Do I Really Need Life Insurance Right After I Graduate?

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 TripleGuard™ (coverage for office contents, practice interruption and general liability) for three years.
  • 15% off DisabilityGuard™ premiums for as long as your coverage continues.

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:

  1. Enroll in the no-cost CDSPI insurance package for students.
  2. Upgrade your coverage prior to graduation. This means taking a medical—and receiving more than double the coverage at graduation.
  3. Pay your first invoice—and keep the plan active. You receive significant reductions on your premiums simply by continuing your coverage with CDSPI.


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:

85% of students at the schools we present to have enrolled in the no-cost insurance program as of 2018.

TripleGuard™ Insurance is underwritten by Zurich Insurance Company Ltd.

Life, AD&D and DisabilityGuard™ are underwritten by The Manufacturers Life Insurance Company (Manulife), PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8.

The information contained here is a summary only. A full description of coverage and eligibility, including exclusions, restrictions and limitations can be found in the Policy Terms and Conditions governing each plan.

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