In our February survey, 78% of OSA physicians asked to replace their OMA Insurance with better quality coverage, cost savingsand insurance that you own and control. As a specialist you are represented by the OSA and can participate in this limited time offer to replace your OMA Insurance.
Specialists are replacing their OMA Insurance for 3 reasons.
Quality – RBC Insurance is owned and controlled by you. These are not group insurance plans and are not tied to the OSA separate representation from the OMA.
Cost – RBC rates and discounts are guaranteed for the life of the policy. In some cases, the cost for disability insurance may be slightly higher but policy provisions are better and the policy is convertible to long term care insurance. In the case of life insurance and critical illness insurance, rates are less with RBC (after OMA rebate).
Benefits – Policy provisions are fully guaranteed.
Below are the highlights of the quality differences between OMA and RBC Insurance:
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.
OMA Insurance offers two life insurance products; Group term to 75 and Flex term 10/20 through New York Life. Most physicians with OMA life insurance have Group term to 75 where rates increase every 5 years, policies are not convertible to permanent insurance and up to $2,000,000 is available. At age 65, the OMA Group term 75 life insurance benefit decreases by 10% per year while the rate does not change. At age 75, up to 10% of the original coverage may be paid up. The Flex term 10/20 offers a 10 or 20-year term insurance policy that is convertible to permanent insurance. There is no premium rebate on the Flex term insurance. The RBC YourTermTM 10 is an individual life insurance policy, that is convertible to permanent insurance, rates are guaranteed. In most cases, rates are less than the OMA group term 75 insurance (even after OMA refund).
Critical illness insurance
The OMA Sun life plan offers coverage to age 70 whereas the RBC Insurance policy offers coverage to age 75. In most cases, there is a cost savings to age 70 with RBC Insurance. The RBC Insurance policy is convertible to long term care coverage, your policy provisions are guaranteed, and you own and control your insurance. With respect to the definitions, RBC covers early assist illness including prostate, breast, skin blood, intestinal and thyroid cancer as well as coronary angioplasty. None of these early assist illnesses are covered with an early assist benefit with Sun life OMA insurance. The payment of an early assist benefit does not reduce the critical illness benefit in the RBC policy.
This limited time offer is available until May 2019.
Should you wish to apply, please complete the RBC Insurance application, scan and email these to email@example.com. Should you have any questions, call the OSA Insurance representatives at 416‐222‐1311, 1‐877‐314‐1311 or email at firstname.lastname@example.org.