Disability Income Protection for Medical Students

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.

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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.

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