Overhead Expense Insurance For Medical Students

Keep your practice viable while you recover from a disability

Your practice could have ongoing expenses such as rent and salaries that continue while you're disabled. Instead of dipping into your savings to pay the bills, use Business Overhead Insurance instead — and get more peace of mind. Through the RBC Medical Student Offer, you get a healthy discount.

Once you have your disability insurance, you can apply:

• after 24 months, or

• during your first year in practice

Your RBC Business Overhead Expense insurance is guaranteed until age 65. As long as you pay your level premiums on time, RBC can't change the plan, increase your premiums or cancel your coverage.

Coverage is conditionally renewable after age 65 if you're working and responsible for the expenses of a business — but the benefit period and premiums are not guaranteed. After age 75, benefits are reduced by 50%.

Features

• Benefit: if you're totally disabled, get a minimum of $450 per month to help cover regular business expenses (up to a maximum you selected). You can purchase up to $10,000 of lifetime payout under the Medical Student Offer.

  • If you're partially disabled, you get up to 50% of the maximum payout for up to three months.

  • If expenses in a given month don't warrant a maximum monthly payout, the unclaimed portion can be carried forward for use in a month where expenses exceed the maximum payment.

• Discount: you qualify for up to 15% off the standard premium depending on where you are in your medical studies.

• Waiting period: choose 15, 30, 60 or 90 days

• Benefit period: choose 15 or 24 months

  • If you are totally disabled for the entire benefit period and you haven't received benefits up to the lifetime maximum, benefits will be extended until that maximum has been paid out.

• 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.

Disability definitions are similar to those in RBC disability insurance. If you're receiving disability benefits, you generally qualify to receive business overhead expense benefits too.