Are You Financially Prepared For Maternity Leave?

Cecilia was a practice owner who was eight months pregnant. She had done a very good job at planning for her maternity leave. On the advice of their financial planner, she and her husband both contributed to low-risk investments in their TFSAs to cover part of her income. About a year ago, she also started contributing to Employment Insurance (EI) benefits for self-employed parents, which would add to her income stream while she was off.

 

What she hadn’t realized was that her CDSPI Office Overhead Expense (OOE)1 insurance would cover a portion of her practice overhead while she was off. After the birth of her child, she would be eligible to receive benefits for up to 15 consecutive weeks following a two-week waiting period.2 Cecilia could receive up to half the monthly coverage amount of her policy, or the EI maximum for her province, whichever was less.

 

Cecilia was able to receive benefits because she had OOE coverage for more than 12 months from her child’s birth. The revenue from a locum would cover part of her expenses, and OOE would pay a portion of her eligible office expenses while on full-time maternity leave.

 

The Maternity Leave Benefit is a unique feature that recognizes important lifestyle changes. It’s one of the many features that make OOE a preferred choice for dentists.

 

A growing family is just one of many changes that will occur throughout your career. When they happen, your insurance plans need to keep pace.  Speak to our insurance experts about any changes happening now and in the future. We’re here to help!

 

Read more in our article:

When Your Plans Change… Make Sure Your Insurance Plans Change Too

 

1 CDSPI Office Overhead Expense insurance is underwritten by The Manufacturers Life Insurance Company (Manulife), PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8

2 Complete terms, conditions, exclusions, restrictions and limitations governing the coverages are found in the insurance contracts.