OMA INSURANCE RATE INCREASE

Recently you received a notification from the OMA about a significant rate increase on OMA Disability Insurance. 

Below are the facts.

  • OMA DISABILITY INSURANCE
    In 2010, the OMA rebated 45% of the premium on group disability insurance.
    This rebate was eliminated in 2017 and rates are now increasing – on average 22%.
  • OMA LIFE INSURANCE
    In 2010, the OMA rebated 65% of the premium on group term life insurance.
    This rebate was reduced to 20% in 2020 which means your cost increased.

Understandably, these cost increases have made some physicians uncomfortable especially during a pandemic. You deserve better. We have negotiated an option to replace your OMA insurance with individually owned RBC Insurance with guaranteed rates and policy provisions.


REPLACE YOUR OMA INSURANCE

  1. Replace your OMA Disability Insurance – 25% Discount
    Policies include an own occupation definition of disability, a cost-of-living adjustment, a future income option (up to $25,000/month), HIV and Hepatitis B and C protection and a conversion to long term care coverage. All policies are issued with preferred underwriting and a 25% discount with RBC Insurance.
  2. Replace your OMA Life Insurance – 10% Discount
    • Add up to $5,000,000 of RBC Your Term 10 insurance with preferred underwriting and a 10% discount.
    • Policies are renewable to age 100, convertible to participating whole life insurance which is currently earning a 6% dividend interest rate or universal life insurance.

This limited time special offer expires Aug. 25, 2021.


QUESTIONS AND ANSWERS

  1. Can the OMA increase the disability insurance rates again in the future?
    YES.
  2. How much are your OMA insurance rates increasing?
    Log into your OMA Account: www.oma.org/myaccount go to my insurance and click view details.
  3. What are the quality differences between RBC individual and OMA group disability insurance?
    o The current OMA group disability plan which terminates at age 70, unless you opt for the 70+ extension. The RBC Professional Series® Disability Insurance policy can be maintained until age 100.
    o RBC offers a minimum inflation protector (not available with OMA Insurance).
    o RBC offers a recovery benefit (not available with OMA Insurance).
    o RBC offers a 12-month protection in case of a reoccurring disability (not available with OMA Insurance)
    o Only RBC has a long-term care insurance conversion which provides lifetime coverage for home and facility care (OMA does not have long-term care coverage).
  4. How do OMA group disability insurance rates compare – OMA vs RBC?
    Most physicians have OMA group disability insurance purchased on a banded rate which means your OMA rates increase at age 30-34, 35-44, 45-54 and at age 56-64. RBC rates are guaranteed and cannot be changed by the insurer.
  5. How do OMA group life insurance rates compare – OMA vs RBC?
    OMA group term life insurance rates increase every 5 years. RBC life rates are guaranteed and do not change for the term (usually a 10 or 20-year term). In most cases, RBC rates are less than the OMA rates (even after the OMA rebate).
  6. Is RBC life insurance convertible to participating whole life insurance?
    YES.
  7. What is the current dividend rate on RBC participating whole life insurance?
    6%
  8. Can the life insurance be owned and paid for by your medicine professional corporation?
    YES
  9. Do I need to give a blood and urine sample to apply for insurance?
    Applicants can apply without blood and urine requirements as listed below.
    o Up to age 50 may apply for up to $2,000,000 of life insurance and $8,000/month of disability insurance.
    o Ages 51-55 may apply for $500,000 of life insurance and $2,500/month of disability insurance.
    o Ages 56-60 may apply for $300,000 of life insurance and $2,500/month of disability insurance.
    o Applicants receive preferred underwriting.

Apply to replace your OMA Insurance

NEXT STEPS
Should you wish to replace your OMA insurance or supplement your coverage call 416-222-1311 or email info@levinefinancialgroup.com

Elliott Levine, MBA, CFP is the President of Levine Financial Group in Toronto
We Save Physicians Money on their Insurance
416-222-1311 I info@levinefinancialgroup.com