Some of life’s biggest events happen over the years from residency to retirement — making lifelong friends, graduation, starting your first job or buying or starting a practice and, for some, getting married, buying a house and starting a family.

Download the accompanying Orthodontist’s Game of Life boardgame for a fun visual representation and read on to learn how insurance from the AAO-Endorsed Insurance Program can help protect you through all of life’s milestones.

Beginning Your Journey as an Orthodontist: School and Graduation

Residency

From the very start of your career journey, the AAO offers support. As an AAO student member, you are offered complimentary Group Student Disability coverage* and Student Term Life coverage*.

These two important policies can help in protecting you and your family. While unlikely, if you became disabled or pass away while in school, your life and your family’s lives could be greatly affected. Could you or your family members pay your bills and students loans without your income as an orthodontist? With complimentary coverage from the AAO-Endorsed Insurance Program, you and your family receive financial support.

Student Group Disability offers up to $2,000 per month and up to $200,000 for student loan repayment, while Student Group Term Life Insurance provides $100,000 in coverage.

Graduation

Upon graduation, the complimentary Student Group Disability and Term Life coverage will expire. AAO members can remain covered by converting complimentary coverage to the Group Disability Income insurance* and Group Term Life insurance*.

Starting and Growing in Your Career: The Middle Years

Beginning your career

Upon graduation and beginning your career, there are several important policies you may want to obtain.

  • Group Disability Income insurance helps protect a portion of income, typically 60 percent, should you experience a covered illness or injury that leaves you unable to work.
  • Group Life insurance helps to ensure your family’s well-being should you pass away unexpectedly.
  • Group Critical Illness insurance* can help to alleviate the financial burdens of serious illnesses like cancer, heart attack or stroke.
  • Malpractice insurance helps to cover certain costs resulting from claims and litigation brought against you for the services you provide as an orthodontist.

Through your AAO membership, you have access to these coverages and more that are designed specifically for orthodontists and offer innovative benefits.

Getting married and beginning a family

Upon your marriage and growing your family, you may want to reevaluate your Life insurance coverage to determine if it still meets your needs. You may want to increase your coverage amount, update your beneficiaries and consider any debt or income replacement needs.

The AAO-Endorsed Insurance Program offers two types of Life insurance coverages to help meet the needs of orthodontists: Group Level Term Life and Group Term Life.

Opening your own practice: Life insurance

Often life insurance is required to help secure a high-value loan. It is recommended to apply early for life insurance to ensure you can receive your loan when you need it. A few things to know:

  • A bank assignment or assignee is utilized to list a bank or other financial entity on the policy. An assignee is paid the remaining balance of the loan from the benefit in the event of your death, satisfying the loan requirements.
  • A beneficiary form is utilized to list a family member, friend, trust or other entity on the policy to receive the benefit, if you were to pass away. Multiple beneficiaries can be listed to receive different portions of the benefit, such as a spouse and children.
  • You can have both a beneficiary and assignee listed on the policy. The assignee would only be paid the remaining balance of the loan at the time of your death, and whatever is left would go to the beneficiary.

Read on to learn more about the requirements you may face as an orthodontist and what you can expect should you decide to open your own practice.

Opening your own practice

If you have ambitions of opening your own practice, there are several coverages you may want to consider, including:

  • Business Owner’s Policy
  • Workers’ Compensation
  • Cyber Liability
  • Employment Practices Liability insurance
  • Business Overhead Expense* and more

The AAO-Endorsed Insurance Program, administered by Lockton Affinity, has dedicated insurance representatives trained to understand your insurance needs, including as a practice owner. Representatives are available to:

  • Review loan requirements sent from the bank to ensure your insurance meets any loan requirements
  • Help reduce your liability exposures to levels you are comfortable with
  • Make processes like renewals and policy changes easy

Schedule a complimentary risk evaluation today to receive all the information you need to make an informed decision about your business insurance.

Ending Your Career: Retirement

Selling your practice

If you plan to sell your practice as part of your retirement plan, you will no longer need Property and Casualty coverages like Business Owners’ Policy, Workers’ Compensation, Cyber Liability and Employment Practices Liability, though you may want to purchase tail coverage for these policies as claims can be filed months and years after the fact.

If you stay on as a practicing orthodontist for the new owners, you may want to obtain your own, separate Life and Disability insurance coverages to meet your policy and limit needs. For example, if your employer offers short-term disability coverage, but the monthly benefits are far less than previous coverages you’ve had, you may want to stick with the coverages with more substantial benefits.

You may also have a solid nest egg or substantial retirement savings and be tempted to “self-insure”, but it is worth considering how your life and retirement would change if those savings were utilized for a disability. Would you have the same quality of life? Could you live in the community you wanted? Would you have to make sacrifices in other areas? Would you have to dip into other financial assets?

If you believe the life and retirement plans you have for yourself would be majorly disrupted by self-insuring, it may be a good idea to secure group short-term and long-term disability coverage, depending on your situation.

Retiring

Congratulations on a long, prosperous career!

Depending on your age of retirement, financial planning and any outstanding debt, you may want to keep your Life insurance coverage in place. You can non-renew any Disability and Malpractice insurance coverage. You may also want to purchase tailored coverage for certain policies like Employment Practices Liability, Cyber Liability and Malpractice insurance as claims can be filed months and years after the fact.

If you have questions about your retirement plan and insurance needs, schedule a complimentary risk evaluation today.

Support for Your Journey of Life from the AAO

Life as an orthodontist is filled with exciting milestones—from education and graduation to building a career, starting a family and opening a practice. At every stage, the AAO-Endorsed Insurance Program offers tailored insurance solutions to help protect your financial future and added financial security.

With expert guidance and comprehensive coverage, you can focus on your journey with confidence, knowing you’re prepared for whatever comes next.

Schedule a meeting with a dedicated representative to ensure your Orthodontist’s Game of Life is fully protected.

 

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*For more information including features, costs, eligibility, renewability, limitations and exclusions, visit AAO-Insurance.com.