Recently you received a notification from the OMA about a significant rate increase on OMA Disability Insurance.
Below are the facts.
- OMA DISABILITY INSURANCE
In 2010, the OMA rebated 45% of the premium on group disability insurance.
This rebate was reduced to zero (0) in 2017 and rates are now increasing – on average 22%. - OMA LIFE INSURANCE
In 2010, the OMA rebated 65% of the premium on group term life insurance.
This rebate was reduced to 20% in 2020 which means your cost increased.
Understandably, these cost increases have made some physicians uncomfortable especially during a pandemic. You deserve better. We have negotiated an option to replace your OMA insurance with individually owned RBC Insurance with guaranteed rates and policy provisions.
REPLACE YOUR OMA INSURANCE
- Replace your OMA Disability Insurance – 25% Discount
Policies include an own occupation definition of disability, a cost-of-living adjustment, a future income option (up to $25,000/month), HIV and Hepatitis B and C protection and a conversion to long term care coverage. All policies are issued with preferred underwriting and a 25% discount with RBC Insurance. - Replace your OMA Life Insurance – 10% Discount
• Add up to $5,000,000 of RBC Your Term 10 insurance with preferred underwriting and a 10% discount.
• Policies are renewable to age 100, convertible to participating whole life insurance which is currently earning a 6% dividend interest rate or universal life insurance.
This limited time special offer expires September 15, 2021.
QUESTIONS AND ANSWERS
- Can the OMA increase the disability insurance rates again in the future?
YES. - How much are your OMA insurance rates increasing?
Log into your OMA Account: www.oma.org/myaccount go to my insurance and click view details. - What are the quality differences between RBC individual and OMA group disability insurance?
o 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.
o RBC offers a minimum inflation protector (not available with OMA Insurance).
o RBC offers a recovery benefit (not available with OMA Insurance).
o RBC offers a 12-month protection in case of a reoccurring disability (not available with OMA Insurance)
o Only RBC has a long-term care insurance conversion which provides lifetime coverage for home and facility care (OMA does not have long-term care coverage). - How do OMA group disability insurance rates compare – OMA vs RBC?
Most physicians have OMA group disability insurance purchased on a banded rate which means your OMA rates increase at age 30-34, 35-44, 45-54 and at age 56-64. RBC rates are guaranteed and cannot be changed by the insurer. - How do OMA group life insurance rates compare – OMA vs RBC?
OMA group term life insurance rates increase every 5 years. RBC life rates are guaranteed and do not change for the term (usually a 10 or 20-year term). In most cases, RBC rates are less than the OMA rates (even after the OMA rebate). - Is RBC life insurance convertible to participating whole life insurance?
YES. - What is the current dividend rate on RBC participating whole life insurance?
6% - Can the life insurance be owned and paid for by your medicine professional corporation?
YES - Do I need to give a blood and urine sample to apply for insurance?
Applicants can apply without blood and urine requirements as listed below.
o Up to age 50 may apply for up to $2,000,000 of life insurance and $8,000/month of disability insurance.
o Ages 51-55 may apply for $500,000 of life insurance and $2,500/month of disability insurance.
o Ages 56-60 may apply for $300,000 of life insurance and $2,500/month of disability insurance.
o Applicants receive preferred underwriting.
Apply to replace your OMA Insurance
NEXT STEPS
Should you wish to replace your OMA insurance or supplement your coverage call 416-222-1311 or email info@levinefinancialgroup.com
Elliott Levine, MBA, CFP is the President of Levine Financial Group in Toronto
We Save Physicians Money on their Insurance
416-222-1311 I info@levinefinancialgroup.com