Essentials for Students and Residents
The coverage you need, when you need it.
Essentials is one of the most exclusively priced insurance options available through OMA Insurance. It is a bundled offer of several insurance products with options to enhance your coverage1, exclusive to OMA Insurance for OMA members.
Bundle benefits for Essentials coverage
| Disability Insurance |
Students |
Residents |
|---|---|---|
| Coverage |
What is it? With Disability Insurance coverage, members receive a tax-free monthly income if they are unable to study or work because of sickness or injury. Why get it? Medical school is expensive, and the bills do not stop if a student must take a leave. Coverage is easy because there are no medical questions if members enrol in their first year of medical school, and four simple medical questions if they enrol thereafter. What does it cover? Disability Insurance covers up to $4,500 per month at a 90-day elimination period. Year one of study: $2,000 coverage Current premium discount2: 75 per cent *McMaster students are eligible for $3,000 of disability coverage in year two of study and $4,500 of coverage in year three of study. How to apply. 1. Complete PDF application 2. Submit completed application to engage.insurance@oma.org Download enrolment form for Year One Students Download application form for Year Two, Three, Four Students |
What is it? With Disability Insurance coverage, residents receive a tax-free monthly income if they are unable to work because of sickness or injury. Why get it? This coverage helps protect members with a reliable flow of income during a period of disability, allowing them to focus on their recovery rather than worrying about financial security. What does it cover? Disability Insurance for residents covers up to $4,500 per month at a 90-day elimination period (OMA Group all-source maximum applies3). A special arrangement with PARO, the Professional Association of Residents of Newfoundland and Labrador and Maritime Resident Doctors means members may be paid in addition to their Ontario/Atlantic resident association group disability benefits. |
| Eligibility |
Essentials for Students is available exclusively to members of the OMA or an Atlantic medical association/society who reside in Canada and are enroled in a full-time undergraduate school or faculty of medicine program in Ontario or Atlantic provinces, or Sherbrooke University (if residing in New Brunswick). |
Essentials for Residents is available exclusively to members of the OMA or an Atlantic medical association/society who reside in Canada, are under the age 65 and are undergoing a period of training as a resident, post-graduate student or medical fellow in Ontario or the Atlantic provinces. |
| Choice of step- or level-premium rates |
While members are automatically enroled into step-rates, they have the option to convert to level rate with no medical evidence (up to age 65). Members can choose what works best for them. Step-rates change according to age, while level rates remain level over time4. |
|
| Guaranteed Insurability Benefit rider |
Included at no cost to members until they complete their training. Once members have completed residency/fellowship, they can increase their coverage during the 31-day option period without medical evidence every year to age 55. |
|
| Cost of Living Adjustment rider |
Allows members’ monthly disability benefit to increase once they have been disabled for 12 consecutive months, in accordance with the Consumer Price Index and subject to an annual maximum of 10 per cent. |
|
| Own Occupation rider |
Not applicable |
Expands the definition of Total Disability, so that members will be considered totally disabled and receive full benefits even if they return to work performing different duties and suffer no loss of income. |
| Retirement Protection rider |
Not applicable |
An additional monthly benefit will be paid into a locked-in, non-registered retirement fund while members are totally disabled after the 90-day elimination period. These retirement benefits are available when members reach age 65 or upon death. |
| Life Insurance |
Students |
Residents |
| Coverage |
What is it? Life Insurance provides a payout for members’ loved ones in the event of death. Why get it? It helps protect the financial future of members’ families. What does it cover? Life Insurance for students includes $200,000 of complimentary5 Group Term Life Insurance6. While a member is a medical student, they will receive this valuable coverage at no cost. Coverage will automatically increase by 10 per cent every year up to three years with no medical questions asked. |
What is it? Life Insurance provides a payout for members’ loved ones in the event of death. Why get it? It helps protect the financial future of members’ families. What does it cover? Life Insurance6 for residents includes $200,000 of Group Term Life Insurance. Coverage will automatically increase by 10 per cent every year up to 10 years with no medical questions asked. |
| Advantage Retirement Plan™ |
Students |
Residents |
| Coverage |
Members can participate in the OMA Advantages Retirement Plan™ to start saving through a Tax-Free Savings Account or Registered Retirement Savings Plan. To participate in the plan, members can start saving as little as $50 per month, with no monthly fee for four years from the date you enroll in the plan. |
Not applicable |
How much does it cost?
Coverage is simple and the premiums are exclusive to members. Rates depend on a variety of factors such as sex at birth, age and smoking status . 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.
Need advice? Our expert insurance advisors are here to help.
Important forms and resources
Special offer
Coverage automatically transitions with members from medical school into residency/fellowship and practice.
When members complete residency, they may qualify for the Essentials for Physicians offer, which allows them to increase coverage even further7 — $8,500 for general practitioners and $11,000 for specialists or emergency room physicians.
1 The option exists at time of application as you move through your career. Our OMA program automatically adds certain riders to your coverage, which you can cancel at any time. Please refer to your certificate for further details.
2 Premiums and discounts are not guaranteed and are subject to change with notice.
3 Maximum coverage combined from OMA Group DI Policy 2718, 59997 and 17849, and 140004 excluding coverage provided under the PARO, PARNL and Maritime Resident Doctors plans.
4 You can enrol into step-rates and 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 30, 30-34, 35-39, 40-44, 45-49, 50-54, 55-59, 60-64, 65-69) 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 cannot guarantee 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.
5 Complimentary Life Insurance is provided by the OMA. If you are already insured as a member or spouse under OMA Life Insurance, you are not eligible for the complimentary Life Insurance offer.
6 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.
7 Additional premium will be required for additional coverage.
This plan is underwritten by The Manufacturers Life Insurance Company (Manulife)
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© 2023 The Manufacturers Life Insurance Company.
All rights reserved P.O. Box 17001 Station Waterloo, Waterloo, Ontario N2J 0G5, 1-888-596-8881 OMAinsurance.com
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The Essentials offer contains a policy underwritten by New York Life Insurance Company. The life insurance material describes the Group Term Plus 75 coverage under Policy G-29500 in very general terms. Complete terms are governed by the group insurance policy issued by New York Life Insurance Company, Canadian Chief Agency, 2100 Scotia Plaza, 40 King St. West, Toronto, Ontario M5H 3C2 on Policy Form GMR-FACE for (Life Insurance). If you become insured under the policy, you will receive a certificate of insurance outlining the details of your coverage. Coverage will continue as long as premiums are paid when due.
The information contained on this website is provided for educational purposes only, and should not be construed as advice to be acted upon. The information is not intended to offer investment, taxation, accounting, financial or similar professional advice, nor is it intended to replace the advice of independent tax, financial, accounting or legal professionals. This website is intended to only provide general retirement education information based on the common circumstances of the Ontario physician community and does not take into account any individual’s particular financial needs, circumstances and objectives. The information presented here may not be suitable for non-residents of Canada, or situations involving such individuals. Employees of OMA Insurance are not licensed or authorized to provide investment products, services or advice to you, except as it relates to insurance.
Students in the Advantages Retirement Plan™ pay fees of 0.6 per cent of assets (+HST) for their first four years in the plan. After the fourth year of membership, an additional monthly fee of $10 (+HST) will be charged. 0.15 per cent of the asset fee will be paid to OMA Insurance for cost recovery and services. Certain transaction processing such as withdrawals or transfers out may incur additional, one-time fees (+HST). If a plan member chooses to purchase an annuity to receive some guaranteed lifetime income, the member would pay premium rates (updated quarterly to reflect changing market conditions) that are inclusive of a one-time commission of 1 per cent, distributed to OMA Insurance, the broker of record, over three years. The commission on annuities is charged in lieu of the 0.6 per cent annual fee, which is only applicable to non-annuity investments through the plan.
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