Student Savings Program

The 25% discount becomes 10%.

OMA, PARO, Start Right, a student policy, or another group plan can still be useful. That coverage does not lock a 25% discount onto later Future Income Option units. Proving current health on a personally owned Student Savings Program application can. New-business 25% becomes 10% for applications received on or after October 1, 2026. Do not cancel existing coverage until personally owned coverage is formally approved, delivered, and accepted.

This is the fully underwritten path into early practice, and the fallback if the simplified Medical Student Offer window is missed. Critical illness leaves the program. Student business-overhead and International Medical Graduate discounts also move to 10%. Minimum age moves from 18 to 26.

Personal disability discount

Now

25% reduced premium for medical doctors on eligible personal disability coverage. That reduction can also apply to Future Income Option additions.

From Oct. 1, 2026

10% (September 2026 bulletin). Future Income Option unit increases follow the issued base discount (September transition rules).

Waived premiums

Now

5 months on the first purchase of each eligible product after the first monthly premium. Current materials describe that as a first-year reduction of over 40%.

From Oct. 1, 2026

5 months. The September 2026 bulletin does not list a change to Student Savings Program waived-premium months. The September FAQ states that after October 1 both programs quote 5 months, and the holiday can be used only once.

First-year timing

Now

In training or the first six months of practice: student limits, savings and five months waived. Months 7–12 of the first year: student limits and savings, without waived premiums. The discount does not end at six months of practice.

From Oct. 1, 2026

The September 2026 bulletin confirms the discount change to 10%. It does not restate the months 7–12 timing table. Confirm first-year timing from current materials.

Student Business Overhead Expense

Now

Up to 25% when personal disability insurance and student business-overhead coverage are purchased together.

From Oct. 1, 2026

Discount restricted to 10% (September 2026 transition rules).

International Medical Graduate offer

Now

15% discount.

From Oct. 1, 2026

10% (September 2026 bulletin).

Critical illness

Now

Option to purchase critical illness insurance at a reduced rate. Current materials apply routine medical requirements.

From Oct. 1, 2026

No longer available for new business under the Student Savings Program, for all occupations (September 2026 bulletin).

COLA and Own Occupation

Now

May 2026 rules: once during residency or within six months after residency or fellowship, subject to eligibility.

From Oct. 1, 2026

From October 1, 2026 (September bulletin): extra-contractual Special Future Income Option, COLA, Own Occupation and FIO-unit adjustment are no longer available before starting practice. Available within the first 12 months of practice, working in Canada, not disabled, and must start practice within 6 months of graduating from residency or fellowship.

FIO-unit increase

Now

May 2026 rules: once within six months before or after completion of medical residency or fellowship.

From Oct. 1, 2026

Same October 1, 2026 extra-contractual rule as COLA and Own Occupation (September bulletin).

Extra-contractual Special Future Income Option

Now

May 2026 rules: extra-contractual Special Future Income Option within six months before or after the end of residency or fellowship.

From Oct. 1, 2026

Same October 1, 2026 extra-contractual rule as COLA and Own Occupation (September bulletin).

Issue cutoff

Now

Received before October 1 and issued before November 1 follows current (old) guidelines.

From Oct. 1, 2026

Received before October 1 but issued on or after November 1 still follows new guidelines (September 2026 transition rules).

Backdating

Now

Current program materials do not treat backdating as the way to lock the discount.

From Oct. 1, 2026

Only to save age, maximum 30 days, and still issued using new guidelines (September 2026 transition rules).

Age

Now

Minimum eligibility age 18 for medical students, residents, fellows, and medical doctors.

From Oct. 1, 2026

Minimum eligibility age 26 (September 2026 bulletin). The bulletin does not list a change to the age-50 Future Income Option ceiling. If age eligibility is not met on an application received October 1 or later, it is not eligible. No exceptions (September transition rules).

These changes are for new business only. In-force policies keep their original guidelines. Existing contractual Future Income Option provisions are not changed.

Current monthly limits for medical doctors in 2026 materials — not claimed as changing

$2,000

Years 1–2, no income justification

$3,000

Year 3

$4,500

Graduating students and residents

$8,500

Fellows

$7,500

First-year general practitioners

$4,500

Last-year specialist residents

$11,000

First-year specialty practice, via Special FIO

$25,000

Career path without new medical evidence; financial proof still required

$500–$3,000

Future Income Option unit

Review Medical Student Offer eligibility before submitting a fully underwritten application; application outcomes can affect access to simplified coverage. An application to the Student Savings Program that is declined, or rated or modified and not taken, removes Medical Student Offer eligibility. The premium holiday can be used only once and cannot be combined across programs. After October 1 both programs quote 5 months.

A Medical Student Offer policy issued on or before September 1, 2026 that is internally replaced with a Student Savings Program policy within 12 months of that issue date can still be eligible for the 25% Student Savings Program discount, subject to full underwriting, for replacements received through September 1, 2027.

Amounts above student or first-year practice limits need demonstrated full-year earnings, not projected income. Future Income Option increases toward $25,000 still require financial proof even when new medical evidence is not required. In-force Student Savings Program critical illness can still convert after October 1 to a new RBC critical illness plan; new critical illness under the Student Savings Program is no longer offered.

Why the current 25% still matters

FIO units get the same 25% as the policy issued today.

The Student Savings Program reduction can apply to coverage purchased today and to coverage purchased later using a Future Income Option. Unit increases follow the base discount of that issued policy. Because most coverage is added after training, the 25% is a discount on the later $25,000 — not only on the first cheque. After October 1, new-business unit increases follow a 10% base instead.

01

The first policy is not the $25,000

Student Savings Program limits for medical doctors start around $2,000–$4,500 a month before practice. That is the starter contract. The career amount is built later, unit by unit.

02

FIO units are how most of the benefit is added

A Future Income Option can add coverage annually toward first-year practice limits and a documented path of $25,000 a month without new medical evidence. Financial proof is still required for those increases. Amounts above student or first-year limits need demonstrated full-year earnings, not projected income. Those later units are the large disability benefit — not the first policy.

03

Every FIO unit inherits the issued discount

The 25% is not a one-time coupon on the first premium. Future Income Option unit increases follow the base discount of the policy that is issued. Lock 25% on the base today, and each later unit — toward $25,000 — can carry that same 25%. After October 1, new-business unit increases follow a 10% base instead.

A 25% cut on $5,000 of disability is modest. The same cut on $25,000 is not.

A 25% reduction on a $5,000 monthly benefit is a small annual difference. Future Income Option units are how that benefit can be built toward $25,000 without new medical evidence — and those units follow the 25% issued on the base policy. That is the number that repeats every year the extra coverage stays in force. Miss the window, and later units follow 10% instead.

Educational comparison only. It is not a premium quote. Actual cost depends on age, sex where permitted, smoking status, product, occupational class and a current illustration.

Illustrated case

Same protection. A different starting price.

Insurance age 34, male, non-smoker. $19,000 a month of personal disability coverage, 90-day waiting period, benefit period to age 65, level premiums. Own Occupation, Cost of Living Benefit and a $2,000 Future Income Option are included. Figures are in Canadian dollars.

31 years of earning potential

$20.15 million

in cumulative gross earnings

Monthly disability benefit

$19,000

Illustrated coverage amount, not a share of these earnings.

25% discount

$414.68/month

0.77% of gross income · $19,000/month coverage

10% discount

$498.11/month

0.92% of gross income · $19,000/month coverage

Savings with the 25% discount

Monthly savings

$83.43

Annual savings

$1,001.16

Through age 65

Approximately $31,036

Age 65
Age 34Age 65

Default is age 65. Move the control to see premiums, earnings and savings at an earlier age.

At insurance age 65, 31 years elapsed. 25% option total $154,260.96. 10% option total $185,296.92. Cumulative savings $31,035.96. Cumulative gross earnings $20.15 million.

Illustrative cumulative premiums

Illustrative cumulative premiumsTwo straight cumulative-premium lines from insurance age 34 to 65. The teal line is the 25% discount. The amber line is the 10% discount. The shaded band is the difference.34404550556065
25% discount10% discountDifference

Cumulative gross earnings

$20.15 million

Separate scale from premiums. Not labelled as insured or protected.

31 of 31 modelled years

Years elapsed
31
25% option total
$154,260.96
10% option total
$185,296.92
Cumulative savings
$31,035.96

Insurance age 34 is a rating age. The 31-year duration is a modelling assumption, not a verified period to this person’s 65th birthday. These are initial premiums, not a complete premium schedule. Replace the flat projection if the issued illustration specifies rider expiry or other scheduled premium changes.

Gross earnings assume $650,000 annually with no growth. Premium totals hold initial quoted premiums constant. Actual earnings, payment periods and premiums may differ. Disability benefits are subject to policy terms.

Cumulative premiums at selected ages
AgeYears25% discount10% discountDifference
340$0.00$0.00$0.00
406$29,856.96$35,863.92$6,006.96
5016$79,618.56$95,637.12$16,018.56
6026$129,380.16$155,410.32$26,030.16
65selected31$154,260.96$185,296.92$31,035.96

To see whether this illustrated case can apply, we need a fuller picture up front. Time to submit is limited.

When the current numbers still apply

Received before October 1 is not enough if issue slips past November 1.

New-business applications received on or after October 1, 2026 follow new guidelines. A file received before that date can still be issued on the new guidelines if it is issued on or after November 1, 2026.

Received and issued in time

Electronic applications count on the date they are submitted. Paper applications count when the insurance carrier receives them. An incomplete file does not freeze the current program.

Tight backdating, no age exceptions

Backdating, if allowed, is only to save age for a maximum of 30 days and still uses new guidelines. Minimum eligibility age moves from 18 to 26, with no exceptions.

What this page does not do

Confirm the current illustration before acting.

Only a current insurer illustration, application and policy can confirm what is available for a specific person.

Not a quote

Nothing here is an offer to insure, an underwriting decision or a reproduction of RBC Insurance’s full underwriting manual.

Not frozen by starting

Beginning a conversation or a draft application does not lock the current guidelines. Receipt and issue dates do.

Before October 1

We need more of the picture now.

A short note is not enough to start this file. Share current coverage, practice timing, finances and health so an application can be prepared while the current 25% still applies to new business. Applications received on or after October 1, 2026 follow 10%. Beginning a conversation does not lock the discount; receipt and issue dates do.

Still in training

Educational information only. This page summarizes RBC Life Insurance Company transition rules dated September 2026 for the Medical Student Offer and Student Savings Program, together with current 2026 program materials. May 2026 windows for Cost of Living Adjustment, Own Occupation and Future Income Option unit increases are shown separately from the extra-contractual rules that take effect October 1, 2026. October 1 items are taken from the September 2026 bulletin, FAQ and transition rules; they are not inferred from older guides. It is not an application, quote or recommendation. Eligibility, discounts, waived premiums, issue limits and product availability must be confirmed from a current illustration and insurer documents. If this summary conflicts with an insurer document, the insurer document governs. RBC Insurance is a trademark of Royal Bank of Canada, used under licence.