Physicians have several options for life insurance, including an AMA life insurance policy. The coverage extends financial protection to the physician's spouse or dependents in the case of their death. Let's take a look at the pros and cons of AMA life insurance and whether the policy is a good fit for you and your family.
What is AMA Life Insurance?
AMA Life Insurance offers protection for a specific period, typically 10-20 years. It is designed to provide financial security for your loved ones following your death. It can be an important part of your family's financial security plan. This insurance is highly beneficial for physicians since they can provide around $4 million in life insurance.
AMA Insurance Policies
Disability Insurance
You can also sign up for AMA physician disability insurance to get financial protection in case of disability. The plan covers up to $15,000 in the form of monthly benefits at convenient rates.
Medicare Supplement Insurance
Medicare supplement insurance is a great way to manage out-of-pocket expenses not covered by other plans. You can find a policy designed exclusively for physicians and their spouses- or domestic partners, with no required medical underwriting.
The Type of Coverage AMA Life Insurance Offers
Different types of life insurance offer different levels of coverage, so it's important to choose the right policy for your needs. AMA Life Insurance offers a variety of life insurance products that can provide protection for you and your family.The policy is a great option for physicians at all stages of their careers. Level Term Life insurance is available in terms of 10, 15, and 20 years brackets, and rates are locked in for your selected term. Your rates will not increase even if the general market rates go up. Physicians can purchase an amount of up to $3 million, so you can be sure your family is taken care of financially if something happens to you. Additionally, as an AMA member, you're eligible for an 8 percent discount on your premiums. AMA life insurance plans include:
- Level Term Life Insurance: This is ideal for families, allowing you to purchase coverage for your children and spouse. This policy also covers terminal illness expenses.
- Premier Accident Insurance: This policy extends coverage to families in the case of an unprecedented accident or death. It offers coverage for up to $1 million. However, only physicians under the age of 70 can apply for this policy.
- Pure Term Life Insurance with QuickDecision: This policy is specially designed for physicians under the age of 45. Its coverage extends to $1 million in benefits.
- Preferred Term Life Insurance: This plan offers coverage from $25,000 to $3 million. You can avail of financial protection for your spouse and children through this plan. Additionally, the policy does not increase rates for the first five years, meaning you will have to pay a fixed rate during this time.
- Medical Student Term Life Insurance: This plan is designed to offer financial protection to the families of medical students in case of their unfortunate deaths. The plan offers coverage for up to $50,000 or $100,000.
Wrapping Up
If you are a physician looking for life insurance coverage, AMA Life Insurance is a great option to consider. Its flexible coverage options and benefits can provide your loved ones with suitable financial support after your demise.
AUTHORED BY:
Naomi Olson [Website • Twitter • Headshot]
I am a CFP® (Certified Financial Planner).
I have a severe phobia of bridges and dirty balance sheets.
Hobbies: blogging, meditation, and loving Bull Market (my dog).