Engineering Student Offer: Save up to 25% on disability insurance

Do Canadian engineering students need disability insurance? 

Yes, engineering students need disability insurance to protect the income they’ve worked so hard for. No one thinks they will be affected by a disability, but it’s a lot more common than most realize. If it happens to you, disability insurance will replace your income, so you can focus on recovering without having to use your savings to pay for bills.

And, you can use the disability insurance payments for anything:

• Healthcare costs or equipment
• Home modifications
• Everyday expenses 
• Anything else you need

Are engineering students covered by Engineers Canada insurance plans?

Yes, engineering students can get insurance offers from groups like Engineers Canada. But, it might be more limited and might not cover everything you need.

In most cases, it’s better for you to buy your own insurance coverage instead of relying on coverage through a group. Your own policy can fit your exact needs  — now and in the future. And the Engineering Student Offer is the perfect chance to do that at a low cost that lasts.

What are the benefits of the Engineering Student Offer?

The ESO is a very attractive offer that gives engineering students many benefits, including:

• Significantly lower premium rate — savings of up to 25% on disability insurance
• Long-lasting savings — the lower rate lasts for the entire duration of the policy, meaning students save more upfront AND over time
• Guaranteed level premiums — the amount you pay will stay the same for the entire duration of your policy
• Easy application process — only answer a few questions, with simple approval and no medical exam needed
• Simple eligibility criteria — you can qualify even if you’re still a student with no job lined up yet
• Policy is non-cancellable — as long as you keep paying premiums, the insurance company cannot cancel your policy
• Policy is renewable — you can renew your policy after age 65, which is rare in the industry
• Complimentary benefits — built-in Future Income Option (FIO) lets you add more coverage later on, which is rare
• Optional riders and benefits available — options to add a Cost of Living rider or Disability in Your Own Occupation benefit to maximize coverage
• Premiums waived — 8 months of premiums are waived if you apply by September 2024
• Flexible coverage — customize your policy’s coverage amount, elimination period length, extra features, and more
• Backed by a strong brand name — policies are underwritten by RBC, one of the country’s biggest banks and a financially strong and secure provider

What are the optional benefits offered through the ESO?

Aside from the main disability insurance policy, the Engineering Student Offer also lets you access: 

• Future Income Option benefit — included
• Cost of Living benefit rider — optional
• Disability in Your Own Occupation benefit — optional

How much does disability coverage cost through the ESO?

On average, an engineering student can expect to pay around $530 per year for the RBC Engineering Student Offer for disability coverage. This is a huge savings when considering that disability insurance can cost around $800 per year or more without this offer. 

And with 8 months free, engineering students only have to pay around $175 for the first year of coverage — that’s comparable to a Netflix, Spotify, or Amazon Prime annual subscription, and you’re protecting your future for that price.

Having said that, keep in mind that the cost of disability insurance is different for everyone. For the ESO, rates depend on age, gender, and smoking status. Contact us directly to get your free, no-obligation Engineering Student Offer quote for disability insurance.

How can engineering students apply for the RBC disability insurance offer?

Engineering students in Canada can apply for the Engineering Student Offer by contacting our licensed insurance advisors. We can give you a personalized quote and help walk you through the process.

Who is eligible for the engineering students disability coverage offer?

To be eligible for the RBC MSO, you must meet the following criteria:

Can I get the Engineering Student Offer if I have health issues?

Yes, you can still get disability coverage through the MSO even if you have pre-existing medical conditions or health issues. The application process is a type of underwriting called guaranteed — it only asks a few health-related questions and does not make you do a medical test. This means you can still get approved even if you have health concerns.

However, this policy comes with a 24-month pre-existing clause. It states that if you have a health issue within 2 years of getting your policy, and you end up with a disability related to that issue within the first 2 years of your policy starting, that disability will not be covered.

When can I apply for the Engineering Student Offer?

The MSO has a specific period when you are eligible to apply. You can only apply:

• When you are in the last year of a Professional Engineering undergraduate degree program
• When you are in the last year of a Professional Engineering Master’s program

You must also apply for the optional benefits at the same time you sign up for the main ESO if you want to keep the application simple. You can add them later on up to age 50 if you wish, but you would have to go through full medical underwriting, meaning you’ll have to answer a lot more questions and may be asked to do a medical exam.

Why PolicyAdvisor?

There are tons of reasons why you should choose to get coverage with us, as Canada’s leading brokerage. We have years of experience in the industry, and when you choose us as your advisors, you’re signing up to:

Frequently asked questions about RBC’s Engineering Student Offer