Disability Insurance For Medical Students

Standard features with the RBC Professional Series

You get many features built-into the product:

• Tax-free benefits: receive tax-free monthly benefits up to age 65 after a 90-day elimination period.

• Guaranteed premium rates to age 65: your premium rates will not increase as you get older or if RBC has more claims than expected.

• Non-cancellable: as long as you pay your premiums on time, RBC can't change your policy.

• Coverage beyond age 65: you have the contractual right to continue your coverage regardless of your health. The benefit period is reduced.

• Conversion to long term care insurance: you have the contractual right to elect lifetime income regardless of your health, You receive tax-free income if you have a cognitive impairment or are unable to perform two or more Activities of Daily Living.

• Portable: you can keep your coverage wherever you are on earth.

• Premiums waived during disability: After 90 days of disability, your premiums are waived while you remain disabled. You also receive a refund of premiums paid during those 90 days.

• 10-day free look: you can cancel your coverage within 10 days of receiving the policy contract and receive a full refund

Recommended options

• Future Income Option: as your income increases, you can increase your coverage with proof of income regardless of your health. The maximum tax-free benefit is $25,000 per month.

• Cost of Living Allowance: during a claim, your benefits increase 2-10% annually based on the Consumer Price Index (CPI).

• Disability In Your Occupation: receive benefits if you can't do your regular work even if you can do other work (without this rider you might not receive benefits in this scenario).

The Special Offer

RBC has a special offer which is only available to medical students (including residents, fellow, specialists):

• simplified application: you skip the longer, regular paperwork.

• financial underwriting waived: you don't need to provide proof of your current income or have your coverage limited by your current income.

• simplified medical underwriting: you do not need a medical examination or to provide body fluids.

• coverage for HIV, hepatitis B, hepatitis C

• discounts: save 25% on your premium and any future increases purchased with the optional Future Income Option (FIO) rider.

• premium holiday: have your initial premiums waived:

  • medical students: 12 months

  • residents and fellows: 5 months

The maximum tax-free benefit depends on whether you are a medical student, resident, fellow, specialist or general practitioner in your first year of practice.