41
Volume3 Issue2
|
Ways toTailor Insurance Premiums
S
upporting
Y
our
P
ractice
Aswith life insurance, youcanbenefit frompremium
reductions if yourhealthy lifestylequalifiesyou for
HealthEdge rates. (
Table
➌
)
OfficeOverheadExpense (OOE)
If youareunable topractise for severalmonthsor
longerdue toan injuryor illness,OOE Insurance
can reimburseoverheadexpenses suchas rent,
equipment leases, utilities, staff salariesandmuch
more. Youcancustomizeyourmonthlybenefit and
premiumsbasedon:
1) yourongoingeligibleexpenses;
2) thewaiting timebeforebenefitsbegin (14or 30
days);
3) themaximum lengthof timeyoumay receive
benefits (12or 24months); and
4) afixedor reducing scheduleofpayments. (A
fixedplanprovidesup to100%of yourmonthly
benefit for the full lengthof your claim,whilea
reducingplan startsat 100%and reducesby set
percentagesat specific intervals.) (
Table
➍
)
TripleGuard™ Insurance
TheTripleGuard™ Insuranceplanprovidesoffice
contents, practice interruptionandcommercial
general liabilitycoverage for completeprotection
of youroffice. It’s important that youkeepyour
coverageadequate for thevalueof youroffice,
particularlyasyou renovate, expand, or addnew
equipment. If youown thebuildingyoupractise
in, youareeligible for a10% reductiononyour
TripleGuard™ Insurancepremiumwhenyouadd
Building Insurance.
HomeandAuto
By representing the interestsof thousandsof
dentists, their staffand familymembers, CDSPI
isable toprovidepreferred rates for thedental
community. These rates canbe further reduced
whenyoupurchasebothhomeandautocoverage,
or coverage formore thanonevehicle. Andyou’ll
savewhenyououtfit your vehiclewith fourwinter
tires, or equipyourhomewithacentrallymonitored
alarm system.
Theseexamplesprovidea startingpoint for a
comparisonofplanvariables. (Full rate tables canbe
foundunder the Insurance tabat
cdspi.com
) Tofind
outhowyoucanadjust existingpoliciesaccording to
your current circumstances, or acquirecompetitively
pricedplans for theprotection that isappropriate for
you,we inviteyou to speak toan insuranceprofessional
atCDSPIAdvisoryServices Inc.
a
All ratesquoted in thisarticleare for yourgeneral guidanceandareexclusiveof taxes. Youcan learnmoreabout
precisedetails, termsandconditions (including restrictionsandexclusions) fromanadvisorwithCDSPIAdvisory
Services Inc. Restrictions toadvisory servicesmayapply incertain jurisdictions.
• BasicLife,AD&D, LTDandOOE InsuranceunderwrittenbyTheManufacturersLife InsuranceCompany (Manulife).
• TripleGuard™ InsuranceunderwrittenbyAviva InsuranceCompanyof Canada.
• Home&Auto InsuranceunderwrittenbyThePersonal InsuranceCompany. ThisAuto Insurance isnot available
to residentsofQuebec,Manitoba, SaskatchewanandBritishColumbia. ThisHome Insurance isnot available to
residentsofQuebec.
CDSPIprovidestheCanadianDentists’InsuranceProgramand
theCanadianDentists’InvestmentProgramasmemberbenefitsofCDA
andotherparticipatingprovincialandterritorialdentalassociations
.
Yearly premiums for a 30-year-old female non-smoker earning $150,000,
with amaximum benefit of $6,400 per month*
Elimination
Period
30Days
60Days
90Days
120Days
Basic
$3445.76
$2549.76
$1953.92
$1774.08
HealthEdge
$2730.88
$2019.84
$1547.52
$1406.08
* Premiums include theOwnOccupation, Cost of Living Adjustment, and Future Insurance GuaranteeOptions.
➌
Yearly premiums for a $10,000 per month benefit,
for a 45-year-old female non-smoker who qualifies for HealthEdge rates.*
Elimination Period
14Days
30Days
12Mo. (fixed payments)
$1774
$1330
12Mo. (reducing payments)
$1532
$1132
24Mo. (fixed payments)
$2517
$1940
24Mo. (reducing payments)
$1887
$1406
➍
Comparison of Basic Life andAD&D yearly premiums for a 42-year-old non-smoker
Coverage amount
Basic Life
(Basic Rate)
AD&D
$100,000
$139.84
$ 40.80
$300,000
$419.52
$122.40
$500,000
$664.24
(With 5% reduction)
$204.00
➋
Premium reduction opportunities for Basic Life
CoverageAmount
PremiumReduction Benefit (%)
by Rate Category
From
To
AdvantEdge
HealthEdge and
Basic Rates
$500,000
$975,000
15%
5%
$1,000,000
$1,475,000
25%
10%
$1,500,000
$2,000,000
27.5%
15%
➊
* Premiums include theOwnOccupation and Future Insurance GuaranteeOptions.
