COVID-19 and your insurance

The spread of Coronavirus (COVID-19) has raised concerns and stress for you, your family and your patients. We have received several emails and calls from physicians asking about their insurance. Below is a general overview on various insurance products and COVID-19.

COVID-19 Update for RBC Insurance DI policies – effective March 20, 2020

As we continue to update and refine our plans as the COVID-19 situation evolves, we have revised our position on satisfying the elimination period (EP) for all RBC Insurance® individual disability insurance policies, including Guarantee Standard Issue (GSI).

Earlier this week we stated that the EP would begin the day the insured showed symptoms. Effective immediately, the EP will begin the first day of quarantine, for those showing symptoms
Please see highlighted bullet below for the revision.

Satisfying the EP for DI policies

  • Still applies – If a client is in self-quarantine, even if it has been mandated or recommended, and is not displaying any symptoms of COVID-19, they would not satisfy the definition of disability and the 14 day period would not contribute to the elimination period.
  • New! – If someone is in self-quarantine, is displaying symptoms, and satisfies the definition of disability, the EP would begin the first day of quarantine. Payment would only be made once the elimination period is satisfied.

Critical illness insurance
Critical illness insurance is designed to create a tax-free lump sum payment soon after the onset of a critical medical problem such as a heart attack, life threatening cancer, stroke etc. These policies have defined illnesses and definitions for each illness. COVID-19 is not an illness defined under a current critical illness insurance policy.

Long term care insurance
Long term care insurance protects you against medical illnesses and the financial impact that prolonged medical attention may have on your ability to conduct your daily activities (bathing, dressing, feeding, toileting, transferring, and continence) and the associated financial consequences. In the event of a cognitive impairment or the inability to complete two or more activities of daily living, your full benefit amount will be paid tax-free to help you cover the cost of care. COVID-19 does not apply here unless you are unable to do the activities of daily living.

Life Insurance
If you pass away due to COVID-19, rest assured that your life insurance policy will pay and your family will be taken care of.

We are here to help.
We understand this is an uncertain time for you, your family and your patients; we are here to support you in whatever way we can. If you have any questions on your specific insurance policies, please email or


Elliott Levine, MBA, CFP

Elliott Levine is the President of Levine Financial Group in Toronto
We Save Physicians Money on their Insurance
416-222-1311 I

March, 2020