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Future Residents, Are You Getting The Cfms Disability Insurance?


darknebula

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Hi everyone,


 


I am wondering what people think of the CFMS disability insurance?They did a presentation at our school about how its so great and I got emails from them later about how its a train you dont wanna miss and how the deadline is coming near. They propose fixed premiums and upto 4000$ per month insurance. They also advertise no medical exam or lab test is needed. THey do have a 24 months clause namely a preexisting illness within 24 moths before and after coverage period begins will not be covered.


 


Doesn't this all sound too good to be true? Ive never dealt with insurance companies before and wanna make an informed choice before locking into them. I am always a bit paranoid of dealing with financial institutions. 


 


So is anyone else getting it? Why or why not? Has anyone discovered any "cathces" to this program? 

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I'm a resident and have been quite happy with the CFMS program. Only downside I suppose is the two year exclusion period - if you have any health problems at all at the time of signing up, you wouldn't be able to claim disability (if you needed it) as a result of the pre-existing condition for 2 years (keep in mind though that you also have additional disability through your residency program without this catch, so not such a big deal). Otherwise, it is a good program - fairly cheap, automatically get to increase your limit quite substantially once you are a CCFP or FR, and there are additional riders you can activate then as well (e.g., if needed, you could do a different line of work while still collecting the disability).

 

The guy I worked with was Steve Kirkham (skirkham@kirkhamandjack.ca), and I quite liked him. I'd also think about locking in on life insurance as well while you are young and in good health. I got 3M for a great rate and glad I have it (even if you don't have a family yet, you will eventually, and life insurance of the required amount you will need only gets harder and harder to get).    

 

Just my personal experience....other's may have a different opinion. 

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Hi everyone,

 

I am wondering what people think of the CFMS disability insurance?They did a presentation at our school about how its so great and I got emails from them later about how its a train you dont wanna miss and how the deadline is coming near. They propose fixed premiums and upto 4000$ per month insurance. They also advertise no medical exam or lab test is needed. THey do have a 24 months clause namely a preexisting illness within 24 moths before and after coverage period begins will not be covered.

 

Doesn't this all sound too good to be true? Ive never dealt with insurance companies before and wanna make an informed choice before locking into them. I am always a bit paranoid of dealing with financial institutions. 

 

So is anyone else getting it? Why or why not? Has anyone discovered any "cathces" to this program? 

 

Most insurance companies will ask you extremely probing questions about your medical history, and then deny you because of it. They also share the info that they get to a central agency, much like credit reporting. 

 

The reason that they offer this insurance to med students, no questions asked, is because the group has a high probability of not having to collect (or wanting to). 

 

I do not see why you would not sign up. It's a good opportunity to essentially insure your earning capacity. Perhaps talk to an insurance broker about getting a better deal. But remember, they get to hold your personal health info and share it with other insurance companies (which I think is crazy), so keep that in mind.

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