The OMA Insurance plan offers group disability, life and critical illness insurance through the Ontario Medical Association. Below is an overview of these group insurance plans.
OMA GROUP DISABILITY 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.
OMA GROUP LIFE INSURANCE
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).
OMA GROUP CRITICAL ILLNESS INSURANCE
Through Sun life the OMA Insurance plan offers up to $250,000 of critical illness on a term 5 basis where rates increase every 5 years and the policy expires at age 70. Similar to the group life insurance, an individual plan owned by you offers lower rates, better definitions and conversion features.
We Save Physicians Money on their insurance.
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