Ontario Medical Association Disability Plan

Individual disability provides
more than the OMA plan.
Photo by Jane Liu

The Ontario Medical Association (OMA) offers disability insurance to its members. The policy is underwritten by Sun Life and includes the following features:

• 'Own Occupation' rider
• Eligible for Premium Refunds
• Cost of living feature
• Opportunity to increase coverage without medical evidence
• Retirement protection benefit
• Worldwide coverage for members
• Guaranteed acceptance for eligible members under age 35 for first $1500 monthly coverage
• Choice of elimination periods from 30 days to one year
• Coverage available up to $15,000 per month and can complement other plans
• Favourable definitions of total and residual disability

It's recommended that medical professionals compare their OMA coverage with Individual Disability Insurance plans. Individual plans include all of the above benefits and the following additional advantages for physicians that are not included in the OMA plan:

1. Guaranteed premiums to age 65 (the OMA premiums can be adjusted on a yearly basis)

2. Guaranteed Policy wording to age 65 (the OMA policy wordings can be adjusted at any time)

3. Level Premiums to age 65 (the OMA premiums go up in five-year age bands and, as you enter a new age band, the premium automatically increases)

4. Maximum monthly benefits are $35,000 a month (the OMA plan is $15,000)

5. An independent insurance broker working on your behalf at the time of claim (the OMA plan only offers communication with an OMA representative over the phone)

For more details on disability insurance in Canada, please contact us at 1-866-899-4849 or visit our Disability Insurance Quote Page.

Posted by Chantal Marr.