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What are the chances of that happening?

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What are the chances of that happening? OMA insurance provides peace of mind when the odds are against you.
OMA Insurance
6/1/2013
When it comes to insurance, knowing what to do, and doing the right thing, are not always the same thing. While we can’t deny that accidents and other adverse events do occur, we often find comfort in the thought that they probably “won’t happen to me.” The reality is that bad things don’t just happen to “other people;” at least some of those other people are friends and colleagues — maybe even us. So it’s important to use the knowledge that something might happen to prepare yourself by obtaining the right type and amount of insurance to protect you and your family.

​I was cycling with a group of friends recently — we were on vacation together and had signed up for a bicycle tour from a bike rental company. After getting us all fitted on our bikes and giving us water bottles, the rental company had one last question before we set out: "Who wants to wear a helmet?" It was voluntary, although you had to sign a waiver if you chose not to wear one.

As a cyclist who has taken a tumble or two over the years — and yes, I have dented a helmet or two as well — I opted to wear a helmet. But a lot of people didn't, figuring it was a pleasant, vacation-paced bike ride around a pretty city. After all, what were the chances of something happening on that particular day, in that city, to any one of us?

Given that almost everyone on the bike ride was in the insurance business, I was surprised. But then, knowing what we should do, and doing the right thing, are not always the same thing. So, to help you know the right thing to do when it comes to your insurance — and to encourage you to do the right thing — here are some facts to consider.

Life & Death

  • Number of centenarian OMA members (2012): six.
  • Number of OMA members over 90 years old (2013): 223.
  • Life expectancy of a 40-year-old male = 40.1 years (to age 80.1); 40-year-old female = 44.1 years (to age 84.1).
  • Life expectancy of an 80-year-old male = 8.5 years (to age 88.5); 80-year-old female = 10.2 years (to age 90.2).
  • Percentage of children who will lose a parent before age 20: 10%.
  • Number of Life Insurance claims by OMA policyholders in 2012: 33, totalling $10.2 million in benefits — which represents 0.2% of OMA policyholders with insured amount of just under $310,000 each. For Ontario, Statistics Canada reports that in 2007, the province averaged 6.8 deaths per 1,000 people; OMA Insurance policyholders averaged 1.96 deaths per 1,000 policyholders in 2012.

Disability

  • Number of new Disability Insurance claims by OMA policyholders in 2012: 157.
  • Number of OMA Disability Insurance claimants from prior years still receiving benefits in 2012: 188.
  • Odds of being disabled: according to insurance industry statistics, an average of one in three Canadians will be disabled for 90 days or longer at least once before age 65.
  • If your disability lasts longer than 90 days, the average length of disability is 2.9 years.
  • Average total household savings among Canadians: $122,310 (BMO Household Savings Report, released February 4, 2013).
  • Average annual household spending among Canadians: $73,457 (Statistics Canada, 2011).
  • Number of years average savings will last: 1.66 years.

For the average Canadian experiencing a disability longer than 90 days without insurance, their finances will be ruined before they regain their health.

Travel

  • Population of Canada (2012): 34.88 million.
  • Number of overnight trips by Canadians to the United States (2007): 17.8 million (an increase of 11% from 2006).
  •  Number of overnight trips by Canadians to countries other than the United States (2007): 7.4 million (an increase of 10% from 2006).
  • Number of Canadians seeking consular assistance for "distress" while travelling abroad (2011):
    • Arrest and detentions less than one week: 1,801.
    • All deaths: 1,182.
    • Medical assistance: 804.
    • Well-being/whereabouts: 662.
    • Child-related issues: 462.
    • Assaults: 224.
  • Number of Travel Insurance policies provided through OMA Insurance to OMA members (recent three-month period): 264.

What The N​umbers Mean

I admit it: numbers are just numbers. They don't really tell you much about what is going to happen to you or when it might happen. But they do tell you that things happen, and they do not just happen to "other people." At least some of those "other people" are friends and colleagues — maybe even us.

Personally, I would rather use the knowledge that something might happen to prepare myself. I do wear a helmet, I do buy insurance, and I do update my insurance limits.

The End Of The Ride

As for our bike ride, it went perfectly well — that is, until a car almost backed into one member of our group, causing another member of our group to stop suddenly to try and avoid hitting her, which resulted in him landing on top of her, then hitting the ground, before his bike landed on top of him. He didn't bleed much, and his head was intact.

Not what we were expecting on a pleasant, vacation-paced bike ride around a pretty city. I mean, after all, what were the chances of that happening?

For information on OMA Insurance products and services call 1.800.758.1641 to speak to a non-commissioned OMA Insurance Advisor.​