Completing your residency is a significant achievement. With the end of residency, your resident association insurance benefits will end and it's time to consider the various insurance options available to protect yourself and your income going forward.
One of the best and most cost-effective options for graduating residents is Essentials--a bundled offer of essential insurance products that can include the choice of Term Plus 75 Life Insurance, Disability Insurance and or Professional Overhead Expense coverage.
Enrol in Essentials within 120 days of successfully completing residency to take advantage of this offer without medical evidence.
Bundle your benefits for Essential coverage
Disability Insurance is the simplest, most cost-effective way to help protect yourself and your family with a reliable flow of income during a period of disability, allowing you to focus on your recovery rather than worrying about financial security. Find out more about Disability Insurance.
With Essentials you are eligible for disability benefits of up to $5,000/month with a 90-day Elimination Period1. Step Rate Premiums2 are discounted 50% for your first two years of practice. If you have been covered with OMA disability coverage for two years of continuous coverage as a resident, you are also eligible for an additional 25% loyalty discount for your first two years of practice.
With the Essentials bundle you are eligible for up to $100,0004 with no medical evidence at application. Higher amounts are available with medical evidence.
You're working hard to protect the health of others. That same dedication can be just as important when it comes to protecting your family's lifestyle in the event of an untimely death. By choosing the right life insurance coverage now, you can help preserve everything you've worked for and everything they depend on, well into the future. Find out more about Life Insurance.
With the Essentials bundle you are eligible for Professional Overhead Expense Insurance of up to $5,000/month with a 30-day Elimination Period. Premiums are discounted 50% for Step Rate2 premiums for your first two years of practice.
Even if you have Disability Insurance to protect you and your family by covering your personal living expenses, Professional Overhead Expense coverage (POE) from OMA Insurance helps reimburse many of the expenses that come with running your practice – keeping your business operating smoothly during your absence. Find out more about POE Insurance.
With the Guaranteed Insurability Benefit (GIB) rider you may increase coverage as your practice grows. Talk to an OMA Insurance Advisor about your options.
You are eligible if you are under the age of 60 and a member in good standing of the OMA or an Atlantic Medical Association/Society and:
Coverage is simple and affordable. Rates depend on a variety of factors, from your smoking status to your choice of benefits. Use the rate calculator to get a quote. If you need help, contact us at firstname.lastname@example.org or 1.800.758.1641.
OMA Insurance works to streamline the enrolment process as much as possible, reducing the complexity and time required to arrange coverage. Here are the steps required:
As you enter the next stage of your medical career, OMA Insurance Advisors are here to help you identify financial risks, provide you with expert advice, and arrange customized physician-focused insurance solutions that will protect what’s important to you.
Our approach is personal, our advice is backed by expertise, and most importantly, our service is comprehensive. Contact us for a complimentary consultation.
1 The Elimination Period is the period of time you must be disabled before benefits become payable.
2 Step Rates change according to your age band (under 35, 35-44, 45-54, and 55-69) at the time of the plan renewal. The 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. However, level premium rates may change from time to time on a group basis depending on the insurance costs of the group. While we cannot 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.
3 Provided you are practising a minimum of 25 hours per week within 120 days of successfully completing your residency program and under the age of 50.
4 Coverage begins to reduce at age 66. Premiums do not reduce. If you have existing in-force life insurance coverage previously obtained under the OMA Student Life Plan you are not eligible for coverage under this offer.
5 The enrolment form must be signed in and the Certificate of Insurance must be delivered to a province or territory other than Quebec.
The Essentials offer contains polices underwritten by Sun Life Assurance Company of Canada and New York Life Insurance Company. This information is a summary of the highlights, but not all the details, of the Disability, Life and Professional Overhead Expense Insurance plans. The complete terms, conditions, exclusions and limitations governing the plans are found in the group insurance policy underwritten by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies (for Disability and POE), and New York Life Insurance Company, Canadian Chief Agency, Toronto, ON M5H 3C2 on Policy Form GMR-FACE (for Life Insurance).. If you become insured under the Plan(s), you will receive a Certificate of Insurance outlining the details of your coverage. The insurer(s) have no right to cancel the group policy provided premiums are paid.
All benefit amounts you are entitled to receive are coordinated from all sources to the maximums listed.