Canadian Federation of Medical Students
RBC has a plan specifically designed with medical students in mind. It is a career plan, as it provides top notch protection not only during medical school, but also throughout residency and into full-time practice.
*Please refer to the Glossary of Terms to learn more.
Your policy can be increased as a resident, fellow and first year practicing physician. To view the guaranteed issue limits that you can obtain at that time, please visit the Residents tab below.
To enroll, print off an application and fax the completed form to 519-667-0135 with a copy of a void cheque.* Please contact our office to request a quote and discuss the various options available to you.
* RBC will draft the first month’s premium at time of application and the subsequent 12 months will be free.
Yes, coverage can be carried anywhere in the world.
No, rates are based on your age, gender, smoking status and the medical student discount. By applying with medical evidence, you forgo the discount and your rate will be based on the criteria listed above. Submission of your health or medical testing could preclude you from receiving a standard issue plan.
Yes, you can elect the amount of coverage you would like (up to $4,000), the premium structure (Level or Step Rate), the definition of disability (regular occupation or own occupation), whether you want cost of living protection now or to add it later, and the amount that you increase your coverage by each year through the future insurance option ($500 to $3000).
Is the Medical Student Offer disability income protection plan different from the current plan available to physicians on an individual basis?
The contract itself is not different than what is available on the open market, however the medical student offer is a special offer to you while you are a medical student. The same offer is available to residents/fellows, but they receive 5 months free instead of 12. Since no medical evidence is required to obtain this plan, the insurance company places a two year pre-existing condition amendment to the policy. This amendment is further explained below.
If you had a pre-existing condition within the 24 months prior to coverage being inforce and the disability is related to a pre-existing condition and begins within 24 months after the coverage is in effect, then that condition would not be covered. However, if there are no claims after two years, all conditions are covered.
Yes, wording and pricing are guaranteed which makes this offer unique to the marketplace. The insurance company cannot change pricing or terms of your insurance until after age 65. The only exception is the Health Care Rider which currently has no premium. However, if the insurance company experiences significant claims, they can choose to charge a premium for this benefit.
I will be receiving mandatory, Province-specific disability coverage when I start Residency. How does this impact my plan?
This plan is designed to provide you with the coverage you rely on throughout your career. Should a claim arise during Residency, you may be eligible to collect under both plans. Please consult your insurance advisor for more information in this area.
No, you will be offered a discount on insurance purchased today AND any coverage purchased in the future (using the Future Income Option rider). As most coverage will be added post Residency, this feature allows for substantial savings over your career.
Yes, however, a full application must be completed with full evidence of health.
You have the option to bring your policy up to $25,000/month (based on financial evidence). This will insure a net income in excess of $935,000 without medical testing.
You can still apply for a policy as a resident, but the free coverage period is shorter. The application, discount, and flexibility of the policy to customize to your needs remain the same. After residency, you can apply for a policy but full medical evidence will be required and the full 25% discount will no longer be available.
There are many contractual differences between association plans and the RBC Medical Student offer. Contractual differences are significant to disability policies as the contract dictates how you get paid, when and for how long. The major discrepancies outside of the contract are that associations typically do not offer guarantees to contract or premium, nor do they have a representative to assist you when you need to increase your coverage or make a claim. To go through these differences in more detail please ask your insurance advisor.
Now. You should apply for coverage while you are a current medical student and can qualify for this unique offer.
If you have loans, a mortgage or dependents you should be considering life insurance. For more information on the coverage available, please visit our products and services or speak with your insurance advisor.
Critical Illness insurance will pay a lump sum benefit upon diagnosis of one of the covered illnesses (approximately 25 included). Many policies include an optional return of premium provision which allows for a refund of 100% premiums paid if you do not make a claim on the policy. As a medical student you are eligible for between $50,000 and $100,000 of critical illness insurance through RBC. The price remains level to age 75, and there is no medical underwriting required. For more information on critical illness insurance, please visit our products and services or speak with your insurance advisor.