Dental Students



Why do dental students need disability insurance?

 


CDSPI plan information:

This discount applies not only to the base coverage purchased, but also to all future increases that you make to your policy throughout your career. This discount also varies by insurance company. Below find the maximum discount available.

  • Graduating with specialty – $4500 > discount of up to 25%
  • Graduating without specialty – $3500 > discount of up to 20%
  • Graduates going into residency – $3000 > discount of up to 25%
  • Third year dental students – $1000 > discount of up to 20%
  • First and second year students – $500 > discount of up to 20%

In addition to the discount, you will have a completely guaranteed policy issued to you while you are young and healthy. By waiting to apply for coverage, you take the chance that your health could change which could result in restrictive provisions or additional premiums added to the policy.

  • Career policy which offers top notch protection throughout your career
  • Worldwide portability
  • Fully guaranteed policy and premium
  • 30, 60, 90 or 120 day elimination period with benefits payable until age 65
  • Ability to increase your policy up to $25,000/month
  • Future insurance options to increase coverage annually without medical evidence until age 55*
  • Cost of living rider*
  • Health care rider*
  • No integration of benefits if your income is reduced or if you receive benefits elsewhere

* Please see our Products and Services for more information on these benefits.

Yes, coverage can be carried anywhere in the world.

Premiums are based on your age, gender, smoking status and the applicable discount. If you pose a higher than standard risk, an additional premium could be applied.

There are many riders available, however, the most popular amongst the dental students are the cost of living, own occupation, future earnings protector and health care rider. Additional options include return of premium, lifetime accident and graded sickness and retirement protector. For the definitions of these riders, see our products and services or ask your insurance representative.

Yes, you can choose the amount of coverage you would prefer (up to the maximum issue limit). A smaller inexpensive policy can be purchased while you are still in school, with a special option upon graduation, to increase your coverage to the graduation limit. You can also select the premium structure (Level or Graded) and which riders you wish to add to the policy (please see above for more information on riders available).

Yes, this offer provides you with a discount of 20% and the ability to increase your coverage upon graduation. Practicing dentists looking to obtain new coverage would be unable to receive this discount and can only increase coverage on their policy anniversary date.

The discount lasts as long as you maintain the policy. It is applied not only to the initial amount purchased, but also to all future increases made to the policy which results in substantial savings over your working career.

Yes, wording and pricing are guaranteed. The insurance company cannot change pricing or terms of your insurance until after age 65. The only exception is the Health Care Rider which currently has no premium. However, if the insurance company experiences significant claims, they can choose to charge a premium for this benefit. You may elect at that time to cancel this rider.

All students should take the free coverage offered through CDSPI which does not require any medical evidence. We also recommend proceeding with individual disability coverage in order to lock in your contract and premium rates. If you were to claim as a student, assuming you are approved by both insurance companies, both policies would pay out. In January following graduation, premiums will be charged on the CDSPI coverage. You can maintain the TripleGuard and life insurance, however, we recommend cancelling the disability insurance portion provided you have an individual plan in place.

You have until December 31st of the year you graduate to take advantage of the discount.

There are substantial contractual differences between association plans and individual coverage. Contractual differences are significant to disability policies as the contract dictates how, when and for how long you get paid. The major discrepancies outside of the contract are that associations typically do not offer guarantees to the contract or premium, nor do they have a representative to assist you when you need to increase your coverage or make a claim. To go through these differences in more detail please ask your insurance representative.

Now. You should apply for coverage while you are a student in order to lock in the contract and premium rates. You also have no idea what the future holds for you, so getting coverage when you are most healthy is always recommended.

• Disability insurance needs to be increased by exercising the special option available upon graduation up to $3500/m.
• If you are starting in practice and are responsible for office overheads, you should consider business overhead insurance. This reimburses eligible overhead expenses in the event of a disability to keep your office running.

If you have loans, a mortgage or dependants you should be looking to obtain life insurance. For more information on the coverage available, please visit our products and services or speak with your insurance representative.

Critical illness insurance will pay a lump sum benefit upon diagnosis of one of the covered illnesses (approximately 20 included). Many policies include an optional return of premium rider which allows for a refund of 100% of the premiums paid should you never make a claim on the policy. As a dental student you are eligible for 5 months of free coverage with RBC Insurance. For more information on critical illness insurance, visit our products and services or speak with your insurance representative.