Five Key Financial Considerations for Dental Grads
Contributed by: MNP As new dental graduates embark on their careers, equipping them with financial knowledge sets them up for ...
No-Cost, No-Hassle Dental Student Insurance Package
Insurance for life, disability and your dental hand instruments
One of CDSPI’s business objectives is to give back to the dental community – and sponsoring access to the dental student insurance package is one of the ways we do this.
$15,000
Dental Hand Tool Insurance, protects against theft or damage.
$1,000/month
Disability Insurance in the event you take time off due to injury or illness.
$100,000
Accident Insurance provides financial support if you suffer a serious injury or death from an accident.
$100,000
Life Insurance provides financial protection for your loved ones in the event of your death.
The disability insurance coverage alone makes applying for this package a no-brainer. You literally have nothing to lose!
This dental student insurance package is available at no cost to you while you are in school—and until January 1st of the year following graduation.1 There are no hidden fees, and you are not locked into anything. Even the application is easy.
For a complete overview of your options, you can view the plan details: Undergraduate and Graduate Insurance Packages.
Although this dental student insurance package won’t cost you anything1, it is not free. One of CDSPI’s business objectives is to give back to the dental community – and sponsoring this insurance program for dental students is one of the ways we do this.
$15,000
Dental Hand Tool Insurance, protects against theft or damage.
$1,000/month
Disability Insurance in the event you take time off due to injury or illness.
$100,000
Life Insurance helps protect your family by helping to pay off student loans in the event of your death.
$100,000
Accident Insurance provides additional financial support in the event of a serious injury or death from an accident.
The disability insurance coverage alone makes applying for this package a no-brainer. You literally have nothing to lose!
This package is available at no cost to you while you are in school—and until January 1st of the year following graduation.1 There are no hidden fees, and you are not locked into anything. Even the application is easy.
You have options. Here’s the application for the no-medical under 40 plan and for a complete overview of each option, you can view the plan details: Undergraduate and Graduate Insurance Plan.
What Happens at Graduation?
You’ll benefit from automatic increases in coverage and significant savings on regular premiums for the insurance plans you already have with us.2 See the chart below for the amount of coverage you will automatically have starting the day after you graduate. It’s still no cost until the January 1st after your graduation. Do you want to customize your coverage? Do you have questions or want to compare our coverage and premiums against other plans? Non-commissioned advisors at CDSPI Advisory Services Inc. are happy to help.
| Optional Graduate Insurance Plan | |
|---|---|
| Life and AD&D Insurance | $500,000 each |
| DisabilityGuard Insurance |
$3,500/month, includes: COLA, FIG, Own Occupation. |
| TripleGuard Office Insurance | $50,000 coverage |
Enjoy the following premium reductions after graduating:
50%
Reduction on your Basic Life, AD&D and TripleGuard™ premiums for 3 years!
15%
Reduction on your DisabilityGuard™ Insurance premiums for the life of the policy!
Cost of Living Adjustment (COLA): increases your benefit each year after you have been disabled for 12 months, by the increase in the Consumer Price Index, up to 8% (compounding), to help protect your purchasing power during a lengthy disability—with no maximum on the number of annual increases or resulting benefit (not exceeding the plan maximum).
Future Insurance Guarantee (FIG): allows you to increase your coverage by 25%, without evidence of good health at the time of increase (financial evidence will be required), annually on your birthday (subject to limits under the Income Ratio Calculator). You must contact CDSPI to request an application form and submit it within 60 days to exercise FIG and must be under age 55 while not on disability claim to exercise this option without medical underwriting.
Own Occupation: If a continuing total or residual disability prevents you from engaging in your own occupation (all occupation(s) in which you were engaged immediately prior to becoming disabled) this definition allows you to receive disability benefits even if you are able to earn income from a new occupation.
Save on Travel, Home & Auto Insurance
Home & Auto
Having the right protection for your home or car is essential. CDSPI Home & Auto Insurance provides solid protection at preferred group rates for dental professionals (and that includes students).
Get a quote and lock-in the rate before your current insurance renews. Plus, bundle your policies to save!
Travel with Ease
Do you have the travel bug? Rest easy knowing your trips are protected. With the CDSPI Travel Insurance Plan, you can take unlimited trips for a year with one annual premium.
FAQs
CDSPI is a not-for-profit with a mandate to serve the best interests of the Canadian dental community – including dental students. We don’t have to pursue profits to please shareholders. We don’t have shareholders. We are governed by the participating dental associations, and we pursue value for their members – dentists, and dental students.
Sponsoring the no-cost student program is one of the important ways CDSPI helps to secure the future of dentistry in Canada. We hope that you like us so much that you will choose CDSPI for financial advice, insurance and investments again and again throughout your career.
Premiums are guaranteed during the term of the policy, with the exception of DisabilityGuard Insurance where your premiums as stated in your certificate of insurance are guaranteed for the lifetime of the policy.
If you don’t make any changes before the January following your graduation, you are automatically enrolled in a Step-rate premium plan for your disability coverage and your premium moves up by a set amount every 5 years until age 65. You have the option to select a Level premium plan where you pay the same amount every month until age 65. Generally, you will pay less in the early years of a Step-rate plan when you are younger and healthier, and more in the later years as compared to a Level plan. It is a bit like choosing between a variable mortgage and a fixed rate mortgage. You may find this short article helpful, Step or Level Payments - What's Right for You?
Once you graduate, CDSPI will automatically increase your coverage limits depending on the No-Cost Student plan you initially selected. But we highly recommend speaking to an advisor who can customize the coverage based on your individual needs and circumstances. Things to consider include your income, your family situation, and whether you are planning to get married, start a family, or take out a loan to purchase a home and/or a dental practice.
CDSPI has created a Malpractice resources centre to learn how to get your Malpractice Insurance and explore the ways you can handle Malpractice Issues.
The no-cost program stays no-cost, until December 31 of your graduation year. Prior to that date, you will receive an invoice from us that shows your coverage and the amount that is due by January 1 in order to keep your coverage in place. You will notice that as a new dentist, you will receive significant discounts - a 50% reduction on your premiums for your Basic Life, AD&D and TripleGuard™ Insurance for 3 years following your graduation and a 15% reduction on DisabilityGuard™ Insurance premiums for the life of the policy. If you want to know more, please call, email, or book a meeting with an advisor.
Yes. You will receive your login information by mail together with your policy information or call us at 1.800.561.9401 and we can set you up.
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We're Here to Help
Life, AD&D and DisabilityGuard™ Insurance are Underwritten by The Manufacturers Life Insurance Company (Manulife).
1 No-cost coverage ends on December 31st of your graduation year. Coverage is available only to eligible full-time dental students who are enrolled at an accredited Canadian university at the time of application. Coverage in the Undergraduate Package starts on the date on which your properly completed application to enrol is received by CDSPI. The “Double-Up” Graduate Package automatically starts on your graduation date. The Optional Graduate Package coverage starts on the date of your graduation or the date your application is approved if later. After graduation, you will be sent a separate activation form for TripleGuard™ Insurance. No medical evidence is required to obtain TripleGuard™ Insurance. Students who are age 65 or over are not eligible to apply for Life, Disability Insurance and AD&D coverage. Students graduating in the year 2026 onwards, must be a member of the Canadian Dental Association or provincial or territorial dental association, which, at the relevant time, is a corporate member of the Canadian Dental Association, in order to be eligible for the premium reductions.
2 Premium payments begin after your graduation year on January 1st.
3 Coverage is subject to the terms and conditions of the policy. Your dental tools coverage will continue until you choose between these coverage options, or Dec. 31st of your graduation year.
Coverage is subject to the continued availability of the CDSPI insurance plans and this offer. TripleGuard™ Insurance is provided by Zurich Insurance Company Ltd. (Canadian Branch)
Life, AD&D and DisabilityGuard™ Insurance are provided by The Manufacturers Life Insurance Company (Manulife). Manulife has the authority to grant or refuse insurance coverage based on health considerations. Precise details, terms, conditions and exclusions are set out in the insurance contracts for these plans.
DisabilityGuard™ and TripleGuard™ are trademarks of CDSPI.