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?
How does this plan differ from an association plan?
Can I buy this from a Bank?
I will be receiving mandatory, province-specific disability coverage when I start residency. What now?
What if I already have association coverage?
Is coverage portable?
If I am healthy, are my rates less expensive?
How much Future Income Option (FIO) may I take?
How does the 24-month pre-existing clause work?
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?
When can I purchase the Guarantee Standard Issue Critical Illness Plan?
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.