Advice For Dentists
Due to the complexities and risks for dental surgeons they do sometimes call for specialist financial advice.
The two key areas of specialist advice that are commonly required are Income Protection and Pensions.
Being a dentist can have both physical and mental strains (such as back trouble, RSI in the hands or depression) and due to these many insurance companies chose not to insure dentists for income protection.
Most dentists do decide to take income protection as most of the time they are self-employed with no sick benefits and with many years time and effort getting themselves to a position where they command high earnings they do not wish to be put in the position of losing those earnings through illness or accident.
Due to the risks associated with dentists, income protection is a specialist field with specific companies covering dentists. You should therefore ensure that you receive independent advice to not only be covered properly, but also get the lowest cost on the market.
The NHS pension can often be confusing due to the way it is calculated and it is often misunderstood what portion of a dentists pay go towards the pension (and therefore what pension they will get in retirement). Due to these complexities there can be situations where dentists are retiring on much less than they expected.
It is important to take independent advice to translate the NHS pension and where necessary to include private pensions to help increase your pension planning.