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 unpredictable. In case of accident, illness or death, insurance can help protect your future income and/or give your loved ones the financial support they need if you can no longer provide it.

Disability insurance

Purpose

  • Replaces part of your earnings if you suffer an accident or illness that prevents you from working

What it can help you with

  • Meeting your daily financial needs
  • Covering your debt payments
  • Saving you from cashing in your RRSPs or other investments

What you should know

  • Get coverage early in your career when you’re young and healthy, to save on costs and to guarantee insurability
  • Understand how policy options and riders such as Future Income Options and Own Occupation can benefit you
  • Take advantage of the special options your provincial or territorial medical association offers as you transition into residency

Life insurance

Purpose

  • Protects the financial security of your family, should you pass away

What it can help with

  • Providing a source of income for your family to help them maintain their standard of living
  • Paying off your outstanding debts, like a line of credit, other loans or a mortgage
  • Ensuring there is enough money for funeral expenses

What you should know

  • There are several types of life insurance products available, each with different features that may appeal to you
  • Your insurance, regardless of the type, will pay a lump sum, tax-free benefit to your beneficiaries when you pass away

An MD Advisor can explain the differences between the types of life insurance and direct you to our trusted insurance specialists.

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