Great News! As a Resident member of OMA, NLMA, MSPEI, Doctors NS or NBMS, you are eligible for a 50% reduction in your OMA Disability Income (DI)
and Professional Overhead Expense (POE) premiums until you complete your post graduate training program. This reduction in premiums will apply whether
you are completing your first training program or have returned to complete a subsequent training program.
Not only do you get a 50% premium reduction but you continue to participate in the OMA not-for-profit Plans’ annual premium refunds. These non-guaranteed
annual premium refunds are paid whenever total premiums of the plan exceed claims and expenses. And, although Premium Refunds are not guaranteed,
they have been paid to insured members each year of the Plan’s 50+ year history.
The average refund over the past ten policy years has been 38% for DI and 52% for POE.
Below are sample premium quotations. As you can see, protecting your financial future doesn’t have to cost a fortune.
|
Benefit Desired |
Annual Premium |
|
$3,500 monthly benefit, 90-day Elimination Period |
$546.00 |
|
Cost of Living Adjustment Rider |
140.00 |
|
Guaranteed Insurability Benefit Rider |
65.00 |
|
Subtotal |
$751.00 |
|
Ontario Sales Tax |
60.08 |
|
Annual Total |
$811.08 |
|
Discounted Annual Total* |
$405.54 |
|
Discounted Monthly Premium* (No fee to pay monthly) |
33.80 |
|
Benefit Desired |
Annual Premium |
|
$3,500 monthly benefit, 90-day Elimination Period |
$406.00 |
|
Cost of Living Adjustment Rider |
105.00 |
|
Guaranteed Insurability Benefit Rider |
50.00 |
|
Subtotal |
$561.00 |
|
Ontario Sales Tax |
44.88 |
|
Annual Total |
$605.88 |
|
Discounted Annual Total* |
$302.94 |
|
Discounted Monthly Premium* (No fee to pay monthly) |
25.25 |
*Premiums quoted do not reflect annual Premium Refunds which fluctuate each year but do reflect the 50% premium reduction
which is available to all Residents. Provincial sales taxes are not payable in the four Atlantic provinces.
Good News about monthly premiums: OMA Insurance does not charge a fee to pay monthly - simply divide the annual premium by 12 to
calculate your monthly premium amount!