Author: levinefinancial

RBC Insurance INCREASES its whole life dividend scale interest rate

GREAT NEWS – RBC Insurance is increasing its dividend scale interest rate to 6.25% (from 6.00%). The RBC participating whole life portfolio is focused on long term performance and policy stability. In light of the market volatility (remember 2018), whole life insurance is a conservative asset with guaranteed growth of the cash value and permanent life insurance. What is Participating Whole Life Insurance? A participating whole life insurance policy is designed to enhance the cash value in a long-term dividend…

Life Insurance – 10% discount

Since Covid, we have been hearing from physicians about increasing their life insurance. With this in mind, we have put together a limited time special offer to update your term life insurance with a 10% discount. Physicians can now apply for term life insurance with a 10% discount, competitive rates and a conversion option to permanent insurance. Up to age 60 can apply for $2,000,000 with a 10% discount. 61-75 can apply for $1,000,000 with medical tests and a 10% discount. Physicians…

Demystifying Whole life insurance for physicians

Most physicians are incorporated and save money inside their professional corporations. You may choose to invest in stocks, bonds, mutual funds, or whole life insurance. The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Participating Whole Life Insurance? A participating whole life insurance policy is permanent life insurance where the cash value and death benefit grow over time and can be utilized for retirement and estate planning…

OMA Insurance changes – Questions?

Recently Physicians received a communique about changes to OMA Insurance. We have had many calls from physicians asking about these changes. A few things you should know. According to the OMA, the OMA group disability insurance is now with Manulife. The OMA group term 75 life insurance is underwritten by New York Life and administered by Manulife. How have OMA Insurance rates changed? Over the past 10 years the cost for OMA insurance has increased. With OMA Group disability insurance, there…

RBC Medical Student offer – rate increase!

The RBC Medical Student offer is the most comprehensive disability plan in the marketplace for medical students, residents and fellows. As of October 1, 2023, the discount will be reduced from 25% to 10% for all new plans so if you don’t have coverage, now is the time to get it. How much coverage are you eligible for? Residents and Fellows: Residents – $4,500/month Fellows – $8,500/month Up to 5 months free coverage. Medical Students: Year 1-2 – $2,000/month Year 3…

Disability Insurance for Doctors

  Being Disabled means you are unable to work due to sickness or injury.  Whether it is a cardiac issue, nervous disorder, complication of pregnancy, a broken bone or pulled disc; anything can cause a disability. For physicians, a disability can be devastating by taking a toll your ability to earn income and this affects you and your family. What is Disability Insurance? Disability can be temporary or permanent. The most common causes of disability include accidents, cardiovascular mishaps, pregnancies,…

Your Will and Probate

When you pass away, your Will dictates how your estate is to be distributed. Upon your death, your will is likely going to be probated. Probate is the word that describes the process of having a Court accept a will as a valid Last Will and Testament and appoint an individual as executor of the estate to administer the estate. Administering an Estate: The individual appointed as executor in your will must apply to the Court for a “Certificate of…

Pickleball injury – now what?

I was playing pickleball on the weekend with a physician friend who slipped and broke his ankle. He said to me “good thing I have disability insurance right?” Disability insurance is designed to protect your most important asset, your ability to earn income. Being disabled means you are unable to work due to sickness or injury and your income determines how much disability coverage you should have. In my friends case, we review his insurance every year or two so he…