Below are the facts on OMA Insurance offered through the Ontario Medical Association.
Facts on OMA Life insurance
The OMA offers group term to 75 life insurance and a flex term 10 / 20 life insurance plan through New York Life. The OMA Insurance group term to 75 life insurance plan is term insurance where rates increase every 5 years, rates are subject to tax, the plan in not convertible to permanent coverage and at most ages it is expensive compared to individual coverage even after OMA rebate.
Facts on OMA Disability insurance
The OMA insurance group disability plan is with Sun Life. With OMA disability insurance, rates can be age banded (<35, 35-44,45-54 and 55-69) which increase over time or on a level rate. Level rates are not guaranteed and may change overtime depending on the insurance costs of the group. There are several quality differences including a limited partial disability benefit, recurring disability benefit and because this is group insurance, you do not own or control the policy.
Facts on OMA Critical illness insurance
OMA Group Critical Illness Insurance is with Sun life and provides you with a tax-free lump sum benefit of up to $250,000 after 30 days of surviving a diagnosis of one of 25 illnesses.
The OMA also offers up to $100,000 of critical illness insurance through its OPIP plan. with no medical required. For critical Illness insurance issued without proof of good health, no benefit will be paid for any critical Illness that occurs within 24 months of your effective date of coverage due to the pre-existing condition amendment.
Source: OMA Insurance
Disclaimer: Levine Financial Group are independent insurance brokers. We are not part of the OMA and do not offer OMA Insurance.