OSA Insurance; Individual Insurance for Ontario Medical Specialists

APPLY

The Ontario Specialists Association’s OMA Insurance Replacement Program allows OSA members to replace their OMA life, disability, critical illness and office overhead insurance with no medical and a simplified application with RBC Life Insurance Company. RBC Insurance is a tier one Canadian insurance company with more than four million policyholders and an A+ (excellent) rating by A.M. Best.

Insurance issued through the OSA’s OMA Insurance Replacement Program is owned and controlled by you. Policy provisions are guaranteed, rates are highly competitive and discounted in the case of disability, critical illness and office overhead insurance.

OMA INSURANCE REPLACEMENT PROGRAM:
Life Insurance
Replace your OMA group life insurance for you and your spouse/partner with up to $5,000,000 of RBC YourTermTM 10 Individual life insurance.

Disability Insurance
Replace your OMA group disability coverage with up to $25,000 per month of RBC Professional Series® Disability Insurance. Policy provisions offer you non-cancellable coverage with a 30, 60 or 90-day elimination period. Unlike the OMA group disability plan, the RBC Professional Series® Disability Insurance policy provisions’ are guaranteed.

Office Overhead Insurance
Replace your OMA group office overhead insurance with up to $30,000 per month RBC Business Business Overhead Expense Insurance. Policy provisions offer you non-cancellable coverage with a 30, 60, or 90-day elimination period and 15-month benefit period.

Critical Illness Insurance
Replace your OMA critical illness for you and your spouse/partner with up to $350,000 of RBC Guaranteed Renewable Critical Illness Recovery PlanTM Insurance. In most cases, there are cost savings vs OMA critical illness insurance

HIGHLIGHTS:

  1. The insurer RBC Life Insurance Company.
  2. These are individual insurance policies that you own and control. Neither the insurance company (RBC Life Insurance Company) nor the association (the OSA) can cancel or change your insurance.
  3. There is no new pre-existing condition amendment.
  4. NO medical tests (no blood or urine tests) required.
  5. NO detailed medical questions. There are only 5 questions on the application.
  6. NO minimum number of participants required.
  7. Once the program launches, the application will be made available on the OSA insurance (OSAInsurance) website and OSA members will have a 3-month period to replace their OMA Insurance.

ANALYSIS: OMA Insurance vs. RBC Insurance
When doing a comparison across insurance products, we compared the policy provisions and cost differences after OMA annual premium refund of OMA Group Insurance vs. RBC Individual Insurance by product (life, disability, critical illness and office overhead insurance).

POLICY PROVISION COMPARISON: OMA Insurance vs. RBC Insurance
Life insurance
Disability insurance
Critical illness insurance
Office overhead insurance

COST COMPARISON: OMA Insurance vs. RBC Insurance
Below are case examples of a physician and his/her non-physician spouse who is the same age comparing the net cost differences of OMA Group insurance vs. RBC Individual insurance. This comparison takes into account the OMA annual premium refund for 2018.

Assumptions:

  1. The physician has $1,000,000 of OMA Group term to 75 life insurance, $10,000/month of OMA disability insurance and $100,000 of OMA Sun Life critical illness insurance. We did not include office overhead as not all physicians have this coverage
  2. The spouse/partner is the same age, not a physician (therefore no disability insurance) and has $1,000,000 of OMA Group term to 75 life insurance and $100,000 of OMA Sun Life critical illness insurance.
  3. We assume OMA annual premium refunds will remain at current 2018 levels which is not guaranteed.
  4. The couple will replace their OMA insurance with the OSA RBC Insurance offer. These examples are for illustration purposes only.

WHAT ARE THE COST SAVINGS WITH THE OSA INSURANCE OFFER VS. OMA INSURANCE?

Male physician age 30 and spouse/partner > SAVINGS $72,271
Male physician age 40 and spouse/partner > SAVINGS $76,565 
Male physician age 50 and spouse/partner > SAVINGS $29,746  
Male physician age 60 and spouse/partner > SAVINGS $26,828
Female physician age 30 and spouse/partner > SAVINGS $68,398
Female physician age 40 and spouse/partner > SAVINGS $58,400
Female physician age 50 and spouse/partner > SAVINGS $25,766
Female physician age 60 and spouse/partner > SAVINGS $26,746

WHAT IS YOUR COST TO REPLACE YOUR OMA INSURANCE?
Attached is the cost summary that illustrates the monthly cost by gender, age and insurance by product (life, disability, critical illness and office overhead insurance).

FREQUENTLY ASKED QUESTIONS:

RBC Insurance is a tier one Canadian insurance company with more than four million policy holders and an A+ (excellent) rating by A.M. Best. RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients. RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, which is one of North America’s leading diversified financial services companies. Among the largest Canadian bank-owned insurance organizations, RBC Insurance has approximately 2,500 employees who serve more than four million clients globally. Click here for detail.

No. These are individual insurance policies that you own and control. Neither the insurance company (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance.

No. No medical means no blood or urine, no doctor or nurse visit, no 36-page application, and no attending physician’s reports. There are 5 questions on the RBC Insurance application.

No. There are 5 questions on the RBC Insurance application.

Yes.

We recommend that you do not cancel or replace any insurance until your new OSA RBC Insurance policies are approved, inforce and have arrived at your home/office.

YES.


An individual applying on his/her own for insurance would have to go through full medical underwriting which includes a 36-page application, blood and urine tests, a doctor’s or nurse’s visit and a physician’s report which may lead to ratings, exclusions or declined insurance.

We have negotiated a 25% discount on disability insurance, 25% discount on office overhead insurance, 10% discount on critical illness insurance and preferred underwriting for life insurance and long-term care insurance for OSA members.

YES. As a medical resident/fellow, you can enroll in the RBC Medical Student offer with no medical and a 25% discount on disability insurance and 10% discount on critical illness insurance. Please contact the OSA by email at info@OSAInsurance.com or call 416-222-1311.

The limited time application period reduces anti-selection risk against the insurer.

The OSA Insurance program is examining options for group insurance for OSA Physicians and will advise shortly. The OSA has had initial discussions with the Ontario Government about extending parity to OSA specialists.

For the past 10 years OMA Insurance has been advertising its non for profit status and the Annual Premium refund on various insurance products.

The OMA provides an annual premium refunds on OMA Group term 75 life insurance, group disability and office overhead insurance. Rebates are paid in December of each year. There is no rebate on OMA critical illness insurance. In December 2018, OMA Insurance quietly announced the OMA Group term to 75 life insurance refund had dropped from 58% (2017) to 40% (2018) and OMA Insurance eliminated the rebate altogether on the OMA group disability insurance.

Since 2009, the annual premium refunds have been slashed by…

  1. 75% drop on Group term life 75 insurance.
  2. 87.5% drop on Group professional overhead expense insurance.
  3. Eliminated on Group disability insurance.

Analysis of OMA Annual Premium Refunds

​​Year​​ ​ ​Life
(G-3900 and G-29500)
​ ​Disability Professional Overhead
2018 ​40% ​0% ​40%
​2017 ​58% 17%​ 40%​
​2016 ​60% ​17% ​40%
​​2015 ​60% ​17%​ ​​​40%
​2014 ​56% ​34% ​​​40%
​2013 ​63% ​35% ​​40%
​2012 ​63% ​35% ​​45%
​2011 ​65% ​25% ​55%
​2010 ​65% ​45% ​65%
​2009 ​70% ​25% ​75%
% Change 75% REDUCTION Eliminated in 2018 87.5% REDUCTION

Source: OMA

When doing a comparison across insurance, we will review your policy provisions and cost differences after OMA annual premium refund by product (life, disability, critical illness and office overhead insurance). We do not recommend cancelling or replacing any insurance until your new insurance is inforce and your insurance policy has been received and paid for.

1Are you currently actively at work and performing the material and substantial duties of your occupation (include vacation time as being active at work)?
2If you answered “no” to question 1, are you retired or on paternal or maternity leave?
3In the past 12 months, have you used cigarettes, e-cigarettes, more than one cigar per month, water pipes, betel nuts more than once a month, smoking cessation products or nicotine or tobacco in any other form?
Do you have an active and progressive sickness for which curative treatment is not possible or not appropriate and from which a medical doctor states that death is expected within 12 months?
5 – Do you currently have the total loss of: your power of speech, or your hearing in both ears, or sight in both eyes, or the use of both hands, or the use of both feet, or the use of one hand and one foot?

      • Complete the RBC Insurance Application, sign where indicated, attach a void cheque(s) for pre-authorized debit and a copy of your current OMA Insurance policy details.
      • If you do not have a paper/pdf OMA Insurance policy details, log onto your OMA account https://www.oma.org/ and print a copy of your insurance with the detail of each policy.
      • Subject to the answers on the application, RBC Insurance will issue to the applicant the insurance product(s) that correspond with the type(s) of insurance shown in the print out of the applicant’s current OMA insurance details. RBC Insurance will issue benefit amounts that match the benefit amounts shown in the print out of the applicant’s OMA insurance.
      • Applicants will be expected to cancel their existing OMA insurance after they have been approved and settled their RBC Insurance policies.
      • We recommend that you do not cancel or replace any insurance until your new policies are approved, inforce and have arrived at your home/office.
      • RBC Insurance will accept OMA Insurance replacement applications up to Friday May 17, 2019.

      Scan your completed application (RBC Insurance application, OMA insurance details and void cheque(s)) to info@OSAInsurance.com or fax to 416-915-6150

 


OMA Insurance Replacement Program

P: 416-222-1311 I 1-877-314-1311  I E: INFO@OSAINSURANCE.COM