Volume 9 • 2022 • Issue 4

CDSPI was created over 60 years ago by the dental community with the sole purpose of arranging programs for the benefit of dentists who are members of CDSPI’s member associations. CDSPI is a not-for-profit organization that exclusively serves the dental community with expert advice and investment and insurance solutions. Here’s how disability, critical illness and long-term care (LTC) insurance can help to protect you and your family against these potential costs. z Disability insurance — how it works Your profession is physically, mentally and emotionally demanding. The skills that make you a great dentist can be thrown off track easily by a short or long-term disability. Disability insurance can cover a percentage of your income while you’re unable to practise. Payments continue until you reach the age of retirement. An “own occupation” clause, automatically included in policies such as our DisabilityGuard™ Insurance* plan, guarantees that you cannot be forced to take a job other than the one you have now. z Critical illness insurance — how it works Critical illness insurance pays out a lump sum when your diagnosis is confirmed, and you have met the required survival period (typically not more than one month). “It might seem like overkill to have a six-figure back-up plan when basic medical expenses such as hospital stays and medical treatments are covered by government-funded health insurance,” says Berthiaume. “But we advise dentists to be prepared for all of the expenses that don’t get covered by provincial and territorial plans and to expect needing upwards of $12,000 a month for optimal care.” z Long-term care insurance — for a lifetime of assurance Long-term care (LTC) benefits give you more choices when it comes to how and where you want to be cared for. For example, private home care is one of the most expensive options in Canada right now. Government- run LTC facilities are among the least costly but may not be compatible with your lifestyle. Getting started on your living benefits plan An advisor with experience serving dentists can help you estimate your insurance needs based on your income, age, and health. Here’s a quick summary of how these three plans provide complete protection. 1. Cancer statistics at a glance. Canadian Cancer Society. 2022. Available: cancer.ca/en/research/cancer-statistics/cancer-statistics-at-a-glance * DisabilityGuard™ Insurance is underwritten by The Manufacturers Life Insurance Company (Manulife), P.O. Box 670, Stn. Waterloo, Waterloo, ON N2J 4B8. Precise details, terms, conditions, and exclusions are set out in the insurance contract for the plan. The information provided is of a general nature only and should not be considered personalized financial, accounting or tax advice. Living benefits are parts of a bigger picture when it comes to protecting your income and lifestyle. CDSPI offers best- in-class customized insurance solutions for dentists. The Advisors from CDSPI Advisory Services Inc. will work with you to assess your insurance needs and adjust your coverage throughout your career. Please book a meeting, call 1.800.561.9401 or email insurance@cdspi.com . Insurance How you’re covered Disability Based on your annual earned income and your age, you can receive monthly payments to replace lost income. Critical illness Receive a lump sum payment to spend any way you choose upon diagnosis of a covered critical illness. Long-term care (LTC) Receive monthly income to increase your options when it comes to choosing the best kind of care, whether at home or in a facility. 33 Issue 4 | 2022 | SupportingYour Practice