LOC insurance

[Candiens12]

Hi,

 

I was just wondering what people generally do in terms of insurance for there LOC. I dont think I would need life insurance since I am single without kids but I was wondering about disability insurance in case for medical reasons I couldn't finish medical school.

 

Thanks

[lost__in__space]

You can get insurance for your LOC with whoever provided it for you i.e. if it's TD, they have insurance for it

 

But I'm also interested in this and about how different companies compare for a life insurance policy that includes LOC

[future_doc]

If you say go to London Life for 10 yr term insurance, for $100,000, it is about $100/yr.

[Dr.Henderson]

Or if you have no co-signer you can just stick it to the bank haha. You'd still want to get disability insurance though just in case.

[NLengr]

The OMA insurance is by far the cheapest and best for any med students, residents and docs.

 

I have both my life and disability with them. I cover all my debts through then (mortgage, educational debt etc.)

[lloyder34]

Scotia has the option to buy into life, disability and/or critical illness insurance. Your monthly premium adjusts to the amount owing on your line of credit so that in the event of illness or death your LOC would be payed off in full. If your LOC is your only form of debt and you are covered somehow for funeral expenses, other arrangements etc it may be an economically sensible idea

[future_doc]

The OMA insurance is by far the cheapest and best for any med students, residents and docs.

 

I have both my life and disability with them. I cover all my debts through then (mortgage, educational debt etc.)

 

Can you give us an idea of the cost of life insurance?

[Chicken]

With regards to Scotia, I was quoted at 52 cents per $1000 of outstanding loan per month. By the end of 4 years and $120K withdrawn it would be about $60 a month - not the cheapest option to be sure.

[Dr.Henderson]

Can you give us an idea of the cost of life insurance?

 

First 100k is free for medical students (with membership), beyond that its still quite cheap.

[mnbv]

Anyone know if membership with the Quebec Medical Association offers any kind of insurance? (other than the option of buying insurance from their partner, Vigilis http://www.vigilis.ca/qma/)

[future_doc]

First 100k is free for medical students (with membership), beyond that its still quite cheap.

 

but only for 1st yr, what is rate thereafter?

[Candiens12]

I checked the OMA website, it seems to be about 6$ a month. Much more reasonable then the RBC insurance which is 57 cents per 1000$.

[future_doc]

For $100,000 term life insurance? Or for what?

[Dr.Henderson]

but only for 1st yr, what is rate thereafter?

 

I don't see anything about it only being for first year in the documentation. It just says complimentary 100k life insurance with membership for students, disability insurance is at a discounted rate.

[Amadeus89]

why would u get insurance on your LOC? Just disability to protect yourself. no need to make the bank your 'beneficiary' on your life insurance.

[lost__in__space]

why would u get insurance on your LOC? Just disability to protect yourself. no need to make the bank your 'beneficiary' on your life insurance.

 

Don't you need that if you have a spouse? I don't want to stick my partner with my LOC debt if i kick the bucket.

[Birdy]

Don't you need that if you have a spouse? I don't want to stick my partner with my LOC debt if i kick the bucket.

 

Unless a debt is jointly held, a spouse is not responsible for the debt of a deceased spouse. However, the creditor can come after assets of the deceased debtor, with a few exclusions, even if those assets are being used by the surviving spouse (eg. If I bought a car under my name only, it could be seized in the event of my death if I had outstanding debts.) So it is a very good idea to have insurance on large liabilities like this if you have a spouse, dependents, or any assets you wish to bequeath to anyone.

[lost__in__space]

Unless a debt is jointly held, a spouse is not responsible for the debt of a deceased spouse. However, the creditor can come after assets of the deceased debtor, with a few exclusions, even if those assets are being used by the surviving spouse (eg. If I bought a car under my name only, it could be seized in the event of my death if I had outstanding debts.) So it is a very good idea to have insurance on large liabilities like this if you have a spouse, dependents, or any assets you wish to bequeath to anyone.

 

I have to protect my PS3 and Xbox360 so he can use it in case of my death :-) Also, I know some schools won't release to you bursaries unless you have proof of life insurance...