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MEDICAL SPECIALIST – GENERAL
1. What are the advantages of dealing with Sogemec?
Sogemec Assurances is a financial services firm owned by the Fédération des Médecins Spécialistes du Québec (FMSQ). Sogemec Assurances has been created in order to offer you all the insurance products on the market and, in particular, the plan set up specifically for you.
Nowhere else will you find as much choice!
2.Is the group insurance cancellable?
Yes; however, the FMSQ contract includes a clause guaranteeing that you can be issued an individual policy (none cancellable with guaranteed renewal), with no any health questionnaire, if ever the FMSQ policy is about to be cancelled.
3. Are the premiums guaranteed?
No; they can go up or down and they are in step with age brackets.
4. Can I keep my policy if I am going to practice my profession outside Québec?
Yes; as long as you are a member of an association of medical specialists or generalists and are going to practice elsewhere in Canada or in the United States.
In the case of a fellowship outside Québec, eligibility is extended for a maximum of 2 years (4 years in the case of a graduating resident).
5. Is a health questionnaire needed each time I want to increase my coverage?
No. Your coverage for life, disability and office overhead insurance will be increased, with no health questionnaire, based on inflation at the date of renewal, as long as you are less than 55 years of age. Also, for those under age 40 an increase, without a health questionnaire, is included in the coverage for disability and office overhead insurance. If you want to increase your coverage beyond the increases already included in the policy, then you will have to complete a health questionnaire at that time.
6. If I have to see a nurse, will a blood sample be taken?
A blood sample is not required in all cases. The insurer will decide if it is necessary, depending on the coverage requested, your age, and the medical questionnaire you completed.
MEDICAL SPECIALIST – DRUG INSURANCE
1. Is it compulsory for me to subscribe to the prescription drug insurance?
Yes, please read the attached document for more information.
MEDICAL SPECIALIST – LIFE INSURANCE
1. What are the advantages of a variable premium?
The variable premium is established according to the real risk of morbidity based on age. When we are young, the risk of dying in an accident is high and the risk of dying following an illness is low, so we can thus enjoy a low premium. When we are older, the risk of dying in an accident remains high and the risk of dying following an illness increases considerably, so the premium we have to assume is therefore higher.
Since the premium is lower when you are young, you can thus more easily afford insurance coverage that corresponds to your real needs and thus be adequately protected at the time when you need it most, that is, when your financial obligations are at their highest.
2. Can I take out life insurance without a health questionnaire?
Yes. As a new graduate, you can take advantage of the exemption from proof of insurability as long as Sogemec Assurances receives your enrolment application within 180 days following your designation as a doctor and you are under 40 years of age. You can obtain coverage of $100,000.
3. Can my spouse apply for this coverage?
Yes, your spouse is eligible for life insurance coverage.
MEDICAL SPECIALIST – DISABILITY INSURANCE
1. What are the advantages of a variable premium?
The variable premium is established according to the real risk of disability based on age. When we are young, the risk of disability following an accident is high and the risk of disability following an illness is low, so we can thus enjoy a low premium. When we are older, the risk of disability following an accident remains high and the risk of disability following an illness increases considerably, so the premium we have to assume is therefore higher.
Since the premium is lower when you are young, you may thus more easily afford insurance coverage that corresponds to your real needs and so be adequately protected at the time when you need it most, that is, when your financial obligations are at their highest. You may also consider options such as a shorter waiting period, a longer benefit period – and all at a more than affordable cost.
2. Can I apply for disability insurance without a health questionnaire?
Yes. As a new graduate, you can take advantage of the exemption from proof of insurability as long as Sogemec Assurances receives your enrolment application within 180 days following your designation as a doctor. If you are under 35 years of age, you can obtain coverage of $3,000. If you are between 35 and 39 years of age, you can obtain coverage of $2,000.
3. Can I be forced to do work other than my own profession when on disability?
No. A provision in your Federation’s contract is that you will be recognized as on total disability if you are unable to carry out the principal tasks of your usual professional functions. Never will your insurer force you to do another job.
4. What waiting period do you recommend?
The waiting period is the time during which you are not eligible for disability benefits (monthly indemnity).
For example:
- If you have a waiting period of 30 days and your disability ends after 20 days, you are not entitled to any benefits.
- If you have a waiting period of 30 days and your disability ends after 40 days, you are entitled to 10 days of benefits.
Your financial situation will dictate your choice of waiting period. If you do not have much in the way of savings and many financial obligations, a short waiting period will be most appropriate. Conversely, a longer waiting period will be more appropriate for someone who has significant savings and/or few financial obligations.
5. Do I have to provide proof of income when applying for disability insurance?
The insurer simply requires that you indicate your income at the time of enrolment. However, it is important to ensure that your coverage is adequate for your income level. Ideally, you should consult an advisor to ensure that you have the right level of coverage. At the time of a claim, the insurer will then require proof of your income.
6. Can my spouse apply for this coverage?
If your spouse practises a profession that requires a university degree, then he or she can apply for coverage under the FMSQ income protection insurance plan.
MEDICAL SPECIALIST – OFFICE OVERHEAD EXPENSES
1. What are the advantages of a variable premium?
The variable premium is established according to the real risk of disability based on age. When we are young, the risk of disability following an accident is high and the risk of disability following an illness is low, so we can thus enjoy a low premium. When we are older, the risk of disability following an accident remains high and the risk of disability following an illness increases considerably, so the premium we have to assume is therefore higher.
Since the premium is lower when you are young, you may thus more easily afford insurance coverage that corresponds to your real needs and so be adequately protected at the time when you need it most, that is, when your financial obligations are at their highest.
2. Can I apply for office overhead expense insurance without a health questionnaire?
Yes. As a new graduate, you can take advantage of the exemption from proof of insurability as long as Sogemec Assurances receives your enrolment application within 180 days following your designation as a doctor. If you are under 35 years of age, you can obtain coverage of $3,000. If you are between 35 and 39 years of age, you can obtain coverage of $2,000.
3. Can my spouse apply for this coverage?
If your spouse practises a profession that requires a university degree, then he or she can apply for coverage under the FMSQ income protection insurance plan.
MEDICAL SPECIALIST – CRITICAL ILLNESS
1. What is critical illness insurance?
Critical illness insurance protects you in the event you survive a critical illness. If you survive for 30 days following a critical illness covered by the policy, the insurer will pay you the capital insured.
2. What is the difference between critical illness insurance and disability insurance?
Critical illness insurance will pay you a lump sum in the event that you are affected by an illness covered by the policy.
Disability insurance will pay you a monthly benefit as long as you meet the definition of disability, which could, for example, be that you are unable to carry out the principal tasks of your usual professional functions.
3. Can my spouse apply for this coverage?
Yes, your spouse is eligible for critical illness insurance coverage.
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