Radiologists insurance program

Radiologists – OAR Insurance Program

In 1999, The Ontario Association of Radiologists setup an insurance program (OAR insurance program) to provide insurance services to Radiologists with value added insurance services and premium discounts. There are over 700 Radiologists enrolled. It may be beneficial to review your coverage and take advantage of these special offers.

Have you enrolled for these discounts?

Disability insurance – 25% discount
Purchase up to $30,000 per month of disability coverage with a guaranteed annual premium discount. Policies are issued an own occupation definition of disability, a cost of living adjustment, a future income option, HIV Hepatitis B&C protection, and a conversion to long term care coverage.

Critical Illness Insurance – 10% discount
Receive a tax-free lump sum payment over and above your monthly disability payment after the onset of a critical medical problem such as a heart attack, cancer or stroke, MS, etc. If you do not claim, you may elect the refund of premium option and get back up to 100% of the premiums paid.

Term life insurance – up to 25% SAVINGS
Qualify for preferred rates and save up to 25% on term life insurance.

Whole life insurance – 6.25% dividend interest rate
Whole life insurance is an asset accumulation, estate, and retirement planning vehicle. It is designed to enhance the cash value in a long-term dividend interest rate asset class while providing guaranteed increasing cash value and permanent life insurance.

Whole life insurance is an excellent planning tool for those who are saving money inside their corporation and it is one of the only asset classes that allows tax-free asset accumulation. 

Long term care coverage – no medical required
In the event of a chronic illness, cognitive impairment or the inability to complete two or more activities of daily living, up to $9,000 per month may be paid tax-free to provide for home or facility care as required. There is no medical required.


Why enroll through the OAR insurance program?

The OAR put together a plan specifically to meet the needs of Radiologists.
The Ontario Association of Radiologists’ (OAR) insurance program started in 1999 with a mandate of providing Ontario Radiologists with value added insurance services with products and discounts and services not available in the insurance marketplace. Prior to the OAR insurance program there was no discount on insurance for radiologists, no non-medical offerings and no special offer for residents or fellows.The OAR insurance program offers Radiologists disability, critical illness, life and long term care coverage. Policies through the OAR are underwritten with preferred underwriting and discounts not available in the marketplace. Policies are individually owned (not group insurance) with iron clad guarantees on rates, policy provisions and definitions.

The OAR is a leader in providing value to members with an insurance program that has accomplished the following:

  • First to offer no-medical disability insurance.
  • First to offer a 25% discount on disability insurance.
  • First to offer a 10% discount on critical illness insurance
  • First to offer residents and fellows disability coverage with no medical and a 25% discount.

Prior to the OAR insurance program there was no discount on insurance for Radiologists, no non-medical offerings and no special offer for residents or fellows.

Tragic events happen.
As of 2018, there are over 700 Ontario Radiologists enrolled in the OAR insurance program and we have adjudicated over $4,500,000 in disability and critical illness claims.

The OAR insurance program has influence.
In 2017, there were 5 premature death claims. One claim involved a young Radiologist who cancelled his policy and died two weeks later. The claim was brought to the attention of the insurer by our office, and while not obligated to pay, the insurer paid the claim because the client had an OAR insurance policy. 

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