OMA vs CFMS(RBC) Coverage Comparison

As a graduating medical student, CFMS(RBC) and OMA offer you disability insurance without proof of insurability.

The information below highlights the features and benefits that each plan offers.

OMA offers:
  • Non-cancellable policy
  • Up to $4,000 monthly benefit for residents, waiting period 60 days
  • Maximum monthly benefit up to $25,000
  • 50% premium reduction during residency and additional 25% loyalty discount if you paid for the coverage for two consecutive years. The discount will be applied to your step rate premium as a resident and first year of practice
  • Level premium will not be adjusted due to change in your age or health. Step rate premium will be adjusted according to your age band as renewal, and it can be converted to level premium. However premium is not guaranteed, it may change from time to time on a group basis depending on the insurance cost of the group.
  • Refund of premium is available each year. According to OMA, the refund of premium is approximately 45% last year
  • No medical examination is required
  • Own occupation rider is automatically built in (without medical examination) when entering into residency on the condition that you have a student coverage
  • Medical associations at Newfoundland and Maritime provinces, such as Nova Scotia, P.E.I. and New Brunswick are also covered under OMA

CFMS(RBC) offers:
  • Non-cancellable policy
  • Up to $8,000 monthly benefit for residents, waiting period is 90 days.
  • Maximum monthly benefit up to $25,000
  • 25% premium reduction for the life of the policy and all future increase of benefit
  • Premium is guaranteed
  • 5 months waiver of premium; an extra 3 months waiver of premium for radiology specialists
  • No medical examination is required (24/24 pre-existing conditions apply)
  • Own occupation rider without medical requirement if applying now and 6 months after the residency

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