Unique Opportunity for Practicing Ontario Health Care Professionals

Building your customized disability plan

Are you paying too much for your benefits? Our Independent & Professional Group Benefit Consultants are happy to conduct a free but thorough analysis of your existing coverage in order to:

• 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).
• 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
• 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.
• 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

According to the OMA, what is coming for Ontario Doctors under their current insurer’s group disability plan?

1. You may see an increase in your disability and optional rider premium rates.
2. GIB (Guaranteed Insurability Benefit) rates are changing from a rate based on your sex and smoker status to a rate based on your sex, smoker status and age.
3. Currently, step-rates change every 10 years based on your age. This is changing to every five years, which means that you will now see a change to your rates based on your age every five years, rather than the current 10 years.

What Can this mean to the future of the program?

Coverage and pricing changes often lead to younger, healthier members migrating to private, discounted, fully guaranteed plans. This adverse-selection process, can further erode the long-term viability of the remaining risk pool.

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