You're progressing through your residency/fellowship, right on track with your career path. But if you suffer an unexpected injury or sickness, the resulting financial hit could halt your trajectory and impact your progress for years to come. The period of recovery after a disabling event can take months or years, draining the income you and your family rely on to maintain your lifestyle and meet your financial obligations.
Disability Insurance is the simplest, most cost-effective way to help protect yourself with a reliable flow of income during a period of disability, so you can focus on your recovery instead of worrying about your financial resources.
OMA Disability Insurance keeps pace with your needs throughout your residency/fellowship. 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, working on a full-time basis in Canada; actively practising medicine as a family medicine practitioner or a specialist; or employed in medical research, medicine and health sciences education or administration in connection with the profession of medicine, or undergoing a period of training as a resident, post-graduate student, medical fellow or medical student; or serving as a medical missionary; and be a member 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.
Should you become totally disabled and remain so for 90 consecutive days, premiums may be waived for as long as you remain totally disabled.
When you complete residency, you may qualify for the Essentials offer, which allows you to increase your coverage even further – $7,000 for General Practicioners and $10,000 for Specialists or Emergency Room Physicians, with no medical evidence required.
Coverage is simple and the premiums are competitive. Rates depend on a variety of factors such as gender, age and smoking status2. To learn more including information on eligibility, renewability, limitations and exclusions, and to get a quote, simply contact OMA Insurance at email@example.com or 1.800.758.1641, or use the rate calculator.
If you applied for coverage as a student it will automatically grow with you into residency and practice. If applying for Disability Insurance for the first time as a resident, you must be medically underwritten.
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:
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, excluding coverage provided under the PARO, PARNL and Maritime Resident Doctors plans.
2 While you are automatically enrolled into Step-Rates, you have the option to convert up to age 65 to Level Rate with no medical evidence. 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 cannot be adjusted on an individual basis due to changes in your age or health. 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. OMA Disability Insurance is renewable yearly and subject to applicable provincial taxes.
OMA Disability Insurance is underwritten by Sun Life Assurance Company of Canada, a member of the Sun Life 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.