Plan for the unexpected
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How long could you survive financially if your income stopped tomorrow?
Do you think you’re too young to be affected by accident or illness?
This year has shown that anything can happen at any time – and the unexpected can be devastating for those who are not adequately prepared.
Taking steps to help protect your income means you’ll be better prepared to care for what matters most – you, your family, and your practice. That’s why DisabilityGuardTM Insurance provides you with a monthly income benefit to replace your lost income if you become sick or injured and are unable to work.
We understand that applying for disability insurance and filing a claim can be complicated and time consuming. What sets us apart is our expertise and commitment to guide you through these important life decisions.
Things You May Not Know About Disability Coverage
Get It When You’re Young and Healthy to Lock in the Lowest Rates
The younger you are when you get the coverage, the lower your locked in level premium rates will be.
Plus, if you wait until you are older, you run the risk of being uninsurable if you develop certain medical conditions, such as cancer, heart disease, or stroke.
You May Need It to Apply for a Practice Loan at a Bank
If you’re buying a practice and need a bank loan, you may need proof of disability insurance to get it.
Your DisabilityGuard™ Insurance application will go through an approval process – so make sure you apply for coverage at least 5 to 6 weeks ahead.
Don’t make the common mistake of applying for coverage at the last minute.
It’s Been Designed to Protect Your Lifestyle
Like many dentists, your income has likely increased over the years, but you may not have increased your coverage to reflect this.
This means if you were in an accident or fell ill, you would be covered for much less than what you’re currently earning.
Make sure your coverage is up to date – don’t get it and forget it.
Disability Coverage Built with Dentists in Mind
Explore the benefits of DisabilityGuard™ Insurance.
Take advantage of competitive features built for dentists.
KEY FEATURES AND BENEFITS
Guaranteed premiums. Premiums are guaranteed until age 65.
Competitive maximum coverage. You can apply for up to $25,000 per month until age 54, and up to $15,000 per month from age 55 to 64.
Coverage to age 75. A benefit to dentists who continue to practise beyond the traditional retirement age.
Flexible premium options. Choose a lower premium option that increases in 5-year age bands to age 75 so you can save money for other life priorities. Or if you prefer a consistent premium for the life of your policy, you can pay the same amount to age 64. Your premium is then guaranteed in 5-year age bands from ages 65-69 (determined at age 65), and again from 70-74 (determined at age 70).
An Own Occupation Benefit built right into the coverage at no additional cost. If you can’t carry on your occupation due to a career ending injury or illness, your monthly disability benefits will continue even if you pursue a new occupation.
Future Insurance Guarantee (FIG) Option. This option can help protect your future earnings as your income grows. You can increase your disability coverage by up to 25% on your birthday without evidence of good health at the time of the increase.
Cost of Living Adjustment (COLA) Option. The COLA Option automatically2 increases your benefit each year after you have been disabled for 12 months, by the increase in the Consumer Price Index (up to 8 per cent).
Retirement Protection Option. While you are totally disabled, this option can provide a $500 or $1,000 monthly contribution to an account set up for your retirement.
CDSPI Can Help You Get the Coverage You Need
Knowing you have the strength of CDSPI behind you is important. We work exclusively with dentists, so we understand your unique needs. You can rely on our advisors to help you complete your application or to help when you submit a claim. We’re here for you every step of the way with expert advice that’s always in your best interests.
Need help protecting your income from life’s uncertainties?
Popular Articles on Disability Coverage
*DisabilityGuard™ Insurance is a trademark of CDSPI. See the policy for full terms and conditions.
DisabilityGuard™ Insurance is underwritten by The Manufacturers Life Insurance Company (Manulife), PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8
The information contained here is only a summary. A full description of each plan’s coverage and eligibility, including restrictions and limitations is contained in the certificate booklets, which sets out all the coverage terms, conditions and provisions. Manulife, Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
Individual circumstances may vary. You may wish to contact the licensed insurer's representative or a licensed insurance agent if you need advice about your insurance needs.
1 When applying for any of the DisabilityGuard™ Options, evidence of good health must be provided. These options must be added at the time of initial application.
2Automatically applied to benefit amount after client’s first year on claim.