No-cost insurance coverage while in school? It’s a no-brainer! That’s why most dental students (85%1) across Canada enroll in the CDSPI no-cost student insurance program, benefiting from complimentary coverage for life, disability, accidental death and dismemberment (AD&D), and their dental instruments while in school (and for 6 months after graduation).
But after graduation, some associates discontinue their coverage—perhaps because they think they are too young to need disability or life insurance, or feel like they can’t afford it with so much debt to pay off. This decision can be short-sighted, and believe it or not, ending your CDSPI insurance can have significant consequences.
A Real-Life Example
One of our insurance advisors received a call from a recent graduate—let’s call her Rhea. Here is Rhea’s story.
She signed up right away. In her first year of dental school, Rhea signed up for the no-cost CDSPI insurance, giving her coverage for her four years of dental school.
She applied for additional coverage. In her third year, she applied for the optional graduate upgrade by completing the application and medical exam. Her application was approved for the upgrade of even higher coverage amounts at graduation.
She was covered until the December after graduation. Rhea had the upgraded coverage at no cost for six months after graduation.
Rhea didn’t think she needed life insurance. When the first invoice came in January after her graduation, she cancelled her coverage, also cancelling her eligibility for the 50% reduction in regular premiums for the next 3 years.
Ultimately, it turns out Rhea did need insurance. One year later, she was planning to buy a practice 50-50 with a colleague and went to the bank for a loan. The bank required evidence of life insurance and long-term disability coverage as part of the loan approval process.
Rhea was no longer eligible for the reduction in premium. She called us regarding the student package reduction—and it was unfortunately no longer available to her. Instead, she bought the insurance from us at full price (which is still very competitive), and had to go through a second medical exam.
CDSPI Offers New Grads a Sizable Reduction
Students who continue insurance coverage after graduation receive significantly reduced premiums:
- 50% reduction in premiums for life, AD&D and TripleGuardTM (coverage for office contents, practice interruption and general liability) for three years.
- 15% off DisabilityGuardTM premiums for as long as your coverage continues.2
Three Steps to Savings
What can you learn from Rhea? You might think you don’t need life and disability insurance right away, but as Rhea found out, any dentist hoping to purchase a practice will.
To benefit from CDSPI’s offer, remember to:
- Enroll in the no-cost CDSPI insurance package for students.
- Upgrade your coverage prior to graduation. This means taking a medical—and receiving more than double the coverage at graduation.
- Pay your first invoice—and keep the plan active. You receive significant reductions on your premiums simply by continuing your coverage with CDSPI.
You can use the CDSPI Student Offer Premium Worksheet to estimate the premiums you could pay—with savings included!
Contact us at 1.800.561.9401 to sign up today—or to arrange to upgrade your plan.
For more insights on how you can secure your future:
- Starting Your Dental Career? Here’s a Checklist that Will Help.
- Time Matters. Start Now.
- Don’t Just Pay Down Debt. Pay Yourself First.
1 85% of students at the schools we present to have enrolled in the no-cost insurance program as of 2018. Dental students at Laval and Université de Montréal are not included in this calculation.
2 TripleGuard™ Insurance is provided by Aviva Insurance Company of Canada. 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.