Personal finances – why income protection?

Personal finances – why income protection?

Kirby Mardle, chief finance officer at Dentists’ Provident, discusses the importance in taking out income protection while you are young to help secure your future career.

Most students love their course, and though there are challenges on the way to completing your education and training, dentistry is an exciting and worthwhile career. It is so much more than just a job; it’s a profession that you will have made huge personal and financial sacrifices to follow. But what if you were not able to finish your education or were left unable to work?

As a leading income protection provider to the dental industry, we know all too well the consequences of young dental professionals who have not insured the investment in their education and their ability to work and earn an income.

Dentists’ Provident has been supporting the Dentists Heath Support Trust and the BDA Benevolent Fund for many years. The work of both charities highlights the sad reality that health and financial issues affect not just dentists of all ages but students as well.

In 2021, the BDA Benevolent Fund commissioned a piece of research into the financial and wellbeing needs of dental students. The results published in March 2022 showed that a worryingly high number of students had experienced wellbeing challenges at some point during their studies.

‘Incredibly important’

This year, we are helping to raise awareness of the importance of income protection cover in the dental profession, through ‘Income Protection Awareness Week’, which runs from 19 – 23 September as part of the Income Protection Task Force (IPTF).

Andrew Wibberley, co-chair of the IPTF said: ‘In my experience, we are seeing a rise in young people claiming on their income protection plans, especially for health issues such as musculoskeletal problems and mental health.

‘Getting your income protected as soon as possible is incredibly important to your future. Our awareness week is just one way we try and get this type of insurance noticed especially within younger generations.

‘Unexpected time off work due to illness when you’re young could mean you’re unable to keep up payments on basic living expenses or impact your plans to buy a house or travel the world. Making sure you have money coming in if you have an injury or illness lets you plan for life with more certainty.’

What is income protection insurance?

Your income is your life’s financial foundation—it pays for everything you need and enjoy. Income protection insurance helps you protect your most important asset – you, your ability to work and earn an income.

If you cannot work because of an illness or injury, your income protection insurance plan helps you maintain your lifestyle without depleting your savings, relying on your family or the welfare state for financial support, by giving you a regular benefit to help replace the income you lose.
Income protection insurance helps you rest easier knowing you have an important safeguard in place – if the worst should happen and an illness or injury means giving up on your career of choice and starting all over again.

So, what are the top three reasons to get a plan while you’re young?

Get it while you are healthy

How many of us think about bike insurance after the bike is stolen or mobile phone cover after cracking the screen? It goes without saying that life will take a toll on your health, so the younger you are when you take out your income protection insurance, the less likely you are to have already developed a health condition which may impact your ability to get cover in the future.

Save money

To make the cover affordable and accessible, some specialist providers like Dentists’ Provident offer discounted premiums for students and young dentists.

Protect your independence

As you are just starting out in your career you may not have had time to build up sufficient savings to see you through a period where you have no income. This means that even something as minor as a cold or flu could have a big impact on your finances that month.

Having income protection in place is the best way to maintain your financial independence and avoid having to curtail your expenditure.

Some income protection plans can also protect the investment you have already made in your career. If you can’t finish your course, you may need to reconsider your future plans. A regular or lump sum benefit from your plan can help with giving you a solid financial foundation to make a fresh start should the unexpected happen.

Looking after your physical and mental wellbeing could mean you never need to call on these services for your whole career. However, life is never that predictable, so take the time to step back and think about your future.

For further information please contact Dentists’ Provident on 0207 400 5700 or email [email protected].

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