Disability Income Protection for Medical Students

What if you were to become a patient?

Do you have the appropriate coverage? RBC has a disability plan specifically designed for Canadian Medical Students. With industry leading coverage limits of up to $25,000/month (tax-free), requiring no medical underwriting – It is a career plan, built to grow with you.

And if anyone understands the vulnerability of good health and the need for personal financial protection, it’s medical professionals.

Medical students Enjoy 25% off and 12 Months free coverage!

This is an RBC offering. Residents and Fellows purchasing DI Coverage for the 1st time qualify for 5 months of waived premiums after payment of 1st month’s premium.

RBC Medical Student Offer

Please contact our office to request a quote and discuss the various options available to you. We’ll supply you with an application to be completed and faxed. Our office can be reached at:

email: info@crossgrove.com

Phone #: 1 (800) 567-3094

What makes the Medical Student Disability Offer valuable?
  • 12 months free coverage (aka “waived premiums”)
  • 25% discount, applicable to the base contract AND all future increases in your benefit amount
  • Opportunity to increase your coverage up to $25,000/month (tax-free) over your career without ever being medically underwritten
  • Choice of Critical illness protection without medical or financial underwriting (Benefit amounts are a minimum of $50,000 up to $100,000)
  • Exclusive option to add business protection later on — with premium savings and no medical underwriting
  • The option to continue disability protection beyond age 65 or convert it to long term care insurance for lifetime protection
  • Fully guaranteed professional contract
  • Simple one page enrollment form, no medical requirements – seven simple questions when applying for both Critical illness and Disablity Insurance (six if only a disabilty application)
Building your customized 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 “Coverage Eligibility” below).
  2. Choose your Future Insurance Option (FIO) amount. FIOs give you the opportunity to increase your insurance coverage every year without medical questions. As your income increases, this feature helps your level of coverage (benefit/month) keep pace. The FIO amount is the maximum amount that you can increase your coverage 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
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 – therefore benefit payment is not an all or none proposition
  • 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
  • On each policy anniversary, the insured may excercise an increase to their monthly disability benefit by up to $3000
  • 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
Coverage eligibility

Any student enrolled in a recognized Canadian Medical School, residency, or fellowship is eligible. The benefit amount will reflect the appropriate level for each year of study.

The following monthly indemnities are available without income justification:

  • First and second year medical students – $2,000/month
  • Third year medical students – $3,000/month
  • Fourth year medical students – $4,500/month
  • Fellowship – $8,500/month
  • General Practitioners in first year of practice – $7,500
  • Specialists in first year of practice – $10,500/month

Your policy can be increased as a resident, fellow and first year practicing physician.

Frequently Asked Questions

I'm young, healthy and good looking - why should I care about disability insurance?

When you think of disability insurance, what is the first thing that jumps to mind? Broken Bones? Cancer? Often times it is accidents or illnesses that are catastrophic in nature. However, it doesn’t take a cataclysmic event for you to submit a successful disability claim. In fact, the leading cause of disability is mental illness (anxiety & depression).

Additionally, disability insurance is NOT an all-or-none proposition. Many disability policies provide partial benefits, if: Due to injury or illness, you are unable to perform at least one of the important duties of your regular occupation, OR you are unable to perform the important duties of your regular occupation on a full-time basis.

When you’re a healthy young adult, disability insurance is probably the last thing on your mind. Often times, we perceive ourselves as indestructible. However, accidents and sickness are quite unpredictable… affecting individuals that are both young and old, healthy and unhealthy. Statistics indicate that the likelihood a 25 year old becomes disabled for 90 days or longer within their working career is roughly 40%. Even more disconcerting is that the average length of the disability is 2.9 years. With this in mind, it is important to ask yourself: “Could I survive 2.9 years without an income?”

Understanding the risks, its important to note that steps can be taken to protecting yourself against the financial loss due to disabilityDisability insurance is used to protect your future earning potential. It is part of a well-structured risk management plan. And, risk management is the foundation of financial planning. 

Does the discount apply only to my original purchase?
No, you will be offered a premium reduction on insurance purchased today AND any coverage purchased in the future.
How does this plan differ from an association plan?
Association-type plans are not guaranteed. Features and premiums can change at any time without consent from insured members. In addition, many association-type plans include a “limitations” provision, allowing the insurer to reduce benefits. In essence, you may be paying for a benefit you may not be receiving. Under the Medical Student Offer, there is no such limitation clause. Premiums and contract wording are guaranteed to age 65.
Can I buy this from a Bank?
No, to take advantgage of this offer you’ll have to speak to an insurance broker.
I will be receiving mandatory, province-specific disability coverage when I start residency. What now?
Benefits under the Medical Student Offer are paid regardless of your residency coverage. It is recommended that you have some privately owned disability protection to supplement a resident plan and for your post-residency needs.
What if I already have association coverage?
A minimum of $500/month will be issued, even if the propsed insured has in-force association coverage.
Is coverage portable?
Yes, coverage can be carried with you anywhere in the world.
If I am healthy, are my rates less expensive?
No, rates are based on your age, gender, smoking status and the medical student discount.
How much Future Income Option (FIO) may I take?
At the time of application, you can choose the size of the FIO for both the Enhanced and Specialty plans, from $500 up to a maximum of $3,000 per month in increments of $500. In addition, at the end of medical residency or fellowship, you have the option to increase your FIO amount to up to the maximum $3,000, starting from 180 days before your completion of medical residency or fellowship to 180 days after it.
How does the 24-month pre-existing clause work?
If you had a pre-existing condition within the 24 months prior to the coverage being in force and the disability was related to a pre-existing condition and began within the 24 months after the coverage was in effect, then that condition is not covered.
Can I choose a shorter elimination period (aka "waiting period")?

Yes. However, a fully completed application and evidence of health are required.

The elimnation period or “waiting period” before benefit payments commence after the onset of disability is: 90 days

When should I apply for disability income protection coverage?
Now. You should apply for coverage while you are a current medical student or in training and can qualify for this unique offer. If you are finishing your residency or fellowship and graduating in June or July, you have until Sept 30th of that calendar year to submit an application. If you are finishing your residency or fellowship at any other point in time, you have up to 30 days from the date of graduation to submit an application.
When can I purchase the Guarantee Standard Issue Critical Illness Plan?
The Guarantee Standard Issue® Critical Illness Plan can be added upon initial purchase of the Medical Student Offer plan or at the same time you exercise the Special FIO in your first year in practice, provided you have an in-force Medical Student DI policy.
How does the option to elect business protection benefit me?

After this policy has been in force for two years, or you are entering your first year in practice, you can elect to apply, without medical underwriting, for coverage to protect against business overhead expenses or business loans should you become disabled. As a medical professional it is important that you protect not only your income but also your business in the event of a disability.

Coverage – Up to $10,000

Discount – Up to 15%

Renewability: Provisions and premiums cannot be altered, the policy cannot be cancelled without the consent of the policy owners, and premiums must continue to be paid for the policy to remain in force. Policy is renewable for life if premiums are paid on time. Rates and benefit periods are subject to change after the insured reaches the age of 55

New application required to take advantage of this offer.

The following monthly indemnities (coverage amounts) are available without proof of income through the RBC Offer


Occupation 1st Year 2nd Year 3rd Year 4th Year Residency / Fellowship First Year of Practice Premium Savings
Medical Doctors
Specialists $4,500 $11,000 25%
Medical Students $2,000 $2,000 $3,000 $4,500
Residents / Fellows $4,500
General Practitioners $7,500
Fellowship $8,500