MSO Frequently Asked Questions

Male, 25, Non-Smoker


Risk of Disability before Age 65

Female, 25, Non-Smoker


Risk of Disability before Age 65

A list of questions your classmates have asked.

I'm young, healthy and good looking - why should I care about disability insurance?

When you think of disability – what is the first thing that jumps to mind? Is it broken bones? Cancer? Often times it is accidents or illnesses that are catastrophic in nature. However, it doesn’t take a catastrohpic event for you to submit a successful disability claim. Sometimes disabilities aren’t obvious. In fact, the leading cause of disability is something you can’t necessarily see, and that is mental illness (more specifically, anxiety & depression).

Additionally, disability insurance is NOT an all-or-none proposition. Many disability policies provide partial benefits, if: Due to injury or illness, you are unable to perform at least one of the important duties of your regular occupation, OR you are unable to perform the important duties of your regular occupation on a full-time basis.

When you’re a healthy young adult, disability insurance is probably the last thing on your mind. Often times, we perceive ourselves as indestructible. However, accidents and sickness are quite unpredictable… affecting individuals that are both young and old, healthy and unhealthy. Statistics indicate that the likelihood a 25 year old becomes disabled for 90 days or longer within their working career is roughly 40%. Even more disconcerting is that the average length of the disability is 2.9 years. With this in mind, it is important to ask yourself: “Could I survive 2.9 years without an income?”

Understanding the risks, its important to note that steps can be taken to protecting yourself against the financial loss due to disability

Does the discount apply only to my original purchase?
No, you will be offered a premium reduction on insurance purchased today AND any coverage purchased in the future.
How does this plan differ from an association plan?
Association-type plans are not guaranteed. Features and premiums can change at any time without consent from insured members. In addition, many association-type plans include a “limitations” provision, allowing the insurer to reduce benefits. In essence, you may be paying for a benefit you may not be receiving. Under the Medical Student Offer, there is no such limitation clause. Premiums and contract wording are guaranteed to age 65.
Can I buy this from a Bank?
No, to take advantgage of this offer you’ll have to speak to an insurance broker.
I will be receiving mandatory, province-specific disability coverage when I start residency. What now?
Benefits under the Medical Student Offer are paid regardless of your residency coverage. It is recommended that you have some privately owned disability protection to supplement a resident plan and for your post-residency needs.
What if I already have association coverage?
A minimum of $500/month will be issued, even if the propsed insured has in-force association coverage.
Is coverage portable?
Yes, coverage can be carried with you anywhere in the world.
If I am healthy, are my rates less expensive?
No, rates are based on your age, gender, smoking status and the medical student discount.
How much Future Income Option (FIO) may I take?
At the time of application, you can choose the size of the FIO for both the Enhanced and Specialty plans, from $500 up to a maximum of $3,000 per month in increments of $500. In addition, at the end of medical residency or fellowship, you have the option to increase your FIO amount to up to the maximum $3,000, starting from 180 days before your completion of medical residency or fellowship to 180 days after it.
How does the 24-month pre-existing clause work?
If you had a pre-existing condition within the 24 months prior to the coverage being in force and the disability was related to a pre-existing condition and began within the 24 months after the coverage was in effect, then that condition is not covered.
Can I choose a shorter elimination period (aka "waiting period")?

Yes. However, a fully completed application and evidence of health are required.

The elimnation period or “waiting period” before benefit payments commence after the onset of disability is: 90 days

When should I apply for disability income protection coverage?
Now. You should apply for coverage while you are a current medical student or in training and can qualify for this unique offer. If you are finishing your residency or fellowship and graduating in June or July, you have until Sept 30th of that calendar year to submit an application. If you are finishing your residency or fellowship at any other point in time, you have up to 30 days from the date of graduation to submit an application.
When can I purchase the Guarantee Standard Issue Critical Illness Plan?
The Guarantee Standard Issue® Critical Illness Plan can be added upon initial purchase of the Medical Student Offer plan or at the same time you exercise the Special FIO in your first year in practice, provided you have an in-force Medical Student DI policy.
How does the option to elect business protection benefit me?

After this policy has been in force for two years, or you are entering your first year in practice, you can elect to apply, without medical underwriting, for coverage to protect against business overhead expenses or business loans should you become disabled. As a medical professional it is important that you protect not only your income but also your business in the event of a disability.

Coverage – Up to $10,000

Discount – Up to 15%

Renewability: Provisions and premiums cannot be altered, the policy cannot be cancelled without the consent of the policy owners, and premiums must continue to be paid for the policy to remain in force. Policy is renewable for life if premiums are paid on time. Rates and benefit periods are subject to change after the insured reaches the age of 55

New application required to take advantage of this offer.