Dental Tribune United Kingdom Edition

June 13-19, 201116 United Kingdom EditionMoney Matters For more information or to subscribe please call Joe Aspis on 020 7400 8969 or email joe@dentaltribuneuk.com What’s missing? implants Fill the gaps... implants, the international magazine of oral implantology, delivers the latest thinking in this fast-moving area of the dental profession. User-oriented case studies, scientific reports, meetings, news and reports, as well as summarised product information, make up an informative read You got the look... cosmetic dentistryYou got the look... cosmetic dentistry - beauty & science presents the most significant international developments in the world of cosmetic and restorative dentistry. With an editorial mix of speciality articles, clinical studies, case reports, industry reports, reviews, news, and lifestyle articles, cosmetic dentistry leads the way Enjoy Endodontics? rootsDown your canal... roots is the place to keep up with the latest developments in the endodontic arena. A combination of comment, studies, case reports, industry news, reviews, and news, those professionals with an interest in endodontics will find roots invaluable £30 each for a yearly subscription or as a special offer take all three titles for just £50 per year About the author Dino Charalambous works for Frank Taylor and Associates and has been a Mortgage and Protection Broker for more than seven years and provides a personalised service for his clients in mortgages, life insurance, critical illness cover, income protection and general insurance. Where possible, he likes to provide face to face interviews so as to get a full understanding of his client’s requirements. Dino will take charge of your application and chase it to the end so that there is less hassle for the client. This also ensures his clients have the appropriate cover for their needs. The dental sector is his main fo- cus as he has worked with many den- tists over the past seven years and has an insight into the sector as most of his friends are dentists! Dino’s contact details are 08456 123 434 or 07939 457589 or email: dino.charalambous@ft-asso- ciates.com page 14DTß cide with an existing Locum Cover policy, in this case it would normally be deferred for 12 months. The longer the de- ferred period the cheaper the monthly premium. 9Income protection poli- cies with an investment at- tached to it There are income protection policies that have an invest- ment attached to it. The idea is that the investment portion will grow and provide a lump sum payment at the end of the term of the policy. These policies may be slightly more expensive than a standard income protection pol- icy, due to the investment por- tion incorporated into the policy. In 2012 the Financial Services Authority (FSA) may be chang- ing the rules on these types of policy arrangements, i.e. protec- tion and investment, insurers may have to drop the investment portion of these policies; further guidance is still being sort from the FSA. In addition, should you cancel this type of policy you may forfeit some of the gains on the investment. It is best to get guidance from an IFA before cancelling any of these policies. 10Tax implications The amount paid out by the in- surer will normally be paid tax free, in line with current legisla- tion. 11 Amount of times you can claim With most income protection policies there are no limits to the amount of times you can claim on the policy. 12 Income protection when taking out a bank loan When taking out a new bank loan for practice purchase, some banks will insist on hav- ing Income Protection as a condition of their loan. Wheth- er the banks require a policy or not, it is still good advice to have one in place to cover you in the event of accident or illness. 13Interesting facts Employment and support allow- ance is just £91.40 per week(1). That’s less than 20 per cent of the average UK salary(2)! • (1) Department of Work and Pensions (2) - Economic and Labour Review September 2010 • More than 2.6 million people are claiming benefits from the State due to incapacity. Labour market statistics Septem- ber 2010 (As at February 2010) • More than 2.2 million people in the UK have been off work due to long term sickness. Labour market statistics – Sep- tember 2010 (For Period May – July 2010) • Statutory Sick Pay is £81.60 a week for up to 28 weeks. Department of Work and Pen- sions 2010 • If you have been off work for six months, you have an 80 per cent chance of being off work for five years. Department of Work and Pen- sions 2010 If you require a new income protection policy it is best to weigh up all the options above before making any decision. If you have an income protection policy in place it is best to review what you have and make sure that you are happy with your cover; if not it is best to seek further advice. DT ‘The idea is that the investment portion will grow and provide a lump sum payment at the end of the term of the policy’