FAQsWhat is Dentists’ Provident?
Established in 1908, Dentists’ Provident is a leading provider of income protection insurance to dentists in the Dentists’ Provident is a mutual organisation, which means it is owned by and run solely for the benefit of its members. Today, Dentists’ Provident serves over 13,000 members, receives annual premium income of £10 million and holds over £150 million of members’ assets. The Society’s objective is to provide its members with comprehensive income protection insurance through an intimate understanding of the dental profession and prudent business management. As a result, today it has a pre-eminent position in its market and amongst the healthiest financial positions in the sector. What is income protection insurance? Also known as Permanent Health Insurance (PHI), income protection insurance is designed to pay regular benefits if you suffer an illness or accident leading to loss of earnings. How much benefit can I receive? The maximum initial benefit available is £1,200.00 per week, however, your benefit cannot exceed 60% of your pre-incapacity earnings. We will also need to take into account any other insurance you hold and any on-going income you receive from your business (e.g. employer sick pay or continuing income from your business). How will you calculate my pre-incapacity earnings? In general terms, if you are 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 have assessed and accepted your application and received the first month’s premiums or a completed direct debit instruction. Will my benefits automatically increase if my earnings increase? No. You should review your cover regularly to ensure that it remains adequate. Although you can choose our benefit escalation option which will increase your cover annually in line with the Consumer Price Index. We would still recommend a regular review of your benefits to ensure that an increase in your income above the rate of inflation is adequately protected. Remember, if you are under-insured your benefit payments may not meet your needs, but if your earnings are too low for the cover you have 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 cannot work? We will pay you until the earliest of the following:
Are the benefits taxable?
Can I claim tax relief on my premium payments?
Does this insurance cover me for unemployment? No. Being unemployed will not entitle you to claim benefits. However, if you become incapacitated whilst unemployed you may be eligible for benefit up to a maximum of £1,500 per month. We will use the activities of daily living tests to determine your entitlement. What evidence do you require in connection with a claim? We do not accept self certificated claim forms or medical certificates signed by a member of your immediate family. All claim forms must be accompanied by a fully completed medical certificate signed by an independent medical practitioner, and you are responsible for the costs of obtaining this certificate. Will you pay benefits for part of a day?
No, we will only pay for a complete day of incapacity.
What happens in the event of an accident abroad? If you suffer an accident or illness abroad you can only claim benefits from the day you return to the UK (or the Republic of Ireland), provided that you are still incapacitated. Is the terminal bonus guaranteed? No, the terminal bonus is determined by the performance of the investment markets and is not 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 of Dentists’ Provident? To cancel your membership of Dentists’ Provident, just write to our Member Services Department. What if I am unhappy with the service Dentists’ Provident has provided me? We are 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 are committed to listening to our members and take action where necessary. If we are unable to resolve your complaint immediately, we will 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 will either:
Within eight weeks of receiving your complaint, we will either:
If you are 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 would like to find out more about the Society or the benefits we offer, please refer to the Key Features Document, click on the “Contact Us” button or call the Member Services Department on +44 20 7222 2511. |
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