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Term Life Plus 75

A boy holds a basketball while walking away from a basketball net with his father

Protect yourself with Term Life Plus 75 Insurance.

You work hard to protect the health of others, but what about protecting yourself?

Coverage designed just for you.

Group Term Life Plus 75 Insurance1 offers security to help your family repay debt and final expenses while providing a cushion for their future expenses. The Term Life Plus 75 program has a unique feature that reduces your coverage amount at age 75 with no further payments required.

The benefits of Term Life Plus 75 insurance

Increased coverage amount with no medical evidence.

Your original insurance coverage amount will automatically increase by 10 per cent every year up to 10 years after purchase with no medical questions required if you are under age 60, provided your additional premiums are paid, and you do not request a decrease in coverage. You may end this feature anytime, but once declined, it cannot be reinstated.

Coverage until age 75

OMA’s Term Life Plus 75 insurance is coverage that keeps pace with your lifestyle, increasing in value when you need it. Beginning at age 66, when your expenses typically decrease, this coverage will reduce each year until age 74. Premiums do not reduce. After completing the reduction of coverage amount, 10 per cent of your overall coverage will remain in place, and with no further payments to make.

Personal and spousal coverage

Enjoy coverage for you and your spouse up to $1,000,000 each, provided you are both under age 60. Coverage becomes effective on the date your insurance application is approved and premiums are paid. Spousal coverage will continue in the event of your death. Additional coverage may be available through other OMA insurance policies that you apply and pay for (up to a combined $5,000,000).

Child dependent rider

Optional life insurance coverage for your dependent children with no medical evidence required.

Frequently asked questions

OMA Term Life Plus 75 insurance is available exclusively to members of the OMA or an Atlantic medical association/society who reside in Canada (excluding Quebec), as well as their spouses if the member applies under age 60.

Should you become totally disabled before age 60 and your total disability lasts at least 270 consecutive days, premiums for the basic coverage (not enhancements) may be waived for as long as you remain totally disabled.

OMA Insurance has been proud to offer premium refunds for the last 65 years, refunds are not guaranteed and depend on a number of factors such as claims experience, investments, expenses.

In the event of your death or dismemberment due to a covered accident, a lump sum payment may be made in addition to any other benefit you or your family might already receive, making AD&D the perfect complement to your Term Life Plus 75 insurance coverage. Learn more about optional AD&D coverage.

OMA offers optional life insurance coverage for your dependent children2 with no medical evidence required.

This coverage is available for purchase, as a rider to your life insurance policy, and can be added as early as 24 hours after birth to 25 years of age. You can add up to 10 per cent of your life insurance face amount to a maximum of $25,000 for each child.

You only need to add the coverage once to cover all of your dependent child/children. Coverage will remain in force until your child turns age 25 or your life insurance policy terminates.

Need advice? Our expert insurance advisors are here to help.

Individual insurance

Life happens, and this is why OMA Insurance offers living benefits such as Disability and Critical Illness insurance: to help you plan for the unexpected.

Learn more about individual life and living benefits

Special offer

The Essentials Offer is designed to give you the flexibility to combine coverage plans that continue throughout medical school, residency and into your practice, including Group Term Life Insurance, Disability Insurance and Professional Overhead Insurance.

View the Essentials Offer

Get a quote

To learn more, including information on eligibility, renewability, limitations and exclusions, and to get a quote, simply contact us or call 1-888-596-8881, or use the rate calculator.

1 If you are not completely satisfied with your coverage, simply return it without claim within the 30-day risk-free, free look period for a full refund of all premiums paid.

2 Child dependent term rider is not available for Essentials for Students.

This information is a summary of the major features of the group insurance program under policy G-29500. It is intended for general guidance and is not a contract. If any discrepancies exist between this information sheet and the issued policy or certificate, the latter shall prevail. The complete terms, conditions, limitations and exclusions governing the OMA Life Insurance coverage can be found on your Certificate of Insurance and in the relevant group insurance policy issued by New York Life Insurance Company, Canadian Chief Agency, Toronto, Ontario M5H 3C2 on policy form GMR-FACE G-29500. New York Life has no right to cancel the group policy as long as premiums are paid when due.

Some conditions apply.