Externship Disability

Question 1

Externship Disability Insurance
- do we need it
- who pays?
- where covered?

Answer 1

Mandatory for all Externship participants
Paid for by OVC
Provided through OVMA Insurance Program
Coverage applies in Canada and the U.S.

Question 2

Why Should You Care about disability insurance?

Answer 2

Protects substantial investment in your education You will earn millions
over course of career
If injured or ill and cannot work, you earn nothing (or next to nothing)

Question 3

Percentage of people who will become disabled for at least 90 days prior to age 65 & average duration of disability.

Answer 3

age 25 - 44% - 2.4y
age 30 - 42% - 3.2y
age 35 - 40% - 3.4y
age 40 - 37% - 3.9y
age 45 - 33% - 4.2y
age 50 - 28% - 4.7y

Question 4

Disability Insurance Variables

Answer 4

1. Amount of Income Protection (Monthly Benefit)
2. Benefit Period of Income Protection (usually to 65)
3. Elimination Period (# of days from date of disability before you qualify for payments - normally 30, 60 or 90 days)

Question 5

Total vs. Partial Disability

Answer 5

Partial Disability Benefit - pays if you can’t perform 1 or more of the important duties of your occupation or work full-time due to your disability

Total Disability Benefit - you may have to be totally disabled for a period of time before you can make a claim

Question 6

Any vs. Own Occupation

Answer 6

Any Occupation – benefit paid only if you are unable to work in any occupation

Own Occupation – benefit paid if you are unable to do the important duties of a veterinarian

Question 7

Recurring Disability

Answer 7

• If same or related disability reoccurs within a certain period after return to work, it is considered a continuation of previous period of disability
• No elimination period will apply

Question 8

Externship Disability Benefit

Answer 8

• $1,000 monthly income protection in event of disability
• Benefit is payable to age 65
• Elimination (Waiting) Period – 90 Days
• Total disability only (not partial) – you must be totally disabled to make a claim
• Own occupation benefit for 24 months; thereafter any occupation
• Recurring Disability – 6 months

Question 9

Life insurance received for externship

Answer 9

• $10,000 Coverage
• Lump sum, tax free, payable to
  your named beneficiary
• No medical required
• Additional optional coverage available, subject to medical underwriting

Question 10

What About When I Graduate? what insurance should i get

Answer 10

Once you’re earning a salary, you should obtain disability coverage that protects your income.

Question 11

OVMA Insurance Program offers what?

Answer 11

• OVMA Insurance Program offers a full range of disability insurance Grad Programs designed specifically for OVC students.
• Grad Program Highlights:
• 15% Grad Discount & 5 months of waived premium (RBC)
• Up to $3,500 / Month
• Non-Cancellable Coverage (Rates and coverage guaranteed to Age 65) * Own Occupation Protection - optional