At Levine Financial Group, we do more than help you choose the right insurance policy.
|We are here to guide you through your financial decisions beginning when you graduate and our team works with you throughout your medical career. Our team of experts can guide you through the many different financial and insurance issues that you are considering as a graduating medical student.
Have you considered the following?
As full service advisors, we will help walk you through these issues.
Disability insurance is where you should start your planning….
Disability insurance is designed to protect your income if you are unable to work either partially or fully. We offer several options for you to consider in your disability policy, including an own occupation definition of disability, a cost of living adjustment, a future income option, HIV and Hepatitis B and C coverage for medical professionals, a conversion to long term care coverage and the highest discounts in the marketplace.
As a graduating medical student, resident or fellow one of the special offers you are eligible for is disability insurance from RBC Insurance or Canada Life.
RBC will allow you to enroll for comprehensive individual disability insurance with no medical and a guaranteed 25% annual premium discount. Canada Life will offer a 30% discount but requires a full medical if you want an HIV rider (which as a physician we recommend). As brokers we work with all the tier one carriers and will walk you through the differences between these two offers.
What options should you consider?
Own occupation is the most comprehensive definition for total disability. It states that if you are unable to perform the important duties of your own occupation due to injury or sickness and are under the care of a physician, you will receive full disability benefits.
The cost of living adjustment (COLA) protects you from inflation while on a disability claim by ensuring that your benefit is adjusted annually to reflect changes in the consumer price index.
A future income option (FIO) allows you to increase your monthly disability benefit on the anniversary date of your policy with no medical required.
The conversion to long term care coverage is important as you get older as it allows you to convert your disability policy to long term care coverage. Long term care insurance provides up to $300 per day or $9,000 per month for care in your own home or care in a facility with lifetime benefits to age 100. This is only with RBC.
Graduating medical students:
Where will you get the best rate?
Rates are set by the insurance companies, so if you are seeing a different rate from another advisor, something is different on their quote. We recommend working with an advisor that you can connect with and one that has credentials in the medical market.
Levine Financial Group has over 3500 Physicians as clients.
We created most of the discounts that physicians enjoy in the marketplace today.
We are known for Saving Physicians money on their insurance.