OMA Critical Illness Insurance Review (2023)
Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.
Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.
Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you.
Are you wondering if OMA’s critical illness insurance is right for you? This page explores their offer in detail. Get our OMA review, a breakdown of available coverage options and much more.
Who is OMA?
OMA insurance is a wholly owned subsidiary of the Ontario Medical Association. OMA insurance has been in operation since 1956. They offer various insurance products such as home, auto, health, life and disability insurance.
OMA insurance is only open to active OMA or an Atlantic medical association members. The insurance solutions are specially curated to serve the needs of Ontario medical professions.
Why sign up for OMA critical illness insurance?
Critical illness insurance from OMA or another provider give you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:
- Medical costs and specialists not covered under a different policy
- Transportation to see specialists
- Chair lifts or ramps at home
- Therapy and counseling
- Retrofitting vehicles for accessibility
Beside these additional costs you still need a plan for continuing to pay your rent or mortgage, child care, groceries and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.
Our review of OMA:
OMA is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about OMA’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.
Pros of OMA critical illness insurance:
- Coverage up to $250 000
- 25 covered conditions
- Online critical illness rate calaculator available
- Underwriting from Sun Life Assurance Company of Canada
- Specialized coverage for medical professionals.
Cons of OMA critical illness insurance:
- $250 000
- Product is exclusive for Ontario medical professionals
- Coverage ends at age 70
Find a critical illness insurance policy that's right for you
What critical illness insurance plans does OMA offer?
The OMA critical illness insurance can is there for you should you suffer a serious illness. The plans cover 25 illnesses. A tax-free lump sum payment of up to $250 000 is offered 30 days after a diagnosis. Spending is entirely at your discretion meaning you can use them for home modification, out-of-country treatment, travel and expenses, medical equipment or anything else.
What illnesses and conditions qualify for OMA critical illness insurance?
The following illnesses and conditions may qualify a OMA policyholder for critical illness benefits.
-Benign brain tumour
-Coronary artery bypass surgery
-Dementia, including Alzheimer’s disease
-Heart valve replacement or repair
-Loss of limbs
-Loss of independent existence
-Loss of speech
-Major organ failure on waiting list
-Major organ transplant
-Motor neuron disease
-Occupational HIV infection
-Parkinson’s disease and specified atypical Parkinsonian disorders
Be aware that plans may cover fewer conditions than those listed below.
Good to know
Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or OMA advisor.
How do I apply for OMA insurance?
To apply for OMA critical illness coverage, fill out their online form on their website. Alternatively you may reach them tool-free at 1-800-432-2998.
Before settling on an offer with OMA it's smart to compare critical illness insurance quotes from other providers. You can do this below to be put in contact with an expert.
Shop critical illness policies now
How much does OMA critical illness insurance cost?
Unfortunately, it is difficult to provide an accurate price range for OMA critical illness Insurance. Pricing varies widely based on the following factors
- Pre-existing conditions
- General health
- Smoking status
- The amount of coverage desired
For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25 000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact OMA critical illness insurance quote.
|Age||Price per month|
|51 to 55||$27|
|56 to 60||$44|
|61 to 65||$56|
Good to know
Need help deciding how much coverage to buy from OMA? Our critical illness insurance calculator can help you make an informed decision.
How do I contact OMA?
Contact OMA insurance by calling their toll free line: 1-800-758-1641
Email assistance: [email protected]
OMA insurance mailing address:
150 Bloor St. W., Suite 900
Toronto, ON M5S 3C1