The Top 5 Reasons Dentists Are Overspending On Their Income Protection with Luke Hurley [CPD Available]

Sep 26, 2025

In this engaging discussion, Luke Hurley, an independent financial adviser and founder of Videre Financial, reveals essential insights on income protection for dentists. He highlights the top five costly mistakes dentists make with their income protection policies. Luke emphasizes the urgency of securing coverage early to avoid high premiums and exclusions. He also explores the balance between deferred periods and personal finances, the importance of accurate underwriting, and how to tailor coverage to specific income structures. Don't miss these valuable strategies!

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ADVICE

Buy Early And Review Regularly

Do get income protection early once you have a stable income to avoid higher future premiums or becoming uninsurable.
Review cover after major life or career events to ensure it still matches your needs.

ADVICE

Fit Policy To Your Pay Structure

Match the policy to how you are paid (self-employed, PAYE, or limited company) because insurers treat income differently.
Get advice to avoid gaps when earnings are variable or retained profits exist in a limited company.

ADVICE

Pick The Right Deferred Period

Choose a deferred period that aligns with any sick pay and your emergency fund to avoid cash-flow gaps.
Avoid paying for immediate cover unless you truly need the higher premium for day-one payouts.

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Check if your dental practice qualifies for capital allowances here >>> https://www.dentistswhoinvest.com/chris-lonergan

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UK Dentists: Collect your verifiable CPD for this episode here >>> https://courses.dentistswhoinvest.com/smart-money-members-club

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What happens to your financial security when you can't practice dentistry?

For most dental professionals, income protection represents the cornerstone of financial planning, yet it remains riddled with costly mistakes that could leave you vulnerable precisely when you need support most. In this eye-opening conversation with independent financial advisor Luke Hurley, we dissect the five critical errors dentists consistently make with their protection policies – and provide clear, actionable solutions to fix them.

We start by challenging the dangerous mindset that income protection can be postponed. As Luke powerfully states, "Ensuring your future self will never be cheaper than ensuring your today self." Delaying coverage not only increases premium costs but risks accumulating health-related exclusions or even becoming uninsurable. Regular reviews around career transitions prove equally essential, especially when purchasing practices, switching between NHS and private work, or establishing limited companies.

The discussion delves into the complexities of aligning protection with various dental income structures. Whether self-employed, operating through limited companies, or employed, different insurers handle income verification distinctly – potentially leaving dangerous gaps in coverage. We explore the critical importance of appropriate deferment periods, coverage definitions, premium guarantees, and inflation protection to ensure your policy delivers when needed most.

Perhaps most crucially, we examine how complete transparency during underwriting prevents future claim denials and how income protection should integrate with critical illness coverage, life insurance, and increasingly, private medical insurance to create comprehensive financial security.

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Disclaimer: All content on this channel is for education purposes only and does not constitute an investment recommendation or individual financial advice. For that, you should speak to a regulated, independent professional. The value of investments and the income from them can go down as well as up, so you may get back less than you invest. The views expressed on this channel may no longer be current. The information provided is not a personal recommendation for any particular investment. Tax treatment depends on individual circumstances and all tax rules may change in the future. If you are unsure about the suitability of an investment, you should speak to a regulated, independent professional. Investment figures quoted refer to simulated past performance and that past performance is not a reliable indicator of future results/performance.

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