OMA Insurance offers group life insurance through the Ontario Medical Association. Below is a brief overview
OMA Life insurance – term insurance
The OMA Insurance group life insurance plan is term insurance where rates increase every 5 years, the plan in NOT convertible to permanent coverage and even after OMA rebate it is expensive!.
OMA Disability insurance
The OMA insurance group disability plan is owned and controlled by the insurer, not you the policy holder. With OMA disability insurance, rates increase over time and benefits are not guaranteed. There are several quality differences including a limited partial disability benefit, recurring disability benefit and most importantly, you do not own or control the policy.
OMA Critical illness insurance
The OMA insurance group critical illness plan offers up to $250,000 of coverage however the plan includes a 24 month pre-existing condition limitation, rates increase every 5 years, there is no return of premium option and the policy expires at age 70.