I am a medical student

At this stage, few financial tools are necessary. Your priority is to protect your health. Getting good personal disability insurance while you are young and healthy is crucial.

Let’s simplify things! Even if there are a number of products in this area, there are actually only two choices for a future physician like you.

Product A

Little or no study of your medical situation (fast medical underwriting)
Best definition of disability on the market
Possibility of adding a rider that will allow you to increase your disability benefit at the time your coverage begins to adjust to your maximum future income
Premiums and policy terms guaranteed until the policy expires

Product B

Complete study of your medical situation (medical underwriting may be longer)
Best definition of disability on the market
Premium refund option available if no claim is made during a given period of time
Premiums and policy terms guaranteed until the policy expires

Our team explains to you what each product entails in order to set up the right tools from the outset. The idea is to make choices based on current needs while taking into account the next steps ahead. We think that solid foundations are still the key to optimal financial security planning, both from a financial and human point of view.

I am a medical resident

At this stage, in theory, you have already taken out quality disability insurance that meets your needs. Therefore, here are the points that you should consider:

Debt repayment strategy

Accruing liquid assets and building up an emergency fund

Risk management in case of disability, critical illness and death

Mutual funds (RRSP, TFSA, RESP, RRIF, etc.)

There are two types of life insurance on the market: term life and permanent life insurance. Here are the main differences between the two. Discussing the matter with your advisor will clearly establish your short- and more long-term needs so that you can take out the insurance that is best for you.

Term Life

Covers a young physician’s term life needs

Complete medical study (medical underwriting)
Guaranteed premiums renewable every 10-15 or 20 years (not fixed)
Possibility of converting the product to permanent life insurance with a cash surrender value

Permanent Life

Covers the physician’s permanent life insurance needs

Complete medical study (medical underwriting)
Guaranteed and fixed premiums
Cash surrender values available within the product (savings)

I am the owner

Congratulations! You’ve come a long way. The points of interest at this stage concern everything that affects your practice. This is what will influence the decisions to be made. Basic risk management tools are normally in place, allowing us to optimize tax-efficient planning for you. If you want, at this stage, our team can direct you to a network of impartial professionals to properly consider the various aspects of your file, whether from a tax, accounting or legal standpoint.

Support and advice regarding professional remuneration (salary vs. dividends)
Setting up a financial plan to achieve your short-term goals (principal residence, cottage, marriage, children, etc.)
Preparation of corporate tax strategies
Support in the process of incorporating your practice to help you comply with the requirements of the Collège des médecins du Québec through our network of accessible legal professionals
Support for your company’s financial statements and your tax return through our accessible network of accounting professionals.
Support for preparing your will and your mandate in case of incapacity via our accessible network of professionals (notaries)
Tax-efficient investment strategy (corporate class funds)
Mutual funds (RRSP, TFSA, RESP, RRIF, etc.)
Retirement planning