Facts on OMA Critical Illness Insurance

Facts on OMA Critical Illness Insurance: OMA Group Critical Illness Insurance 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.

OMA SUN LIFE GROUP CRITICAL ILLNESS
OMA Sun Life Group Critical Illness Insurance 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.

  • Rates increase every 5 years.
  • Coverage expires at age 70.
  • There is no return of premium option.
  • The policy is not convertible to long term care coverage.

Cost:
With respect to cost, the fact is at most ages, the OMA critical illness insurance is more expensive than individual coverage.

Source: OMA Insurance

As an alternative, we offer individual coverage with benefits to age 75 or 100 and a return of premium option if you don’t make a claim. We believe its imperative to have a conversion to long term care feature included in new critical illness plans and this is why we offer independent coverage where your rates and policy provisions are guaranteed.

Disclaimer: Levine Financial Group are independent insurance brokers. We are not part of the OMA and do not offer OMA Insurance.

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