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Disability Insurance Guaranteed Insurability Benefit
When you purchased your disability coverage you may have also paid for the Guaranteed Insurability Benefit (GIB) rider. If you have the GIB rider, you have the right to increase your coverage with no medical questions asked, by exercising GIB options through:
- a regular option period (during May 1-31 of each year); or
- an additional option period (60 days after the start of medical practice). This is a one-time option that may be exercised.
You must be age 55 or less and reside in Canada (excluding Quebec), actively working for at least 25 hours per week and the overall plan maximum has not been reached
Financial documents
Financial verification is not required for:
Under Group Policy #140004, at time of exercising your one-time GIB additional option, financial verification is not required when applying for an amount up to $2,500 (from all sources in effect or currently applied for) if within 60 days of starting your medical practice.
Financial verification is required for all other GIB option applications.To speed up the processing of your application, please complete the “Financial information” section and either provide your authorization or submit the required documents along with your application.
How much disability coverage do you need?
To help calculate the coverage you’ll need, refer to the Disability Insurance Benefit Guide.
Based on your earned income, practicing physicians may combine OMA Insurance and other disability insurance for a total coverage up to $25,000 per month.
Your application must be received by May 31.
For questions, call Manulife at 1-888-596-8881.
Frequently asked questions
During the annual option period coverage can be increased in units of $100 up to the limits shown below, subject to the overall plan maximum.
Policy 59997:
· Up to an additional amount of $2,500 if age 45 or younger on September 1st of the previous year
· Up to an additional amount of $1,500 if between ages 46 and 55 on September 1st of the previous year
Policy 17849 & 140004
· Up to $2,500 if age 55 or younger on September 1st of the previous year
A member on disability may exercise one option (for up to $1,000 of coverage in multiples of $100). The plan administrator will determine if the member is eligible to exercise the option based on financial underwriting.
Any additional coverage approved will not be paid as a benefit during the current period of disability. It will only be paid for a new disability claim.
You may exercise only one option (for up to $1,000 of coverage in multiples of $100) while on a leave of absence and/or parental leave. The additional coverage will be effective when you return from your leave and working for a minimum of 15 hours/week for a continuous period of 30 days.
Yes, the additional coverage will match the existing coverage.
Yes. You can increase coverage above the GIB option limit with a regular disability application where both financial and medical verification will be required.
In order to be eligible, you must be working at least 25 hours per week. Even if you are not eligible this year, you may check again during the next option period.
Contact us
To learn more about OMA Insurance programs call
1-800-268-7215
(Monday – Friday 8:45am – 5pm ET)