Who can become a member of Dentists’ Provident? All dentists working in the UK, Ireland, Channel Islands or the Isle of Man, aged between 18 and 50, can apply to become a member of Dentists’ Provident.
What’s income protection insurance? Also known as Permanent Health Insurance (PHI), income protection insurance provides you with a proportion of your income, currently free of income tax, if you can’t work because of an illness or injury and suffer a loss of income as a result.
What’s the difference between income protection insurance and overheads expense insurance? Income protection insurance provides you with a proportion of your income if you can’t work because of an illness or injury. Overheads expense insurance (or practice expense insurance) provides reimbursement for the expenses of operating your practice if you’re ill or injured and can’t work. These expenses may include mortgage payments or rent, electricity, telephone, heat, water, laundry and other fixed costs normal to the operation of the practice and the costs of employing a locum.
Why do I need income protection insurance? Nobody expects to fall ill or have an accident, and you may be prepared to gamble it won’t happen to you. However, one million people a week take sick leave in the UK. While the majority will return to work quickly, in an average week 3,000 people are off sick for more than six months and, of those, 80% will still be off work five years later. Source: Department for Work and Pensions news release, 27 March 2007.
We all know dentistry is a physically and mentally demanding occupation, so it’s no surprise that many dentists suffer some form of illness during their careers.
Income protection lets you get on with life without having to worry about the consequences of ill health for you, your family and your finances.
How much benefit can I receive? The maximum initial cover available is £1,200 per week. However, your benefit payments can’t exceed 60% of your pre-incapacity earnings. We’ll also need to take into account any other insurance you hold and any ongoing income you receive from your business (e.g. employer sick pay or continuing profits from your business).
How will you calculate my pre-incapacity earnings? In general terms, if you’re employed, your pre-incapacity income is the total of the pre-tax remuneration you received in the tax year immediately prior to you becoming unable to work.
If you own your own business, your pre-incapacity income is your share of taxable profits from the business in the tax year immediately prior to you becoming unable to work.
Please refer to the Key Features Document for full details of how we calculate pre-incapacity income in the event of a claim.
Is there a qualifying period? No, your cover will start as soon as we’ve assessed and accepted your application and received the first month’s premium or a completed direct debit instruction.
Will my benefits automatically increase if my earnings increase? No, you should review your cover regularly to ensure it remains adequate, although you can choose our Escalation of Cover option which will increase your cover annually in line with the Consumer Price Index. However, we’d still recommend a regular review of your cover to ensure that any increase in your income above the rate of inflation is adequately protected.
Remember, if you’re under-insured, your benefit payments may not meet your needs, but if your earnings are too low for the cover you’ve chosen, any claim may be restricted and we may not be able to refund the overpaid premiums.
How long will my benefits be paid if I can't work? We’ll pay you until the earliest of the following: • You’re no longer incapacitated; • You’re no longer suffering a loss of earnings; • You reach the retirement age defined in your Schedule of Benefits; • You die.
Are the benefits taxable? No, under current UK tax legislation, the incapacity benefit payments you receive from us aren’t liable to income tax. The cash lump sum you receive from your Bonus Account also isn’t liable to income tax or capital gains tax. However, tax regulations may change in the future.
Can I claim tax relief on my premium payments? No, under current UK tax legislation, you can’t claim tax relief on your premiums. However, tax regulations may change in the future.
Does this insurance cover me for unemployment? No, being unemployed won’t entitle you to claim benefit payments. However, if you become incapacitated whilst unemployed, you may be eligible for benefit payments up to a maximum of £1,500 per month. We’ll use the Activities of Daily Living tests to determine your entitlement.
How do I make a claim? To make a claim, you must first request a Claim Form from our Member Services Department. Complete the Claim Form and return it to us, making sure you enclose the Confidential Medical Certificate (or a Med 3 Certificate) completed and signed by a doctor, with the dates of absence identical on both. We don’t accept self-certificated claims or medical certificates completed by a member of your immediate family.
We’ll need evidence that you were or still are under the care of a doctor and that you suffered or are still suffering a loss of income as a result of your incapacity. For most short-term claims, the Claim Form and Medical Certificate will be enough evidence and you’ll receive your benefit payment within the next few days.
In some cases, however, we’ll need additional medical or financial information, so your claim may take a little longer to process. However, we’ll always keep you fully informed of the progress.
Will you pay benefits for part of a day? No, we’ll only pay for a complete day of incapacity.
What happens in the event of an accident abroad? If you suffer an illness or injury abroad, you can only claim benefit payments from the day you return to the UK (or the Republic of Ireland), provided you’re still incapacitated.
Is the terminal bonus guaranteed? No, the terminal bonus is determined by the performance of the investment markets and isn’t guaranteed. We reserve the right to alter the rate of the terminal bonus at any time.
What happens if I die before age 60? The balance of your Bonus Account will be paid to your estate.
How do I cancel my membership? To cancel your membership, just write to our Member Services Department at Dentists' Provident, 9 Gayfere Street, London SW1P 3HN.
What if I’m unhappy with the service provided by Dentists’ Provident? We’re committed to the highest standards of service and, in order to maintain these high standards, we need you to tell us when we fail to live up to your expectations. We take all feedback extremely seriously. We’re committed to listening to our members and taking action where necessary.
If we’re unable to resolve your complaint immediately, we’ll acknowledge receipt of your correspondence within five working days and tell you the name or title of the person assigned to investigating and resolving your complaint. Within four weeks of receiving your complaint, we’ll either:
Issue a final response to your complaint; or
Update you on the investigation and give you a date when we’ll contact you again.
Within eight weeks of receiving your complaint, we’ll either:
Issue a final response to your complaint; or
Tell you why we haven’t been able to provide a final response and indicate when we expect to be able to do so.
If you’re not satisfied with our final response, you may refer your complaint to the Financial Ombudsman Service or to our panel of independent arbitrators.
If you choose to refer your complaint to the Financial Ombudsman Service, you must do so within six months of receiving our final response.
Where can I find out more? If you’d like to find out more about Dentists’ Provident or the benefits we offer, please refer to the Key Features Document, click on Contact Us or call our Member Services Department on +44 (0) 20 7222 2511 between 9am and 5pm, Monday to Friday.
