Dentists need paycheck protection. If you’re looking for a new market, there are plenty of reasons to focus on dentists, dental hygienists and other dental professionals.
A Great Outlook
According to the U.S. Bureau of Labor Statistics (BLS), there were 155,000 jobs for dentists in 2018. Over the next ten years, job growth is predicted to be 7 percent, which is faster than average. This means there will be 11,600 more dentists by 2028.
In addition to dentists, dental hygienists, dental assistants and other dental professionals need paycheck protection. There were 219,800 dental hygienists and 346,000 dental assistants in 2018. Job growth is expected to 11 percent between 2018 and 2028 for both dental hygienists and dental assistants, which is much faster than average.
The dentist market is big, and it’s getting bigger. It’s also a market that disability insurance agents should pay attention to.
An Income That Needs Protection
Dentists made a median annual salary of $156,240 in 2018, while dental hygienists made $74,820 and dental assistants made $38,660, according to BLS.
Dental professions can provide a good income, but they also require training. Dentists spend four years in dental school – and that’s after completing an ungraduated degree. Dental hygienists need formal training, as well. According to the American Dental Association (ADA), programs for dental hygienists are available through colleges, technical colleges, dental schools and universities, and these programs typically take at least two years to complete. Dental assistants may spend less time in formal training, but they still typically need to earn a certificate before they’re qualified to work.
This training is a commitment of both time and money. According to the ADA, more than 90 percent of dental students take out loans to pay for their education.
Dentist often have a tremendous amount of student loan debt. They expect to be able to pay off their debt because they have a very strong earning potential – but if an illness or injury prevents them from working, their financial situation can become pretty dire. Disability insurance provides important protection.
Many Dentists Are Also Business Owners
Many dentists operate their own practice, either as a solo business owner or with one or more partners. This gives them control over their careers, but it also exposes them to increased risk.
Because of this, many dentists may need more than individual disability insurance. As business owners, they may also benefit from business overhead expense insurance. Depending on their situation, business loan disability insurance and buy-sell disability insurance might also make sense.
To protect everyone in the dentist’s office – including dental hygienists and other employees – multi-life disability insurance and guaranteed standard issue disability insurance may be good options.
Need guidance? Reach out to the DIS Sales Team or connect with your closest DIS Regional Brokerage Manager. Also, be sure to download our DI Coverage Checklist for Dentists.