We have you covered!
1. We’ve been told it would be better to buy our disability insurance now or as soon as possible. When should we be considering buying long term disability insurance?
We recommend obtaining the coverage as soon as possible, but at the latest, while you are in 4th year. It is while in 4th year that you will receive the highest monthly benefit and discount without having to show any proof of income. However, with the increase in exclusions you may wish to consider obtaining coverage sooner than later.
2. What are the advantages or disadvantages for buying coverage sooner than later?
The advantages include:
- Avoiding exclusions or ratings that may occur due to future health changes.
- You will always pay slightly less per month for your coverage when you start younger.
- You will be able to guarantee your ability to purchase coverage later on if your health changes for the worse, you start to smoke, you or your parents’ medical history deteriorates, you take up “hazardous sports”, or if you increase your risk in other ways.
- The only disadvantage is paying for coverage earlier
3. What if I am planning on doing a residency or specializing? What if I plan on leaving Canada?
- It is our recommendation to get disability coverage at the latest during your 4th year. If you were to become disabled at any time during your residency or while in your specialty program, you will be covered. You can also be covered with a Canadian disability plan even if you are leaving the country, and Canadian plans are generally better overall.
4. I have also been told that traveling could negatively impact my coverage. How is this so?
In recent years, insurance underwriters (those who determine your insurability) have taken a negative view of those who travel to regions of the world that have been affected by instability or terrorism. Depending upon your traveling history and future plans, some insurance companies may issue a travel exclusion on your disability coverage or even decline it. If you have travelled abroad, or plan to, let’s discuss the best way to proceed and which plan is best for you in light of your travel plans and travel history.
5. What are the differences between the insurance advisors speaking to our class and how should we choose one?
Finding the right insurance advisor is the first step in purchasing insurance coverage. In our opinion, here is what you should look for:
- Someone whom you trust and believe is providing you with the best advice for your needs.
- An advisor with significant experience, and who specializes in the dental field.
- Someone who understands your insurance needs as you move through each phase of your dental career.
- An insurance practice that has relationships with other advisors in the dental industry.
- An advisor who is independent and represents all of the major insurance companies.
- An advisor who doesn’t push one plan over another and doesn’t try to sell you coverage you don’t need.
- An advisor who has successfully handled many disability claims.
- A customer service support team to assist you.
- An advisor that provides regular reviews and additional value added services.
6. Can one advisor offer a better deal on coverage than another?
No insurance advisor can offer a better deal, including a cheaper plan or additional discounts, than another.
7. How do plans differ?
- There are a significant number of differences among long term disability plans including:
- Private plans versus those provided by CDSPI.
- Plan features, definitions and riders (options).
- Cost, including discounts.
- The amount of monthly benefit you are allowed to purchase (now and in the future).
- All of these should be considered before selecting a plan.
8. If I have disability insurance do I need life or critical illness insurance as a new grad?
Maybe yes, maybe no. Some insurance advisors try to sell you everything when you graduate whether you need it or not. You should buy what you need, when it makes the most sense for you. That’s not the same for everybody. This includes life insurance as well as other types of coverage such as critical illness insurance.
Life Insurance should be considered when:
- You have a family that relies on you financially.
- Bank loans (e.g. to buy a practice) require you to have life insurance.
- You have a mortgage that you want to be paid off in the event of your death.
- You want to leave money to other family members for personal reasons
Critical Illness insurance can address the financial consequences of a traumatic illness or catastrophic event.
- It should be considered when cash-flow permits, which may be now or later.
- It is especially helpful for non-income earning spouses.
9. What if I already purchased insurance?
Do not cancel it but get a second opinion, as to the type, amount of coverage and riders on your plan.
10. What if I decide to switch insurance advisors?
There is no problem should you decide to switch. All you will need to do is sign a form authorizing the change.
11. What are some of the value added services you can offer me?
- Individual resume and cover letter review.
- Help with finding an associate position and assistance with determining if it is the right situation for you.
- One-on-one career planning assistance.
- Advice on preparing for your 1st week in practice.
- Tips on how to market yourself as a new grad.
- Advice on buying versus setting up a new practice.
- Associate agreement and appraisal review.
- Access to our professional referral network.
12. Why should I choose Protect Financial and how are you different from the other firms?
- Protect is the only financial advisory firm that specializes in dentists, with over 1000 across Canada, and has a former dentist as an advisor on our team.
- We understand how you will run and manage your practice and dental career.
- We are completely independent; we have access to all of the major insurance companies.
- We have a team of specialists who can help you with:
- Disability and life insurance
- Tax and estate planning
- Corporate insurance planning
- Employee and group healthcare benefits
- We have an unparalleled claims record and have handled dozens of claims. During a claim, we ensure that the claim is submitted properly, and will assist you with:
- Career and practice advice
- Staff management and patient communications
- Arrangements for practice appraisal and sale
- We deliver concierge level client service from a team of client service representatives.
- We offer annual reviews to all of our clients.
- All features of Protect’s New Grad Jump Start Program including helping you find your first position.
- We work closely with professional advisors including accountants, lawyers, bankers, and practice consultants.
- You will always be treated with the highest level of care, professionalism, and respect.
13. How can I find out more about how you can help me with my investments?
We can send you a summary of our most recent investment presentation and schedule a one-on-one meeting.
14. What if all of this insurance stuff is too confusing right now? What should I do?
Call us and we can help!