Financial
Financial as well as physical wellbeing
G
o v ernment advisers from the NHS Future Forum called for NHS staff to
“make every contact count” to maintain or improve patients’ mental and physical health and wellbeing. As well as doctors and
nurses, this should include pharmacists, midwives, optometrists, dentists, physio- therapists and health visitors. The Forum added: “There
are millions of opportunities every day for the NHS to help to improve people’s health and wellbeing and reduce health inequalities, but to take this opportunity, it needs a different view of how to use its contacts with the public. A routine dental check-up, for example, is a chance to offer advice to help someone stop smoking.” The paper on public health
states that everyone has a responsibility for their own health, but it also contends that the NHS is responsible for helping people to improve their health and wellbeing. It goes on to argue that health care professionals should use every contact to do this, what- ever their area of expertise, or the initial purpose of the discussion. The report points out that
each day in England, GPs and practice nurses see more than 800,000 people, dentists see more than 250,000 NHS patients and 1.6 million people visit a pharmacy. In particular, the report emphasises the impor- tance of the four main lifestyle risk factors – diet, physical activity, alcohol and tobacco. In light of what has just been
said, it is a fact that many more of us are living much longer,
with life expectancy in the UK having increased by more than 50 per cent over the last 100 years. The main reasons for this are the eradication of previously fatal diseases, technological advances and medical breakthroughs. Life expectancy in retirement can now be measured in decades rather than years. Healthier diet, nutrition,
magazines obsessed with body image and weight loss and satu- ration media coverage on the adverse health effects of lack of exercise, obesity, smoking and binge drinking have left us with little excuse for living an unhealthy lifestyle. After the teenage years
of assumed infallibility and immortality come more serious and sober considera- tions – what happens if I die? What happens if I don’t die? What happens if I become unable to work? Financial services profes-
sionals take a holistic approach to their clients. There are many reasons to take out life insurance – covering a loan or a mortgage, protecting your family, protecting a business and the surviving partners. Life insurance ensures that
a capital sum is made available to repay debts, provide fami- lies with financial security, or provide business partners with funds to pay a bereaved spouse their share in a business. If appropriate, policies can
be written in trust, ensuring speedy pay out, and the avoid- ance legitimately, of any Inheritance Tax liabilities, or loss of Business Property Relief on the proceeds. Critical illness and income protection are also both very valuable protection considerations for dentists.
Critical illness is an easy
one for dentists, as you have to simply make sure that you are fully covered for a payout in the event you cannot work as a dentist. This element of a critical illness policy is called Permanent Total Disability. Of all recorded deaths in the
UK, more than 80 per cent are as a result of a stroke, heart or cancer-related condition. However, as we all know, because of technological advances and medical break- throughs, many more people are surviving years, sometimes decades, after a critical illness has been diagnosed. Income protection is a form
of health insurance designed to pay an income in the event of being unable to work, due to sickness, injury or accident. Income protection cover
is seen as particularly impor- tant for dentists and one they cannot afford not to have, as it ensures, where eligible, that there is steady, long-term cash flow. The main benefit is that in the event of illness, you can still afford to pay your bills, mortgages and main- tain your standard of living. Benefits
are paid tax- free and continue until you r e tur n to work, r e t ir e or die, w hich - ever is the earlier. The maximum benefits are approximately
Scottish Dental magazine 71
65 per cent of gross salary or net profit for the self-employed. Independent Financial
Advisers, IFAs, after a thorough assessment of circumstances, needs, priorities and budget, offer impartial advice on all aspects of business and personal planning matters, providing a truly holistic approach, to ensure advice and recommendations for protec- tion are individually tailored.
ABOUT THE AUTHOR
Alasdair MacDougall Dip PFS is an IFA and Financial Services Manager with Martin Aitken Financial Services Limited. The purpose of this article is to provide technical and generic guidance and should not be interpreted as a personal recommendation. The article represents our interpretation of current and proposed legislation as at the date of publication. This may change in the future. Martin Aitken Financial Services Limited is authorised and regulated by the Financial Services Authority. Figures obtained from the BBC and the Office of National Statistics.
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