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CDSPI Life Insurance
Peace of mind with coverage you can trust.
As a dentist, you spend your days caring for others. But have you thought about how to protect your family and your business if something unexpected happens to you? CDSPI life insurance is an essential investment in your family's future financial security.
Why Do You Need Life Insurance?
PROTECT YOUR LOVED ONES
Your family relies on you for financial support. Life insurance ensures a source of income to help them maintain their quality of life if you're no longer there. It can cover lost income, mortgage payments, living expenses, and your children's education, acting as a safety net when they need it most.
MANAGE DEBT AND BUSINESS OBLIGATION
Dentists often have significant student loans or business loans. Life insurance can help pay off these debts. It also provides funds to keep your dental practice running smoothly or assist with a transition plan. If you are applying for practice financing, some form of term insurance will likely be a bank requirement.
PEACE OF MIND
Knowing your family is financially protected if you are no longer around to provide for them gives you peace of mind, allowing you to focus more on your practice and other important matters.
A SMART FINANCIAL MOVE
It's an efficient strategic addition to your financial planning. By choosing a policy that fits your needs and budget, you ensure comprehensive protection for your family's future.
How Much Life Insurance Coverage Do You Need?
Determining how much coverage you need is unique to your personal circumstances and financial goals. To get tailored advice, consult with an advisor at CDSPI Advisory Services Inc. You can also use this useful needs analysis calculator to help you make an informed decision.
In the event of your death, the beneficiary of your policy will receive a tax-free lump sum payment that can be used any way the beneficiary chooses including for:
Needs Analysis
This calculator can help determine what your needs are, and estimate your monthly premiums.
Replacing your income so your family can maintain their standard of living
Paying off a mortgage and other debts
Paying taxes
Covering funeral costs
Buying out partners or shareholders
Securing practice and equipment financing
Donating to a charity
Once you determine the amount of coverage you need, the next step is finding the right policy. While there are many options when it comes to life insurance, there are two main categories; term insurance and permanent insurance.
What Type of Life Insurance is Right for Me?
Deciding between permanent and term insurance is not an either-or choice. For instance, a term policy can address temporary needs like funding your children’s education, while a permanent policy can cover long-term needs such as estate planning and funeral expenses. Your advisor will review your current situation and will make a recommendation that is tailored to your unique financial situation.
Term Insurance:
A term policy provides coverage for a specific time period, typically 5-20 years, or to a certain age, like 70 or even 100, and pays out only if the insured dies during that term.
Permanent Insurance:
This policy offers lifelong coverage. There are two main types of permanent insurance: whole and universal life and these policies often build up cash value which you can get back if you cancel your policy. Permanent insurance policies are more expensive than a comparable term insurance policy, but they provide additional benefits, flexibility and tax savings opportunities.
BASIC LIFE INSURANCE
CDSPI Basic Life Insurance can help you safeguard the things that matter most to you, as well as to help you qualify for a loan to start or buy a dental practice.
FAMILY LIFE INSURANCE
Family Life Insurance from CDSPI provides life insurance protection for your spouse and children.
TERM 100 INSURANCE
CDSPI Term 100 can be purchased as a standalone policy or converted from an existing Basic or Family Life policy. This policy offers up to $1 million in coverage with a guaranteed premium throughout the policy term. When the life insured person reaches the age of 100, the premium payments stop but the coverage continues.
WHOLE LIFE & UNIVERSAL LIFE INSURANCE
If you’re looking to extract cash from your corporation tax-efficiently or to fund your retirement while protecting your family and the assets you’ve worked so hard to build, a whole life insurance policy may be an important part of your insurance portfolio and your financial plan.
Whole Life and Universal Life insurance policies offer a tax-efficient way to pass your accumulated wealth to your heirs and other beneficiaries.
Our advisors draw on a broad range of policies from leading Canadian insurance companies to find best-in-class products that are right for you.
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Get Expert Advice
There is no substitute for expert advice from a qualified Insurance Advisor from CDSPI Advisory Services Inc. Our Insurance Advisors only work with dentists and can provide unbiased, comprehensive advice when determining which life insurance product is right for you.