Life Insurance for Dentists

Taking the bite out of life insurance for dental professionals.

Between the rigours of patient care and ongoing education – not to mention the ongoing work of running a practice – dentists often overlook the protection of their most important asset: themselves.

However, as one of the professions insured by PPS Mutual, who are the only Life Insurance provider in Australia that currently offer life insurance products with a profit share and who distribute the profit to its Members, dentists are eligible to apply for PPS Mutual Professionals Choice. That means peace of mind for you, your family, and your business.

FAQs About Life Insurance for Dentists

Why do dentists need life insurance?

 

Working in a dental clinic comes with unique health risks. Bloodborne diseases can be problematic, given that dentists regularly conduct surgery and examinations, and studies have suggested that mental health issues are disproportionately high across the profession[1]. Life insurance for dentists helps ensure that you do not suffer financially if one of these conditions prevents you from working – for example, if you take income protection as part of your life insurance cover, you will receive a monthly benefit to help with your loss of income if you are unable to work as a result of illness or injury.

Dentistry is also a well-paid profession, and it’s common for it to be the major source of income for an entire family. With the right combination of Life, Trauma, Income Protection Select and Total & Permanent Disability insurance, dentists can help protect their families from monetary stresses (e.g. debt, mortgage payments, lifestyle costs) if that income is temporarily or permanently suspended – for example, if you are totally and permanently disabled and unable to work again, TPD cover provides a lump sum payment.

[1] https://www.oralhealthgroup.com/features/stress-in-dentistry-it-could-kill-you/

What can life insurance for dentists cover?

 

Life insurance products can cover the following types of scenarios for dentists:

 

Blood borne diseases

Bloodborne disease cover guarantees you a lump sum in the event of infection. This can be vital for dentists who regularly have contact with blood, saliva, and needles.

 

Private practice expenses

The costs of maintaining a dental clinic will continue even if you are unable to work as a result of sickness or injury, which is where  Business Expenses insurance can help. It covers the fixed operating expenses of a business, which continue even when you can’t. This includes staff wages, rent, equipment financing, and the cost of a locum to take over in your place.

 

Total and Permanent Disability (TPD)

In the event that you become Totally and Permanently disabled and unable to return to work again, TPD cover provides a lump sum payment. This can clear debt, fund medical costs, or go towards long-term care. TPD Insurance helps ensure that even though you are no longer able to work in the same capacity as you could previously (or not able to work again, depending on your cover), the lifestyle and wealth you have created can be maintained.

 

Career Change Transition Benefit

Pays a monthly benefit for 12 months to support a career transition after an illness or injury.


Parental Leave Cover Protection 

If you take Parental Leave you can reduce your cover or stop it altogether. When you return to normal working hours you can increase cover to your previous level with no medical underwriting.


Study Leave Cover Protection

If you have stopped work (or reduced your working hours) no more than 12 months ago to go on a Fellowship or for other career-based further Study or Training then you will be assessed against the occupation you were performing immediately prior to commencing the study.

 

Income Protection Select

Dentists who have high expenses, either personal or related to their private practice, can take comfort in income protection insurance, which provides an ongoing monthly payment should they be unable to work due to sickness or injury.

 

Trauma Cover

Critical listed medical conditions (e.g. cancer, cardiac arrest)* are covered by trauma cover. A lump sum is paid upon diagnosis and the money can be used on anything – whether that be funding medical expenses or taking extended leave.

*These conditions are known as Cancer – excluding specified early-stage cancers and Heart attack (myocardial infarction) – with evidence of heart muscle damage – see the PDS for definitions of the listed medical conditions covered by our trauma insurance.

 

Life Cover

If you die or become terminally ill, you’ll want to ensure your family has financial security moving forward. Life cover makes this possible by paying a lump sum to your estate or your nominated beneficiaries if you die and can no longer provide for your loved ones.

Our PDS contains the full terms and details of product features.

How much life insurance should a dentist have?

 

The amount of life insurance taken out will depend on individual circumstances, however, the nature of a dentist’s working environment makes a comprehensive policy tailored specifically to the needs of professionals a wise choice.

To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial adviser.

What risks are dentists exposed to?

 

The amount of life insurance taken out will depend on individual circumstances, however, the nature of a dentist’s working environment makes a comprehensive policy tailored specifically to the needs of professionals a wise choice.

To decide on the appropriate level of cover for you, it’s advisable to seek the help of a professional financial advisor.

What are the benefits of having life insurance as a dentist?

 

Choosing the right life insurance products creates a safety net for a dentist’s family, so they’ll be looked after in the event of death, sickness, or injury. This is particularly important for dentists who are primary earners in their household.

How can PPS Mutual help with life insurance for dentists?

 

PPS Mutual Professionals Choice is a tailored insurance solution for professionals, which offers covers including:

  • Blood-borne diseases
  • Break benefits
  • Income Protection
  • Trauma cover
  • Total and Permanent Disability insurance.

PPS Mutual is a mutual insurance business. It, therefore, has no shareholders but is instead owned by its Members. That means our profits are shared with the people who matter most – our Members.

Profit-Share

Members of PPS Mutual will be entitled to a share in the profits of the Professionals Choice product. PPS Mutual Professionals Choice is the only product to offer this feature in the Australian Insurance market.

Indexation for Professionals

Being exclusively for professionals we are able to offer the option of having benefits increase in line with your salary, based on increases in our Professional Earnings Index or inflation, whichever is greater.

Professional Events

You can also increase your cover without having to provide further medical evidence when certain career events occur such as becoming a partner or starting in private practice

Flexible Premium Structure

A flexible premium structure provides for both a stepped and level premium structure for the one insurance type, allowing you to tailor your cover to benefit from the advantages of both premium structures.

True Level Premium

Premiums for any increased cover, from the application of the Indexation for the Professionals Benefit, is based on your age at the date of commencement of your cover and not your age at the time the indexation is applied.

Change of Ownership

The plan ownership may be transferred at any time with no underwriting.