Disability insurance for dentists: 2024 guide + best plans

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Sunny Yadav updated on 23 January 2024

Disability insurance for dentists is a crucial safeguard providing financial protection in case of illness or injury that renders them unable to work. But what are the best options in the market? Are there insurance plans specifically for dentists in Canada? Find out in our guide.

We take you through everything you need to know about disability insurance plans for dentists, coverage, pros, cons, and more.

To make the best choice and start saving right now, use our free comparator, explore the best disability insurance for dentists, and get free personalized quotes right here on this page.

Disability insurance for dentists: 5 key takeaways

  1. Disability insurance offers financial security in case of illness or injury.
  2. CDSPI's DisabilityGuard is designed specifically for dentists.
  3. Explore group disability insurance plans through provincial dental associations.
  4. Canada Life, Manulife and RBC are among the best private insurance companies.
  5. Cost varies based on age, health, occupation and coverage details.

What is disability insurance?

Disability insurance is a type of insurance that provides financial protection if you become disabled and are unable to work. It can help replace a portion of your lost income, which can aid you in covering your living expenses and maintaining your financial security.

There are two main types of disability insurance:

  • Short-term disability insurance: This type of insurance typically pays benefits for a few months to a few years, if you are unable to work due to a short-term disability, such as an illness or injury.
  • Long-term disability insurance: This type of insurance typically pays benefits for several years or until you reach retirement age, if you are unable to work due to a long-term disability, such as a chronic illness or a serious injury.

You can buy disability insurance from private insurance companies or through some employers. The cost of disability insurance will vary depending on your age, health, occupation, and the type and amount of coverage you choose.

Before you choose any policy, make sure to explore other options. Compare it with other providers to get the best deal. You can do it here, using our free comparison tool below. Explore multiple plans and get free quotes right here.

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How does disability insurance for dentists in Canada work?

As a dentist in Canada, securing disability insurance is crucial for protecting your income and livelihood in case of illness or injury. Here's a breakdown of key points to consider:

Types of disability insurance for dentists in Canada:

  • Own-occupation coverage: This is highly recommended for dentists as it replaces your income if you can't perform your specific dental duties, even if you can work in another field. CDSPI's DisabilityGuard is a prime example, offering this specialized coverage for dentists.
  • Non-own occupation coverage: While cheaper, it replaces income only if you can't work in any occupation, potentially leaving you financially vulnerable if you can't perform dentistry.

Things you should consider:

  • Benefit amount: Choose a benefit amount that adequately replaces your income after taxes. Consider your expenses, debts, and desired lifestyle while calculating this.
  • Elimination period: This is the waiting period before benefits start. Shorter periods are better but come with higher premiums.
  • Benefit duration: Choose a duration that aligns with your recovery timeline or retirement plans. Long-term coverage is recommended for dentists due to the potential severity of career-ending conditions.
  • Riders and add-ons: Consider additional benefits like rehabilitation assistance, cost-of-living adjustments, and family income riders for comprehensive protection.

Finding a disability insurance policy:

  1. Canadian Dental Scholarship & Bursary Program (CDSPI): Offers the DisabilityGuard™ plan designed specifically for dentists with own-occupation coverage and favorable rates.
  2. Your Provincial Dental Association: They might have partnerships with insurance companies offering discounted rates or group plans for dentists.
  3. Independent Insurance Brokers: These professionals can compare policies from various companies and secure the best deal for your needs.

Let’s explore all these options in detail.

What is CDSPI’s DisabilityGuard?

A great option for disability insurance for dentists, DisabilityGuard is an own-occupation coverage. It ensures your income is replaced even if you can't perform your specific dental duties due to illness or injury, even if you can work in another field.

This is crucial for protecting your career-specific earning potential. Here’s what it offers:

  • You can choose a monthly benefit amount of up to 66% of your gross monthly income, ensuring substantial income replacement.
  • You can choose from various elimination periods like 30, 60, 90, or 180 days, balancing faster benefits with higher premiums.
  • You can select a duration that aligns with your needs, ranging from 2 years to retirement age. Long-term coverage is recommended for dentists considering the potential severity of career-ending conditions.

Good to know

You can enhance your coverage with optional riders like family income rider, cost-of-living adjustments and rehabilitation assistance for a more comprehensive safety net.

Eligibility and application

DisabilityGuard is open to licensed dentists under age 65 residing in Canada, who are members of the Canadian Dental Association (CDA) or a participating provincial/territorial dental association.

Its application requires medical and financial evidence demonstrating good health and financial sustainability. The cost will vary based on individual factors like age, health, chosen coverage options, and elimination period.

You can use our comparator to compare DisabilityGuard's coverage with other disability insurance plans offered by private companies in Canada. Explore plans, and premiums, and get instant quotes right here using our free tool below.

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What are the Provincial Dental Association's options for disability insurance?

Many provincial dental associations in Canada partner with insurance companies to offer discounted rates or group plans for disability insurance to their members. Here are some specific examples:

Alberta Dental Association (ADA)

ADA partners with Manulife Financial to offer its members exclusive access to group rates on disability insurance plans.

These plans typically feature:

  • Discounted premiums: Members receive preferential rates compared to individual plans.
  • Simplified application process: Group plans often have streamlined application processes with less paperwork.
  • Guaranteed acceptance: In some cases, members may be guaranteed acceptance without medical underwriting, depending on plan details.
  • Variety of coverage options: Choose from different benefit amounts, elimination periods and benefit durations to customize your coverage.

Ontario Dental Association (ODA)

ODA collaborates with Sun Life Financial to provide its members with access to disability insurance plans at preferential rates.

They offer:

  • Own-occupation and non-own-occupation coverage: Choose the level of protection that best suits your needs.
  • Additional riders: Enhance your coverage with options like cost-of-living adjustments, family income riders and rehabilitation assistance.
  • Flexible payment options: Choose monthly, quarterly or annual premium payments.
  • Dedicated support: Members have access to personalized support from ODA and Sun Life representatives.

British Columbia Dental Association (BCDA)

BCDA has partnered with Desjardins Insurance to offer its members group disability insurance plans.

These plans include:

  • Competitive rates: Benefit from the collective buying power of the BCDA membership.
  • Flexible benefit amounts: Choose a monthly benefit amount that meets your income needs.
  • Choice of elimination periods: Select the waiting period before benefits begin based on your preferences.
  • Tax-deductible premiums: Enjoy the tax benefits of deducting your disability insurance premiums.

Which private companies offer the best disability insurance for dentists?

Determining the best private insurance company for disability insurance for dentists in Canada depends largely on your individual needs and priorities.

Here are some reputed providers that are known for their disability coverage and good customer service:

  1. Canada Life disability insurance: Offers flexibility through numerous riders and optional coverage, allowing you to customize your policy to fit your specific needs.
  2. Manulife disability insurance: Provides several plans specifically designed for professionals, including dentists, and offers favorable rates for certain professions.
  3. RBC Insurance: Excels in coverage for high earners and professionals, often offering more generous benefit amounts and flexible terms.
  4. Desjardins Insurance: Known for its top-up coverage options, allowing you to layer additional coverage on top of existing policies or group plans.
  5. iA Financial Group: Offers a straightforward approach with competitive rates and a variety of plan options.

Here’s a quick comparison of all the 5 options:

FeatureCanada LifeManulifeRBC InsuranceDesjardinsiA Financial Group
Target audience
Professionals, flexible coverage optionsProfessionals, dentistsHigh earners, professionalsProfessionals, top-up optionsProfessionals, competitive rates
Own-occupation coverage
Riders and options
Numerous, including Future Care Option (disability to long-term care)Automatic benefit increase, long-term care conversionExtensive, Own Occupation Riders well-regardedVaried top-up optionsMultiple options
Strengths
Customization, future care optionProfessional focus, dentist specializationHigh limits, flexibilityTop-up coverage, layering optionsCompetitive rates, straightforward
Weaknesses
May be complex for somePotential limitations for non-professionalsHigher premiums for high coverageFocus on top-up, limited primary coverageMay not offer all desired riders
Best disability insurance for dentists in Canada

What is the cost of private disability insurance in Canada? 

The cost of disability insurance in Canada for dentists can vary widely depending on several factors, making it difficult to give you a single, definitive answer.

Here are the key factors that can affect the cost:

  • Age: Premiums generally increase with age, as the risk of disability rises.
  • Health: Pre-existing medical conditions can lead to higher premiums or even policy denials.
  • Occupation: Dentists face higher premiums due to the physical demands of their job and the potential for career-ending injuries.
  • Coverage details: The chosen benefit amount, elimination period, benefit duration, and additional riders all impact the cost.
  • Insurance company: Different companies have varying pricing structures and may offer discounts for group plans or certain professions.

To give you a rough idea, here are some estimated quotes for a 40-year-old dentist in good health seeking own-occupation disability insurance with a $10,000 monthly benefit:

Coverage TypeMonthly BenefitEstimated Premium Range
Short-Term Disability (2 years)
$10,000$500 - $1,000
Long-Term Disability (to retirement)
$10,000$1,500 - $3,000
Cost of disability insurance for dentists

Your actual cost could be higher or lower based on your specific circumstances. Use our comparator to get personalized quotes from different insurance companies to find the best coverage for your budget and needs.

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Sunny has over six years of experience curating engaging content spanning across industries. Specifically in finance, his expertise is insurance reviews and lending and investment topics.

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