Insurance Buying Tips For Doctors

Insurance Buying Tips For Doctors

by Mike W

No one looks forward to the idea of renewing their insurance coverage, and many are opposed to the idea of having coverage in the first place. For multiple reasons, including the fact that it can get pretty costly and there are some bad apples out there ready to scam you, the reluctance is understandable. However, you cannot avoid the topic altogether forever.

So to put your mind at ease, here are a few things that you need to know as doctors and physicians stepping into the Canadian insurance market to have their life and property covered.

Pay Attention To The Insurance Exclusions

Before signing on the policy and handing in all that money, make sure you have read the fine print. Every insurance company in Canada has an exclusion policy, and you need to have read it when signing the contract so that you are not met with any surprises at the time of making a claim.

If you feel that you are unable to understand any of the terms written, ask your company to explain it to you in clearer terms. Any honest insurance policy will ideally be simple and readable to the legal layman, and in the event that you find yourself more confused, we would suggest abandoning that contract altogether.

Insurance companies and providers are paid to make things simple for you. Insurance is a serious decision to make and you need to make it keeping in mind all the risks.

Stay Wary Of Providers That Offer Too Good Of A Deal

Insurance prices offering same coverage are all similar to each other; with very minute differences in prices. You can have a look around in the market, and compare all the prices and figure out what suits you the most.

However, if someone promises you a deal that is suspiciously low-cost, stay cautious because their claims might not be valid.

Be Honest With Your Insurance Provider.

This comes up over and over again in matters of life insurance where leaving out details about your lifestyle at the time of signing the contract can lead to the cancellation of the policy sometime later when that detail comes to light. Many of the times it is unintended.

Insurance providers in Canada all have different terms and conditions for the life insurance of a person with a disability, a health concern, an addiction problem, a mental health issue than that of a relatively healthy person with no history of health concerns.  Choosing not to reveal these details can result in you signing a contract that is not meant for your lifestyle, and can consequentially be canceled at the time that such details are known.

Keep Reviewing The Contract Annually.

Insurance coverage may be a fixed contract, but the subject matter that it covers is not. Life, physical health, financial needs, familial needs –all of these aspects of your life are dynamic and face slow or sudden shifts.

You may develop an illness sometime after signing an insurance contract, or you may welcome a new member in the family resulting in different financial needs; your insurance coverage should reflect that as well.

Insurance Is Fiduciary In Nature

Insurance is a matter of financial benefit on the basis of trust or close relationships.  A person invests in an insurance policy, not for their own benefit alone in case of disabilities, but for the support of every person who relies on them like their spouse, children, parents, or close relatives.

Insurance policies stacks your money and circulates it when you and your family need it; providing a cushioning to land on in times of distress.  Inevitably, this would mean placing trust within the providers as well, no matter how technical and legally complicated it may seem.

In that event, make sure that you harness that level of trust between your provider and yourself; and if you feel that it is lacking, switch to another plan. Bear in mind switching around to insurance companies is something that you should generally avoid as well because companies will be less likely to ensure people who are ‘bouncy’ and ‘indecisive’; it is a matter of trust for them as well.


Insurance can be a tricky endeavor but it does not have to be a risky one if you do it right.  To get advice and guidance from one of the top Insurance company for Physicians in Canada, visit Levine Financial Group.

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