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Over the last ten years there have been significant changes within the disability income insurance industry. Many of the major insurers in this market have either eliminated or downgraded their policy contracts that offer specialty-specific disability income protection for dentists. Regardless of whether you currently own an individual disability insurance policy or have recently started to compare what is available in today's market, it is worth your time to inquire about all of the benefits that make Guardian one of the premier disability insurance contracts available today:
- Own-Occupation Coverage with Specialty Language- definition of total disability that recognizes the dental specialties. If your practice is limited to a particular specialty at the onset of a disability, we will deem that specialty to be your regular occupation.
- Non-cancellable and Guaranteed Renewable contract until the age of 65 (or age 67 when the "To Age 67" benefit period is applied to a policy).
- A residual disability benefit rider that does not require a loss of time or duties to be eligible for benefits.
- Individual disability benefits up to $15,000 per month
- A 5-year waiver of elimination period
Own-Occupation for all Dental Specialties
As a practicing dentist, you have received extensive education and training to be able to perform the required duties of your specialty. Whether you completed additional training through a residency program to become a prosthodontist or went straight into private practice as a general practitioner, we understand that your disability insurance policy needs to conform to the type of work that you are performing. Your hands are your livelihood!
That is why Guardian's individual disability income insurance policy offers Own-Occupation coverage with Specialty Language. Quite simply, this means that if your practice is limited to a particular specialty, you will be considered totally disabled if you are unable to perform the substantial and material duties of that specialty---even if you are employed in another occupation. For instance, if you were practicing as an endodontist and could no longer manipulate the tools of your trade as the result of an injury or sickness, but you are able to return to work as a general practitioner based on your education and training, Guardian would still consider you disabled because you are not working in the occupation that you were at the time of your disability.
| Available Discounts for Dental Specialties |
| Preferred Risk - 5% off - If in good health |
| Non-Tobacco User - 15% |
| Association - 10% - If a member of an approved Association |
| Employer Sponsored - 10% - 3 or more people in same company |
| First Year Multi-Policy - 5% - When Another eligible Berkshire or Guardian policy has been issued or applied for within 90 days |
Non-Cancellable and Guaranteed Renewable
The renewability provision is one of the key features of any individual disability income insurance policy. It is important that your disability insurance contract be both Non-cancellable and Guaranteed renewable. If your disability policy is only guaranteed renewable, the insurance company is making an agreement to continue to renew the policy, as long as the premiums are paid on a timely basis. However, as is common with most association sponsored plans, while the insurance company cannot change the contract language of your policy, they CAN increase the premiums with prior notification.
By adding the term "non-cancellable" to the policy language, the insurance company cannot change any of your disability insurance policy language AND it cannot increase the premiums. Additionally, the insurance company cannot cancel your contract, as long as you continue to make your premium payments on a timely basis. Guardian offers one of the few disability insurance contracts that is both non-cancellable and guaranteed renewable until the age of 65 (or age 67 when the "To Age 67" benefit period is applied to the policy).
Residual Disability Benefit Rider - No Loss of Time or Duties Required
We cannot overemphasize the importance of this rider to be included in every disability insurance contract. The odds are low that you are going to become totally disabled, and unable to work at least in some capacity, right away. It is more likely that you will suffer some form of a partial disability that will inhibit your ability to work on a regular basis, and you will more than likely see this reflected in your earnings. The Residual Disability Benefit Rider pays a benefit if solely due to sickness or injury you have at least a 15% loss of income, and you are not totally disabled.
Guardian's Provider Plus contract has taken this rider to an entirely new level, and surpasses that of any of our competitors. For starters, Guardian's policy is one of the very few insurers providing disability insurance policies that do not require a loss of time or duties. They simply require a loss of 15% or more in income, as a result of a sickness or injury in order to pay a claim under the residual disability benefit rider. Additionally, the Guardian Residual Disability Benefit rider also provides a Recovery Indemnity Benefit, which in appropriate circumstances will provide a benefit to the end of the policy benefit period. Even if you return to full-time gainful employment in your occupation, but the injury or sickness that caused your disability makes it difficult to re-establish your prior earnings, this rider provides a recovery benefit payable to the end of the policy benefit period---so long as your loss of income remains at least 15% of your prior income, and your are employed full-time in your occupation.
Monthly Benefits Up To $15,000
The majority of our competitors, including most association sponsored plans, in the individual disability insurance market have a maximum monthly benefit of $10,000/month. Guardian has enhanced their coverage over the last 5 years to increase the monthly cap to one of the highest in the industry. Guardian is now offering coverage as high as $15,000/month for individual disability income insurance for all dental specialties. This is a great benefit for those practicing dentists that are business owners in addition to their chair side duties.
5-Year Waiver of Elimination Period
Another strong feature to Guardian's Provider Plus disability insurance policy is the 5-year waiver of elimination period. Guardian is the only company in the disability insurance industry that offers such a benefit. This means that if you are disabled under the terms of the contract for at least 6 months, and for which benefits have been paid, if you recover from that disability Guardian will waive the elimination period for any disability claim filed within the next 5 years. This results in disability benefits being paid from the first day of disability from that point from ANY cause for the next five years.
Optional Benefits Available
- Graded Lifetime Indemnity: If you are still totally disabled after the end of the benefit period, this rider will continue to provide a monthly benefit for as long as the disability continues. The amount of the benefit depends on the insured's age at the onset of total disability.
- Future Increase Option: Insured can increase their monthly disability benefit without having to go through the burden of additional medical underwriting; however, you must provide evidence of your income, as well as all other disability insurance that you have applied for, or are eligible to receive.
- Cost of Living Adjustment: 3 different Cost of Living Adjustment Riders will increase the total monthly disability benefit during a period of disability to help keep pace with inflation.
- Automatic Benefit Enhancement: Rider will increase the total monthly disability benefit by 4% each year for the first 5 years that the disability contract is in force. Each annual benefit increase will include a corresponding attained-age premium increase
Special Needs for Practice Owners
We understand that in addition to your duties as a dentist, you must also fulfill your role as a business owner. For this reason we invite you to visit the "Small Business Owner" section of this web site. There are needs that you must address in addition to your individual disability income insurance planning, such as:
- Overhead Expense Insurance: To assist in paying the monthly bills associated with your practice should you ever become disabled. This policy will reimburse you for your monthly overhead expenses, such as utilities and employee salaries during a claim.
- Business Reducing Term: Offered exclusively through Guardian, this policy protects business and/or equipment loans in the event of a disability. This policy is designed to conform to the specifics of your loan, and can be used to satisfy any disability insurance loan requirements from your lending institution (i.e. Matsco, HPSC, AFTCO, etc.). In addition, the policy is significantly less expensive to purchase than your average disability income insurance or business overhead insurance contract.
- Disability Buy-Out: To protect your financial interest in the business, in the event that you or your partner are unable to work as the result of a disability.
ProVider Plus, 1400 & 1500 Series (Not available in CA, UT, MT, NV, VT, NC)
Disability insurance Policy Forms 1400 and 1500 underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. Policy Forms NC111 or NC112 in California provided by Guardian.
Product provisions and features may vary by state
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