Dentists need critical illness insurance

When considering the long-term future of your livelihood as a dental professional, it is all too important to consider the potential for an unfortunate turn of events that may put a halt to your ability to work – even if only for a small amount of time.

Your health is one factor that may influence your capacity to provide effective dental care, but it is ultimately impossible to predict. It can be difficult to think about, but in the future you may be subject to an illness that influences your care – the opportunity to prepare for such an outcome is one each dental professional should take up.

This may come in the form of critical illness insurance – a type of medical insurance that offers some aid in the event of a diagnosis for a number of serious illnesses, diseases and medical conditions. Each policy will differ greatly, and you should have a full understanding of what you are being offered before you decide upon taking a policy out, and whether it’s right for you.

Understanding your policy

The coverage offered by each critical illness insurance policy may vary greatly between providers, from the medical conditions it covers, to the payouts awarded, and the parameters that must be met to receive such compensation. Your chosen agreement will list specific ‘critical’ illnesses, which may include conditions such as some cancers, strokes, or the development of deafness or dementia, amongst others.

It’s important to understand which illnesses are covered by your policy. Insurance providers may state the extent to which a condition must have had an impact on you, or a specific presentation of the illness, to pay out. For example, if you develop mild cognitive impairment – which may be a sign of the disease that causes dementia – that could heavily impact your care, but you may not qualify for reimbursement, even if dementia is one of your specified critical conditions, as it is ultimately not the illness.[i]

The unfortunate development of a critical illness is often unpredictable, but by looking at certain trends in our population’s health, the need for critical illness insurance becomes more apparent. Cancer Research UK stated that, since the early 1990s up until 2018, the incidence rates of all cancers combined increased across every age group in the UK. The largest of these was of 25-49 year olds, with a prevalence of diagnoses increasing by 22%.[ii] Around 90% of cancers affect people over 50,[iii] but the increase across the board lays a prescedent for the need for critical illness insurance.

Cancers are, as mentioned, not the only medical condition covered by critical illness insurance, but the growth in incidence rates represents a wider trend across the healthcare landscape.

If you are at an increased risk of developing a serious condition, for example because of a familial history of disease, obtaining this cover may be an even greater necessity.

The need for support

As a dental professional, your health will be intrinsically linked with your ability to work safely and confidently. Dental care roles require controlled dexterity, are often psychologicaly demanding, and can be extremely stress inducing. A crtitical illness diagnosis may keep you away from the practice for days, months, or even indefinitely.

With this in mind, consider obtaining cover that can help you to provide for any specific forseeable debts. These may include mortgage payments, or arrangements for nursing care or for further medical assistance.

Consider also the expenses you would need to provide for any dependents who could be relying on your source of income at the time of a diagnosis.

You should know that many insurance policies may only pay out after a set time frame following a diagnosis. For example, you may not receive any payment until 28 days after living with the confirmation of your illness. Aside from choosing the most suitable policy for you, this also means you may want to set aside some savings to cover this period’s expenses.

Finding your solution

There are a variety of factors to consider when choosing the right critical insurance policy for your needs. What medical conditions should be covered? How much will you need paid out? Could a joint policy with a partner be ideal? As a result, the market can, at first, seem overwhelming.

Specialist independent financial adivsers, like the money4dentists team, can help you to find the right insurance policy without any unnecessary stress. They understand your unqiue needs as a dental professional, working exclusively with dentists and their partners for decades. money4dentists’ experienced advisers will help to assess the policies available to you, and direct you to your optimal solution.

Critical illness insurance is more necessary than ever, and by actively seeking an appropriate policy now, you may be well prepared for the years to come.