Critical illness cover is essential for many dental professionals, and can financially support an individual in a time of extreme need. Such an insurance plan typically pays a lump-sum fee if a person is ever diagnosed with a health condition that is specified within the policy.
At first thought, critical illness cover may be essential for those reaching the latter end of their careers, as with age people are likely to experience several health conditions.[i] However, critical illness insurance is just as important for young professionals, as ill-health may affect anyone unannounced.
There is a major issue surrounding this: awareness. According to one survey, around 53% of 18-40-year-olds do not understand what a critical illness insurance policy is for, and 29% have never even heard of it.[ii] Dental professionals must be aware of how critical illness cover can support them, and be sure to find a suitable solution for their unique circumstances.
The need for critical illness insurance
It’s important to first understand what critical illness insurance will cover, in the event that a clinician experiences ill-health. Each policy will cover its own array of conditions. It’s important when looking for a policy to consider the level of coverage you wish to acquire. Common inclusions are certain types and stages of cancer, heart attack, stroke, Alzheimer’s disease and Parkinson’s disease, as well as deafness and blindness.[iii] However, many policies won’t pay out unless a certain severity of illness is reached, and claims could also be rejected if problems are self-inflicted or a result of sporting activities, for example.ii
The need for a critical illness policy is highlighted when assessing how these conditions would affect a young clinician’s ability to carry on providing dental care safely and confidently. As seen in the General Dental Council’s Standards for the Dental Team, Standard 9.2, clinicians should protect those in the practice from the risks posed by their own health. If an issue is suspected, they should consult a suitably qualified colleague and follow any advice given; clinicians should not rely on their own assessment of the risks posed, and instead seek occupational health advice.[iv]
Young clinicians should consider, in the event they are unable to continue working in dentistry due to illness or subsequent treatment, if they will remain financially stable. It is in such an instance that, alongside adequate savings, a critical illness plan becomes imperative.
Are younger people more vulnerable than ever?
Are younger people more vulnerable than ever?Establishing critical illness cover earlier in life is becoming more important with each passing day. Whilst many conditions are unpredictable, we can look at wider trends in general healthcare to observe the need to choose solutions sooner. Young-onset cancer incidence is increasing, for example, with dietary risk factors, alcohol use and tobacco consumption being leading causes.[v] It has seen no insignificant jump either: incidence rates surpassed 3.26 million in 2019, which is a 79.1% increase on the incidence in 1990 for those under 50.v
Similarly, younger adults are becoming increasingly likely to suffer from a stroke, especially those in high-stress occupations – such as dentistry – with long working hours, and low physical activity.[vi] In 2013-2014, 14.2% of stroke patients were under 60, and by 2022-2023 this had increased to 15.9%. However, a 20-year study in Oxfordshire saw that between 2002-2010 and 2010-2018, there was a 67% increase in stroke incidence amongst younger adults under 55.vi
An investment into critical illness cover for an early-career clinician is a sensible consideration when looking at such figures, and thinking of the support such a policy could offer in a time of need.
Choose the right policy
Finding the appropriate coverage from a critical illness insurance provider is essential. A number of factors will need to be considered, including the illnesses that would trigger support, the length of a policy, and the value of the fees and hypothetical pay-out.
Dental professionals seeking such coverage would need to declare previous family history concerning illnesses, and many insurance providers won’t take on a clinician if they are aware of a condition likely to develop – this must be noted during application.
Clinicians looking for a policy that suits their needs can seek tailored insights from money4dentists, the independent financial advisers who are dedicated to solely helping those within the profession. Their decades of expertise in dentistry means they understand the unique financial and professional needs of clinicians, ensuring they find the best policy possible. During a free consultation, dental professionals could begin the process of acquiring coverage that is perfect for them.
Critical illness coverage is ever-important for young clinicians. By assessing the risks and rewards of such a policy, it’s possible to decide whether such insurance is an optimal investment throughout a career.
For more information, please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
Richard T Lishman
Managing Director of the 4dentists Group of companies
[i] World Health Organisation, (2024). Ageing and health. (Online) Available at: https://www.who.int/news-room/fact-sheets/detail/ageing-and-health [Accessed December 2024]
[ii] Simons, G., (2024). Most young adults do not understand critical illness. Health & Protection. (Online) Available at: https://healthcareandprotection.com/most-young-adults-do-not-understand-critical-illness-beagle-street/ [Accessed December 2024]
[iii] Bannister, R., Tony Forchione, (2024). Critical illness cover. MoneySavingExpert (Online) Available at: https://www.moneysavingexpert.com/insurance/critical-illness-cover/ [Accessed December 2024]
[iv] General Dental Council, (2019).
[v] Zhao, J., Xu, L., Sun, J., Song, M., Wang, L., Yuan, S., … & Li, X. (2023). The global trends in incidence, death, burden and risk factors of early-onset cancer from 1990 to 2019. BMJ oncology, 2, e000049.
[vi] Stroke Association, (N.D.). Young stroke survivors, (Online) Available at: https://www.stroke.org.uk/stroke/young [Accessed December 2024]
