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 vs CFMS(RBC)
  OMA CFMS (RBC)
Maximum Coverage $25,000/month $25,000/month
Issue Limit Available $4,000 for residents $8,000 for residents
Waiting Period 60 days 90 days
Cancellable and Guaranteed Renewable Non-Cancellable and non guaranteed renewable

OMA cannot change the term/condition of the policy as long as you pay your premium

Future claims experience may affect the premium (refund of premium can be served as a buffer)
Non-cancellable and guaranteed renewable

The insurance company cannot change premium, the term/condition of the policy as long as you pay your premium
Free Coverage and Discount 50% premium discount on step rate premium during residency and first two years of practice

Additional 25% loyalty discount
Up to five month of free coverage

25% permanent premium discount (apply to FIO)
Return of Premium Yes No
Integrating with PARIO No offset

Pay together with PARIO upon disability during residency
No offset

Pay together with PARIO upon disability during residency
Partial Disability Not Available Yes
Residual Disability Yes Yes
Medical Requirement No medical requirement

Own occupation rider will be automatically built in (without medical examination) when enter residency with the condition that you have a student coverage.
No medical requirement for basic coverage and Own Occupation Rider
Pre-existing Condition coverage Yes, 12/12 Pre-existing condition from student plan Yes, 24/24 Pre-existing condition
Future Insurability Option Eligible to increase up to $2,500/month after residency Eligible to increase up to $1,000/month during residency and up to $3,000/month after residency
Long Term Care Conversion Not Available Yes
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