Whether you’re an associate, practice owner or NHS-employed dentist, your income relies on your ability to work. But what would happen if illness or injury stopped you from practising?
Dentistry is a physically and mentally demanding profession, and even a relatively minor health issue could prevent you from working. That’s why income protection insurance is such an important safeguard – offering peace of mind and financial stability when you need it most.
What is income protection insurance?
Income protection is a long-term policy that pays out a regular income if you’re unable to work due to illness or injury. For dentists, key features include:
- Cover for around 55–60% of your gross monthly income
- Payments that continue until you return to work, retire, or the policy ends
- “Own occupation” cover – so you’re protected if you can’t carry out your specific dental role
- A deferred period to match any sick pay entitlement Who needs income protection?
Income protection is worth considering if:
- You rely on your income to cover essential outgoings such as a mortgage, rent, or bills
- You don’t have significant savings or family support to fall back on
- You’re a self-employed associate or practice owner with limited or no sick pay
- You want financial security to protect your lifestyle and long-term plans
You might not need cover if you could comfortably live off savings or investments, or if early retirement benefits are easily accessible. But for many dentists, this isn’t the case – and income protection offers a vital safety net.
NHS vs private sick pay – what’s the difference?
For NHS dental practitioners, sick pay may be available after a 4-week waiting period, with full pay for up to 22 weeks depending on your contract. If you work in a hospital setting, sick pay mirrors that of NHS doctors – increasing annually, with 6 months’ full pay and 6 months’ half pay available after 5 years of service.
However, if your work is fully or partly in private practice, or you operate as a locum, sick pay is not guaranteed. In these situations, income protection becomes even more critical to maintain your financial resilience.
Why review your policy with an IFA?
Even if you already have income protection in place, it’s important to ensure it still reflects your current income, role, and retirement plans. At Chase de Vere, we provide independent, expert advice to help you:
- Access the whole market – we’re not tied to specific providers, so we can find the most suitable policy for you
- Keep costs down – our advice usually comes at no extra cost, as we’re paid by the insurer
- Tailor your policy – ensuring your cover reflects your earnings, sick pay entitlements and goals
- Review regularly – as your career and personal circumstances evolve
- Avoid overpaying – by comparing a wide range of options, not just a limited panel of insurers
Top tips for dentists
- Apply early – premiums are lower when you’re young and healthy
- Match the deferred period – to your NHS or personal sick pay arrangements
- Always choose “own occupation” cover – essential in a profession that relies on manual dexterity and fine motor skills
- Review after major changes – such as a promotion, change of employment status, or family milestones
- Set the right end date – ideally aligned to your planned retirement, not just your state pension age
Ready to review or arrange your income protection?
Protecting your income is about more than peace of mind – it’s about safeguarding your future and the people who depend on you. Whether you’re looking to take out a new policy or want to check your existing cover still fits, the independent financial advisers at Chase de Vere are here to help.
Speak to us today to explore your options with expert, whole-of-market advice tailored to your profession and financial circumstances.
The above does not constitute individual financial advice.
Content correct at time of writing.