Peter Dunn - Director and Senior Financial Planner at Heritage Financial Advisers

“Many dentists pay themselves a small salary and draw dividends. This strategy is great for keeping down tax bills, but it means there are little earnings on paper to support the dentist's income protection cover. So if a dentist falls ill, most providers will not pay out more than 60% to 75% of their salary plus dividends. Therefore, an incorporated dentist previously taxed as a sole trader, with annual profits of £120,000 and income protection cover of £72,000 per year, could find that his insurer would only pay out £24,000 per year in the event of a claim. Dentists’ Provident are the only income protection provider who take a sensible position in this area.”

Jim - a member of Dentists' Provident since 1969

Out cycling one Sunday in October 1999 he was knocked off his bike. He spent four months in hospital, paralysed from the neck down, and had to claim for nine years. The accident contributed to him being forced into early retirement. Jim retired some years ago and continued as a member. The good news is that he is back on his bike. Jim’s advice to any young dentist is...

“I would like to convey to any young practitioner the importance of thinking ahead, and the advantages of joining Dentists' Provident. I was lucky enough to see a letter in the BDJ in those far off days in the sixties commending membership of Dentists’ Provident. I followed this advice and was fortunate never to have to make a claim until late in my career when I had my near fatal bicycle accident, followed by serious health problems involving abdominal vascular surgery. This caused me to have to relinquish my dental practice, and I was grateful for the support of Dentists’ Provident throughout this period. Everyone hopes never to have to have recourse to insurance, but life is full of unforeseeable and sometimes very unpleasant surprises. It is reassuring to enjoy the security of membership and to use the current phraseology, it is a 'no brainer'!”