Protect your financial health before you graduate
How well have you protected yourself?
Life is unpredictable. Insurance transfers your financial risks even before you graduate.
The ideal time to get protection is while you are a medical student (years 1-4), resident or fellow at an Ontario university because:
- you pay less
- you qualify more easily
- you get a special exclusive offer
Since disability is your biggest risk before age 65, get disability insurance first. You can add critical illness insurance now too. You prequalify for overhead expense insurance now which lets you add coverage after you start your practice,
What about life insurance?
Death is the lowest probability risk before age 65 — much lower than the risks of a disability or critical illness. There's no harm in adding some coverage now. Why not start by first protecting against the more likely risks?
Once you start your practice, incur debt or have dependents, you can get life insurance — or add more life insurance. Once you're incorporated, permanent cash value life insurance offers tax advantages to:
- shelter passive investment income from taxation
- get tax-free retirement income
- use the tax-free Capital Dividend Account
Reminder: this content is simplified for clarity. Also, products change. Please refer to the policy contract for specifics.