Dentists Income Protection

Helping you protect all the things you work hard for...

Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

 

Why Dentists Income Protection?

 

Dentists Income Protection provides you with a monthly income you can rely on should you be too ill or injured to work.

 

It is designed to cover your core monthly financial commitments such as your mortgage/rent, bills and food.

 

If you’re self-employed working through your own dental practice and are lacking any sick pay, Dental Income Protection can step in to provide this valuable benefit.

 

Income Protection is the one protection policy every working adult should consider. Which? Money

What is it for?
 

What Does Dentists Income Protection Cover?

Accident & Sickness

When the ‘Own Occupation’ definition of incapacity is used, the policy can pay out for any medical condition that prevents you from working in your own specific job role as a dentist. This can even include mental health issues, which are some of the most common reasons behind Income Protection claims.

As Dentists’ Income Protection policies do not use a set list of conditions they cover and insurers don’t have any standard exclusions, it is the most comprehensive form of accident and sickness protection available.

Being in a highly skilled worker such as a dentist, it is very important to make sure your policy covers you in your own occupation, otherwise you may not be able to claim your Sickness Insurance benefits when you need them.

What does it cover?
 

How Does Income Protection for Dentists Work?

Stage 1:
You cease working due to any accident or sickness which prevents you from doing your job role.

Stage 2:
You make a claim with the your insurer, which may require completing a claims form and providing documents such as a GP note.

Stage 3:
The insurer will start to pay a monthly benefit after you have been unable to work for the length of your deferred period.

Stage 4:
The policy pays out until either you return to work or reach the maximum payout length, which could range from 1 year to your retirement.

How does it work?
 

Do I Need to Protect My Earnings?

When deciding if Dentist Income Protection is worthwhile, it makes sense to weigh up the risk of something happening and the potential consequences:

The Incapacity Risk:
1 in 10 people have been unable to work due to illness or injury for +6 months (The Guardian/Unum Survey).

The Consequences:
With Statutory Sick Pay offering only £92.05 per week and Employment Support allowance starting as low as £73.10 per week for professionals over the age of 25, you may not have enough income to cover the cost of living.

The Question:
If you lost your income how would you continue to meet your essential monthly outgoings if you didn’t have income protection?

Do I need cover?
 

Your Key Options

Choose your level of cover

Depending on the insurer, it is possible to cover anywhere from 50% to 70% of your gross (pre-tax) income. If you’re a self-employed dentist working through your own dental practice with a limited company setup, you may be able to insure up to 80% of your gross salary and dividend drawdown.

Choose your deferred period

This is the length of time you would need to be off work before the policy kicks-in and starts paying out.

Choose your payout length

Short-term plans can payout for a maximum of 12 or 24 months and long-term plans can continue paying out either until you are well enough to return to work or you reach the end of the policy life, which is usually set in-line with your expected retirement age.

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In This Guide…

Alicia Hempsted - Drewberry
Written by:
Alicia Hempsted
Content Manager at Drewberry
⏰  10 min read
 

What is Dentists’ Income Protection Insurance?

Income Protection for Dentists is a form of insurance designed to help protect you against the financial consequences of being unable to continue working due to sickness or injury.

Sick pay for dentists can be limited and Employment Support Allowance (ESA) rarely provides enough income for you to maintain your usual lifestyle.

Here, Dentists’ Income Protection can ensure you can live comfortably and securely until you are recovered. The policy pays out regular benefits to dentists who develop an injury or illness that is severe enough as to prevent them from working and earning income.

No matter whether you are a private dentist or employed by the NHS, it’s worth investigating what your position would be should you suffer from ill health or in injury that prevents you from working.

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Do dentists need Income Protection?

Do I Need Dentist Income Protection?

While many people are aware of the risks of their occupation, not many think seriously about the consequences of them. If you faced a disability that prevented you from working, can you be certain that you have the resources necessary to survive without income while you recover?

Stress is the leading psychological condition that occurs in dental professionals. Dentists also face exposure to infectious diseases and are at risk of developing musculoskeletal complications due to repetitive motions and strained postural situation during procedures.

If you’re one of the two-fifths of people Drewberry surveyed who had no more than £1,000 in cash savings to rely on if their income stopped, this could be problematic.

While the NHS sick pay for dentists will cover you for up to a year, the sick pay provided by private practices typically pays out for a shorter length of time, if providing any sick pay at all.

With a Dentists Income Protection policy, this is not something you’ll have to worry about. This disability insurance policy will provide you with monthly benefits to replace a proportion of your income. This can help you cover your essential monthly expenses while you are not earning, such as your mortgage payments, utilities and food etc.

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From start to finish a very professional and courteous outfit. A very efficient company with a no nonsense approach. Would recommend.

Andrew Giles
10/04/2018
Income Protection for dentists including NHS sick pay

How Does Income Protection for Dentists Work?

If you have a specific Dentists Income Protection policy and during its term need to take time off at any point to recover from an illness or injury, you can contact your insurer’s claims team and make a claim. Alternatively, you can call Drewberry and we’ll talk you through the process.

Making a claim…
If your claim is approved by your insurer and you reach the end of your policy’s deferred period, your insurance provider will begin sending you monthly benefits which equate to a decided percentage of your usual income.

Income Protection for dentists pays out monthly benefits to cover a percentage of your usual income.

You can spend these benefits as you need to on whatever important expenses you come across while you’re not working.

Unlike some other types of insurance that cover ill health, there is no set list of conditions that you can claim for with an Income Protection policy.

You can continue to receive your income benefits up until such time as one of three events occurs:

  • You reach your policy’s cease age;
  • You are fit enough to return to work;
  • The maximum period of cover you selected on a short-term policy has been exceeded.

Income Protection Tip
The best Income Protection for dentists allows you to claim on your policy as many times as you need to for as long as you need to, right up until retirement. As such, a traditional long term Income Protection policy can protect your income throughout your entire career.

Short-term Income Protection policies, on the other hand, will only pay out for a maximum of 1, 2 or 5 years per condition per claim. While these are good if you’re on a budget, the limited claims period can be an issue.

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With a specialist sickness insurance policy, dentists can benefit from an extended deferred period without having to worry about lacking income.

Specialist Income Protection for Dentists

If you’re employed by the NHS, there are some insurers that offer Dentists Sickness Insurance policies that are specially designed to work around the NHS’s unique sick pay scheme. While these policies are usually reserved for Doctors and Surgeons, there are some insurers that may offer you similar terms provided you work for the NHS.

These specialised policies provide Income Insurance for dentists which will pay out a proportionate benefit as soon as you stop receiving full sick pay to supplement your income.

However, these types of policies are not always available. As such, it’s often up to you to tailor your policy to your needs by choosing the right policy options.

 

NHS Sick Pay for Dentists

These policies benefit NHS employees because it allows them to set their deferred period to match the full length of their sick pay entitlement, reducing their premiums, while topping up their income regardless during the period of reduced sick pay.

If you are employed by the NHS, the maximum amount of sick pay you could expect to receive will change depending on your length of the service. After 5 years of service, the maximum amount you’re entitled to will be 12 months of sick pay after 5 full years of service. However, you would only receive full sick pay for the first 6 months and for the latter 6 months provided with half sick pay.

If your disability is serious enough that you need to take a year or longer to recover, your NHS dental sick pay will run out and you may need to rely on savings.

Length of Service

Sick Pay Entitlement

0 – 3 months

No sick pay entitlement

3 – 12 months

1 month full pay + 2 months half pay

2 years

2 months full pay + 2 months half pay

3 years

4 months full pay + 4 months half pay

4 years

5 months full pay + 5 months half pay

5 years

6 months full pay + 6 months half pay

 

Already Got Dental Income Protection? You Could Get Cheaper Premiums…

sam barr-worsfold, independent protection expert at drewberry

We come across many dentists who have had Income Protection since they left dental training or since their first years as practising dentists. These policies are rarely still suitable years down the line, so why not see if you can get cheaper Dentists Income Protection by popping us a call on 02084327333 or emailing help@drewberry.co.uk

Sam Barr-Worsfold
Independent Protection Expert at Drewberry

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the best dental income insurance is own occupation

Getting Own Occupation Income Protection Cover

Not every form of sick pay insurance for dental professionals will provide own occupation cover, so it is really important to read the terms of the different policies available to you.

It is particularly important as a dental professional, given the level of skill required in your job role, that your policy protects you while you are not fit enough to return to your original occupation.

The definition of incapacity is what your insurer uses to define whether or not you are incapable of working and entitled to claim benefits. With the own occupation definition particular definition applied to your policy, you will be able to claim Dentist Income Protection benefits as long as you injury or illness prevents you from working as a dental professional.

Other definitions of incapacity, such as ‘Suited Occupation’ or ‘Any Occupation’, may prevent you from claiming on your Income Protection policy if you are well enough to work in a different occupation aside from dentistry.

Under the ‘Own Occupation’ incapacity definition, a serious hand injury might be interpreted as preventing you from carrying out your normal occupation as a dentist, allowing you to claim benefits.

Under ‘Any Occupation’ cover, however, a hand injury is not considered severe enough to stop you from working completely, so a claim for a hand injury may be rejected.

Egle Blusiute
Independent Protection Expert at Drewberry

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Occupation Definition Calculator

Make sure your Income Protection covers you in your 'Own Occupation'!

Too often individuals take out income protection without being fully aware of the incapacity definition on which their plan would pay out.

Will the plan pay out if I am unable to do my current job role? Or will it only pay out if I am unable to do any occupation?

robertharveyportraitround

If you do not already have income protection this tool should provide you with guidance as to what to look out for and to ensure you do not fall foul of a lesser occupation definition.

Robert Harvey
Independent Protection Expert at Drewberry Insurance

Your Occupation
 
Manual Work (%)
Business Mileage
  annual mileage  
Overseas Travel
  trips per year
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Dental Sick Pay Cover insurance options

Key Dental Income Protection Policy Options

When selecting a policy, you need to consider several different cover options, including:

Your Deferred Period

Your policy’s deferred period will affect not only your benefits, but your premiums as well. A deferred period is the length of time you need to be out of work for in order to begin claiming your insurance benefits. Because you are not allowed to claim Income Protection benefits while you are still receiving income from elsewhere, it is common to set the deferred period of your policy to match the length of your sick pay entitlement.

If you are employed by the NHS and are able to take out a specialised Dental Income Protection policy, you will be able to benefit from reduced premiums by setting your deferred period to the maximum length of your sick pay entitlement according to your length of service.

With these specialised policies, your insurer will pay out reduced Income Protection benefits when you begin receiving reduced sick pay payments before paying out full benefits when you reach the end of your deferred period.

How Long Your Claim Period Will Be

You can choose either short-term or long-term Income Protection cover. Short-term cover will pay out either for a maximum of 1, 2 or 5 years year, while long-term cover will pay out right up until you reach retirement age if you need it.

The Amount of Income Your Policy Will Cover

Typical Income Protection for dentists can insure between 50% and 70% of your gross earnings, but there are some exceptions and most insurers limit your benefit amount. When looking for your policy, look out for these limits to ensure that your policy is capable of providing enough cover to meet your living expenses.

Whether Your Policy is Index Linked

An index-linked Income Protection policy will increase in cover in line with inflation to ensure that the overall value of your policy does not depreciate over time. However, as your cover increases so will your premiums and some insurers will increase premiums by more than they increase your cover.

michael barrow independent protection expert at drewberry

There is no right or wrong answer to the options you choose for your policy and your specific needs will play a significant part in deciding which are the best options for you. Because these options can be complex, the experts at Drewberry are here to talk you through all your choices from start to finish.

Michael Barrow
Independent Protection Expert at Drewberry

 

Sickness Insurance for Dentists who are Self-Employed

If you own your own dental practice and work through that as a corporate entity, you may want to consider Company Directors Income Protection. This can take into account any salary and dividends from the business that you pay yourself through your own limited company.

Crucially, the policy is owned and paid for by the business, so premiums qualify for corporation tax relief.

If you can’t work due to accident or sickness, Income Protection paid for by your dental practice will kick in to pay a monthly benefit back into the business. You then distribute these funds from your practice via your usual remuneration process.

The main difference between Executive Income Protection and an Income Protection taken out personally is that, for Directors Income Protection, because you receive tax relief on the premiums the benefit is taxed on a claim. Personal Income Protection sees the benefit paid tax-free because you’re paying the premiums from post-tax income.

Given the benefit from a corporate Income Protection policy is taxable, you can insure a higher proportion of your pre-tax income – up to 80% – compared to a personal policy.

victoria slade, independent protection expert at drewberry

There are different tax implications for Executive Income Protection paid for by your dental practice vs that you pay for personally. When deciding between the two, it’s a case of working out which will be the most tax-efficient.

Victoria Slade
Independent Protection Expert at Drewberry

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Compare dentist Income Protection companies

Compare UK’s Best Dentist Income Protection Providers

Aviva

Aviva

Aviva’s Income Protection for Dentists offers Own Occupation cover, as well as short- and long-term policies with either guaranteed or reviewable premiums.

  • Maximum benefit: 55% of your income, up to £20,000 per month
  • Maximum entry age: 59
  • Available deferred periods: 4 / 8 / 13 / 26 / 52 / 104 weeks
  • Aviva’s maximum benefit is one of the highest in the industry.
British Friendly

British Friendly

British Friendly offers own occupation cover for the vast majority of occupations. Only age-banded premiums are available, however, meaning your premiums will increase as you age.

  • Maximum benefit: 70% of your income, up to £45,000 per year
  • Maximum entry age: 64
  • Available deferred periods: Day 1 or 1 / 4 / 8 / 13 / 26 / 52 weeks
  • British Friendly’s Day 1 Cover will kick in almost as soon as you’re incapacitated
Exeter Family Friendly

Exeter Family Friendly

Exeter Family Friendly offers a choice between age-banded, reviewable and guaranteed premiums on its Income Protection policies.

  • Maximum benefit: 60% of of your income up to £100,000 and 40% of income above £100,000 to a maximum of £10,000 per month
  • Maximum entry age: 59
  • Available deferred periods: Day 1 or 1 / 4 / 8 / 13 / 26 / 52 weeks
  • GP Helpline is available to all members of The Exeter. You can telephone a GP 24/7 using this helpline or get a webcam consultation if you would prefer to talk face-to-face.
Legal and General

Legal & General

As well as offering guaranteed premiums, Legal & General offers a guaranteed benefit up to £1,500 per month if your salary drops prior to a claim.

  • Maximum benefit: 65% of your income, up to £65,000 per year
  • Maximum entry age: 54
  • Available deferred periods: Day 1 or 4 / 8 / 13 / 26 / 52 weeks
  • If you pass away during the policy’s term, an amount equal to 12 times your monthly premium will be paid to your loved ones.
Liverpool Victoria

Liverpool Victoria

LV offers age banded or guaranteed Income Protection premiums.

  • Maximum benefit: 60% of your income, up to £12,500 per month
  • Maximum entry age: 59
  • Available deferred periods: 1 / 2 / 3 / 6 / 12 months
  • Fracture cover is included as part of the policy, offering you up to £2,200 as a lump sum if you suffer a specified fracture, even if you don’t make a claim for said injury.
Royal London

Royal London

Both the Scottish Provident and Bright Grey insurance brands previously operated under the Royal London umbrella; they’re now part of one cohesive Royal London brand.

  • Maximum benefit: 65% of your income up to £15,000 and 55% of income above this, with a maximum benefit of £250,000 per year
  • Maximum entry age: 59
  • Available deferred periods: 4 / 8 / 13 / 26 / 52 weeks
  • Fracture cover is included as part of the policy, offering you between £1,500 and £4,000 as a lump sum depending on the fractured bone(s) on top of any benefit you’d receive from being off work as a result of your injury.
Vitality

Vitality

Vitality Income Protection has a number of optional add-ons you can include in your policy that offer lifestyle rewards in exchange for healthy living.

  • Maximum benefit: 65% of your income up to £15,000 and 55% of income above this, with a maximum benefit of £250,000 per year
  • Maximum entry age: 59
  • Available deferred periods: 4 / 8 / 13 / 26 / 52 weeks
  • The policy includes a total permanent disability clause, where Vitality will increase your benefit by 10% if you’re left totally permanently disabled and cannot complete at least three tasks of everyday living (subject to the maximum monthly benefit).
 

Company Paid Income Protection for Dentists

There are also two major insurers on the market providing directors Income Protection for individuals working via their own dental practices in a limited company setup. These policies are more complex than personal policies and do not quote online so please do not hesitate to pop us a call on 02084327333 or email help@drewberry.co.uk to find out more.

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Speak Drewberry experts to learn more about Income Protection for dentists.

Get Expert Dentists Income Protection Advice

Robert Harvey, Independent Protection Expert at Drewberry

Dealing with Dentists and other medical professionals on a daily basis we are well-positioned to offer you independent and unbiased advice relating to the options you may have available to you. Please do not hesitate to give us a call on 01273646484 for further help and advice.

Robert Harvey
Independent Protection Expert at Drewberry

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Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Income Required
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 0208 432 7333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

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