Disability Insurance?

[Guest adduction]

Hey everyone,

 

I was just wondering if everyone's bought their disability insurance yet? The financial handbook and the UBC Faculty of Medicine Website say that "All incoming medical students are strongly advised to purchase disability insurance prior to the start of the medical program."

 

While I set up my LOC I asked about it and the woman i spoke with said because i don't work more than x number of hours/week I'm not even eligible for it.

 

Anyone running into the same road block? All the 2nd yrs out there - what's your take on it? Is there some clause that provides coverage for med student even if he/she isn't working yet?

[Guest lex]

you should talk to rosemary mccutcheon about this. i think ubc offers some basic coverage for $7. but rosemary's really helpful and knows this stuff inside and out.

[Guest jmh2005]

You really don't need DI during med school...really. I believe that most LOC carriers require you to have life insurance which they attach to their LOCs should something (heaven forbid!) happen to you.

 

This is definately something you must look in to when you graduate, however.

 

Congrats

[Guest adduction]

Thanks guys,

 

I will definitely contact Rosemary about it. I did get the life insurance with my LOC but was always unsure about the DI. I can see why you'd want to have it but again only really when u enter the workforce. I'll her though..

 

thanks!

[Guest kakashifan]

hey guys!

i had emailed royal bank and they said that i don't have to have life insurance to get an LOC.

but do i need life insurance?

if so... how much is it?

thanks!

=0. k

[Guest canmic]

If you wait til you start med to get it, expect to pay at least $100 per month more than if you get it before you start med school, and that's for the next 30-40 years so it's a good idea to get it before...

[Guest MekoMints]

it's better to not get life insurance from banks that's attached to your LOC or mortages...for the reason that the bank (not you) is the owner of insurance policy...which means there is the risk of them cancelling the policy or making changes to policy at their discretion. so you are probably better off purchasing a life insurance that's tailored to your own financial situations directly from insurance companies...i guess same thing applies to the DI. Just my2cent...since one of my relatives is financial advisor...and i catch random info here and there.

[Guest lex]

i'm not at all qualified to offer advice on this but something that should be asked of some that is is whether life insurance is necessary (if your bank doesn't demand it). if you don't have dependents, who are you protecting? again, i'm completely ignorant with respect to this topic - rosemary will have the answers. regarding disability insurance, if you take out a line of credit, extract 100,000 and then find yourself unable to work, disability insurance will likely start to look like a wise decision.

[Guest canmic]

Life insurance and disability insurance are completely different issues...

 

Since this thread is about disability, that's what I'll clarify.

 

My wife and I have exactly the same disability insurance, the same benefit per month, the same ability to increase the benefit as our income goes up etc etc..

 

They do NOT make a distinction between men and women (for our policies anyway).

 

But, she got hers after she started medical school, I got mine before starting. We got them the same year though.

 

I pay $100 per month less than she does.

 

Simple enough?

 

Want to save the $100 per month? Get it before you start med school.

[Guest geckok]

canmic,

 

Who did you get it through?

 

Thanks,

Sandy

[Guest physiology]

Hello,

 

For now, I'd caution against disability insurance. During orientation week, a lady named Jeannie Haslet comes in and gives you a free mug and a bag full of stuff, but of course, her real role is to advertise DI.

 

Anyway, our first year president actually able to get several independent DI firms to come in and talk with us. I didn't go to the meeting, but if your class president could do something like that, it'd be great. It gives you more variety and freedom to choose.

 

Personally - I just submitted the seven dollars to the Faculty of Medicine and used that DI. I didn't buy any formal packages from any reps or companies.

 

I mean first year - it's relatively innocuous. The patients are generally elderly volunteers or actors. The only way I could see you getting hurt is in your family practice office, but I mean, how often do patients attack their family doctors? I suppose you could stick yourself with a needle, but again, I have not heard of any medical student taking blood in first year (but it's definitely possible).

 

Yes, it says "strongly advised" but I don't know of anyone who actually bought a plan. But then again, protecting yourself is never a bad thing.

[Guest canmic]

Both mine and my wife's is through paul revere (was unum but they got bought out I think), she also has DI from the CMA (or BCMA I forget) but that only covers a minimal amount (less than half what is considered 'enough' to replace her income).

 

The big issue (to me anyway) isn't a worry that I'll have a problem in med school; the issue is that once you start med school and get your educational license you fall into a whole different bracket. BUT if you lock in a policy before you start then you do NOT have to pay the higher amount later on, but you have the option to increase your coverage by quite a bit.

 

So, for the same coverage, I'll be paying $100 a month less (and the cost is about $100 per month so basically I'm paying half as much) than my wife for the entire duration of our careers (looong time).

 

Once you start school, you're into the higher risk category and you can no longer get the same deal, plain and simple.

 

Same thing goes for 'catestrophic illness' by the way. Basically this is a type of insurance that gives you a bunch of money if you end up with any one of a long list of conditions (and it includes occupational HIV and Hep-C). Once you get a medical license, the annual cost doubles. This insurance can be useful in the case where you would otherwise die on one of our famous 'wait lists' that form the death row of the medicare system by letting you buy treatment in the US (or a private clinic in Quebec and probably the rest of canada soon). It's pretty cheap to get but, once you start med school, the cost doubles.