Dentists have one of the hardest jobs in the world mainly because they have to conduct oral surgeries on a daily basis which isn’t any easy task. Since dentists earn a significant amount of income for every oral surgery, most people believe that these professionals do not need income protection or any other kind of insurance since they are well off.
This is not true since these professionals not only have to use their income for running their household but also for fixed business insurance if they are self employed. Income insurance for dentists can ensure that the policy holder gets a large part of his income from the insurer when he is ill or injured.
These policies offer up to 75% of the dentists’ annual pre-tax income towards timey payouts made once a month. In addition, these policies ensure that dentists’ get other must have benefits such as compensation payments for rehabilitation expenses or needle stick cover.
Income covers can ensure that these hard work professionals have enough money to run their households when they are ill and have enough time to recover from either illness or injury so that they can do their job well.
The basic eligibility criteria include, the buyer should be an employed or self employed individual who is a permanent resident of Australia and the buyer should be employed in the said field at the time of application.
Some insurers may require the professional to be employed in the said field for a minimum or maximum number of years to get guaranteed compensation payments. Self-employed dentists are eligible to purchase business expenses insurance plans or key person insurance plans.
Dentists who are employed with a hospital or private clinic can opt for income insurance plans for dentists that offer maximum compensation and additional perks.
- The basic compensation benefit can pay a maximum of 75% of the insured person’s annual pre-tax income. A few policies allow the professional to get additional compensation payments such as 8-9% towards superannuation perks; and these policies can be found online through insurance comparison websites.
- The insured amount that is offered for needle stick cover can be a maximum of $1,00,000, this is a one-time lump sum payment that will be given to the dentist if he contracts HIV, Hepatitis B or Hepatitis C due to coming in contact with an infected needle while at work.
- The mental illness plan offers compensation benefits to those dentists who are affected by an emotional or mental illness due to which they cannot complete their duties at work. This cover is a must for all medical professionals since studies indicate that medical professionals are more susceptible to develop these problems compared to other non medical professionals.
Benefits of Income Protection
Although the research involved in getting a good policy may take a few days, the act of purchasing an income insurance covers can be completed in a few minutes; provided the buyer decides to choose an online comparison website to search a good policy, compare a few policies and purchase the policy online. Online purchasing of policies is safe and fast. Insurers or insurance agents also offer a range of online help options such as Frequently Asked Questions or Articles.
In addition, buyers may be eligible to get discounts on some policies if they compare plans before purchase, for instance some insurers and insurance agents offer a non-smokers’s discount to those buyers who do not smoke cigarettes and do not consume tobacco products. Some insurers and insurance agents offer a discount when the buyer opts for a cover with a high insured amount.
Usually the higher the insured amount, the more benefits the buyer can enjoy. Many insurers also offer a flat discount if the premiums for the policy are paid in full and in advance, details of these offers can be found on insurers’ websites and insurance comparison website.
What to Remember
- The fixed expenses benefit of business expenses plan can ensure that the self employed professional has money to pay for rent, electricity, and wages of staff along with other fixed benefits if he is temporarily unemployed due to an illness or injury.
- Before choosing a plan and agreeing to purchase it online, via the phone or in person from the insurer’s office, the buyer should remember to check the definitions of the contract. If the contract mentions that the buyer can only get compensation in certain scenarios such as when he is unable to complete duties at work or when he is unable to earn a part of his income, then the buyer should consult with either an insurance expert or a financial advisor to know which definition to opt for. Exclusions can help lower the cost of the selected plan however exclusions also mean that in some scenarios the professional is not eligible to file a claim. Premium loading fees are normally offered as an option to buyers who do not want to opt for exclusions but want to keep the premiums low. Premium loading fees have to be paid only when a claim is filed and the claim is accepted by the insurer.
- Some of the perks that dentists can expect when they opt for good income covers include, a 24 hours worldwide cover, indexation benefits, guaranteed renewability benefits, death benefit, rehabilitation expenses benefits, accommodation benefits and transplant surgery benefits. A day one claim benefit may be offered for a nominal fee, this benefit ensures that the insured dentist has the option to file a claim before the pre-decided waiting period of the policy comes to an end.
- Trauma insurance plans and total permanent disability plans can be purchased along with income covers for a nominal fee. Some insurers offer these add on plans for lower rates when combined with income covers; while other insurers offer these add on plans without the buyer having to submit additional paperwork if he is already purchasing an income cover.