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.
We recommend 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. All policies are issued with preferred underwriting, preferred rates and a 25% discount through RBC Insurance.
Individual 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. This option 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 Protection
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% Discount
As a physician/resident/medical student, you are entitled to a 25% discount. If you are 35 or under, you can choose an additional 15% step rate discount for a total initial discount of 40%.
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
Source: RBC 2018
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
As an OSA member, you are entitled to a 25% discount on disability insurance through the OSA Insurance program. Contact us INFO@OSAINSURANCE.COM
