What Type of Disability Insurance Should a Doctor Buy?

Doctors demand action
What type of Disability
Insurance Should a
Doctor Buy?

Buying a disability policy can be much more complicated than buying a life insurance policy.

Aside from the fact that there are a wider range of options and variables. The definition of disability can different vary from contract to contract but can generally falls into 3 categories Any Occupation, Regular Occupation and Own Occupation.  The latter being the gold standard for doctors especially specialists

Three leading providers of disability insurance in Canada for doctors are RBC Insurance, Manulife and Canada Life.

1. Each offers professional series disability contracts which are fully guarantees in terms of their policy definitions and the contract and the price is level to age 65.

2. Depending on the insured’s income monthly benefits can be as high as $35,000 per month.  This is much higher than the issue limits found in most association disability plans.

3, Canada Life and Manulife offer return of premium features if the insured stays healthy – this option is available as a rider but adds to the insured’s monthly premium.

4. Prices can vary significantly between carriers depending on the insured’s age and coverage amount, so working with an independent broker experienced in disability insurance for professionals is recommedned

The old adage, “You get what you pay for,” has never been more true than when comes to disability insurance.  The cheapest plan is not always the best.  When analyzing the overall cost and underlying benefits be sure you look at all variables – not just price.  Some plans may offer a lower initial premiums but the cost may escalate as you get older and policy features may not be guaranteed.

For more details on individually tailored Disability Insurance for Doctors please contact us at 1.866.899.4849 or visit our Disability Insurance Quote Page.

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