Planning For You

Disability insurance

The loss of income due to a disability is one of our greatest fears. Disability insurance is designed to protect your income if you are unable to work on a permanent or partial basis. Levine Financial Group offers non-cancellable coverage tailored to meet your individual needs. 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 and a conversion to long term care coverage.

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.
    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%.

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

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 guarantee the best rate.

Only Levine Financial Group has been approved/endorsed to work on behalf 19 Ontario Medical Associations and Hospitals where we negotiated a discount of up to 25% for disability insurance, 10% for critical illness insurance and savings on life insurance. Prior to these negotiations, there was no discount for physicians in the marketplace. We Save Physicians Money on their insurance.

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

Disability insurance limits for medical specialists, first year physicians, fellows and residents

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


With over $6,000,000 in claims filed through our office, we have extensive experience adjudicating claims on behalf of Physicians.

disability insurancecritical illness chart

Office Overhead Insurance

Office Overhead coverage is designed to pay your office expenses such as rent and staff salaries in the event of a disability. This policy covers total, residual and partial disability and can be designed for up to 24 months.

Levine Financial Group has worked with 19 Ontario Medical Associations and Hospitals where we negotiated a discount of 25% on disability insurance, 10% on critical illness insurance and cost savings on life insurance. 

We Save Physicians Money on their insurance.