Below is an overview of the different options and definitions you should consider when setting up your disability insurance.

• Own occupation
  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.
• Cost of living adjustment
  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.
• 
  Conversion to long term care
  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.
• Future income option
  A future income option (FIO) allows you to increase your monthly disability benefit on the anniversary date of your policy with no medical required.
• HIV HEP B&C
  The health care rider is mandatory for physicians. If you have HIV or Hepatitis B and C, you may qualify for a disability claim.
• Return of premium
  Some carriers offer a return of premium option which refunds 50% of your premium paid every 8 years. When you run the numbers, this is an expensive option!
• 25-40% Discount
  As a physician/resident/medical student, you are entitled to a 25-40% discount. If you are 35 or under, you can choose an additional 15% step rate discount for a total initial discount of 40%. This discount is being reduced to 10% on October 1, 2023.

 

As brokers we are licensed with ALL tier one insurance carriers and will walk you through the differences between each company.

The amount of disability insurance you can get is based on your net income. In cases where you are incorporated, we may look at your corporate income. Below is a chart illustrating your net income before tax and the amount of monthly disability insurance for which you may be eligible.

Income	Disability Insurance per month
$100,000	$5,200
$200,000	$8,550
$300,000	$11,350
$400,000	$13,675
$500,000	$16,050
$600,000	$18,525
$700,000	$20,875
$800,000	$23,075
$900,000	$25,150
$1,000,000	$27,100

Limits may vary by company

Are you a medical student?

• Year 1-2 -$2,000/month
• Year 3    – $3,000/month
• Year 4    – $4,500/month

Are you a resident, fellows, specialist or first year physician?

Medical specialists in their first year of practice	$11,000/month
Non-medical specialists in their first year of practice	$ 7,500/month
Fellows	$ 8,500/month
Residents	$ 4,500/month