Dentists income protection
Income protection insurance can be a great policy to have in place when working in a profession such as dentistry.
There are roughly 47,000 dentists currently operating in the UK, as of 2021.* A large amount of these dentists are working on a self-employed basis running their own practice.
This means if they are unable to work due to illness or injury, their business may struggle or be completely unable to run without them. If this is the case, income protection can be a vital safeguard to have in place.
Income protection will provide a tax-free payment every month that will usually cover around 50%-70% of your pre-tax monthly income. This can be extremely beneficial for covering monthly bills whilst you are off work recovering for a long period of time.
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Will income protection insurance cover dentists?
Income protection insurance can certainly cover dentists. Income protection is similar to critical illness cover but that provides one or two lump sum payments. Income protection payouts will be monthly, in place of your usual income source.
With a medical profession, there can often be increased risk of developing illnesses due to working in very close proximity to patients.
If operating within the NHS, many dentists may think that NHS sick pay is sufficient protection to have in place.
An NHS dentist with long service will be eligible for up to a year’s worth of sick pay (6 months full pay, 6 months half pay).
Dentists working less than 5 years will still be entitled to sick pay but for a shorter time period. But in some cases, a serious illness or injury could lead to a very extended recovery period.
Does income protection insurance pay out for dentists?
YES – a dentist should qualify for an insurance pay out if off work for an extended period due to illness or injury. The policy will pay out a tax-free sum every month to help cover household bills and other expenses.
There are many possible reasons a dentist may claim on their income protection policy. These include but are not limited to:
- Heart attack
- A serious accident leading to injury (e.g. a car accident)
All the above conditions could lead to a seriously long recovery period, meaning income protection will be a great safeguard to have in place.
Compare income protection insurance for dentists
The best approach with any insurance policy is to compare prices and policies across providers. This can allow you to assess what is available and make an informed decision about the right policy to put in place.
If struggling to find the best income protection policy for your needs, speak to an insurance specialist such as us. We have access to a variety of great policies currently available across the market.
We are well equipped to answer any questions you may have and help point you in the direction of the most appropriate policy for you. We can help source income protection quotes on your behalf, saving you time and hassle.
Can I get income protection insurance for dentists?
YES – in fact there are some great policies available for dentists.
With access to sick pay (whether NHS or statutory sick pay), it can sometimes seem like income protection is an unnecessary extra protection.
The fact is that even with these schemes in place or access to savings, sometimes these funds can run out before you have fully recovered.
This can have the potential to leave you in some financial difficulty. This especially true if you must consider bills related to your dental practice on top of your own household bills.
How much is income protection insurance for dentists?
Medical workers such as dentists can often access income protection cover at a preferential rate compared to other people.
This is because insurers will sometimes offer specialised insurance products for professions such as dentistry. Whether one of these policies is available will depend on individual insurers.
It is a good idea to do some research before taking out a policy, in case there is one specifically designed with your needs in mind.
Cheaper income protection insurance for dentists
There are several factors that could influence the cost of your cover. Often you can lower the cost of your policy if you consider the following before applying:
Age – the younger you are the cheaper your policy will be so it is best to put cover in place as soon as possible
Comparison – you may be able to find a lower price if you compare policies across insurance providers
Expert advice – an expert income protection adviser will be able to advise you on the best way to reduce the cost of your cover
Smoking – smokers will often face larger costs for premiums so it can be a good idea to quit or cut back the amount you smoke
Health and lifestyle – lifestyle choices that positively affect your health, such as weight loss and exercise could also reduce your premiums
Pre-existing conditions – insurers will assess the impact on your health of any pre-existing conditions and potentially exclude you from claiming for related reasons
All of the above can affect pricing and all insurers have will assess each slightly differently, so it is a good idea to shop around to find the lowest cost.
If you are too ill or injured to work income protection can provide a much appreciated financial safety net that can cover expense such as:
- Mortgage or rent payments
- Cost of living
- Household bills
- School fees
- And more…
Best income protection for dentists
There are excellent policies available to help protect your finances if you need to take time off work due to illness or injury. There are several policy types available:
- Short-term income protection insurance which is made to pay out for up to 12 or 24 months from the point of claim. A cheaper option than long term cover.
- Long-term income protection insurance is a policy specifically designed to pay out right up until the end of the policy term. Very comprehensive cover.
- Guaranteed sick pay will usually be cheaper than a full income protection policy as it excludes pre-existing conditions as reasons to claim. Pays out for up to 6 months.
- Personal accident insurance is the cheapest form of income protection. Pays out for hospitalisation over 24 hours, injuries and accidental death
Does being a dentist affect income protection insurance?
Being a dentist shouldn’t affect your ability to get income protection insurance. If your practice is a part of the NHS you may even be able to access a cheaper policy than most.
This is because with NHS sick pay covers much longer than statutory sick pay (up to 12 months compared to 28 weeks). You can then delay the start of your insurance pay outs for much longer.
This space of time is known as a ‘deferment period’ and will be in place with all income protection policies.
The deferred period can be as little as 4 weeks but generally the longer the deferment period is the cheaper your policy will be.
Refused income protection insurance for dentists
There are several reasons an insurer may refuse to provide income protection cover.
These reasons could potentially apply to anyone, dentists included. You will however be unlikely to be declined simply for being a dentist.
Some reasons an insurer may be wary about providing income protection are:
- Dangerous hobbies
- Pre-existing conditions
- High risk jobs (unlikely to apply to dentistry)
If you have previously been declined for one of the above reasons, or something else, speak to one of our insurance experts.
We can assure you a previous policy being declined will not affect your ability to secure one now. We will be able to find an insurer willing to offer cover in most cases.
Why do I need income protection insurance for dentists?
If only off work for a short period of time, then income protection may not feel needed. However, with anyone there is always some risk that an injury or illness could occur that needs a lot of recovery time.
With a close contact job like dentistry, the risk of catching illnesses can be more likely. As a lot of dentists are often self-employed, if they don’t work there can be a huge impact on financial stability.
We would always advise that income protection be put in place as an extra level of financial protection.
Best income protection insurance companies for dentists
The best insurance company for dentists will vary depending on the individual applicant’s needs and budget. The easiest way to access a great policy at a great price is to compare the products offered by each insurer.
With many insurers currently operating in the UK, there are usually lots of options and some can be far cheaper than others.
Guaranteed income protection insurance for dentists
Occasionally, you will be able to access what is known as a ‘guaranteed’ insurance policy. This means you are guaranteed access to cover, without the concern that your general health and lifestyle will have a negative impact on your application.
It is important to remember though that this type of policy will exclude you from claiming because of an absence due to a pre-existing condition. With no medical underwriting necessary, it can be far quicker and cheaper to access this policy than other forms of income protection.
Income protection insurance questions about dentists
There will be several factors an insurer will assess before deciding whether to offer income protection cover. These will be questions related to your general health and lifestyle. This will include questions about:
- Age of applicant
- Height and weight
- General lifestyle
- Dangerous hobbies
- Pre-existing medical conditions
There is no need to be overly concerned about these questions as their only purpose is to give insurers an overview of your health, to determine how likely you are to claim.
How do I claim on income protection insurance for dentists?
There are 4 simple steps to claiming on an income protection policy. This means accessing your claim pay outs is probably far easier than you may have thought. To claim you need to:
- Contact your insurance provider
- Complete a claim form (usually online)
- Submit medical evidence (if needed)
- Submit financial evidence (if needed)
Once you have submitted a claim and it has been approved, you should start receiving monthly payments straight away.
Common questions about income protection for dentists
Below we have answered some common questions dentists may have about income protection:
What is income protection?
Income protection is designed to pay out a monthly tax-free payment to cover 50%-70% of your pre tax income. You can claim this if off sick for an extended time period.
How does income protection work for dentists?
It will work in the same way as for any other profession. If a vet falls ill or is injured, they can claim if this means they cannot work for an extended period of time. Once a claim is approved, payments continue until the end of the claim period or when you are able to return to work again.
Is income protection insurance worth it for dentists?
Income protection is a very worthwhile policy for dentists. If unable to work for a long time, income protection provides vital support for paying bills until you can work again.
Can I get income protection for self employed dentists?
A lot of dentists are self-employed with their own dental practice. Self-employed people will be able to access income protection and may need it more than most as if they cannot work they may not receive any income at all.
Find out more information about SELF EMPLOYED INCOME PROTECTION.
*according to Statista.com
Useful resources for dentists
Below are some useful resources for dentists: