OMA Life Insurance
OMA Insurance offers group term plus 75 and flex term insurance. Group term plus 75 rates increase every 5 years, a premium refund (no longer published) is paid at year-end, policies are not convertible to permanent insurance and up to $2,000,000 is available. Beginning at age 66, this coverage will reduce each year by 10% until age 74 while your premium does not reduce. At age 75, 10% of your overall coverage will remain in place with no further premium required.
The Flex term life insurance product offers term 10/20 life insurance. There is no premium refund on the Flex term insurance and up to $3,000,000 is available.
In most cases, the OMA Group term 75 plan is more expensive than individual coverage even after the OMA refund.
OMA Disability insurance
The OMA group disability insurance is with Manulife. OMA offers up to $25,000 per month of disability insurance with either a level or step rate (step rates increase over time). OMA premiums/rates are not guaranteed. Manulife reserves the right to change the premium at their discretion with 30 days notice. Group disability insurance has some quality deficiencies vs individual disability insurance including:
- Termination date – OMA group disability insurance terminates at age 70, unless you opt for the 70+ extension. The 70+ extension provides coverage for total disability only for up to 12 months.
- Cost of living adjustment – OMA group disability insurance has no minimum inflation level at claim time whereas individual coverage has a minimum of 2% increase for inflation.
- Recovery benefit – There is no recovery benefit while on a claim whereas individual disability insurance includes a benefit to help you recover from disability.
- Partial disability only applies if you are a student.
- The own occupation definition of disability is not available to students or international medical graduates.
- Recurrent disability. If a disability reoccurs before 6 months from the termination date of the previous disability payments, the elimination period will not be reapplied. With individual coverage, if a disability reoccurs before 12 months, the elimination period will not be reapplied.
- Portability – OMA coverage is portable so long as you maintain your OMA membership and pay OMA membership fees.
- Conversion to long term care insurance – OMA group disability coverage is not convertible to long term care insurance which provides care in your own home and care in a facility with benefits to age 100.
- Rates are not guaranteed. OMA Insurance rates and policy provisions are at the discretion of Manulife with 30 days notice.
Source OMA Insurance August 2024
How have OMA Group insurance rates changed?
Over the past 10 years the cost for OMA insurance has increased. With OMA Group disability insurance, there used to be a refund at the end of the year. In 2021, OMA disability insurance rates increased. With OMA Group term 75 life insurance, the refund has reduced from 60% in 2015 to 20% in 2021. OMA Insurance stopped publishing the refund on insurance in 2022.
Can the OMA Insurance increase insurance rates again in the future?
YES. With group insurance the insurer controls the policy.
Can I replace my OMA Insurance with a discount?
YES.
We are here to assist. If you have any questions or want to look at cost savings on your insurance, please call 416-222-1311 or click below
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Disclaimer: Levine Financial Group are independent insurance brokers. We are not part of the OMA and do not offer OMA Insurance.
Source: OMA Insurance website 2024
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