OMA Critical Illness Insurance Review 2024
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OMA Critical Illness Insurance, offered by the Ontario Medical Association's subsidiary, provides financial protection for Ontario medical professionals facing serious health conditions.
It provides a tax-free lump sum to help policyholders and their families cover medical costs, lifestyle changes, and additional expenses typically not covered by other policies. But how can you get an OMA critical illness insurance policy? Is it the right choice for you? What are its pros and cons? Read on!
Once you know what OMA critical illness insurance covers, you can use our free comparator to compare Canada's best critical illness insurance plans and get personalized quotes so you can find a plan that fits your needs the best.
OMA critical illness insurance: Key takeaways
- OMA provides a substantial lump sum benefit of up to $250,000
- Offers a comprehensive range of critical illness coverage with 25 covered conditions
- Convenient tool for assessing critical illness rates
- Backed by the reputable Sun Life Assurance Company of Canada
- Tailored coverage for medical practitioners in Ontario
Our 2024 review of OMA critical illness insurance
OMA stands out as a major critical illness insurance provider in Canada, catering specifically to Ontario medical professionals. With coverage up to $250,000 for 25 different conditions, it provides a tax-free lump sum for various needs, from medical expenses to home modifications.
The online rate calculator and underwriting by Sun Life offer transparency and reliability. (Note that Sun Life also offers its Sun Life critical illness insurance plans). Best suited for Ontario medical professionals, OMA's coverage may not be accessible to those outside this group, limiting its reach. Overall, it's a robust option for healthcare professionals seeking comprehensive critical illness protection.
If you want to see OMA critical illness insurance fares against other plans or if you are not eligible for it, you can explore critical illness insurance plans from Canada's best providers right here. Use our free comparator to compare plans and get free personalized quotes in no time.
Find a critical illness insurance policy that's right for you
Pros of OMA critical illness insurance
- Coverage up to $250 000
- 25 covered conditions
- Online critical illness rate calculator available
- Underwriting from Sun Life Assurance Company of Canada
- Specialized coverage for medical professionals.
Cons of OMA critical illness insurance
- $250,000
- The product is exclusive to Ontario medical professionals
- Coverage ends at age 70
Who offers OMA critical illness insurance?
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 Atlantic Medical Association members. The insurance solutions, including OMA critical illness insurance, are specially curated to serve the needs of Ontario medical professionals.
Why should you get OMA critical illness insurance?
Are you wondering, "Is critical illness insurance worth it?", then read on. Critical illness insurance from OMA or another provider gives 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
Besides 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.
How much does OMA critical illness insurance cost?
Unfortunately, it is difficult to provide an accurate price range for OMA critical illness Insurance as it strongly depends on individual situations. Pricing varies widely based on the following factors:
- Age
- 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 |
|---|---|
| Under 25 | $7 |
| 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.
It is important to get personalized quotes for critical illness insurance and compare plans before settling on a policy. You can use our comparator below to discover the best critical illness insurance plans in Canada and get quotes based on your unique needs right here.
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 be 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 an OMA policyholder for critical illness benefits.
- Aortic surgery
- Aplastic anemia
- Bacterial meningitis
- Benign brain tumor
- Blindness
- Cancer
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Loss of limbs
- Loss of independent existence
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
Be aware that plans may cover fewer conditions than those listed above. It is therefore important to get individual quotes and coverage specifications.
Good to know
Be it Scotiabank critical illness insurance, iA critical illness insurance, or BMO, different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. So, 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 toll-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. While it may seem like a daunting process, we've made it simple for you. You can use our free comparator below to compare the best critical illness insurance policies in Canada from the most reputed providers and get free quotes right here.
Shop critical illness policies now
How do I contact OMA?
Contact OMA insurance by calling their toll-free line: 1-800-758-1641. Authorized personnel will respond to any questions you may have regarding an existing policy or in case of purchasing a new one.
You could write to [email protected] if you want to go for communication over email. You may expect a slight delay should there be too many queries.
You can also write to their mailing address: 150 Bloor St. W., Suite 900, Toronto, ON M5S 3C1
