No-Cost Insurance for Dental Students

Although this package of insurance won’t cost you anything, it is not free. One of CDSPI’s business objectives is to give back to the dental community – and sponsoring this insurance program for dental students is one of the ways we do this. That’s how we’re able to provide this coverage to you at no cost.

The insurance included in the package has been specifically tailored to the unique needs of dental students and is underwritten by two of Canada’s leading insurance companies, Manulife and Zurich Insurance Company of Canada. If you had to pay for this insurance out of your own pocket, the cost would be substantial. For example, a 25-year-old non-smoking male associate dentist in excellent health would pay over $1,000* annually for the coverage in the “Double-Up” Insurance package.

*Based on 2020 rates.

There are several important reasons to consider obtaining this protection right now. First, if you were to become sick or injured while a student, you could apply to receive benefits under the disability and/or accident coverage to help you cope financially.

Cost savings are another important reason. By getting this coverage prior to graduation, you will be entitled to a 50% premium reduction on life, accident and office insurance for the three-year period following your graduation. You will also be eligible for a 15% lifetime premium reduction on disability insurance.

Furthermore, this package allows students under age 40 to obtain life and disability coverage without having to provide medical information — essential coverage you’re going to need when you begin practising. If your health were to deteriorate between now and your graduation, an insurer could deny your application for life and disability insurance — leaving you with no coverage at all.

Premiums for CDSPI’s disability plan are based on a step-rate system. That means the premium amount you pay is based largely on the probability that you’ll become disabled at a certain age. Since you’re less likely to become disabled at a younger age, you pay significantly less when you’re younger and higher premiums as you get older. However, you have the option to lock in level premiums.

With a level premium system until the age of 65, you are guaranteed to pay the same premium amount each year the policy is in effect until then. So, the premium you pay at age 30 will be the same as you will pay at age 55. Coverage continues until you reach the age of 75. If level premiums are a challenge to budget, there is a step option available.

Since the program’s disability plan is group coverage (as opposed to individual coverage), CDSPI as the insurance program’s group policy holder could theoretically decide to discontinue offering the coverage. This is extremely unlikely. In fact, CDSPI has existed for over 60 years and this has never happened in that time. However, if this improbable situation occurred, you would not be without coverage. Under a contractual agreement with CDSPI the insurer would be required to continue to offer disability coverage with the same benefits to all dentists covered under the group plan at that time.

Before you begin practising, you can contact us to obtain a no-cost, no-obligation review of your insurance portfolio to help ensure you have the right types and levels of personal and professional protection for your specific needs.

Once you graduate, your insurance needs will change as a newly practising dentist. One of the first steps we take is automatically increasing your coverage depending on the plan you initially selected. Your insurance coverage will automatically increase effective the date you graduate.

In terms of your personal insurance needs, there are many reasons to consider adjusting your life insurance coverage. Some examples include planning to get married, starting a family, or taking out a loan to purchase a home and/or a dental practice. You’ll also need to consider increasing your disability insurance as your income rises (since the amount of coverage you can obtain is tied to your income level).

Key among your professional insurance needs will be malpractice and office coverage.

Malpractice Insurance

When you apply to become a licensed dentist, the licensing body will require that you provide proof of having malpractice insurance. If you’ll be practising in Ontario, Alberta or Quebec, you’ll be required to obtain your malpractice coverage from the licensing body in those respective provinces.

If you’ll be practising in Canada outside of Ontario, Alberta or Quebec, you can obtain Malpractice Insurance from CDSPI. You can choose coverage amounts ranging from $3-million to $25-million, at an annual premium ranging from approximately $1,854.05 to $2,900.06* — depending on the coverage amount and deductible you choose. Contact us to learn about payment options.

In provinces where you are mandated to obtain your primary professional liability insurance from your regulator, we offer Excess Malpractice Insurance with limits ranging from $1-million to $23-million and the annual premiums range from $81.93 to $970.97.*

Office Insurance

TripleGuard™ Insurance is a convenient way to protect your dental practice against three financial threats. The plan helps you contend with the cost of repairing or replacing your office equipment and supplies when a disaster strikes (office contents coverage), lost income when you can’t practise due to a coverage business interruption such as a fire or flood (practice interruption coverage) and the cost of third-party legal actions such as one stemming from a patient who sustains a slip-and-fall injury (commercial general liability coverage).

If you’ll begin practising as a sole practitioner or partner, the cost of the TripleGuard Insurance coverage will largely depend upon the value of the contents inside your practice.

If you are working as an associate or a locum, you can get the TripleGuard Insurance Associate Package.  This coverage offers basically the same protection as the TripleGuard Insurance plan, except it provides $50,000 of office contents coverage. This is because associates usually don’t own the equipment (or other contents) in the practices where they work, and therefore aren’t normally responsible for insuring those contents. The office contents coverage under the Associate Package covers your own dental instruments and other work-related items you might own against loss or damage caused by insured incidents. The Associate Package has the added feature of insuring multiple locations that you are working at as an associate.