- Guaranteed insurance regardless of your past or present health (no medical questions asked).
- No pre-existing condition clauses.
- If total claims and expenses are less than the total premium collected in any year, the unused premium is credited to the members participating in the plan, by reducing the next year’s premium. Credits are not guaranteed
- Portable anywhere in the world.
- Coverage for all plans continues uninterrupted and automatically under the Member Plan upon completion of your residency program, so long as you pay your premiums and maintain your membership with Doctors Manitoba.
As a medical resident, you want to know you are protected against unexpected medical expenses. The Professional Association of Residents and Interns of Manitoba (PARIM) has selected Doctors Manitoba as the provider of its Group Insurance Program, offering you several types of coverage.
General Features of PARIM Plans
Term Life Insurance (TL)
- Amount of Insurance: $140,000.
- Coverage is in force 24 hours per day, 365 days per year, anywhere in the world.
- A non-taxable lump-sum payment is made to your named beneficiary upon your death. Doctors Manitoba can help your beneficiary file the claim.
- If you become totally disabled for a period of six months prior to your 65th birthday, you may apply for the premium to be waived on coverage that is in force at that time.
- You may purchase additional optional life coverage and spousal life coverage in units of $7,000 to a maximum of $2,548,000.
- Coverage under the Member Plan:
- is automatically reduced by 50% at age 65,
- is further reduced to a maximum of $21,000 at age 70, and
- terminates at age 75.
Read more about the Term Life Insurance program.
Accidental Death & Dismemberment (AD&D)
- Amount of Insurance: $50,000.
- Additional coverage in units of $10,000 to a maximum of $500,000 may be purchased without providing evidence of good health for you and your dependants.
Read more about Accidental Death & Dismemberment insurance.
Disability Income Insurance (DI)
- Non-taxable benefit, if the member pays 100% of the premium themselves from their personal income.
- You elect your benefit level: $3,500 or $4,000 monthly. Benefit remains level while in PARIM. (In the Member Plan, the current maximum benefit is $15,000 per month.)
- Benefits begin after 30 consecutive days of disability, referred to as the Elimination Period.
- Benefits are payable to age 65.
- “Regular occupation” coverage: you are considered to be totally disabled if due to injury or sickness, you are not able to perform the normal duties of your regular occupation (i.e., return to a residency training program), and have not voluntarily engaged in any other occupation.
- You are considered to be partially disabled if you are unable to perform the normal duties of your regular occupation but are able to perform one or more of the duties of your regular occupation or if you choose to return to work in another occupation, and are earning a reduced income. Your income must have declined by at least 20% for you to be considered partially disabled.
- Benefits will not be reduced by benefits you receive from other sources such as Workers’ Compensation and Automobile Insurance, unless your total disability income exceeds your pre-disability earned income.
- The Doctors Manitoba plan provides benefits if you are in an asymptomatic infectious state (under certain circumstances) of HIV/Hep B or C.
- Includes Cost of Living Adjustment (COLA) Rider – helps protect your disability benefits from inflation. This rider adjusts your monthly benefits annually while you are disabled by an amount based on the actual change in the Consumer Price Index, subject to a maximum increase of 6% compounded annually. This option is available to all new Residents without providing evidence of good health.
- Includes Future Insurance Option (FIO) Rider – allows you to protect future insurability regardless of your health – you may gradually purchase an additional $6,000 of monthly disability insurance coverage, income permitting, without evidence of good health, before you reach 55 years of age. You may begin using this option once you complete your residency. This option is available by initially providing evidence of good health.
The Disability Insurance program also offers participants the option of adding the Own Occupation rider (at extra cost). The Own Occupation Rider takes our standard “regular occupation” definition of disability one step further. When you purchase this rider, you are eligible to be paid benefits due to total disability from your own occupation, regardless of other income you earn from a different occupation.
- For example, a surgeon who loses the use of a hand could collect full benefits even if working in another area of medicine (e.g., administration, teaching) or any other job. This option is available by initially providing evidence of good health.
Read more about the Doctors Manitoba Disability Income Program.
Note: This is a summary and is intended only as an outline of the insurance plans for your general information. The insurance policies issued by Canada Life,The Manufacturers Life Insurance Company (Manulife Financial) set forth in detail the applicable terms and conditions of the Plans and will govern.