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Disability coverage isn’t something most dentists think about, especially when they feel young and bulletproof at the beginning of their careers. But my guest today, Chris Bransgrove, knows that dentists need to consider the possibility that they could develop a disability and jeopardize their practice and career.
Chris is an advisor at Lucet Advisors and specializes in helping dentists understand the kind of disability coverage they need. When insurance companies know how to stack the deck against your practice, it’s important to have someone on your side that knows the ins and outs of contracts and disability coverage.
Chris and I break down some myths about disability insurance that you may believe and provide you with accurate information instead. We cover a lot of ground, including the definition of disability you want your contract to have; coverage for partial and residual disabilities; what you need to know about coverage for mental health; and much more. Many dentists don’t review this stuff often enough, so be sure to tune in and find out what you should be doing differently!
Key Quotes:
- The insurance companies themselves are smart – they know how to stack the odds against the doctor and in the insurance companies’ favor.
- Disablity insurance itself is nothing more than a promise to pay.
- Generally, when it comes to definitions, the shorter it is, sometimes the better – because if it’s longer, it can leave more room for interpretation.
- What’s important in the language of the contract are the triggers, where this partial benefit kicks in and starts to make up lost revenue.
- When a doctor gets disability insurance for the first time, the insurance company looks at their income and good health – and what a future increase option does is it takes the second requirement of good health off the table.
- An elimination period or a waiting period is basically like a deductible, but instead of being in dollars, it’s in days.
- With vendors now, you can get an additional benefit just to cover student loans.
- Depending on the contract, some claims may be excluded or limited – the biggest one is mental nervous claims, and I prefer there not to be any limiting in my doctors’ contracts.
- There is a policy called overhead expense that allows you to keep the lights on or buys you time to find a suitable buyer.
Featured on the Show:
- Chris Bransgrove: Lucet Advisors
- Connect with Chris: (303)714-5830 | [email protected]
Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 6455 S Yosemite St., 3rd Floor, Greenwood Village CO. Securities products/services and advisory services are offered through PAS, a registered broker/dealer and investment advisor, 303-770-9020. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. Wealth Strategies Group is not an affiliate or subsidiary of PAS or Guardian. Lucet Advisors is not a registered investment advisor.
PAS is a member FINRA, SIPC
