Recently Physicians received a communique about changes to OMA Insurance. We have had many calls from physicians asking about these changes. A few things you should know. According to the OMA, the OMA group disability insurance is now with Manulife. The OMA group term 75 life insurance is underwritten by New York Life and administered by Manulife.
How have OMA Insurance rates changed?
Over the past 10 years the cost for OMA insurance has increased. With OMA Group disability insurance, there used to be a rebate at the end of the year. This rebate was discontinued in 2018. In 2021, OMA disability insurance rates increased. With OMA Group term 75 life insurance, the rebate has reduced from 60% in 2015 to 20% in 2021. OMA Insurance stopped publishing the rebate on insurance in 2022.
Can the OMA Insurance increase insurance rates again in the future?
YES. With group insurance the insurer owns and controls the policy.
Can I replace my OMA Insurance with a discount?
We are here to assist.
If you have any questions or want to look at cost savings on your insurance, please call 416-222-1311 or click here
Elliott Levine, MBA, CFP is the President of Levine Financial Group in Toronto
416-222-1311 I firstname.lastname@example.org