Your ASDA membership gives you access to group disability insurance that could provide monthly income if you became disabled while in dental school. The coverage, which is designed specifically for ASDA members, is available exclusively through the ADA Student Disability Plan.
According to a number of sources, you have about a 30% chance of becoming unexpectedly disabled at some point in your professional career. And even though you may be young and healthy today, there's no telling what lies ahead — and unfortunately, dental students are not immune to serious injuries and crippling illnesses.
Disability insurance, which is also known as income protection, usually helps replace the income you generate from working so you can maintain a desired standard of living. But even if you're not earning any money as a student, you still have bills to pay and debts that accumulate.
When you enroll in the ADA Student Disability Plan, you select the amount of coverage — either $1,000 or $2,000 per month — that you desire. This coverage is guaranteed without a medical exam as long as you are under age 40 and enroll while you're a dental student. If you are over age 40, proof of good health will be required before coverage can be issued.
Once enrolled, you are eligible to receive benefits after an injury or illness has prevented you from continuing your dental school studies for at least 91 days. After that, benefits can be payable monthly for up to 24 months, and under certain conditions beyond that point for up to 5 additional years. (Note: Certain limitations apply to the long-term disability benefit.) You could even qualify for student loan repayment, depending on the length and severity of your disability. Your coverage will continue without interruption as long as you remain an ASDA or ADA student member and pay premiums when due.
One dentist says:
I thought it was a smart move to get my insurance portfolio started while I was in dental school. I knew that when I got out of school, I would need to borrow money to buy a house and possibly equipment for my practice. The fact that I had insurance would show creditors that I was financially responsible. Also, if I was disabled for a few months, I wanted a source of income to keep me in my apartment.
Disability coverage comes in two basic types — “own occupation” and “any occupation.” This student Plan provides two-year “own occupation” coverage, which means benefits can be payable if you are totally disabled and as a result you cannot perform the duties of your “occupation” as a dental student. The two-year “own occ” coverage is followed by “any occupation” coverage for 5 additional years. At this time in your life, your occupation is dental student. But in the future, it will likely become general dentist, periodontist, oral surgeon, etc., based on your specialized education and training.
By contrast, “any occupation” coverage means due to a total disability you cannot perform the duties of any occupation for which you are qualified by education, training, or experience before any benefits can be paid.
“Own occupation” insurance is the most generous type of disability coverage, and it is increasingly hard to find. However, the ADA insists on providing this type of coverage to its members — and that's why it is standard on all ADA disability insurance offered to dentists and dental students.
Ordinarily, you must provide proof of good health when you request disability insurance. But you can get this coverage without any medical exams if you are under age 40. (If you are over age 40, proof of good health will be required.) In fact, you are guaranteed to get coverage as long as you meet all eligibility criteria. That's a big convenience — and it means your coverage goes into effect on the very day your enrollment form is received by Great-West Life.
As with most insurance, it's easiest to obtain disability coverage while you're young and healthy — or while your access is guaranteed. In fact, there's no time like the present to safeguard your professional future; the longer you wait, the more likely changes in your health could make you ineligible for insurance or make coverage more costly.
One of the best features of your ADA Student Disability coverage is that you can convert it — without any medical exam or conversion fee — to long-term disability income coverage for practicing dentists under the ADA Income Protection Plan. This is a real plus, since it allows you to have disability insurance in place as soon as you begin practicing full-time.
Conversion is easy — all you have to do is complete a conversion application. As soon as you are actively working full-time (at least 20 hours per week) as a dentist, you can apply to convert your disability coverage.
When you convert your coverage, you automatically get the same monthly benefit that you held under the ADA Student Disability Plan. Even better, the “own occupation” definition that determines your eligibility for benefits is expanded from two years to age 65 — which means you could receive monthly “own occupation” benefits all the way to age 65, regardless of your age at the time you become totally disabled. You can also apply to increase your monthly benefit amount at any time before you turn 60 — and request up to $10,000 in monthly income replacement coverage. Applications for additional insurance will be subject to proof of good health and financial standing.
You may be surprised at how inexpensive it is to protect yourself with disability insurance. Because the ADA knows you have a lot of other financial obligations right now, ADA Student Disability premiums are as low as possible.
| ADA Student Disability Options & Premiums | ||
|---|---|---|
| Coverage Amount | $1,000/month | $2,000/month |
| Annual Premium | $30 | $60 |
You can obtain $1,000 or $2,000 of guaranteed monthly disability coverage as long as you are an ASDA member (or ADA student member) under age 40 and actively attending classes as a predoctoral student at an accredited dental school. If you are over age 40, you must first provide proof of good health before coverage can be issued.
All you have to do is complete and return an enrollment form — it takes about two minutes. Your coverage will be active as soon as your enrollment form is received by Great-West Life. And any time you'd like a no-obligation consultation about your current or future insurance needs, contact us at 866-607-5338 or ada@gwl.com.