The OMA group disability and life insurance program is offered by the Ontario Medical Association. We service over 3500 individual physicians with 19 Ontario Medical Associations and Hospitals, where we have negotiated a discount of 25% on disability insurance, 10% on critical illness insurance, and cost savings on life insurance.
The OMA group disability insurance is group coverage, which means the insured does not own or control the insurance. Individual coverage you control, whereas group insurance is controlled by the insurer. With respect to rates, OMA rates increase at age 35, 45 and 55 or can be a level rate. OMA rates are competitive, however, the quality differences are substantial as illustrated below. At the end of the day, disability insurance is a legal contract and we recommend you have the best definitions possible with iron clad guarantees.
The OMA group life insurance plan has rates increases every 5 years, the policy is not convertible to permanent insurance, and the OMA policy is expensive (even after the OMA rebate).