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Income protection is an insurance policy that will pay out up to 70% of your usual income if you’re unable to work due to illness or injury.
This can provide much needed financial support to dentists, particularly self-employed dentists who run their own private practice, during periods of ill health that could result in a loss of income.
Monthly income protection payments can help you to continue living your current lifestyle without having to make serious cutbacks or rely on others.
Income protection can also have many benefits for dentists who work within the NHS, as you can align your payments with your NHS sick pay schedule.
Keep reading as we discuss:
Why not use the FCA-regulated service of Reassured Advice to compare multiple quotes to find the best available deal?
Income protection insurance through Reassured Advice starts from 20p-a-day ‡ .
Simply get in touch for your personalised, fee-free and no-obligation quotes.
Income protection for dentists is simply an income protection policy taken out by someone in the dental profession.
This could either be a standard income protection policy, a policy with specialist features tailored to meet the needs of dentists or, if you own your own dental practice, an executive income protection policy.
When taking out income protection, there’s some important policy terms you should be aware of:
Whether you work within the NHS or are self-employed, with your own dental practice, income protection can be beneficial to keep you afloat financially while you’re unable to earn your usual income.
Executive income protection isn’t something that’s currently offered by Reassured Advice.
But a friendly member of the team can help you to compare personal income protection plans, including policies which have features designed with dentists in mind.
The best income protection for dentists will be the policy that offers the greatest amount of cover, to help cover key financial commitments, that’s at a price within your budget.
It can be possible to secure income protection for dentists through specialist providers or through mainstream providers who offer special terms to meet the needs of those in the medical profession. For example:
|Aviva income protection+ includes features to meet the needs of those in the medical profession, such as a 52 week deferred period which can align with your NHS sick pay|
|LV= income protection includes specialist features for NHS doctors, dentists and surgeons, such as sick pay guarantee|
|Royal London offer income protection for NHS professionals which includes features such as sabbatical cover, minimum benefit amount of up to £3,000 and NHS sick pay mirroring|
|Legal & General offer NHS sick pay protection with their income protection. This is available to dentists, doctors, midwives, nurses and surgeons. As well as an income guarantee of up to £3,000|
|Zurich offer a ‘dual’ deferred period so that payments can be aligned with NHS sick pay schedule, plus a minimum benefit guarantee of up to £3,000|
In most instances, to be eligible for this type of cover, you’ll need have a licence to practice within the UK and must be registered (or provisionally registered) with one of the following:
Why not use the services of Reassured Advice to compare income protection for dentists from top UK providers (including those mentioned above) to find the best income protection policy to meet your needs?
The price you pay for income protection as a dentist will depend on your personal circumstances and your chosen policy terms.
During the application process, you will be required to provide key information in order for providers to calculate your monthly premium.
Personal factors required include:
Details about your policy that influence the price you pay include:
Premiums are calculated based on the level of risk you pose to the provider, the information detailed above allows providers to assess your level of risk and calculate your premium accordingly.
No two income protection quotes are the same so it’s important to compare multiple options to find the most affordable cover.
Reassured Advice can help you to find the most affordable income protection for dentists. Cover starts from 20p-a-day so get in touch for your fee-free quotes.
If you’re a dentist that works within the NHS, and are eligible for the NHS sick pay scheme, then an income protection policy can work hand in hand with your schedule to ‘top up’ your finances during your half pay periods.
The NHS sick pay scheme entitles employees to up to 6 months full sick pay and 6 months half sick pay, depending on your length of service.
The NHS sick pay entitlement is as follows:
|Continuous NHS Service||NHS sick pay at full pay||NHS sick pay at half pay|
|First year of service||1 month full pay||2 months half pay|
|Second year of service||2 month full pay||2 months half pay|
|Third year of service||4 month full pay||4 months half pay|
|Fourth and fifth years of service||5 month full pay||5 months half pay|
|After completing 5 years of service||6 month full sick pay||6 months half pay|
Many income protection policies offer features such ‘NHS sick pay guarantee’ or a ‘stepped deferred period’ which can help to match your income protection payments with your NHS sick pay schedule to pay out during times you’re on half sick pay.
Compare income protection policies from providers who offer NHS sick pay guarantee through Reassured Advice.
If you own your own dental practice, such as a private practice, it can be possible to take out executive income protection.
Executive income protection is a policy typically designed for small to medium sized businesses to cover a key employee, with the premiums being paid for by the business.
If your private practice is structured as a limited company, it could also be possible for the premiums you pay to be treated as a business expense, making them tax-deductible.
Executive income protection isn’t currently something that Reassured Advice can arrange.
However, a member of the team can help you compare a number of personal plans (including those with specialist features for dentists). Simply get in touch.
There are other financial protection policies that may be beneficial to dentists, including:
Depending on your budget, these could be taken out alongside an income protection policy to provide a comprehensive cover solution.
For example, an income protection policy to provide cover during your working life and a life insurance policy to protect your loved ones after your passing.
Critical illness cover is similar to income protection in that the funds from the pay out can be used to cover lost income. However, critical illness provides a lump sum rather than monthly payments.
We have written a complete income protection vs critical illness cover guide if you would like more information »
Becoming a dentist can take years of studying and training, so why not take steps to protect your livelihood?
Compare income protection quotes through Reassured Advice to find the right policy to meet your needs (at the best available price).
Using the FCA-regulated services of Reassured Advice, you can compare quotes from the whole of the market, including leading providers and those that offer specialist terms for dentists and medical professionals.
Income protection starts from just 20p-a-day through Reassured Advice, simply get in touch for your personalised and fee-free quotes.
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