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Essentials Offer

Essentials Offer

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Related Articles:
OMA Medical Resident Benefits
Top 5 Things You May Not Know About OMA Benefits

 

 

Your protection doesn’t have to end when your residency does.

Completing your residency/fellowship is a significant achievement. With the end of residency/fellowship, your resident association insurance benefits will end and it's time to consider the various insurance options available to help protect yourself and your income going forward.

One of the best and most cost-effective options for graduating Residents/Fellows is Essentials--a bundled offer of essential insurance products that can include the choice of Group Term Life Plus 75 Insurance, Disability Insurance and/or Professional Overhead Expense coverage. 

Enrol in Essentials within 120 days of successfully co​mpleting 
residency/fellowship to take advantage of this offer without medical evidence.

Bundle your benefits for Essential coverage

Disability
Insurance
Term Life
Plus 75 Insurance
Professional Overhead Expense Insurance


Learn more about these coverages:

Disability Insurance

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% during 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 during your first two years of practice.

Enhanced and Increased Coverage

  1. If you add the Guaranteed Insurability Benefit (GIB)3 Rider, coverage may be increased without medical evidence within the following limits:
    • Up to $7,000/month for a General Practitioner
    • Up to $10,000/month for a Specialist or Emergency Room Physician
  2. The Cost of Living Adjustment (COLA) Rider that keeps pace with inflation by allowing your monthly benefit to increase once you've been disabled for 12 consecutive months, in accordance with the Consumer Price Index, and subject to an annual maximum of 10%.
  3. An Own Occupation Rider expands the definition of Total Disability, so that you will be considered totally disabled and receive full benefits even if you return to work performing different duties and suffer no loss of income.
  4. With the Retirement Protection Rider (RPR) an additional monthly benefit will be paid into a locked-in, non-registered retirement fund while you're totally disabled after the 90-day Elimination Period. These retirement benefits are available when you reach age 65 or upon death.

Term Life Plus 75 Insurance

With Essentials you may be eligible for $100,0004 with no medical evidence at application. Higher amounts are available with medical evidence.

Find out more about Life Insurance.

Professional Overhead Expense Insurance

With Essentials you may be eligible for Professional Overhead Expense Insurance of up to $5,000/month with a 30-day Elimination Period. Premiums are discounted 50% during 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 (POE) coverage 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.

Enhanced and Increased Coverage

With the GIB rider you may increase coverage as your practice grows. Talk to an OMA Insurance Advisor about your options.



Essentially simple. Essentially affordable.

Features include:

50% discount on your Professional Overhead Expense (POE) insurance and Disability Insurance (DI) Step-Rate Premiums during your first two years of practice.
If you've been paying for OMA disability coverage for two consecutive years as a resident, you may qualify for an additional loyalty discount of 25% on your DI Step Rate premiums during your first two years of practice.
No medical questions, exams or financial disclosure required. Plus, no exclusions for pre-existing conditions.
Annual Premium Refunds – premiums not used for claims, expenses and reserves may be refunded to you. ​
Portable Worldwide Coverage - continues as long as you maintain membership in an eligible Medical Association/Society.


Eligibility

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:

  • You have successfully completed residency training and are covered under the OMA Group Disability Insurance and/or
    • PARO, Maritime Residents Doctors or PARNL Disability plan, or
    • any Canadian or United States medical resident association disability plan, or
    • an individual disability policy
  • Residing anywhere in Canada (excluding Quebec) on the date the enrolment form was signed, and
  • Have not previously obtained coverage through the Essentials offer.​
If you miss the deadline and would like to apply for coverage you are required to apply for each product individually (with medical evidence).​



Rate Information

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, simply contact OMA Insurance at info@omainsurance.com or 1.800.758.1641, or use the rate calculator. ​


The Enrolment Process

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:

Enrolment
Enrol online or by calling us at 1.800.758.1641.
next step
Received by Provider
The enrolment form must be received within 120 days of successful completion of residency/fellowship to apply without medical or financial evidence. Our provider will receive and review your enrolment form, and may contact you to discuss any details.
next step
Receive your Certificates
It usually takes 4-6 weeks for the provider to process all the information. Once completed, your certificate(s) will be sent to you.5

At this stage, and every stage.

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. ​

 

The Elimination Period is the period of time you must be disabled before benefits become payable.

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 Term Life Plus 75 insurance coverage begins to reduce at age 66. Premiums do not reduce. If you have existing in-force life insurance coverage previously obtained under the Student Special Offer you are not eligible.

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 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. Coverage will continue as long as premiums are paid when due.

All benefit amounts you are entitled to receive are coordinated from all sources to the maximums listed.​

Some conditions apply.

SMRU1855125

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