Nobody knows better than you that it takes years of hard work to build up a successful dental practice - not to mention considerable financial investment.
Of course, an Income Protection plan could help to compensate you for loss of personal income, as would any NHS benefits to which you may be entitled.
But for a dentist, these are not enough. There are all the high practice expenses to consider, many of which you would still need to pay while you were away from the surgery.
Fortunately, there is an insurance plan for dentists that would help to ease the financial burden - Dentist Overheads Expense Insurance.
Both the Platinum Plus and Platinum versions of the plan are available to any principal dental practitioner (not associates) under the age of 60, working within the NHS and/or in independent practice. The plan already covers hundreds of dentists throughout the UK and is available exclusively through its designers Dental Insurance Services, and is underwritten by Chubb European Group Limited.
Think for a moment about all the typical regular overheads of your dental practice. Salaries and wages. Rent or mortgage repayments for your premises. Rates. Equipment rental or loan repayments. Lighting, heat and water. Telephone and postage. Accountancy fees and insurance premiums. Depreciation. And probably more.
Dentist Overheads Expense Insurance can protect you for all of these and you can be covered for up to 80% of your monthly overheads. Just as Income Protection helps to protect your personal income, now you can ensure your overheads are protected as well.
If an accident or serious illness means that you are unable to work - whether temporarily or permanently - the plan will pay you up to £12,500 a month. Benefits are payable after just 30 days and will continue up to the end of the 12th month of incapacity or until you are able to resume working if earlier.
Then if you were unfortunate enough to suffer a serious injury or illness, the running costs of your practice would be securely protected for up to 12 months — saving you a great deal of anguish and financial strain.
The application is simplicity itself, with the absolute minimum of medical questions. What is more, no medical examination is needed and, once enrolled your cover can be maintained until you are 65 — no matter how many claims you may make over the years.
Firstly, decide how much protection you need — there is a section on page 10 to help you. If some of your regular expenses are shared, allow for your proportion only.
Whether you choose our Platinum Plus or Platinum option, you can cover up to 80% of your practice overheads. Simply multiply your total annual expenses by 80% and then divide by 12. You can then select a Monthly Benefit Amount of between £1,000 and £12,500 (in £500 increments) according to your needs.
To ensure that the value of your cover is not eroded by inflation, the benefits and premiums automatically increase by 5% each year — regardless of any subsequent changes in your health. If these increases prove insufficient you can always apply for extra cover at any time. As with most group schemes of this type, the monthly premiums increase as you move from one age band to another.
The plan is operated as a group scheme for dentists throughout the UK, providing substantial cover at modest costs. As the table shows, monthly premiums are based on your age and the amount of cover you require. There is a special 10% discount for non-smokers. If you have not smoked for the past 12 months and have no intention of doing so, you automatically qualify for a 10% discount off the rates shown. So cover is available from less than 30p a day. What’s more, it is our understanding that as this is a policy of reimbursement, the premiums are allowable as a business expense so most dentists will receive tax relief of 40% on their premiums. However, you should seek your own professional advice on this matter.
Please contact us for a quote.
Over £5 million has been paid out to claimants under our scheme providing Dentists with peace of mind at the time it has been needed most.
|Continuous cover to age 70||X|
|No Annual Health Declaration||X|
|Jury Service Cover||X||X|
|Lump Sum Accident Benefit||X||X|
|Flexible cover to suit your circumstance||X||X|
|Tax Relief and Premiums*||X||X|
|Automatic Index Linking||X||X|