OMA Insurance

OMA Insurance

The OMA group disability and life insurance program is offered by the Ontario Medical Association.

We service over 3500 individual physicians with 19 Ontario Medical Associations and Hospitals, where we have negotiated a discount of 25% on disability insurance, 10% on critical illness insurance, and cost savings on life insurance.

Below is a comparison of OMA insurance vs Individual Coverage.

DISABILITY INSURANCE – Quality differences
The OMA group disability insurance is group coverage, which means the insured does not own or control the insurance.

Individual coverage you control, whereas group insurance is controlled by the insurer.

With respect to rates, OMA rates increase at age 35, 45 and 55 or can be a level rate. OMA rates are competitive, however, the quality differences are substantial as illustrated below.

Home – Canada Life logo  Manulife Logo Image result for rbc insurance logo  OMA Insurance
Ownership Individual insurance coverage.
You own and control your policy. Benefits and premiums are guaranteed
Group insurance.
The OMA or its insurer can cancel or change the policy
Partial disability Minimum payment guarantee of 50% of your monthly benefit No minimum payment
Discount Up to a 25% discount on all coverage up to $35,000 per month Partial refund on coverage up to $10,000/month

Coverage over $10,000/month does not get a refund.

Portable YES world wide Must be an OMA member and pay OMA fees
Recovery benefit When the insured returns to work after a period of total or residual disability, the insured may receive four months recovery benefit based on the percentage of loss of income.

If the insured returns to work after a period of partial disability, the insured will receive two months recovery benefit that will be the same as the partial disability payment previously received.

             Not available
Recurrent Disability

 

After a period of disability ends and the insured becomes disabled again from the same or related causes within 12 months, it will be a continuation of the previous disability.
After a period of disability ends and the insured becomes disabled again from the same or related causes within 6 months, it will be a continuation of the previous disability.
COLA Minimum of 2%
Range: 2-10%
No Minimum
Range: 0-10%
Long Term Care Insurance Conversion LTC insurance is fully funded after 20 years with RBC Insurance LTC insurance is fully funded after 25 years with Sun Life

At the end of the day, you get what you pay for. If you want to own and control your policy, we recommend individual insurance.

TAKE ACTION:
Contact us at info@levinefinancialgroup.com or call 416-222-1311

LIFE INSURANCE: Cost differences
The OMA group life insurance plan has rates increases every 5 years, the policy is not convertible to permanent insurance, and the OMA policy is expensive (even after the OMA rebate). Below are price comparisons for a male age 40, and 50, at $800,000               
Male Age 40 $800,000 OMA Insurance Individual coverage Male Age 50 $800,000 OMA Insurance Individual coverage
40 $  1,348 $  641 50 $  4,061 $  1,337
41 $  1,348 $  641 51 $  4,061 $  1,337
42 $  1,348 $  641 52 $  4,061 $  1,337
43 $  1,348 $  641 53 $  4,061 $  1,337
44 $  1,348 $  641 54 $  4,061 $  1,337
45
(OMA increase)
$  2,445 $  641 55
(OMA increase)
$  6,471 $  1,337
46 $  2,445 $  641 56 $  6,471 $  1,337
47 $  2,445 $  641 57 $  6,471 $  1,337
48 $  2,445 $  641 58 $  6,471 $  1,337
49 2,445 641 59 $  6,471 $  1,337
Total $18,964 $6,410   Total $52,660 $13,370
Less OMA rebate $11,379            –   Less OMA rebate $31,596            –
Net cost $ 7,586  $6,410   Net cost $21,064 $13,370
SAVINGS VS OMA $1,176 SAVINGS VS OMA $ 7,694

Source: OMA website; OMA rebate at 60%, 2017

Implications:
Individual insurance has iron clad guarantees, a conversion feature to permanent lifetime coverage; a simplified application; minimal medical underwriting; and a superior cost structure (even after OMA rebate).

TAKE ACTION:
Contact us at info@levinefinancialgroup.com or call 416-222-1311

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