Medical students’ top concerns about disability insurance

If you’re a medical student who has been encouraged to get disability insurance, you might be skeptical about whether you really need it. After all, disability insurance is designed to replace part of a person’s income if they’re unable to work. But medical students typically don’t earn an income, so where is the need?

“Why should I get disability insurance as a medical student?”

As a medical student, you may not have an income to replace, but you still have monthly expenses to pay. Disability insurance can relieve some of the financial burden, especially if you’re dependent on a student line of credit. In fact, some financial institutions will request repayment of your student line of credit if you take a medical leave from school.

The money can help with living expenses and remove some of the financial stress while you concentrate on getting better.

More importantly, you can’t be sure that when you’re working and need more coverage, you will be as healthy as you are today. Most disability insurance policies—like those available from your provincial or territorial medical association (PTMA)—come with features that lock in your good health from today to guarantee that you will able to buy more insurance in the future, no matter what your health is like.

“I don’t have time for a medical check and onerous application process.”

Medical students are pre-approved for disability insurance, so there are no medical tests. Most PTMAs have streamlined their application process, making it easy and quick to obtain disability insurance. When you apply, there are no health questions to answer, although you may be contacted for further details when your application is being processed.

“Isn’t disability insurance expensive?”

Getting disability insurance through your PTMA is very affordable.  In addition to having negotiated great rates for all their members, all PTMAs provide significant discounts for medical students (some  even waive the premiums entirely). 

Previous Article
Five key findings about how Canadian physicians are preparing for retirement
Five key findings about how Canadian physicians are preparing for retirement

The MD Physician Retirement Readiness Study explores how Canadian physicians are thinking about and prepari...

Next Article
Insurance for medical residents

As a medical resident, your ability to earn an income is one of your most valuable assets. But life can be ...

×

Subscribe to our Newsletter

I allow MD Financial Management (including MD Financial Management Inc., MD Management Limited, MD Private Trust Company MD Life Insurance Company and MD Insurance Agency Limited), the Bank of Nova Scotia and other members of the Scotiabank group of companies (“Scotiabank Members”) to send me electronic messages (such as emails and SMS text) about their products and services, offers, events, and other valuable information as well as information about the products and services of other Scotiabank trusted partners that may be of interest to me.  This consent is being sought on behalf of each MD Financial Management and Scotiabank Member which includes any company(ies) or person(s) that form a part of the Scotiabank group of companies in the future. View the MD Privacy Policy here.
!
Thank you!
Error - something went wrong!