit on your disability coverages or if you are not covered at all, then you will want to consider increasing your existing coverage and/or obtaining other types of disability coverage. 

Although each type of disability policy provides coverage for a different aspect of your life, the benefits on each policy are triggered by you no longer being able to perform the duties of your profession. Having multiple policies at the correct coverage amounts ensures that every part of your life will be protected. 

Life insurance ensures that your family’s financial future is not left to chance. Being fully insured with term life insurance can mean the difference for your family keeping their family home, your children having money for college and your spouse having a means to retire. Over 40% of American households would immediately have trouble meeting their basic living expenses if a primary wage earner passed away. Life insurance coverage is an essential tool for protecting your family and your practice by making sure that your loved ones will be taken care of in the event of your death.

WDIA encourages dentists not to wait to purchase life insurance. Carriers have stated that rates are increasing and premiums for the same coverage will increase the older you become, so it will be less expensive for you to buy it now vs. next year. Second, the longer you wait, the more you risk developing health issues that could increase your premium or make you ineligible for coverage at all.

The best way to protect yourself, your family and your practice is to make sure your insurance policies have the full protection you need. If you would like to review your current disability and life insurance needs or get quotes for additional coverage, please contact WDIA at 1-800-282-9342 or info@wdiains.com.