Newly Qualified Dentists need to take immediate action!
When was the last time you reviewed your income protection policy?
Income protection is a private policy that is intended to provide a replacement income if you couldn’t work due to accident or sickness. Subject to your policies deferred period, the policy is designed to pay you a tax-free replacement income until you’re able to return to work, or until the policy comes to an end.
If you arranged a policy during your final year at university or during DF1 and haven’t reviewed it since, then now is the right time to review the policy. As your income is likely to of increased since you’ve taken out your original policy, it’s important to consider whether your current policy would provide you with enough income, in the event of a claim. This is especially important for self-employed associates and even more essential for those that are conducting private fee income.
A lot of the policies that have been arranged in the year before or after your qualification are on a reviewable premium basis, this means that year on year the premium will increase in line with your age and risk. This maybe acceptable for the first few years, but you will soon start to notice the premium increasing. We would recommend that you should consider a guaranteed premiums policy as an alternative, as this would give you the reassurance of knowing what you were paying for your policy going forwards.
