Replace your OMA Office Overhead Insurance

Replace Your OMA Office Overhead Insurance

The OMA offers up to $30,000 per month of Professional Overhead Expense Insurance with a 12-month benefit period. Physicians will be able to replace their OMA Professional Overhead Expense Insurance with the RBC Business Overhead Insurance with an identical monthly benefit amount with a 30, 60 or 90-day elimination period and a 15-month benefit period (the benefit period for the OMA office overhead insurance is 12-months). RBC Insurance policies will also include a residual disability benefit and a 25% discount.

Example: You have OMA Professional Overhead Expense Insurance with a monthly benefit of $5,000, a 30-day elimination period, built-in residual disability coverage, 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. If you answer yes to question 5 on the RBC Insurance application, you will qualify for office overhead insurance; your policy will not include the presumptive total disability rider for the specific condition that answered yes to question 5. You will be issued RBC Business Overhead Expense Insurance with a $5,000 monthly benefit, a benefit period of 15-months, a 30-day elimination period, a Residual Disability Benefit rider, a Future Covered Monthly Expense Option Benefit rider. Policies will be issued with a pre-authorized monthly debit and a 25% discount.

In order to be eligible for OMA insurance, OMA members must be in good standing, which means they must be up to date on their membership fees. With the OSA, there is no reference to being in good standing or membership fees in order to qualify or maintain your insurance. 
Neither the OSA insurance companies nor the Association (the OSA) can cancel or change your insurance.
    • 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 $30,000 per month).
    • No pre-existing condition limitation will be added to the issued policies.
    • Elimination Period will match the elimination period for the OMA Professional Overhead Expense Insurance being replaced (15, 30, 60, or 90 days). Where the OMA Professional Overhead Expense Insurance has an elimination period of 14 days, the replacing policy will have an elimination period of 15 days.
    • Benefit Period will 15 months.
    • Eligible applicants will also be issued the RBC Insurance Residual Disability Benefit rider.
    • Option Matching:
      • eligible applicants who have the Guaranteed Insurability Benefit rider on their OMA coverage are also eligible for the RBC Insurance Future Covered Monthly Expense Option Benefit rider.
    • Premium payments will be by monthly pre-authorized debit.
    • Click here for an RBC Business Overhead Expense Insurance specimen contract

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.

Office Overhead Insurance Policy Provision Analysis: OMA vs. RBC Insurance

Cost comparison: OMA vs. RBC Insurance
OMA Professional Overhead Expense Insurance is available with a banded rate (30-34, 35-44, 45-54, 55-69). The RBC Business Overhead Insurance is available on a level rate. Assuming the same OMA annual premium refund as in 2018 (which is not guaranteed) the same elimination period (30-days) and a similar benefit period (12-months for OMA and 15-months for RBC Insurance), the RBC Business Overhead Insurance is generally more expensive but also has a benefit period of 15-months vs 12-months with the OMA and your rates and policy provisions are guaranteed. Below are rate comparisons for illustration purposes of a male and female with the difference in overall cost illustrated to age 65.

Source: 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).


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. 

Yes. If you are incorporated, your corporation can pay for your office overhead insurance and it may choose to deduct the premium. Please provide a corporate cheque.



OMA Insurance Replacement Program

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