There were almost 200,000 practicing dentists in the U.S in 2018 according to the American Dental Association. Although solo practices are by far the most common, group practices are increasing at the rate of 20 percent annually. The dental industry, expected to grow by 18 percent through 2024, is one of the fastest growing sectors in the country. The combination of the number of people working in the dental industry, the projected growth, and higher salary levels, offers a golden opportunity for a producer who sees the value of accelerating disability insurance sales.
Even the smallest solo dental practice employs three to four people, the receptionist / office manager, a hygienist, and sometimes a dental assistant and a dental technician. That represents a case large enough to earn special pricing or underwriting concessions from the disability carrier. Average annual salaries range from more than $170,000 per year for dentists, and about $73,000 per year for dental hygienists. Dental assistants, technicians, and office managers, earn between $30,000 and $36,000.
Like the business owners market, there are many types of protection needed by dentists. First, they need own-occupation individual disability insurance. If they own their own practice, they may need business overhead expense insurance and bank loan DI. And, dentist offices with three or more employees are ideal prospects for multi-life disability insurance policies, as dental hygienists also need income protection. If the office has five or more employees guaranteed standard issue disability insurance may be a possibility.