There are many disability insurance policies on the market. How do you choose coverage that’s best for you and your family?

Disability insurance can provide a steady stream of monthly income if you become totally disabled. Total disability means that, due to a covered illness or injury, you are unable to perform the substantial duties of your own occupation as a specialist in orthodontics for which you have been specifically educated and trained.

Coverage can vary widely, making it important to evaluate the policies available to you.

The AAO-Endorsed Insurance Program offers specially designed Group Short-Term Disability and Group Long-Term Disability Income insurance with unique disability insurance benefits for AAO members.

Read on to learn how these unique policies can benefit you.

stack of papers with a calculator and a woman to represent disability insurance benefits for AAO members

Unique Disability Insurance Benefits for AAO Members

Both Group Short-Term Disability and Group Long-Term Disability Income insurance from the AAO-Endorsed Insurance Program offer these unique disability insurance benefits for AAO members.

Own-Occupation

The AAO-Endorsed Insurance Program’s Group Disability Income insurance has an own-occupation definition, which considers a person totally disabled if a covered illness or injury leaves them unable to work as an orthodontist*, even if they’re able to work in another occupation.

Example: If you were to experience an injury and no longer had the fine motor skills required to perform your orthodontic duties but could still work in another field, you would receive benefits under the AAO-Endorsed Insurance Program’s coverage, a perk that is often unavailable on standard disability policies.

Residual benefit

Included in your coverage, the AAO-Endorsed Insurance Program offers a residual benefit that allows you to continue receiving a portion of your total disability benefit after you return to work on a part-time basis.

Example: You experience a covered disability and are unable to work for six months while you are getting treatment and recovering. Seven months in, you can return to work but only at half of your normal capacity.

With your coverage from the AAO-Endorsed Insurance Program, you can receive a portion of your total disability benefit to supplement your part-time earnings.

Portable coverage

Often employers offer disability insurance to their employees. While this can be a nice perk, this coverage is tied to your employment with the organization.

With Group Disability Income insurance from the AAO-Endorsed Insurance Program, coverage can stay with you even if you change jobs. Plus, our coverage can be combined with coverage from other carriers, so you can keep your employer provided coverage for added protection, provided your total combined disability coverage does not exceed 60% of your income.

 

Unique Group Long-Term Disability Income Insurance Benefits

With Group Long-Term Disability Income insurance from the AAO-Endorsed Insurance Program, you have access to additional unique benefits.

Future purchase option

For an additional premium, you can increase your coverage in the future, without medical underwriting, to help ensure your coverage keeps pace as your earnings grow.

Example: Say you purchased your disability insurance with a $1,000 monthly benefit amount. As you become more experienced in your career, your salary grows, and $1,000 isn’t close to 60% of your monthly salary. Luckily, you elected the future purchase option for an additional premium and can increase your benefit amount so that your policy keeps pace with your earnings.

Cost of living adjustment

As inflation and cost of living increases over time, so too can your disability benefit amounts.

Should you be unable to work for an extended period of time due to a covered disability, our coverage allows your monthly benefit amount to be adjusted annually to account for inflation. With this option, available for an additional premium, after the first year of your paid monthly benefit amount, you would receive an adjustment in the amount that reflects changes in the cost of living based on the Consumer Price Index for all Urban Consumers (CPI-U).

Example: Your disability policy has a $3,000 monthly benefit amount. You experience a covered disability and are unable to work for two years. For the first year of your covered disability, you receive the $3,000 monthly benefit amount. Then, at the start of the second year, your monthly benefit amount is adjusted for inflation, and you receive $3,430 in monthly benefits.

Student loan reimbursement option

The student loan debt orthodontists carry can be a significant amount, with high monthly payments in addition to living expenses like rent/mortgage, car payments, business loans and more.

To help pay your student loan bills should you become permanently disabled while under the age of 45, Group Disability Income insurance from the AAO-Endorsed Insurance Program can provide up to $200,000 towards your student loans, for an additional premium. You must become insured under the Policy before age 40 to request this optional benefit.

Two application options

Depending on the benefit amount you desire, Group Long Term Disability Income insurance from the AAO-Endorsed Insurance Program has two application options. For both policies, start the application via the online portal. Depending on the benefit amount selected, the portal will take you through QuickDecision process or the full underwriting process to finish the application.

  1. QuickDecision — This option typically does not require a medical examination and shows you the coverage you qualify for upon completion. In most cases, applicants will receive a decision online in 30 minutes or less. This option is best if you:
  • Do not require benefit amounts above $7,500 per month.
  • Are under the age of 50.
  • Are in good health with no risk factors.
  1. Apply online for the highest benefit amounts available under this Policy. Benefit amounts of up to $15,000 per month require a full application and a medical exam, which can take between 30 and 60 days.

 

More on Disability Insurance Benefits for AAO Members

Looking to learn more about Group Disability Income insurance? Lockton Affinity, administrator of the AAO-Endorsed Insurance Program, offers a lot of helpful resources, including:

Plus, our dedicated team is available to answer all your insurance questions. Schedule a introductory meeting or a full risk evaluation for free today.

 

*Unable to perform the material and substantial duties of their occupation.

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