From the perspective of a self-employed dental professional, income protection is one of the most essential financial requirements to protect yourself from financial hardship.
If you were unable to practise due to illness or injury, are you confident you can comfortably continue to live the lifestyle you do now? Or is there a risk that, should this scenario become a reality, you would need to drastically change it or risk hampering your recovery by rushing back to work before you are ready?
For those who have never had to make a claim, income protection may seem like an inconvenient bill, but it’s important to put it into a wider context – we insure our homes, our valuables, our lives and even our pets, so your income should surely place highly, if not higher, on this list of essentials.
The top four claims paid by Wesleyan last year for dentists:
An area that often goes under the radar as a risk to your income but rising in prevalence within the dental work setting - issues with mental health now makes up 15% of Wesleyan’s income protection claims from dentists.
A study which looked into the impact of COVID-19 on the mental health of dentists in Wales revealed that three-quarters of respondents had gone to work despite not feeling mentally well enough. Having a financial safety net allows dentists to recuperate without having the added pressure of financial impacts.
A concern we have for the year ahead is the ongoing pressures in dentists’ working and personal lives, with challenges such as industry pressures to reduce huge patient backlogs, and then dealing with the cost-of-living crisis outside of work. The knock-on effect for mental health is something that needs careful monitoring for the months ahead.
Are you adequately covered?
If you haven’t got income protection in place currently, or you aren’t sure if the cover you have in place incorporates these areas, it’s prudent to look for specialist financial advice, bespoke for your profession.
At Wesleyan Financial Services, we have a team of Specialist Dental Financial Advisers who understand your career and the financial support and protection needed.