If you’re a dentist, have you ever thought about what would happen if an accident or a serious illness prevented you from working? A dentists’ income protection policy could be your essential financial lifeline. However, are you sure you know how to find the right one? Obviously, insurance is a highly competitive sector. It goes without saying that many providers are after your business.
And, you’ll only need insurance when you actually need insurance. In fact, we hope you’ll never need it, but it makes sense to make practical provision in case you do.
Don’t worry. In our opinion, you just need to make one phone call, or just enter your criteria via our “Compare Top 10 UK Insurers” box on this website and we’ll get back to you quickly.
Unbiased Dentists’ Income Protection Advice from Black Lion Insurance
We offer impartial advice to dentists on how best to protect their income should the worst happen. With access to the whole of the UK market regarding income protection, we’ve got bargaining power on our side and could negotiate better premiums for you, rather than going direct to an insurer yourself.
Black Lion Insurance works with dentists who work through their own practices in a self-employed capacity, or within the NHS.
Income protection insurance for dentists via a single, added-value source such as Black Lion Insurance could save you time, money and stress. We’re here to help you choose the right option for you, your family and your personal circumstances.
We can set up the policy for you. And, we can help you make a claim.
In our opinion, income protection insurance is the ONE type of cover that dentists should be thinking about. Can you afford NOT to have it?
What is Income Protection for Dentists?
Essentially, if you are too ill to work or you suffer an injury that prevents you from working, income protection will provide you with a tax-free monthly income.
Income protection for dentists can protect up to 70% of your gross earnings (the money you earn before tax) and could cover essentials such as your mortgage, bills, groceries – even payments on your car. Life can be expensive. Therefore, this pay out could mean the difference between a safe and secure roof over your head and financial disaster.
The amount you are paid and the length you are paid for will depend on your insurer and your policy. For example, payments could continue until you retire. Policy options can vary quite a lot, but with Black Lion Insurance we’ll make sure that you’re fully aware of everything and totally comfortable before you commit. No nasty surprises.
Certain income protection providers offer specialist options for NHS dentists, so read on to find out more. Better still, why not contact the experts here at Black Lion Insurance? We know every nuance and detail of this specific type of cover and will be pleased to take you through how it works.
What’s more, you can add optional Unemployment Insurance to protect you against the possibility of a forced redundancy.
Your Role as a Dentist
Working as a dentist brings many rewards and challenges. It goes without saying that you’ve worked hard to qualify, and now you’re helping people in a practical way. You’re working towards a healthier community every single day.
Whether you’re a part of the NHS, or working in your own practice in a self-employed capacity, your role in restoring your patients’ oral health cannot be under-estimated. Dentists’ skills in preventative or restorative care is something we’re all grateful for. Even if we’re not exactly looking forward to our next check-up…
However, you don’t need us to tell you that your working life is somewhat stressful.
Is this You?
You work long hours and you work hard. What’s more, dentists face exposure to infectious diseases and, due to repetitive motions and a strained posture during treatment, your long or even medium-term health and well being could be compromised.
Have you considered the risks associated with your occupation? On the upside the financial rewards of dentistry can be substantial. Consider, however, the consequences of those rewards no longer being there.
I’m a Dentist. Do I really need Dentists’ Income Protection?
The answer is yes, probably. But think about your financial situation, both now and in the future.
Although you may be earning well currently, if you feel that you would not be able to afford your mortgage or your bills without a regular income, then an income protection insurance policy may be needed. Contact us for more information.
If, however, you know that you could get by on your savings, then you may NOT need it; similarly, if your family plans to support you or you feel that you could survive on benefits. However, how long will it take you to recover? Are you sure? You could need a replacement income for a number of months – or even years. Alternatively, a terminal diagnosis could change everyone’s lives for ever.
Dentists’ Income Protection – How it Works in a Nutshell
After an in-depth fact find, the financial experts here at Black Lion will search the whole of the market for the best rates and the best policies from all the major income protection insurers.
If you have an existing policy, we’d be happy to review it for you. Your situation is likely to have changed considerably, therefore your cover may not be appropriate. Don’t worry though – we can help you to change quickly and easily.
Should you need to claim, Black Lion Insurance will help you. Your insurer will need your completed claims form and medical evidence of your condition or injury from your GP or other medical expert.
There will nearly always be a deferred period. Read more below about how this works.
With most insurers, you’ll receive between 55% and 70% of your pre-tax income.
You will have agreed with your insurer your claims period. It will be until you are well enough to return to work, a specified period (for short-term claims) or even at retirement, in the case of longer-term claims.
What’s NOT included in Dentists’ Income Protection?
Self-inflicted injuries. Any self-inflicted injuries, including illnesses caused by the misuse of drugs or alcohol will prevent you from claiming.
Pre-existing conditions. When you apply, you will need to declare any conditions that you have suffered from during the last 5 years. You should be aware that your application could be excluded because of this. However, there’s good news: a few insurers will cover you if you have type 2 diabetes.
Important: NHS Sick Pay for Dentists
If you’re directly employed by the NHS, we’d recommend that you check your terms and conditions of work. NHS sick pay entitlement for dentists will rise according to your length of service. Did you know, for example, that if you have more than 5 years’ service, you qualify for 6 months’ full pay and 6 months’ half pay?
Talk to Black Lion Insurance about a deferred period (see below).
We may be able to secure competitive premiums for you if you feel that your NHS sick pay could adequately support you during this time. A specialist dentists’ income protection policy could simply pick up where your NHS sick pay tails off.
Are you a Self-Employed Contractor?
The bad news: you don’t qualify for NHS sick pay at all.
The good news: Black Lion Insurance specialises in financial advice to contractors and can offer you expert guidance on the best income protection product for your needs.
For example, you may wish to consider Company Director income protection insurance. Why? Because the premiums are paid by your business rather than directly by you. However, you will pay tax on your benefit.
What is a Deferred Period and Why Is This Important?
Your deferred period is specified number of months during which benefits will NOT be paid after your claim. It’s the amount of time you need to be out of work in order to claim your insurance benefits. In brief, the longer your deferred period the lower your monthly premiums.
For example, you could pay competitive premiums and then have your IP start once your NHS sick pay stops paying out.
Note that Income Protection for Dentists usually keeps the NHS sick pay structure in mind when your deferred period is being planned. Also, that some insurers will enable you to top up your NHS sick pay. This is good news as you could have a longer deferred period – without your cover being compromised.
Talk to Black Lion Insurance About the Following Important Things:
Policy cease age. Your age at which the policy will end. The higher the cease age, the more you will pay.
How long your claims period should be. Shorter term claims periods are cheaper; longer terms – more expensive. Is a short-term policy enough for your needs, however?
Sum Assured. You’ll be able to insure between 50% and 70% of your gross earnings. The higher amount you choose to cover, the more expensive your premiums will be.
Incapacity Definition. We would always recommend the “Own Occupation” definition of incapacity. This means that you’ll receive pay outs if you can’t carry out the job you do currently, rather than say a series of different, but related tasks.
Types of Premium. In brief:
Reviewable Premiums. Your premiums may start cheaper but could rise depending on your insurer.
Age-Banded Premiums. Again, cheaper premiums to start with will rise – but only by a pre-set amount established in your policy.
Guaranteed Premiums. More expensive initially but payments are locked in, unless you make any changes to your policy.
Indexation. Would you like to increase your cover in line with inflation? This option ensures that the value of your policy appreciates, rather than depreciates over time.
Sabbatical Cover. You may be able to take a break from your policy of up to 2 years. Perhaps you want to work or study abroad? That’s fine, as long as you have a UK bank account.
International Coverage. If you move to anywhere in Europe, the USA, Australia or New Zealand, you can keep your cover.
A Brief Guide to the Best Dentists’ Income Protection Providers in the UK
As we mentioned, there are a few income protection providers that offer policies that work around and support the NHS’s sick pay scheme.
We’ve listed all the major UK providers of income protection for dentists, each with a succinct high-level description.
In our opinion, Black Lion Insurance offers best-in-class advice on IP cover. There’s simply no such thing as a one-size-fits-all policy so do take advantage of our expertise and experience. Remember, there’s no charge to you for our service. We earn commission from the provider with which we place your policy. And, we could get you a cheaper deal.
Also, it’s worth bearing in mind that we have great working relationships with these key providers so you may be pleasantly surprised!
Click through on each of the links to more information about these providers.
AIG offer a structured pay out cover for your earnings, for example 60% of the first 30k, 55% of between 30k and 100k and so on. This is a rare example of an insurer which offers insurance to type 2 diabetics.
Aviva covers up to 55% of your earnings. They always use the own occupation definition of incapacity and if you return to work with a “lower level” job, they will top up your reduced income.
Cirencester Friendly will cover a maximum of 65% of your pre-tax salary, up to a maximum of £65,000 per year. They also offer a range of additional benefits, including advice and emotional support.
LEGAL & GENERAL
L&G will offer a maximum coverage of 60% of your annual income. Their accident and sickness insurance comes with a free life cover element to pay out a maximum of 12 times your monthly benefit if you die during the life if the policy.
Maximum coverage of 60% of your annual income pre-tax. Also access to LV Doctor Services, including a second opinion and remote GP services.
A maximum cover of up to 65% for the first £15,000 of your income, and 55% of the remainder up to a total of £250,000 per year.
The Exeter offers cover up to 60% of your gross salary up to the first £100,000 and 40% of any additional earnings.
How does an income protection insurance policy help when you need to claim?
You stop working due to an accident or illness, and stop earning an income.
You inform us, and we will guide you through the claims process with the insurer.
You will start to receive your monthly payout.
The monthly payout will continue for as long as your insurance policy covers.
What are your policy options?
Short-Term or Long-Term Protection
Short-term plans usually range from 6 months to 2 years. Long-term plans will pay out until you are well enough to go back to work, whether that’s 1 year or 10 years.
This can range from just a couple of days, up to a whole year. The standard length of time for most long-term insurance policies is 4 weeks.
Policy Cease Age
Maximum Pay-Out Period
What affects the costs of your policy ?
Policy Cease Age
The costs of your insurance depend on various factors.
The more you want to insure for each month, will subsequently increase your premium, as well as the length of the policy and your deferred period.
Your age can also play a role. The older you are, you are seen as more likely to make a claim and so your policy premium will reflect this.
It is important to declare any previous medical conditions or illnesses. Certain disorders may not be covered by your income insurance and others may mean you incur a higher premium.
You will also be asked about your smoking status. Smokers are deemed higher risk resulting in a higher cost for your insurance.
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We are a dedicated team of financial advisers, with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.