Volume 9 • 2022 • Issue 6

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. As my kids would say, “Good luck with that!” Even with that guaranteed return, Tom would be 83 years old when that investment would reach $1 million. So yes, Tom could invest his premium and eventually reach his goal, but life insurance is guaranteed, and your life expectancy is not. Don’t Bet Against Your Life You don’t want to bet against your life, you just want to know the money is there when the need is triggered–and that is your death. Sometimes guarantees are worth paying for. Review and Revise The review of your business and estate liquidity needs should be an annual event. If more liquidity is needed, consider buying more life insurance. It can be the most cost-effective solution to protect the practice and your beneficiaries. A financial advisor can help you identify if you have a gap in your life insurance coverage. Even then, your coverage should be reviewed annually or when there is a major life change including marriage or divorce, having or adopting children, an increase in your income, buying or selling a business or retiring. Getting Started is Easy Created by dentists, our understanding and specialized expertise is one of the hallmarks of CDSPI and it’s why we prioritize providing advice in the best interests of dentists above all else. Our team of advisors from CDSPI Advisory Services Inc. are all licensed professionals who are paid a salary and do not receive a commission so you can trust that their recommendations are in your best interest. You can contact an advisor at CDSPI Advisory Services Inc. at 1-800-561-9401, by email: cdspi@cdspi.com or booking a meeting online: cdspi.com/book-a-meeting. The information contained in this article is of a general nature only and should not be considered personal financial, insurance, accounting or tax advice. For specific advice about your situation, please consult with your financial advisor. John Wordsworth, CLU President, Lengvari + Associates CDSPI and John Wordsworth of Lengvari and Associates have a strategic and collaborative relationship to share in-depth knowledge with Canadian dentists and provide advanced planning and customization of insurance solutions. 38 | 2022 | Issue 6 SupportingYour Practice