Abrams Financial Toronto, Insurance | Wealth Management | Tax Advisory

Medical Students

Medical_Students_01Going to medical school requires an enormous investment, both in time and in money. It is not uncommon for medical students to carry over $150,000 of debt by the time they begin their residency. While it may be hard to imagine what lies ahead, the ideal time to begin planning for your future career protection is while you are still in medical school.

Right now you’re probably focused on where you will practice or what type of medicine you will pursue; disability is likely not even on the radar. But the earlier you prepare, the better off you will be in the event that you are ever in a position where you are unable to practice.

While we all hope to never have to use it, disability insurance provides you with protection in the event of an injury or disability.  Most people imagine they will only need to make a claim in the event of a major life-threatening illness or debilitating injury. However, the reality is that most disability claims are for events that lead to short-term work stoppage, like surgical recovery, broken bones, arthritis, etc.

Many disability policies also cover partial claims in the event that you are still able to work but must reduce hours. This enables you to supplement your lost income more easily and maximize your benefits.

Disability insurance will provide you with monthly payments in the event that an accident or sickness prohibits or reduces your ability to work and earn an income. When making such an enormous investment, it is essential that you protect it.

The following is some of the common questions we will help you answer:

  • How should I manage my debts?
  • When should I start investing?
  • How should I make use of RRSP and/or TFSA?
  • Should I rent or buy a house/condo?
  • What is the most effective way to save for a down payment?
  • Why should I buy disability insurance when I am already covered under PAIRO?
  • How various disability plans (OMA, Private/RBC MSO) compare with each other?
  • When should I start looking into life insurance?

Please call us for a complimentary financial check up 416 238-5536 or email mdsupport@abramsfinancial.ca

Eligibility Category Maximum Issue Limits Grad Program Premium
First or second year medical students $1,500 25%
Third year medical students $2,500 25%
Fourth year medical students $4,500 25%
Other residents (not in last year – others) $4,500 25%
Other residents (not in last year – specialists) $4,500 25%
Graduates (last year residents planning to enter practice – others) $7,500 25%
Graduates (last year residents planning to enter practice – specialists) $10,500 25%
Fellowship program (not in last year of specialty or sub-specialty) $8500 25%
Fellowship graduate (last year of specialty or sub-specialty, planning to enter practice) $10,500 25%


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