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Opening a practice? 3 insurance plans to consider.
A look at insurance plans that can help minimize your financial risk.

Deciding to open your own dental practice or buy into an existing practice is an exciting career milestone, though it can also involve many decisions. One of the most crucial: what insurance coverage you’ll need to best protect your practice, family and future earnings.

Here’s a look at the types of insurance you should consider and why they’re important:

1. Personal Income Protection Disability Insurance
You’ve made a big investment in your career as a dentist, especially now that you’re becoming a practice owner, so it’s important that you have protection for your personal income in case you become disabled. This insurance can help you and your family maintain your lifestyle while covering living expenses like your mortgage, car payment and utilities.

Make sure to look for coverage with a true “own occupation” definition of disability, so if you become disabled from your specialized area of dentistry, you can continue to receive benefits even if you are able to work in another area of dentistry or choose to work in a new profession. As your career progresses, you should review your coverage often to ensure you have enough coverage in place as your income and debt grow.

2. Office Overhead Expense Insurance
If you were to become disabled, how long could your practice keep running without you? What would happen to your staff? Office overhead insurance can make the difference between keeping the doors to your practice open during a disability and having to close them permanently. This coverage also can maintain the value of your business if you decide to sell.

Separate from disability income protection, office overhead expense insurance helps cover business expenses like your office lease or mortgage, employee salaries, practice loans, utilities and professional association dues. Some policies also cover student loan payments and provide replacement dentist coverage if you are totally disabled and need to hire a replacement.

Additionally, if you are taking out a loan to purchase a practice, your lender may require you to carry office overhead insurance to ensure that loan payments will continue even if you are disabled. Since practice expenses often increase over time, plan to review your coverage periodically to make sure you are sufficiently protected.

3. Term Life Insurance
Adequate term life insurance coverage can protect your family by helping to ensure that your loved ones will be able to maintain their standard of living in the event of your death, especially if your debt has increased with the purchase of a practice. Term life insurance also can help address business issues: It’s sometimes required by lenders as collateral for a practice loan, so the loan would be repaid even if you were to pass away.

In addition, life insurance is often a key part of the buy/sell agreements that are used when buying into an existing practice. In this scenario, each dentist purchases insurance on the life of the other, owns the policy and pays the premium. This strategy ensures that the practice can remain financially stable, and funds are immediately available, if one of the owners dies.

Make sure you have the coverage you need as you start on the exciting journey of opening a practice.
Talk To a Great-West Financial® Insurance Plan Specialist
About Your Coverage Needs.

Dentists: The information on this website is not a contract. Benefits are provided through a Group Policy Nos. (104TLP Term Life, 1105GDH-IPP Disability Income Protection, 1106GDH-OEP Office Overhead Expense Disability, 104GUL Universal Life, 104LTLP Level Term Life, 1117GH-HIP Hospital Indemnity, 1127GH-CIP Critical Illness, and 1107GH-MCP MedCASHSM) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. The ADA is entitled to receive royalties from the ADA Members Insurance Plans. Coverage is available to all eligible ADA members in all fifty states and U.S. territories under the aforementioned group policy. Each Plan participant will receive a Certificate of Insurance explaining the terms and conditions of the policy. Level Term Life premiums are fixed based on the selected duration of 10 or 20 years. An insured must maintain ADA membership throughout selected term to remain eligible for insurance. Annually Renewable Term Life, Hospital Indemnity, Critical Illness, and MedCASH premiums increase annually based on age. Recommended premiums under the Term Plus® Universal Life plan consist of the cost of insurance (which may vary based on the member’s age and coverage amount), the amount chosen by the member for deposit into his/her Policy Value Account and a service charge. Premium deposits may fluctuate or remain level depending upon the amount maintained in the Policy Value Account. Disability Income Protection premiums increase every 5 years and Office Overhead Expense every 10 years based on age. Premium credit for Annually Renewable Term Life and Term Plus Universal Life is not guaranteed but reevaluated annually. Premium credit for Disability Income Protection, Office Overhead Expense, Hospital Indemnity, Critical Illness, and MedCASH is not guaranteed but reevaluated semi-annually.

Dental Students: The information on this website is not a contract. Student coverage is issued regardless of your condition if you are under 45. If you are 45 or older, you can apply for the no-cost coverage and all student program features by providing proof of good health. Coverage renews automatically each academic year. Individuals may convert coverage to the plans for practicing dentists after graduation by paying ADA member premiums and maintaining ADA membership. Benefits are not payable, as defined by the respective policy, for death or disability resulting from a sickness, disorder, physical condition, or symptom that existed or was treated within 12 months prior to enrollment. Benefits are provided through a group policy Nos. (104TLP Term Life and 1108GDH-SDP Student Disability) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. Coverage is available to eligible ADA members in all fifty states and US territories under the aforementioned group policy. Each insured will receive a certificate of insurance explaining the terms and conditions of the policy.

ADA® is a registered trademark of the American Dental Association and Great-West Financial® is a registered trademark of GWL&A.

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