Income Protection for Dentists
As a Dentist, you are reliant on your mental and physical dexterity to be able to complete your occupation successfully. Dentistry requires considerable precision, stamina and fortitude, even a temporary health issue could significantly disrupt your ability to work.
- Principal Dentists do not have any sick pay benefits apart from the state benefit of €12,500 pa. Similarly salaried dentists are unlikely to be paid by their employer for longer than a few weeks leaving them with the same benefits.
- Your own occupation is specific to your extensive training and you would not wish to have to retrain to an alternative profession due to illness or injury.
- Substantial financial commitments come with specialised medical education and skills. Mortgages, education fees, insurances, family costs, retirement, future expectations are all part of those commitments.
- Physical Demands: Dentistry can be physically demanding, requiring steady hands, good eyesight and the ability to stand or sit in specific positions for extended periods. An injury or illness could temporarily or permanently prevent you from performing your duties.
- Financial Security: If you are unable to work due to illness or injury,income protection insurance can provide a portion of your salary, helping you maintain your lifestyle and meet financial obligations like mortgage payments,student loans, or practice expenses.
- Business Continuity: If you own your practice, income protection can help cover business expenses, ensuring that your practice can continue to operate even if you're not able to work.
- Peace of Mind: Knowing that you have a safety net in place can reduce stress and allow you to focus on recovery if you do face a health issue.
Income Protection can ensure that you can continue to support yourself and your family, even if your career is interrupted by unforeseen circumstances. It is a way to safeguard your financial future against the uncertainties that could impact your ability to work.
In addition, all Dentists and IDA members are entitled to a 17.5% discount on their income protection premiums for the whole career.
Why Do You Need Income Protection?
Your Expenses Don’t Stop
Your financial responsibilities continue. Income protection ensures you can meet your commitments.
State Benefits Not Enough
Government supports may not be sufficient to cover your professional and personal expenses.
Peace of Mind
Knowing that your financial future is secure allows you to focus on recovery without added stress.
"Dr Vladka was diagnosed with cancer in late 2012 and has undergone four extensive surgeries since. Unfortunately the treatments have resulted in a significant loss of arm/shoulder mobility, rendering her unable to work for the foreseeable future. Vladka’s Income Protection policy has provided her with a weekly income since her first diagnosis and will continue to do so as long as she is unable to work."
"When I applied for income protection in 2013, I was in perfect health. Then suddenly I found myself laid up with broken bones from a serious car accident. I had barely paid my first premium, but Omega honoured their word. I never had to worry about payment, and the claim form was simple and quick. It was one major headache I didn’t have to deal with. I would recommend every professional to seek income protection, because you never know what lies ahead."
"I like to keep fit and healthy and it is rare that I am unable to work due to illness. However in recent months I have claimed on two occasions for 2 days of lost income as a self employed business owner. The claims process was swift, DG kept me informed and the claim was paid within 7-10 days. Overall I have found the support provided by DG and Omega Financial to be excellent and would recommend highly."
"As a general dental practitioner who owns a mixed private/GMS practice I thought it was essential to have Day One income protection against a rainy day. Practices have so many hidden costs that a considerable down time would put real strain on the every day running of the practice so I felt Day One protection was essential. Covid-19 was one of those down times. Overnight the practice shut its doors and all sources of income were lost."
