Cover & Premiums
Select the monthly benefit that your practice would need
Firstly, decide how much protection you need — there is a section on page 8 to help you. If some of your regular expenses are shared, allow for your proportion only.
You can cover up to 80% of your practice overheads. Simply multiply your total annual expenses by 80% and then divide by 12. You can then select a Monthly Benefit Amount of between £1,000 and £10,000 (in £500 increments) according to your needs.
To ensure that the value of your cover is not eroded by inflation, the benefits and premiums automatically increase by 5% each year — regardless of any subsequent changes in your health. If these increases prove insufficient you can always apply for extra cover at any time. As with most group schemes of this type, the monthly premiums increase as you move from one age band to another (see table below).
| Your current age | |||||
| Monthly benefit amount | Under 35 | 35 - 39 | 40 - 44 | 45 - 49 | 50 - 64 |
|---|---|---|---|---|---|
| £1,000 | £8.65 | £10.00 | £14.50 | £19.25 | £25.00 |
| £2,000 | £17.30 | £20.00 | £29.00 | £38.50 | £50.00 |
| £3,000 | £25.95 | £30.00 | £43.50 | £57.75 | £75.00 |
| £4,000 | £34.60 | £40.00 | £58.00 | £77.00 | £100.00 |
| £5,000 | £43.25 | £50.00 | £72.50 | £96.25 | £125.00 |
| £6,000 | £51.90 | £60.00 | £87.00 | £115.50 | £150.00 |
| £7,000 | £60.55 | £70.00 | £101.50 | £134.75 | £175.00 |
| £8,000 | £69.20 | £80.00 | £116.00 | £154.00 | £200.00 |
| £9,000 | £77.85 | £90.00 | £130.50 | £173.25 | £225.00 |
| £10,000 | £86.50 | £100.00 | £145.00 | £192.50 | £250.00 |
* These are examples of premiums and benefits. The cost is based on your age at each plan anniversary. Non –smokers will receive a 10% discount from the above rates. The premiums are exclusive of Insurance Premium Tax at the current rate.
All this cover from less than 30p a day
The plan is operated as a group scheme for dentists throughout the UK, providing substantial cover at modest costs. As the table shows, monthly premiums are based on your age and the amount of cover you require. There is a special 10% discount for non-smokers. If you have not smoked for the past 12 months and have no intention of doing so, you automatically qualify for a 10% discount off the rates shown. So cover is available from less than 30p a day. What’s more, the premiums are allowable by the Inland Revenue as a business expense. So most dentists will receive tax relief of 40% on their premiums.
