To help calculate the coverage you’ll need, just enter your current annual earned income (net after expenses) and the system will calculate the total Monthly Disability Income benefit you should have. No information is stored on your web browser or elsewhere from this calculation.
Current annual earned income:iEarned income is income derived from a member’s salary, fees, commissions, bonuses and any other customary expenses.
As a physician, you've seen the dramatic impact a sudden accident or illness can have – physically, mentally and emotionally. But the financial impact can be equally enormous. Should you suffer a debilitating event, the period of recovery can stretch from months to years, draining the funds you and your family rely on to maintain your lifestyle.
While unexpected sickness or injury may interrupt your livelihood, your financial resources needn't be affected.
Disability Insurance is the simplest, most cost-effective way to help protect yourself with a reliable flow of income during a period of disability, allowing you to focus on your recovery rather than worrying about financial security.
OMA Disability Insurance keeps pace with your needs throughout your career. Should a disability occur, you can count on a plan with unique benefits and features:
Eligible applicants for OMA Disability Insurance must be under age 65 who are actively practising medicine in Canada, and are members of the OMA or an Atlantic Medical Association/Society.
Expands the definition of Total Disability, so that you will be considered totally disabled and receive full benefits even if you return to work performing different duties and suffer no loss of income.
Once you complete residency, you can increase your coverage during the 31-day option period without medical evidence every year to age 55. Learn more
Keeps pace with inflation by allowing your monthly benefit to increase once you've been disabled for 12 consecutive months, in accordance with the Consumer Price Index, and subject to an annual maximum of 10%.
An additional monthly benefit will be paid into a locked-in, non-registered retirement fund while you're totally disabled after the 90-day Elimination Period. These retirement benefits are available when you reach age 65 or upon death.
At age 70, if you are providing at least 25 hours of medical services a week, you can extend your disability coverage with the 70+ DI Coverage option which allows you to choose a monthly benefit from $500 to a maximum of $10,000 from all sources with a 90 day Elimination Period. It's guaranteed acceptance - no medical underwriting required. Learn more
Should you become totally disabled and remain so for 90 consecutive days, premiums may be waived for as long as you remain totally disabled.
Rates depend on a variety of factors, from your gender to smoking status to which Elimination Period you select.
While you are automatically enrolled into Step Rates, you have the option to convert to Level Rate up to age 65. Step Rates change according to your age band (under 35, 35-44, 45-54 and 55-69) at the time of your plan renewal, whereas level premium rates have been designed to remain level over time as you age, and can't be adjusted on an individual basis due to changes in your age or health. However, level premium rates may change from time to time on a group basis depending on the insurance costs of the group. While we can't guarantee that rates will not be adjusted in the future, the OMA Disability Insurance Plan has a long history of stable rates. Premiums are renewable yearly and subject to applicable provincial taxes. Please note that for the 70+ DI Coverage option, only Step Rates are available.
To learn more about rates, and to get a quote, simply contact OMA Insurance at
email@example.com or 1.800.758.1641, or use the
OMA Insurance works to streamline the underwriting process as much as possible, reducing the complexity and time required to arrange coverage. Here are the steps required:
At this point in your career, it's never been more important to protect your income from a disability. OMA Insurance makes it easy to get complete coverage – now, and at every stage of your life.
While the group plan described above has been specifically designed with physicians in mind, you may have circumstances that require an individual plan. Either way, your OMA Insurance advisor is here to help.
1 Maximum coverage combined from OMA Group DI Policy 2718, 59997 and 17849.
OMA Disability Insurance is underwritten by Sun Life Assurance Company of Canada, a member of the Sun Life Financial Group of companies.
This is intended for general guidance and is not a contract. If any discrepancies exist between this information and the issued policy or certificate, the latter shall prevail. The complete terms, conditions, limitations and exclusions governing the OMA Disability Insurance coverage can be found on your Certificate of Insurance and in the relevant group insurance policy 17849 and issued to the OMA by Sun Life Assurance Company of Canada. Monthly Disability benefit payments will begin subject to Sun Life's approval of satisfactory evidence of continuing disability.
Some conditions apply.