LoC insurance

[lalab]

Did you guys sign up for any LoC insurance?

 

RBC for example sells an LoC insurance with its package.

What about Critical Illness insurance?

Disability insurance? --> for this I heard the OMA is good

 

Thanks!

[jrmch]

I didn't. My parents have a life insurance policy on me, I am single with no dependants. Basically, if I happen to pass away, the only person losing out on the money is the bank, since they didn't require a cosigned. It was just a money grab as far as I could tell.

[Satsuma]

If you are in Ontario you should be insured through the OMA for 100k free, which would cover your LOC. (double check that hasn't changed in the last few years, and if you are not from ON, then check your provincial association)

 

And like someone mentioned, if you are single and no dependents, then if you die it really isn't going to affect anyone but the bank.

 

As for disability and critical care etc. That has nothing to do with your LOC.

It's a personal choice whether you want it. As you get further along in your training you may find you want it more. Also, as you acquire dependents you will likely want it more.

 

Early on in training there are still many options in terms of training paths. It is unlikely you will be so disabled you could not do anything in medicine. So chances are you wont't get/need your disability. And if you couldn't do medicine you could probably do something else. As a med student the insurance companies aren't going to see you as a physician yet and so would expect you could train to do something else.

 

As you get further along though, it makes more sense. Once you know your specialty you can even pay extra so that in the event you are disabled and can't do your own specialty, they can't make you do another one even if you could. This makes sense depending on your specialty - ie surgery or emerg for example. If you lose a hand, do you really want to go back and train for psych? For something like family might not make as much sense since you can tailor your practice to so many things, it would be hard to not be able to do something within the scope of family.

[future_doc]

^ You said it all.

[ploughboy]

Once you know your specialty you can even pay extra so that in the event you are disabled and can't do your own specialty, they can't make you do another one even if you could. This makes sense depending on your specialty - ie surgery or emerg for example. If you lose a hand, do you really want to go back and train for psych?

 

I remember when I was shopping around for disability insurance, all the providers I looked considered my "profession" to be "medical resident" and would expect me to retrain as a resident if I was disabled to the point that I couldn't work in my field (which would kinda suck). Maybe I should dig out my contract and have another look at it.

 

Do you mind if I ask who your insurance is with? Email me if you don't want to discuss publicly.

[jvizzle]

i know when my scotia rep was asking me about the insurance i inquired as to who my debt would go to if i kicked the bucket with a $200,000 LOC and he said "next of kin" so would that be my parents or would they be free and clear?

 

Also, just moved in to an apartment with girlfriend so in a year we'll be considered common law, would she get screwed with the LOC if i bite the dust once the common law status sets in?

[future_doc]

Your next of kin have zero liability on your LOC if you kick the bucket. Same for your s.o. With whom you,live. If you want insurance, cheapest is 10 year term for say 100-200k, costing about $100-200 per year, deepening upon amount of life insurance.

[dnao2]

So despite the "if I bite the dust, nobody's on the hook" - just curious, has anybody ever used their LOC to pay for their monthly premiums for life insurance? That would suck for the bank I guess!

[future_doc]

Life insurance is cheaper through a life insurance co., as opposed to arranging it through your bank.

[rmorelan]

So despite the "if I bite the dust, nobody's on the hook" - just curious, has anybody ever used their LOC to pay for their monthly premiums for life insurance? That would suck for the bank I guess!

 

of course - a lot of medical students to that - same with disability payments.

 

and don't worry about the bank - overall they are making a profit on insurance -> payouts are less than take ins