Replace Your OMA Disability Insurance

Replace Your OMA Disability Insurance

The current OMA group disability insurance offers up to $25,000 per month of group disability insurance through Sun Life. Physicians will be able to replace their OMA group disability insurance with the RBC Professional Series® Disability Insurance with an identical monthly benefit and a 30, 60 or 90-day elimination period. The benefit period, insurance amount and policy options will match your OMA insurance being replaced. If you have OMA disability insurance with a 14-day elimination period, your RBC disability policy will have a 30-day elimination period.

Unlike the current OMA group disability plan which terminates at age 70, unless you opt for the 70+ extension. The RBC Professional Series® Disability Insurance policy can be maintained until age 100. Should you need to make a claim, RBC offers a minimum inflation protector (not available with OMA Insurance), a recovery benefit (not available with OMA Insurance), 12-months protection in case of a reoccurring disability (not available with OMA Insurance) and a long-term care insurance conversion which provides lifetime coverage for home and facility care (OMA offers Encore 65 which provides a maximum of 3 years of home care). In some cases, the RBC Insurance disability may be more expensive than the OMA, but RBC policy provisions and long-term care conversion options are guaranteed.

Unlike the OMA which ties your insurance to OMA membership fees, neither the insurer (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance. 

  • Product provided is the RBC Insurance Individual Income Protection Professional Series policy:
  • Non-cancellable and guaranteed continuable to age 65.
  • Lifetime renewal option after age 65, subject to change in premium rates.
  • Monthly benefit will match the monthly benefit for the OMA disability insurance coverage being replaced (up to a maximum of $25,000 per month).
  • No pre-existing condition limitation will be added to the issued policies.
  • Elimination Periods will match the elimination period for the OMA disability insurance coverage being replaced (30, 60, 90, 120, 180 or 365 days).
  • Benefit Periods will match the benefit period for the OMA disability insurance coverage being replaced, up to age 65.
  • Eligible applicants will also be issued the RBC Insurance Health Care Professional Benefit rider.
  • Option Matching:
    • eligible applicants who have the Own Occupation rider on their OMA coverage are also eligible for the RBC Insurance Disability in Your Occupation rider.
    • eligible applicants who have the Cost of Living Adjustment rider on their OMA coverage are also eligible for the RBC Insurance Cost of Living Adjusted Benefits rider.
    • eligible applicants who have the Guaranteed Insurability Benefit rider on their OMA coverage are also eligible for the RBC Insurance Future Income Option (FIO) Benefit rider – FIO units of increase will match the Guaranteed Insurability Benefit rider units of increase.
    • eligible applicants who have the Retirement Protection rider on their OMA coverage are also eligible for the RBC Insurance Retirement Protector rider.
  • Pricing will be a 25% reduction from RBC Insurance standard rates.
  • Premium payment will be by monthly pre-authorized debit.
  • Click here for a RBC Professional Series® Disability Insurance specimen contract

Example: You have OMA disability insurance with a monthly benefit of $10,000, a 90-day elimination period, HIV HEP B&C coverage, an own occupation rider, a cost of living rider, and a Guaranteed Insurability Benefit rider. You leave the OMA to join the OSA. You qualify for insurance if you answer yes to question 1 and no to question 4 on the RBC Insurance application. If you answer yes to question 5 on the RBC Insurance application, you will qualify for disability insurance; your policy will not include the presumptive total disability rider for the specific condition that you answered yes to question 5. You will be issued the RBC Professional Series® Disability Insurance with $10,000 monthly benefit, a benefit period to age 65, a 90-day elimination period, a Health Care Professional Benefit rider, a Disability in Your Occupation rider, a Cost of Living Adjusted Benefits rider, a Future Income Option (FIO) Benefit rider and a conversion to long-term care insurance rider. Policies will be issued with a pre-authorized monthly debit and a 25% discount.


COMPARISON OF OMA DISABILITY INSURANCE VS. RBC DISABILITY 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.

Disability Insurance Policy Provision Analysis: OMA vs. RBC Insurance

Cost comparison: OMA vs. RBC Insurance 
Most physicians have OMA disability insurance purchased on a banded rate (30-34, 35-44, 45-54, 66-64). Banded rates mean your rates increase in each age band. Very few physicians have OMA coverage on a level rate as this was only offered a few years ago, a medical was required and level rates with the OMA are not guaranteed. Assuming the same OMA annual premium refund as in 2018, RBC Professional Series® Disability Insurance is in some cases less expensive and more expensive in other cases. However, with the RBC Professional Series® Disability Insurance, your rates and policy provisions are guaranteed and you own and control your insurance. Below are rate comparisons for illustration purposes for a male and female with the difference in overall cost illustrated to age 65.


WHAT IS YOUR INDIVIDUAL 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 Life Insurance Company.

No. This is an individual insurance policy where you own and control the policy. Neither the insurance company (RBC Life Insurance Company) nor the association (the OSA) can cancel or change your insurance. Unlike the OMA which ties your insurance to OMA membership fees, neither the insurer (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance. 

No. There are 5 medical questions on the application.

If a physician is currently on disability claim, the insurer will not be bound to take on this client and we would recommend that he/she maintain their OMA insurance and pay OMA fees.

RBC Insurance will match your OMA disability coverage, benefits and options as below.

  • Elimination Periods will match the elimination period for the OMA disability insurance coverage being replaced (30, 60, 90, 120, 180 or 365 days).
  • Benefit Periods will match the benefit period for the OMA disability insurance coverage being replaced, up to age 65
  • Option Matching:
    • eligible applicants who have the Own Occupation rider on their OMA coverage are also eligible for the RBC Insurance Disability in Your Occupation rider.
    • eligible applicants who have the Cost of Living Adjustment rider on their OMA coverage are also eligible for the RBC Insurance Cost of Living Adjusted Benefits rider.
    • eligible applicants who have the Guaranteed Insurability Benefit rider on their OMA coverage are also eligible for the RBC Insurance Future Income Option (FIO) Benefit rider – FIO units of increase will match the Guaranteed Insurability Benefit rider units of increase.
    • eligible applicants who have the Retirement Protection rider on their OMA coverage are also eligible for the RBC Insurance Retirement Protector rider.

YES.

A 25% discount is issued on all policies.

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

We recommend that you personally own and pay for your disability insurance so the funds flow to you tax free should you need to make a claim.

RBC Insurance offers disability insurance for physicians with preferred underwriting and rates and a 25% discount for OSA members.

In general, the current OMA group disability plan terminates at age 70 unless you have opted for the 70+ extension. RBC coverage can be maintained to age 100. RBC offers a minimum inflation protector (not available with OMA Insurance), a recovery benefit (not available with OMA Insurance), 12-months protection in case of a reoccurring disability (not available with OMA Insurance) and a long-term care insurance conversion which provides lifetime coverage for home and facility care (OMA offers Encore 65 which provides a maximum of 3 years of home care).  In some cases, the RBC Insurance disability may be more expensive than the OMA, but RBC policy provisions and long-term care conversion option are guaranteed. See disability policy provision comparison for complete detail.

OMA Insurance Replacement Program

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