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
If you have RBC Disability 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.
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. COVID-19 is not a critical illness.
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.
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 firstname.lastname@example.org or call 416-222-1311