Some of the questions are more difficult to answer than others because sometimes physicians speak to non-OMA advisors who are less familiar with the OMA Insurance offerings and who may provide erroneous, incomplete or outdated information. While we can’t control what others say about our program, we do have a responsibility to provide complete and accurate information so that members can make the best decision when it comes to their specific insurance needs.
Unlike brokers and agents who don’t often offer group products, OMA Insurance is a licenced life insurance agency and property and casualty insurance broker with access to both group and individual solutions. While OMA Insurance does believe that its’ group products are a sensible starting point for most members, it frequently recommends supplementing this coverage with individual coverage that’s right for the client’s specific need.
OMA has been providing insurance solutions to its members since 1956 and intends to continue offering this valuable service for the long term. The insurance companies that provide group policies on behalf of the OMA cannot cancel these policies: OMA Insurance contracts explicitly remove this right from these companies.
Not all OMA insurance policies are group plans: home and auto, travel, clinic, and some life and health plans are individual policies. For individual policies, you own the policies directly with the insurance company and, subject to the company's underwriting, payment and coverage terms outlined in the policy, you control it directly with the insurer.
In 2018, we made a decision to change our individual third party Managing General Agency to Hub Financial, a leading national Managing General Agency in Canada. This partnership with Hub Financial helps us to better manage our individual business processes, improving efficiency for a better member experience.
Our arrangement with Hub Financial allows us to offer individual insurance including life and disability, long term care and critical illness products from reputable carriers such as Manulife, Canada Life, Industrial Alliance, and Sun Life. Last month, OMA also entered into an agreement, through our partnership with Hub Financial, to offer our members the choice of RBC’s individual Life, Disability, and Critical Illness products.
OMA Insurance Inc. currently has a network of licensed insurance advisors across Ontario and Atlantic Canada that assist you with your insurance needs by listening and educating members on the solutions available. Our advisors provide unbiased advice and find the right solution to help our members protect their assets, their lifestyle and their business.
So, if you have a question about insurance, even if you’re considering coverage with another insurance carrier, please talk to a member of the OMA Insurance team and they’ll give you the straight answer that you need. Our mandate is to protect doctors, not to profit from them.