Protect your family and your assets
Protect your family’s financial security through term life insurance. In the event of your death, a tax-free, lump sum life insurance benefit is paid to your designated beneficiaries to help eliminate debt, cover living expenses, or fund children’s education. This coverage is available to you and your spouse.
Design your life insurance to ensure your family or business can:
- Eliminate mortgage or debt.
- Maintain a comfortable lifestyle.
- Fund education for children.
- Supplement a spouse’s, parent’s, or sibling’s retirement.
- Ensure business continuity.
- Provide a charitable donation.
Member advantage
Competitive member rates
Premiums are significantly discounted for physicians. Doctors of BC Insurance’s premium structure follows the concept of present value: paying less today is better than paying less in the future when the value of money has decreased.
Rates are designed to be lowest in earlier years so you can invest more in your business and your family. Premiums slowly increase in 5-year age bands as rising earnings and inflation continue to make premiums affordable. This premium structure differs from alternative individual plans which have level premiums that start at much higher rates.
Exclusive plan design
The plan is specifically tailored for physicians. You can choose from various optional features to customize the plan based on your needs and budget. Doctors of BC has added new features and increased maximums to ensure you’re well protected.
Portability
You may continue protection under Life Insurance anywhere in the world if you remain a Doctors of BC member. A nominal membership fee is charged if you are out-of-province.
Association support
Doctors of BC is the leading insurance provider for doctors in the province and we are uniquely not-for-profit. Our commitment to members is reflected in many ways.
- An Insurance Committee, comprised of doctors like yourself, helps oversee the management of the plans to ensure they are protecting members well.
- A team of non-commissioned, licensed advisors are available to provide unbiased and expert advice.
- If you are in the unfortunate circumstance of needing to make a claim, your association will be by your side to support you.
Coverage details
Coverage amount
$50,000-$5,000,000 tax-free lump sum benefit in $50,000 increments.
Reduction or cancellation at any time
Your financial obligations generally reduce over time. You can reduce or eliminate your life insurance at any time without penalty. This strategy maximizes the value you receive from Doctors of BC Life Insurance by ensuring that in earlier years, you can obtain large amounts of coverage when your financial obligations are highest and when premiums are lowest.
Preferred premium pricing
You or your spouse may be eligible to receive reduced Elite premium rates based on health and lifestyle. Applicants will automatically be considered for these rates when applying for $250,000 or more coverage.
The following factors will be considered to determine if you qualify for standard or elite rates:
- Tobacco use
- Physical build
- Cholesterol level
- Blood pressure
- Personal and family medical history
- Recreational activities
- Driving record
Included features
Living benefit
If you become terminally ill and are not expected to survive 12 months, you can receive an advance of up to 50% of your life insurance benefit, to a maximum of $200,000.
Permanent life insurance conversion privilege
You may switch a portion or all of your term life plan, without evidence of insurability, to permanent life insurance before age 70. Permanent life insurance never expires and may be designed to grow in value.
Optional features
Future Insurability Option (FIO)
This feature allows you to increase coverage without medical questions in increments of $50,000 up to a lifetime maximum of $500,000 (subject to the overall plan maximum). FIO expires upon the first renewal after age 55.
If you are actively at work or on parental leave, you may apply to exercise the FIO increase within 60 days of one of the following events:
- The successful completion of medical school or a residency program.
- The date of marriage or date of a common-law relationship.
- The date of birth or adoption of a child of the insured member or insured spouse.
- The date the insured member or insured spouse attains age 25, 30, 35, 40, 45, 50 and 55.
Waiver of Premium (WOP)
This feature allows you to not pay any premium for your Life coverage should you become totally disabled for three consecutive months before age 65. Premiums are not required as long as you continue to be totally disabled and will end on the premium due date on or after your 75th birthday.
Eligibility
You are eligible to apply for this coverage if you are:
- Under age 75.
- A Canadian resident.
- A member of Doctors of BC or the Yukon Medical Association (YMA).
Evidence of insurability may be required.
Special offer
Residents
Doctors of BC resident/fellow members can obtain $100,000 life insurance coverage without evidence of insurability. The special offer is available even if you previously obtained Doctors of BC life insurance during medical school. When you complete your training, the life insurance continues to cover you in practice anywhere in the world.
Students
Doctors of BC student members can obtain $100,000 of life insurance without evidence of insurability and at no cost during all four years of school. Doctors of BC pays the premiums for UBC medical students enrolled in the plan. You must apply for coverage. When you complete medical school, you have the option to maintain coverage.
How much does it cost?
Get a quote.
Apply or get advice
Application process
Complete the Life insurance online form to apply.
Upon submitting your online application, our insurance team may email you if clarification is required. Once your application is in good order, you will be requested to provide your signature via DocuSign. Your application is then forwarded to the insurer for review.
Evidence of insurability—proof of good health and/or financial documentation—is required unless you are eligible for a special offer (see Eligibility). After submission of your application, you will be contacted by Manulife’s paramedical provider, Dynacare, to complete a telehealth interview. Depending on your age, health and the amount of coverage being applied for, you may be contacted to provide additional evidence such as a blood and urine sample, vitals, paramedical exam, or ECG. The insurer may request an attending physician’s statement from your doctor.
Depending on the complexity of your application and the time it takes to gather the medical requirements, it may take the insurer 1-3 months to provide a decision.
Book a free consultation
A licensed, non-commissioned Doctors of BC Insurance advisor can assess your situation and give you personalized recommendations and quotes. Contact an advisor.
Learn more
Read the Life insurance plan brochure.
Make a claim
See Make a Claim for step-by-step instructions.