Disability Insurance for Practicing Physicians
The physical impact of sickness or injury is one thing. The financial impact is another.
As a physician, you've seen the dramatic impact an unexpected sickness or injury – physically, mentally and emotionally. But the financial impact can be equally enormous. Should you suffer a debilitating event, the period of recovery can stretch from months to years, draining the funds you and your family rely on to maintain your lifestyle.
Disability Insurance is the simplest, most cost-effective way to help protect yourself with a reliable flow of income during a period of disability, allowing you to focus on your recovery rather than worrying about financial security.
Stay financially healthy.
OMA Disability Insurance keeps pace with your needs throughout your career. Should a disability occur, you can count on a plan with unique benefits and features:
New maximum amount of coverage available to you.1
The Elimination Period is the period of time you must be disabled before benefits become payable. Choose the time you can afford – from 30, 60, 90, 120, 180 or 365 days.
If you're unable to perform the essential duties of your regular occupation as a result of sickness or injury, are under Physician's Care, and you're not engaged in any other gainful occupation, you will be considered totally disabled.
You needn't be totally disabled to receive benefits. If your income is reduced by at least 20% as a result of sickness or injury and you're under Physician's Care, the Residual Disability benefit may provide you with monthly payments for the percentage of income lost while you're unable to return back to work full time.
You will qualify for full benefits if you totally and irrevocably lose the power of speech, sight in both eyes, hearing in both ears, or the use of both hands or both feet.
If you test positive for HIV or are determined to be a Hepatitis B or C carrier or are in an asymptomatic infectious state, you may be eligible for benefits even if you're not disabled as defined in the policy.
If you die during a period of disability and the Elimination Period has been satisfied, a survivor benefit of three times the last month's Disability benefit is payable to your estate.
Choose which works best for you. Step-Rates change according to your age, while Level Rates remain level over time. For details, see the Rate Information section below.
- Receive an automatic 50% discount on your disability Step-Rate premium during your first two years of practice, provided you have applied for disability insurance during your first 12 months of practice.
- If you paid for OMA Disability coverage for two consecutive years as a resident, you qualify for an additional loyalty discount of 25% on your disability Step-Rate premiums during your first two years of practice.
You can continue your coverage regardless of where you live as long as you are a member of the OMA or an Atlantic Medical Association/Society.
The insurer cannot cancel the OMA Group Disability Insurance Plan for any reason.
Premiums not used for claims, expenses and reserves may be refunded.
Options to boost your benefits
Own Occupation Rider
Cost of Living Adjustment (COLA) Rider
Retirement Protection Rider
Waiver of Premium
Should you become totally disabled and remain so for 90 consecutive days, premiums may be waived for as long as you remain totally disabled.
Coverage is simple and the premiums are competitive. Rates depend on a variety of factors such as gender, age and smoking status. To learn more including information on eligibility, renewability, limitations and exclusions, and to get a quote, simple contact OMA Insurance at firstname.lastname@example.org or 1.800.758.1641, or use the rate calculator2.
Eligible applicants for OMA Disability Insurance must be under age 65 who are actively practising medicine in Canada, and are members of the OMA or an Atlantic Medical Association/Society.
The Underwriting Process
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:
Obtain your application either online, or by calling us. Once completed, simply send the form back to OMA Insurance.
A simple 20-30 minute call to review your health and work history. Please have attending physician and medication information handy, as well as financial documentation.
|Blood Chemistry Profile/Urinalysis
An appointment will be scheduled for a nurse to collect blood and urine samples - conveniently at your home or office.
|Attending Physician's Statement
A medical statement may be needed. By ensuring your physician responds quickly, you can help accelerate the entire process. Additional information may also be required.
It usually takes 4-6 weeks for the provider to process all the information and arrive at the underwriting decision.
Learn more about what you can expect during the underwriting of your application.
At this stage, and every stage.
At this point in your career, it's never been more important to protect your income from a disability. OMA Insurance makes it easy to get complete coverage – now, and at every stage of your life.
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.
2 While you are automatically enrolled into Step-Rates, you have the option to convert to Level Rate up to age 65 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 can't be adjusted on an individual basis due to changes in your age or health. However, Level premium rates may change from time to time on a group basis depending on the insurance costs of the group. 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. Premiums are renewable yearly and subject to applicable provincial taxes. Please note that for the 70+ DI Coverage option, only Step-Rates are available.
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.