OMA Insurance offers two life insurance products. A traditional group life insurance plan called “Group term plus 75” and individual life insurance called “Flex term life insurance.
- Group term plus 75. Rates increase every 5 years, a premium refund (no longer published) is paid at year-end, policies are not convertible to permanent insurance and up to $2,000,000 is available. Beginning at age 66, this coverage will reduce each year by 10% until age 74 while your premium does not reduce. At age 75, 10% of your overall coverage will remain in place with no further premium required.
- The Flex term life insurance. This is a individual term insurance. There is no premium refund on the Flex term insurance and up to $3,000,000 is available.
In most cases, the OMA Group term 75 plan is more expensive than individual insurance even after the OMA refund.
OMA DISABILITY INSURANCE
OMA offers up to $25,000 per month of disability insurance with either a level or step rate (step rates increase over time). OMA premiums/rates are not guaranteed. Manulife reserves the right to change the premium at their discretion with 30 days notice. Group disability insurance has some quality issues vs individual disability insurance including:
OMA Disability insurance quality comparison
- Termination date – OMA group disability insurance terminates at age 70, unless you opt for the 70+ extension. The 70+ extension provides coverage for total disability only for up to 12 months. Individual insurance can be maintained to age 100.
- Cost of living adjustment – OMA group disability insurance has no minimum inflation level at claim time. Individual insurance has a minimum 2% increase for inflation.
- Recovery benefit – There is no recovery benefit with OMA insurance while on a claim. Individual insurance includes a benefit to help you recover from disability.
- Partial disability only applies if you are a student with OMA Insurance.
- The own occupation definition of disability is not available with OMA Insurance to students or international medical graduates.
- Recurrent disability. With OMA, if a disability reoccurs before 6 months from the termination date of the previous disability payments, the elimination period will not be reapplied. With individual insurance, if a disability reoccurs before 12 months, the elimination period will not be reapplied.
- Portability – OMA coverage is portable so long as you maintain your OMA membership and pay OMA membership fees. Individual insurance is portable.
- Conversion to long term care insurance – OMA group disability coverage is not convertible to long term care insurance which provides care in your own home and care in a facility with benefits to age 100. Individual insurance is convertible to long term care insurance.
- Rates are not guaranteed. OMA Insurance rates and policy provisions are at the discretion of Manulife with 30 days notice. Individual insurance rates are guaranteed.
- Source OMA Insurance August 2024
How have OMA Group insurance rates changed?
Over the past 10 years the cost for OMA insurance has increased.
- With OMA Group term 75 life insurance, the refund has reduced from 60% in 2015 to 20% in 2021. OMA Insurance stopped publishing the refund on insurance in 2022.
- With OMA Group disability insurance, there used to be a refund at the end of the year. In 2021, OMA disability insurance rates increased.
Can the OMA Insurance increase insurance rates again in the future?
YES. With group insurance the insurer controls the policy.
Can I replace my OMA Insurance with a discount?
YES.
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 below
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Disclaimer: Levine Financial Group are independent insurance brokers. We are not part of the OMA. We offer the OMA Insurance replacement program and have been saving physicians money on insurance since 1967.