Why Protect?We help get new dentists started on the right track!
To begin your journey on the right foot consider these three key points.
You need financial protection. We have you covered!
Disability Insurance – you need to have it! As a graduating dentist you are eligible for discounts that will continue for the life of the disability policy. We find the best coverage for you now and throughout your career.
Our advice is free!
We are an independent financial advisory firm that caters specifically to dentists. We offer insight and advice on any situation you may have during your career. And we never bill you by the hour!
You need a financial plan in place
Mapping out the early stages of your career with student debt on your mind can be overwhelming. Guidance around paying down student loans vs investing is what we do! We’ve helped thousands of dentists build substantial wealth for themselves and their families to create the life they’ve dreamed of and worked so hard for.
Events Attend An Event Come and meet with our team for expert advice
Throughout the year we host a number of special events. Seminars, lectures, lunches, dinners, and sometimes just a casual meetup for drinks after class, all are opportunities to interact with our team and determine if Protect Financial is the right fit for you.
New Dentist Jump StartWe have you covered
Dental school doesn’t teach you business. We ensure that you feel confident in your business decisions now and at every point in your career.
Our New Dentist Jump Start program will get you get up and running quickly and comfortably.
We’ll help you get going quickly with career advice and support services that you need immediately after graduation.
These services are all 100% complimentary for clients of Protect.
- Resume review
- Associate opportunities
- Tips on marketing yourself
- Reviewing associate agreement(s)
- New dentist seminars
Every situation differs, but there are fundamental risks to be addressed. All of the time, effort and expense to get through dental school could be undone by a disabling illness or injury that prevents you from practicing. A cancer diagnosis could seriously threaten your finances before savings even begin. If you have dependents or debts, life insurance is a must. Don’t stress… we’ll take care of you.
- Disability Insurance
- Critical Illness Insurance
- Life Insurance
It’s never too early to plan for your future. Early on, most dentists carry large debts. Income may fluctuate in the early years. But while it’s tempting to postpone financial planning until your situation is stable, that misses an early opportunity to get on the right track.
We’ll work with you to map out your financial future.
- Debt repayment
- Wealth management
- Tax planning for dentists
You want to surround yourself with people that understand you and your business. People that you can trust. People who will offer you objective advice. Using our vast experience developed over years of advising dentists, we guide our clients in many areas including:
- Buying vs building a practice
- Partnering or going alone
- Human resources issues
- Personal and Corporate Borrowing
- Whether and when to incorporate
Frequently Asked QuestionsWe have you covered
We’ve helped jump start the careers of thousands of dentists from all across Canada. Working closely with you as a trusted Advisor, we’ll get you quickly on the road to financial success.
When should I get long term disability insurance?
Our recommendation is to obtain the coverage as soon as possible to lock-in your student discount and minimize the chance of health changes impacting your insurability. In 1st through 3rd year you can get a small, inexpensive policy that preserves your future options. At the latest, you must obtain the coverage in 4th year or immediately after graduation. It is only at this time that you can get a monthly benefit of $3500 without having to show any proof of income.
What are the advantages or disadvantages of buying coverage sooner than later?
The advantages include:
- Lock-in your insurability – reduce the chance of a decline, exclusion or rating due to health
- Lock-in your student discount for the current and all future coverage
- You will always pay slightly less per month for your coverage when you start younger.
- You will 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 disadvantages include:
- Paying for coverage earlier
Do I need coverage if I specialize or complete a residency?
It is still our recommendation to get disability coverage while in dental school. If you were to become disabled at any time during your residency or while in your specialty program, you would be covered.
Do I need coverage if I plan on leaving Canada?
You can be covered with a Canadian disability plan even if you are leaving the country, and Canadian plans are generally better overall.
Does traveling negatively affect my coverage?
Short answer: Yes. 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.
Can one advisor offer a better deal on coverage than another?
No insurance advisor can offer “deals” such as additional discounts. The insurance companies determine the pricing. So someone who suggests they can get you a better deal (legally) is misleading you.
How do disability plan 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).
- Other new grad incentives.
All of these should be discussed and considered before selecting a plan.
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 primarily 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 is valuable protection that can address the immediate financial consequences of contracting a traumatic illness or suffering a 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
- You can acquire an inexpensive policy now and lock-in your insurability. Later on, when finances permit, you can upgrade the plan.
How do I make sure the coverage I have is right?
We are happy to provide you with a second opinion, as to the type, amount of coverage and riders on your plan. There is no cost for this review. Do not cancel it!
Can I keep my policy but switch insurance advisors?
Yes! You can change your advisor without affecting your policy. We can provide you with the form authorizing the change.
What other services do advisors offer?
- 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.
Can Protect help me with my investments?
As a new client, shortly after beginning your first associateship, we will establish an initial financial plan that includes recommendations for student debt pay down (when necessary) as well as investing (when possible). It addresses your risk tolerance and makes specific recommendations for how, and how much, to invest. The plan maps out the growth in your net worth over your first five years in practice. We can provide you with a sample of the plan and are always happy to talk about investing and building wealth.