Medical Students


Medical Students, Residents & Fellows

At Integrated Financial Strategies, we strive to build strong and lasting relationships. Our goal is to work with our clients for the long term, not simply to assist them with choosing the right insurance policy.

As a trusted source of advice and counsel, we are here to assist you with your insurance and financial decisions as you graduate medical school, throughout your professional career and beyond. Our team of experts will assist you in navigating the different financial and insurance issues you are encountering as a graduating medical student.

As a graduating medical student, you likely have many questions:

  1. What is the right disability insurance plan for you?
  2. What should you do about your student debt?
  3. What is the best way to repay your student debt?
  4. What tax credits are you eligible for?
  5. What should you be doing to protect your dependents?
  6. Should you be considering life insurance now or later?
  7. What is the best way to save for your first house or condo?
  8. When is the right time to incorporate?
  9. Should I start an RRSP now or later?
  10. Does your specific medical association have its own insurance plan?

We are full service advisors and will assist you in crafting the plan that is right for you. These services are complimentary.

Disability Insurance 101

Disability insurance is the foundation of a well-constructed financial plan.

As a graduating medical student, you are eligible for a special disability insurance offer from RBC Insurance that was created specifically for graduating medical students. RBC offers comprehensive individually owned disability insurance that you can enroll for without a medical and with a guaranteed annual premium discount.

Disability insurance is designed to protect your income if you are unable to work due to an injury, accident or sickness. There are several policy options for you to consider when constructing your disability insurance plan. These include the own occupation definition of disability, cost of living adjustment, future income option, Hepatitis B/C & HIV protection for medical professionals, and long term care conversion option.

As a graduating medical student, you can enroll for individually owned disability insurance that includes a guaranteed annual premium discount of up to 40% as well as 12 months free coverage! For more information, please click here.

Own occupation is the most comprehensive definition of total disability. It states that you will receive full disability benefits if you are unable to perform the important duties of your own occupation due to injury or sickness, and are under the care of a physician.

Cost of living adjustment (COLA) protects you from the effects of inflation while on disability claim by indexing your disability benefit annually on a compound basis to reflect changes in the consumer price index.

Future income option (FIO) allows you to increase your monthly disability insurance benefit on your policy anniversary date with no medical required, subject to your income justifying the increase.

It is important to note that insurance rates are set by the insurance companies. If you are seeing a different rate from another advisor, then you are not comparing the same product and features. We recommend working with an advisor that you can connect with and who has the knowledge, expertise, and experience working within the medical market.

Mark’s has a thorough and in depth knowledge of the insurance and financial planning issues that medical students and residents face. Mark is very personable, easily accessible and attends to my insurance needs competently.

Dr. Ivan Diamond, Chief Resident of Diagnostic Radiology, Toronto January 20, 2015