Disability coverage – don’t get it and forget it

Consider this scenario. When you started practising, your annual earned income1 was about $120,000 and you purchased enough disability insurance to support your lifestyle – back then. Years later, you have a mature and thriving practice and your income is three times that amount.

On a ski vacation, you suffer a serious back injury that will keep you from practising for several months. What are the implications if your disability insurance was not adjusted to reflect your higher income? How will you cope?

Protect your income

Your lifestyle depends on your income. Even if your income is temporarily interrupted, there are fixed costs that can’t be avoided: your mortgage, debt payments, taxes and basic living expenses. Beyond that, you want to maintain the standard of living your family is used to when it comes to clothing, home and car expenses, school fees, restaurants, vacations and much more.

In the scenario above, even though your spouse or partner may provide a second income, you may have difficulty keeping pace with the lifestyle you’ve come to enjoy. And the last thing you want to do is dip into your retirement savings.

With CDSPI’s DisabilityGuard™ Insurance, you can tailor the level of benefits you need to replace your lost earned income. The maximum benefit is based on a percentage of your pre-tax income after business expenses, up to $25,000 per month. If you pay your premiums personally, any benefits you receive are tax-free.

The more you earn, the more money you have to protect

“We often receive calls from dentists who are underinsured,” explains Renata Whiteman, Senior Advisor at CDSPI Advisory Services Inc.2 “They get coverage when they graduate and then they forget about it. Years later, they need to make a claim, but their benefits are nowhere near what they require. By then it’s too late.”


If you want to increase your coverage to the level you currently want, you will have to provide medical evidence of good health. You can avoid this for future increases by getting the Future Insurance Guarantee (FIG) Option.3 You only need to get a medical when you first apply. After that, you can increase your coverage by up to 25%, annually on your birthday, without a medical.

Adjust regularly

We encourage dentists to review their coverage needs every year. You can contact one of our insurance advisors who work exclusively with dentists to determine the level of coverage you are eligible for, and to discuss options for tailoring your premiums to your needs.

Protect your income with DisabilityGuardTM
Guaranteed features and premiums Premiums are guaranteed until age 65, while the features are guaranteed while your coverage is in force.
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 beyong the traditional retirement age.
Flexible premium options Choose a lower premium option that increases in 5-year age bands to age 75, or pay the same amount yearly to age 64.
Own occupation definition automatically included Should you suffer a career ending injury or illness, your disability benefits will continue even if you pursue a new occupation.

DisabilityGuard™ Insurance is underwritten by The Manufacturers Life Insurance Company (Manulife), PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8.

1 Annual earned income consists of income earned by you in any and all occupations and/or from any business or professional practice (excluding unearned or investment income such as pensions, interest, dividends, etc.) after deducting business expenses, but before income taxes.
2 Insurance Advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions may apply to advisory services in certain jurisdictions.
3 You must be under age 55 and not on a disability claim to exercise this option.

This information is presented for your general guidance. Complete terms, conditions, exclusions, restrictions and limitations governing the coverage are found in the insurance contract for DisabilityGuard™ Insurance. DisabilityGuard™ is a registered trademark of CDSPI.