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Income Protection for Dentists


Most insurers that offer income protection for dentists, offer plans with personalized benefits. The basic benefit offered by these insurers is monthly compensation payments and additional benefits include cover against mental illnesses and needle stick cover. Listed below are a few benefits of opting for a specialized income protection insurance plan.

Blood Borne Diseases and Needle Stick Cover

Dentists that are infected with blood borne diseases such as HIV and Hepatitis are usually forced to cease work even if they are capable to work. Insurers that offer specialized plans for dental professionals offer protection against such situations and ensure that the buyer is protected when he cannot work due to this reason. Some insurers offer an additional compensation payment in the form of 1 lump sum amount when the policy holder is infected with HIV, Hepatitis or other diseases from an infected needle.

Depending on the terms of the policy, buyers may be offered additional compensation of up to 1,000,000.  The additional compensation amount paid will depend not only on the type of problem encountered but also on the type of contract purchased.

Mental Illnesses

Dentists who cannot work due to mental illnesses such as Down’s syndrome, anxiety or depression and a list of other problems may be eligible to receive compensation payments from the selected insurer. Buyers should note that some insurers set restrictions on which mental illnesses are covered by income insurance plans hence before purchasing a policy, buyers should review this list carefully.

Maximum Compensation

Majority of the insurers in Australia that offer income protection for dental professionals allow these professionals to insure up to 75% of their annual pre-tax income. A few selected insurers offer additional insurance however; these insurers have various eligibility criteria for candidates. Buyers who are interested to get maximum protection when they are affected with one of the problems mentioned above should consider opting for an agreed value contract since such contracts ensure that the dental professional will receive a fixed amount every month without fail.

It is important to note that compensation payments are only provided after the claim has been accepted by the insurer and after the waiting period of the contract is over. Buyers only have to wait for the first compensation payment after which the insurer makes sure that the policy holder receives timely payments every month on a certain date.

Remember

Some of the income protection for dentists’ benefits may be optional which means that buyers may have to select these benefits by paying an additional fee. Buyers are encouraged to opt for maximum benefits and the best policy they can afford since the additional benefits mentioned above can ensure that you get financial help when you cannot earn income due to blood borne diseases or any other issues.


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