Permanent life insurance can be a powerful tool for building wealth, planning your estate and protecting your legacy
Whether you’re a resident, early-career physician or already established in your practice, OMA Insurance has helped many of you in Atlantic Canada and Ontario safeguard your financial futures while you focus on protecting your patients’ well-being. Since launching our permanent life insurance solutions in 2024, our experienced advisors have successfully helped many physicians like you implement strategic approaches to estate planning, tax efficiency and legacy creation.
“Many doctors across Ontario and Atlantic Canada may not realize just how versatile permanent life insurance can be,” says Preya Singh-Cushnie, associate executive director at OMA Insurance. “Beyond providing lifelong coverage, it can also help you grow your wealth, pass it on to your family in a tax-smart way long after you’re gone, and even support future plans like retiring from your practice or handing it over to a new owner.”
Need more proof? Here are five reasons why you should consider permanent life insurance as part of your portfolio.
Permanent life insurance offers peace of mind by protecting your family for life and guaranteeing a payment to them when you're gone. It comes in two forms: Whole life and universal life insurance. Whole life insurance is simpler – some policies pay you extra profits (called dividends) while others don’t. Universal life insurance lets you manage your own investment choices within the policy. Both protect you for life, but whole life is easier to manage while universal life offers more investment flexibility.
Over time, your policy builds cash value that grows on a tax-advantaged basis, providing liquidity you can use for retirement or practice investments. This is a feature particularly relevant for doctors facing distinct financial circumstances, such as a surplus in your business operations. OMA Insurance advisors can provide tax-efficient wealth transfer solutions specifically for medical professional corporations.
A whole life insurance policy grows cash value that you can access in your lifetime. You can borrow against this value, use it as loan collateral or withdraw funds when needed, giving you financial flexibility while maintaining your coverage.
Permanent life insurance helps transfer wealth efficiently to the next generation. The tax-free death benefit can cover estate taxes, provide inheritance or preserve business assets, making it easier to leave the legacy you envision for your loved ones. It serves both as protection and a powerful financial tool.
Participating whole life insurance policies may pay non-guaranteed dividends, which can be reinvested, taken as cash or used to lower your premiums. We take a consultative approach to ensure you implement lasting financial strategies that protect wealth and create meaningful legacies.
While you protect patient health, we at OMA Insurance help protect your financial futures. Since 1956, our non-commissioned advisors have served as unbiased partners in financial wellness, focused purely on your needs rather than sales incentives. This commitment to putting physicians first has made us the trusted choice for medical professionals across Atlantic Canada and Ontario.
Schedule a personalized consultation with an OMA Insurance advisor and learn how permanent life insurance can support your practice, protect your family and grow your wealth.