PGL - Insurance for Dentist

What Insurance Do I Need to Protect Myself and My Family’s Lifestyle?

An illness or accident can deprive you of the ability to earn an income, or worse yet, take your life. So you’ll need a core of personal insurance policies which protect you and your family. If you have questions regarding how to use personal insurance to protect your lifestyle and that of your family, call us.

You’ll need to protect your family's standard of living should you die. You can do this with life insurance, which protects your family financially by assisting with the costs of caring for minor children, future mortgage payments, funeral expenses, legal fees, taxes and other expenses. Life insurance can also be used for estate planning, for example, to pay your final tax bill, leaving your assets intact for transfer to your heirs. You can also use life insurance to protect your practice’s stakeholders, for example, to provide financial support upon the death of a key individual. (These needs can be met with a combination of term and permanent insurance. For more information on these types of insurance, click here.)

If you are diagnosed with a serious medical condition and require urgent medical attention, you may need a great deal of money right away to ensure that you receive timely and total care. Critical Illness Insurance provides you with timely financial assistance in the form of a lump-sum payment to use any way you need, after the diagnosis of a specified medical condition (and satisfaction of the policy conditions). For example, you might use the benefit to pay for early medical treatment outside of Canada or treatment that isn't available in Canada, to retrofit your house to meet certain special needs, to fund professional child-care or in-home nursing care, or to simply make an important dream come true. The benefit payment could allow you to protect your family's quality of life and preserve your investments and savings.

If you become injured or ill and unable to work, your bills and other everyday living expenses still need to be met. That’s why you’ll need long term disability insurance, which provides a benefit to help replace income should you become disabled.

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If you practise in a hospital, or are in the military, or work as an associate, you may be covered by your employer’s plan. However, it’s important to buy your own insurance if your employer does not provide sufficient coverage. You may also wish to purchase coverage if you expect to be self-employed in a dental practice in the future, since it could be more difficult to qualify for some coverages if you decide to wait.

A major injury may mean extra costs such as special medical equipment, making your home wheelchair accessible or training for a new occupation if you are unable to practice dentistry. Accident insurance protects you from the financial consequences of such an injury, which could easily run into the hundreds of thousands of dollars.

If you’re even thinking of travelling outside of your home province, you should be aware that travel insurance is a necessity. Without proper emergency medical travel insurance, just a couple of days in the hospital may cost you thousands of dollars and an extended stay could spell financial disaster.

For information on the full range of superior personal insurance plans designed specifically for the needs of dentists offered through the Canadian Dentists’ Insurance Program, click here to visit the insurance page of our affiliate company, CDSPI.

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