OMA Insurance SLASHES its’ Annual Premium Refund

For the past 10 years OMA Insurance has been advertising its non for profit status and the Annual Premium refund on various insurance products.

The OMA provides an annual premium refunds on OMA Group term 75 life insurance, group disability and office overhead insurance. Refunds are paid in December of each year. There is no refund on OMA critical illness insurance. 

In December 2018, OMA Insurance quietly announced the OMA Group term to 75 life insurance refund had dropped from 58% (2017) to 40% (2018) and OMA Insurance eliminated the refund altogether on the OMA group disability insurance.

HOW HAVE THE OMA ANNUAL PREMIUM REFUNDS CHANGED IN THE PAST 10 YEARS?

Since 2009, the annual premium refunds have been slashed by…

  1. 75% drop on Group term life 75 insurance.
  2. 87.5% drop on Group professional overhead expense insurance.
  3. Eliminated on Group disability insurance.

Analysis of OMA Annual Premium Refunds

​​Year​​ ​ ​Life
(G-3900 and G-29500)
​ ​Disability Professional Overhead
2018 ​40% ​0% ​40%
​2017 ​58% 17%​ 40%​
​2016 ​60% ​17% ​40%
​​2015 ​60% ​17%​ ​​​40%
​2014 ​56% ​34% ​​​40%
​2013 ​63% ​35% ​​40%
​2012 ​63% ​35% ​​45%
​2011 ​65% ​25% ​55%
​2010 ​65% ​45% ​65%
​2009 ​70% ​25% ​75%
% Change 75% Eliminated in 2018 87.5%

 

When doing a comparison across insurance, we will review your policy provisions and cost differences after OMA annual premium refund by product (life, disability, critical illness and office overhead insurance). We do not recommend cancelling or replacing any insurance until your new insurance is inforce and your insurance policy has been received and paid for.

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Elliott Levine is the President of Levine Financial Group in Toronto
416-222-1311 I info@levinefinancialgroup.com