Being a doctor or a dentist is a rewarding and fulfilling career, but it can also be extremely stressful and challenging. Research carried out by the Practitioner Health Programme (PHP) a specialist service for doctors and dentists that are located in and around the London area, shows that people who work in the medical profession have a higher rate of mental illness than any other profession.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it.
Depression on the rise in the dental & medical professions
Between 10-20% of doctors have become depressed at some point in their career. The PHP believe that this figure is under-represented as doctors do not want to openly admit they have, or, are suffering from depression.
The most under-represented area in this survey is surgeons. What research does exist, points to surgeons having high rates of depression and anxiety.
In 2017, the British Dental Association (BDA) published a paper. ‘The Mental Health and Wellbeing of UK Dentists.’ The paper shows that 30% of graduates have experienced some form of psychological symptoms, mostly related to the fear of making mistakes.
Protect yourself and your family
If you find yourself in a position where you cannot work, a major concern will be your finances and whether you are able to cover your essential outgoings, like your mortgage.
Income protection is a type of insurance policy and can help out with instances where you are unable to work due to injury or illness.
This type of policy usually pays out until retirement, death or your return to work.
Income protection can provide you with security that your basic living costs can be covered during times when you cannot work. What is surprising though is that only 9% of the UK workforce have some form of income protection. This is very surprising, considering the low level of ‘sick benefits’ that are available to people of working age.
The cost of an income protection policy will vary depending on several factors including your health, amount of protection required and your profession.
If a claim is successful, the amount that is paid out is usually between 50% – 70% of your earnings. Payments are also tax free. There may be a time delay from which the policy pays out, this is known as a ‘pre-agreed period’ can it range from one to 12 months after the claim has been made.
Income protection for financial reassurance
Dental & Medical Financial Services have been helping doctors and dentists with protecting their financial position for over 25 years.
Tel: 01403 780 770