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 and we wanted to let you know we are here to help.

Below is a general overview on various insurance products and COVID-19

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.

RBC Insurance DI policies – from RBC Insurance 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.

Professional Overhead Insurance Coverage:
If you have RBC Professional Overhead Insurance coverage and are quarantined under medical orders (e.g. a public health official or a physician) or disabled from COVID-19, RBC will consider you disabled from the onset of the quarantine period, subject to your policy elimination period.

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 a defined list of illnesses with definitions for each illness based on the time your policy was purchased. COVID-19 is not an illness currently covered in a critical illness 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 info@osainsurance.com or call 416-222-1311

Thank you
To our health care workers and physician community, thank you for your extraordinary efforts during this challenging time!

416-222-1311 I info@osainsurance.com

March 2020