Essentials Offer
What the Essentials Offer provides
Designed to help you save
One of the most exclusively priced insurance options offered by OMA Insurance.
Plenty of coverage options
Choose to have Group Term Life Plus 75 Insurance, Disability Insurance and/or Professional Overhead Expense coverage.
Stability and reliability
Added peace of mind knowing your financial needs and those of your family can still be met if an illness or accident were to occur.
Exclusive partnerships
OMA Insurance has exclusive partnerships with the Canadian Federation of Medical Students, Ontario Medical Students Association and Black Physicians’ Association of Ontario for students, residents and practising physicians.
Choose the offer based on your career stage.
Each bundled offer includes several insurance products with coverage designed specifically for OMA members.
Essentials is designed to provide personal financial protection and gives you the flexibility to combine coverage that continues through medical school, residency and into practice. You can count on OMA Insurance to provide you with products to protect you when you need it the most and help you kickstart your retirement savings, all uniquely designed exclusively for you.
Up to $4,500 per month Disability Insurance.
Choice of step or level-rate premiums for Disability Insurance.
$200,000 of Group Term Life Insurance (complimentary throughout medical school).
Students can participate in the OMA Advantages Retirement Plan™ to start saving through a Tax-Free Savings Account or Registered Retirement Savings Plan with no administrative fee for four years post-enrolment with a low monthly contribution amount1.
Enrol in the plan in your first year of medical school without any medical tests or health questions asked.
Learn more about Essentials for Students and ResidentsIt’s time to reflect and celebrate on completing your residency or fellowship. This change also means your resident association insurance coverage will end and you need an option to stay protected — especially when you’re getting ready to start your own medical practice. Now is the time to top up existing or secure new insurance coverage.
Up to $11,000 per month Disability Insurance.
Choice of step- or level-rate premiums for Disability Insurance.
Up to $5,000 per month Professional Overhead Expense.
$200,000 Group Term Life Insurance.
Apply within 120 days of completing residency/fellowship.
Read about Essentials for PhysiciansOMA Insurance’s offer for international medical graduates provide coverage that continues throughout residency and into practice. Should an illness or injury occur, members can count on a solution with unique benefits and features.
Up to $4,500 per month Disability Insurance.
Choice of step or level-rate premiums for Disability Insurance.
$200,000 of Group Term Life Insurance.
Apply by Aug. 31 in the year residency training starts.
See the Essentials for International Medical Graduates
Have questions about your insurance needs?
Our approach is simple. We educate you about risk — why it matters to you and the options available to you. Our team of licensed insurance agents will advise you based on your unique situation and act to implement tailored solutions that fit your lifestyle and career stage.
1 The information contained on this website is provided for educational purposes only, and should not be construed as advice to be acted upon. The information is not intended to offer investment, taxation, accounting, financial or similar professional advice, nor is it intended to replace the advice of independent tax, financial, accounting or legal professionals. This website is intended to only provide general retirement education information based on the common circumstances of the Ontario physician community and does not take into account any individual’s particular financial needs, circumstances and objectives. The information presented here may not be suitable for non-residents of Canada, or situations involving such individuals. Employees of OMA Insurance are not licensed or authorized to provide investment products, services or advice to you, except as it relates to insurance.
This plan is underwritten by The Manufacturers Life Insurance Company (Manulife)
Manulife, Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
© 2023 The Manufacturers Life Insurance Company.
All rights reserved P.O. Box 17001 Station Waterloo, Waterloo, Ontario N2J 0G5, 1-888-596-8881 OMAinsurance.com
Accessible formats and communication supports are available upon request. Visit manulife.ca/accessibility and Manulife's privacy policy for more information.
The Essentials offer contains a policy underwritten by New York Life Insurance Company. The life insurance material describes the Group Term Plus 75 coverage under Policy G-29500 in very general terms. Complete terms are governed by the group insurance policy issued by New York Life Insurance Company, Canadian Chief Agency, 2100 Scotia Plaza, 40 King St. West, Toronto, Ontario M5H 3C2 on Policy Form GMR-FACE for (Life Insurance). If you become insured under the policy, you will receive a certificate of insurance outlining the details of your coverage. Coverage will continue as long as premiums are paid when due.
Premium rates and discounts are not guaranteed and are subject to change upon notice.
Exclusions and limitations may apply.
SMRU#1813076