Chiropractor Personal Disability Insurance

Dr. John Vedova is a 44 year old Chiropractor practising here in Victoria. He is married and has two young children. On more than one occasion he has admitted to me that he “hates insurance” but accepts that it’s necessary. He understands that if for some reason he gets sick or hurt and he can’t work, the financial implications for his family and the future of his practice are serious.

John has been a customer and a friend for many years. In early November I reminded him that the insurance industry in Canada has changed how they treat Chiropractors with respect to the risk they represent for disability insurance. In the old days a Chiropractor was considered the best risk, Class 5 for most of the big companies. A good risk means low premiums.

Now as a result of adverse claims experience, the industry has changed the risk category to a Class 3, except one. Canada Life still considers Chiropractors the best risk, but is changing their rating on January 01, 2009.  Any application received by Canada Life before December 31, 2008 will be offered the old rates.

This is what it means for Dr. John Vedova:

When John buys a $3,000/mth benefit before December 31, 2008 John will pay
$79.01/mth in premium.

 

 

If John waits until January 01, 2009 to buy the same $3,000/mth, John will pay $136.76/mth for absolutely the same benefit.

 

 

This is an insurance contract that John will probably keep until he is at least 65 years old. If he does John will save $14,553.00.

John’s application for $3,000/mth of disability insurance is on its way to Canada Life.

As I was preparing this section of my website for this offer, John asked me to make sure that I emphasized to all other chiropractors that the definition of disability is also changing ! This means that after December 31, 2008 a Chiropractor will no longer qualify for the OWN OCCUPATION definition; which is the best in the industry.

John also asked me to add his clinic’s phone number so that any Chiropractor wanting to know more from John is invited to call him.  Call for Dr. John Vedova at 250 391 6111. John’s clinic is on Peat Rd.