Since 1999, the Ontario Association of Radiologists’ (OAR) insurance program has been proactive in providing Ontario Radiologists with value added insurance services and discounts not available in the insurance marketplace.
Unfortunate events happen; last year 5 of our colleague Radiologists, in the prime of their careers, unexpectedly died.
One was a Radiologist in his early 50’s who cancelled his life insurance and died two weeks later. His claim was brought to the insurer by the OAR insurance program and while not obligated to pay, the insurer paid the claim because the Radiologist had an OAR insurance policy. The OAR insurance program has critical mass, influence and is there for Radiologists’ and their families in a time of need.
In June, the OAR surveyed members and the results showed …
- 80% of Young Radiologists (those in their first 10 years of practice), 72% of Mid-Career Radiologists (those in year 11-20 of practice) indicated they wanted to increase their insurance and or felt they were under insured
- 66% of Senior Radiologists (21+ years in practice) did not appreciate the corrosive effect of tax issues pertaining to their estate, the tax burden on the shares of their corporations and the high tax erosion on the distribution of their hard-earned corporate investments to their heirs/beneficiaries.
- 76% of Radiologists said they would be interested in an opportunity to upgrade their life insurance.
NEW OAR LIFE INSURANCE OFFER:
Radiologists can apply for up to $750,000 of Ten Year Term Insurance OR Permanent Life Insurance.
- Up to age 59 can apply for $750,000
- Age 60-65 can apply for $500,000
- Age 66-69 can apply for $250,000
- Rates are standard rates; in most cases less than OMA group life ins. (even after OMA rebate).
- Minimum participation: 250 Radiologists
- Applications must be received by November 2018.
- Only 1 page questionnaire.
- No Blood or Urine tests required.
- No Visit from a doctor or nurse.