Medical Students


Why do medical students need disability insurance?

 

Canadian Federation of Medical Students
(CFMS) plan information:

RBC Medical Student Offer

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.

What Makes The Medical Student Offer Valuable?
  • 12 months free coverage
  • 25% discount for life, applicable to the base contract and all future increases in your benefit amount
  • Simple one page enrollment form
  • No medical requirements – seven simple questions
  • Career plan, which offers you top notch protection through medical school, residency and practice
  • Opportunity to increase your policy up to $25,000/month over the life of your career
  • Fully guaranteed professional contract

How do you Build Your Plan?
  1. Choose your benefit amount (the amount that you would get paid if you needed to claim). You can choose any number between $500/m and the maximum you are eligible for based on your year of study (see “How Much Coverage Am I Eligible For?”).
  2. Choose your Future Insurance Option (FIO) amount. FIOs give you the opportunity to increase your insurance every year without medical questions. This feature helps you keep pace with your income over the course of your career. The FIO amount is the maximum amount that you can increase by in each year. You can choose an amount between $500-$3000. This feature can be upgraded anytime up to 6 months after residency.
  3. Decide on the other features you would like in residency. These features can be added anytime up to 6 months after residency, without medical questions: Cost of Living Adjuster (COLA) and Own Occupation.
  4. Level or Step Premium

What are the Benefits of an Individual Professional Contract?
  • Worldwide portability
  • Guaranteed contract
  • Guaranteed premiums until age 65 (Health care rider is subject to change.  Currently there is no charge for this rider.)
  • Covers you in your specialty
  • Residual and partial benefits* if your disability allows you to work on a reduced basis
  • 90 Day elimination period* with benefits payable until age 65
  • Accumulation of Days* over 12 months
  • Ability to maintain policy beyond age 65 as long as you continue full time employment
  • Waiver of premium* if disabled 90 days with a full refund of the premiums paid from onset of disability
  • Future Insurance Options to increase coverage annually without medical evidence until age 55* up to $25,000/m of coverage
  • Cost of Living Rider*
  • Health Care Rider*
  • Presumptive Disability Benefit*
  • 12 Month Recurrent Disability*
  • Up to 4 Months Recovery Benefit*
  • Survivor Benefit*
  • No Integration of benefits* if your income is reduced or of you receive benefits elsewhere
  • Ability to convert to Long Term Care insurance in the future offering life long protection
  • Return to work assistance program

*Please refer to the Glossary of Terms to learn more.

How Much Coverage am I Eligible for?
  • First and second year medical students – $1500
  • Third year medical students – $2500
  • Fourth year medical students – $4000

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.

How to Enroll
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.

Application for the RBC Medical Student Offer

* RBC will draft the first month’s premium at time of application and the subsequent 12 months will be free.

Frequently Asked Questions

Is the coverage portable?
Yes, coverage can be carried anywhere in the world.

If I am healthy and submit medical evidence are my rates less expensive?
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.

Do I have a choice in plan design?
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.

How does the 24-month pre-existing clause work?
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.

Is the wording and pricing of my insurance policy guaranteed to age 65?
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.

Does the discount apply only to my original purchase of coverage?
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.

Can I choose a shorter elimination period?
Yes, however, a full application must be completed with full evidence of health.

By how much can my coverage be increased?
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.

What if I miss the enrollment period?
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.

How does this plan differ from an Association based plan?
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.

When should I apply for disability insurance?
Now. You should apply for coverage while you are a current medical student and can qualify for this unique offer.

Should I be looking at life insurance?
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.

What is critical illness insurance?
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.