Volume 7 • 2020 • Issue 7

CDSPI is a not-for-profit organization whose mission is to provide a broad and meaningful range of customized financial solutions to the dental community, covering every facet of their lives. Don’t make the wrong assumptions Practice owner, Dr. Paul, had to miss four months of work due to an arm injury. He was surprised to learn his office coverage, TripleGuard™ Insurance, only replaced lost income if his practice had to close for reasons such as a fire or flood. He needed disability insurance to get benefits for lost time due to an injury. Keep up with inflation Dr. Son included the Cost of Living Allowance (COLA) option when he applied for DisabilityGuard coverage. At age 57, he was diagnosed with a severe herniated disc and was no longer able to practise. Because he took the COLA option, after 12 months of total disability, his benefits increased with the Consumer Price Index, and will continue to do so, up to a maximum of 8% per year, until age 65. It’s easy to do the math Dr. Watt had to decide between step or level premiums for her DisabilityGuard Insurance when she started to practise. The step premium would be lower at first but would continue to rise every five years until she retired. She used CDSPI’s DisabilityGuard calculator ( cdspi.com/dg-calc ) to make a comparison and found she would save tens of thousands of dollars over her career with a level premium which would remain the same until age 65. She also used the calculator to compare costs for variables such as different elimination periods and the addition of the Future Insurance Guarantee (FIG) and Cost of Living Adjustment (COLA) options. Renata Whiteman Senior Advisor, Insurance CDSPI Advisory Services Inc. 1.800.561.9401 ext. 6806 rwhiteman@cdspi.com Insurance advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions to advisory services may apply in certain jurisdictions. The information contained here is only a summary. A full description of DisabilityGuard™ coverage and eligibility, including restrictions and limitations, is contained in the certificate booklet, which sets out all the coverage terms, conditions and provisions. DisabilityGuard™ Insurance is underwritten by The Manufacturers Life Insurance Company (Manulife) , PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8. DisabilityGuard™ is a registered trademark of CDSPI. CDSPI’s DisabilityGuard Insurance plan provides dentists with coverage and options to help protect their lifestyle and family. To learn more about the plan, or to adjust your current plan, contact us at 1.800.561.9401 or insurance@cdspi.com . S upporting Y our P ractice 39 Issue 7 | 2020 |