You'd be surprised to learn that even students may have things that should be protected by insurance. When you need this coverage — and how much — is as individual as you are. Your insurance advisor at CDSPI Advisory Services Inc. can help you determine which of the following coverages are right for you:
- If your vehicle, computer, clothing and other possessions are not covered by your parents’ insurance, it’s important that you protect these items from damage or loss with your own Home & Auto Insurance*. Your insurance advisor can help you select coverage that is appropriate for your situation. The costs to insure your belongings and your vehicle are very affordable compared to the potentially significant out-of-pocket expenses you might otherwise incur to replace these items.
- When you’re unable to work due to a disability caused by injury or illness, your bills — rent, mortgage, loans, groceries — will still need to be paid.
Disability Insurance can help to replace your income so you can cover these expenses. For the greatest protection, take out the maximum amount of disability insurance allowed for your income level and apply to increase it as your income grows. When you start working, your advisor can help you review your coverage annually.
- If you suffer a serious and permanent accidental injury, you may have to contend with extraordinary expenses for private nursing care, rehabilitation, medication and home renovations (e.g. to make your home wheelchair accessible). As a soon-to-be dentist, your advisor can explain how Accidental Death and Dismemberment Insurance can help protect you by providing a lump sum payment and specialized coverage for accidental injuries, including injuries to a dentist's index finger or thumb. No medical questionnaire needs to be completed to apply.
- Increasing the amount of Life Insurance you have through CDSPI to use as collateral for a loan may offer greater control and flexibility compared to purchasing the life insurance offered by your lender. Your insurance advisor can help you determine the level of coverage that is right for your needs and explain why assigning your life insurance policy, instead of naming the lender as beneficiary of the policy, can ensure that the lender will only receive the balance you owe on your loan.
- Replacing lost or damaged dental hand instruments can be costly for a dental student. Fortunately, your insurance advisor can assist you in safeguarding your dental hand instruments with insurance to protect against risks such as fire and theft.
- If you plan to spend some time travelling out of your home province, obtaining emergency medical travel insurance is a necessity. Speak to your insurance advisor to find out how to obtain Travel Insurance at one economical premium for annual coverage — so you don't have to buy insurance with every trip.
- A large lawsuit could jeopardize your financial well-being if the damage award goes beyond the limits of your personal liability coverage. Fortunately, your insurance advisor can show you how to gain additional liability protection at a very low cost.
Life, Accidental Death and Dismemberment (AD&D) and disability insurance are underwritten by The Manufacturers Life Insurance Company (Manulife), PO Box 4213 Stn A, Toronto, ON, M5W 5M3.
*This auto insurance is not available to residents of Manitoba, Saskatchewan and British Columbia and this home and auto insurance is not currently available to residents of Quebec
For More Information:
Depending on which insurance package you have or sign up for, the following coverage may be included when you graduate from dental school:
The Double-Up and Optional Graduate Packages include:
An Own Occupation definition — This allows you to receive disability benefits, even if you are able to earn income from a new occupation – when a continuing total or residual disability prevents you from engaging in your regular occupation.
The Cost of Living Adjustment (COLA) option, which increases your benefit each year during a period of disability, by the increase in the Consumer Price Index (compounded up to 8 per cent annually) helps to safeguard your purchasing power during disability.
The Waiver of Premium Option — In the case of a total disability before age 65, your premiums for DisabilityGuard™ Insurance are waived once you satisfy your elimination period and this feature is automatically included in your coverage. For life insurance, this is an option that you apply for and then your premiums are waived following six months of total disability. This only applies if your total disability continues and you are not able to work and you are under the regular care of a doctor (subject to the insurer’s approval). Note that you will be reimbursed for all premiums paid during your elimination period for DisabilityGuard™ Insurance and during the first six months of total disability for life insurance.The Optional Graduate Package also includes:
The Future Insurance Guarantee (FIG) option — The FIG Option allows you to increase your life or disability insurance later on by specific amounts, without additional evidence of good health, at the time of increase. Note that it’s important to have this option for your disability coverage at the outset, as it cannot be added to your disability policy at a later date.Home & Auto Insurance is underwritten by the Personal Insurance Company.
Coverage for dental hand instruments is underwritten by Aviva Insurance Company of Canada.
Travel Insurance is underwritten by CUMIS General Insurance Company, a member of the Co-operators group of Companies and administered by Allianz Global Assistance.