OMA Insurance offers Group Life Insurance, Disability Insurance Plan, Accidental Death & Dismemberment, Extended Health Care & Dental Insurance. Brochures can be obtained by calling the Medical Society office.
Mr. Alban B. Moran, Insurance Consultant, is now located on Prince Edward Island. He may be contacted by calling toll free 1-877-836-8222 or email: email@example.com
OMA group life insurance may now be owned by your Medicine Professional Corporation
As of February 16, 2009 members applying for new OMA group life insurance coverage are able to choose between personal or corporate ownership of that plan. Members already insured under the OMA group life insurance plan can transfer ownership of their coverage to their Medicine Professional Corporation, if they wish to do so.
Is it to your advantage (or not) to transfer the ownership of your OMA life insurance plan to your corporation?
The only way you can determine this is to have a discussion with your accountant or taxation specialist. In the meantime, please consider the following:
The main advantage of transferring ownership:
- The premium may be paid from income generated by your corporation, which would be taxed at the corporate tax rate. If the corporation is eligible for the small business tax rate, this income is taxed at a lower rate than at your personal marginal tax rate; therefore, it will take less pre-tax income to pay the premium through your corporation.
The main disadvantage of corporate ownership:
- A corporation who is a beneficiary of an insurance policy is not eligible for creditor protection under the Insurance Act that is afforded to spouse, child, grandchild or parent of a person whose life is insured.
If after speaking with your accountant or taxation specialist, you decide to transfer ownership of your OMA life insurance, please contact OMA Insurance to obtain the necessary transfer forms. Call 1-800-758-1641 (choose Option 2), or visit their website: www.omainsurance.com to obtain the forms and additional information.
Home and Auto Insurance
As a member of the Medical Society of Prince Edward Island, you are eligible to receive group rates on home and auto insurance premiums through Meloche Monnex, our insurance partner. Meloche Monnex is Canada's largest provider of group insurance plans to orders, councils, professional organizations, university and college alumni, and university student associations. They are renowned for their high level of individual care. (*Due to provincial legislation, the automobile insurance program is not offered in British Columbia, Manitoba and Saskatchewan.)
For further information on the program offered by Meloche Monnex, or to obtain a no-obligation quote: call a representative at 1-877-536-7755 or visit their website.
Be sure to mention that you are a member of the Medical Society of Prince Edward Island to receive your preferred insurance rate.