OMA Insurance offers two life insurance products; Group term to 75 and Flex term 10/20 through New York Life. Most physicians with OMA life insurance have Group term to 75 where rates increase every 5 years, a premium refund is paid at year-end, policies are not convertible to permanent insurance and up to $2,000,000 is available. At age 65, the OMA Group term 75 life insurance benefit decreases by 10% per year while the rate does not change.
- Term insurance which is temporary/rented coverage.
- Rates increase every 5 years.
- The policy is NOT convertible to permanent coverage.
- In most cases, the OMA Group term 75 plan is more expensive than individual coverage even after OMA refund.
The Flex term 10/20 insurance product was introduced a few years ago and offers a 10 or 20-year term insurance policy that is convertible to permanent insurance. There is no premium refund on the Flex term insurance and up to $3,000,000 is available. The total life insurance available with OMA is $5,000,000
Source: OMA Insurance 2022
If you only need term coverage (rented coverage for a short period of time), we offer physicians term insurance for 5, 10, 15, and 20 years with preferred underwriting and in most cases individual rates are less expensive than the OMA insurance group term to 75 life insurance plan (even after OMA refund).
If you need permanent lifetime coverage, we offer Physicians, permanent insurance with coverage that is guaranteed for life.
As a Physicians you may qualify for preferred rates and savings up to 25% with preferred underwriting.
Disclaimer: Levine Financial Group are independent insurance brokers. We are not part of the OMA and do not offer OMA Insurance.
We Save Physicians Money on their insurance.
P: 416-222-1311 I 1-877-314-1311 I E: INFO@LEVINEFINANCIALGROUP.COM