You want to protect your family with the right types and amounts of insurance, including life, travel and accident insurance. Your insurance advisor at CDSPI Advisory Services Inc. can help you determine the coverages that are right for your family’s situation.
Life insurance can help to safeguard your family’s standard of living in the event of your death. Many dentists choose term life insurance when they are starting out because it offers relatively inexpensive premiums at younger ages. The low cost can be particularly attractive to young families who may require very high levels of coverage to cover living expenses, such as mortgage payments and childcare expenses, in the event that the main income earner dies prematurely.
Generally, term insurance is designed for temporary needs. Beyond retirement age it’s difficult to find high levels of term coverage if you have ongoing and significant coverage needs. Therefore, as your family’s net worth grows and your family’s needs change — for instance, the children grow up and move away from home — you may consider reducing your term coverage and adding a permanent life insurance policy which offers coverage for your entire life.
If yours is a two-income family, it’s important to insure your spouse’s contribution to the family since it could be difficult to manage mortgage payments and normal living expenses if your spouse died prematurely. There could also be significant expenses such as childcare costs if a stay-at-home spouse died unexpectedly.
Travel Edge Insurance
If your family travels outside of your home province, obtaining emergency medical travel insurance is a necessity. But don’t assume that all travel coverage is the same. Consider a plan that charges one economical premium for annual coverage — so you don’t have to buy insurance with every trip. High levels of emergency medical coverage (e.g. $5-million), optional baggage loss and trip cancellation protection, and coverage for your child’s caregiver are some features that may be important to you.
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Accidental Death and Dismemberment Insurance
An accident resulting in a serious and permanent injury could affect your ability to practise. Look for accident insurance offering customized protection for dentists, for example, coverage for accidental injuries involving a dentist’s index finger or thumb, and money to train for a new career. Accident insurance is usually very economical and there’s no medical or health questionnaire. You may also want protect your spouse and dependent children for a small additional premium.