Frequently Asked Questions
I already have coverage through my employer. Do I still need this insurance?
Your family’s financial obligations will continue, even after you’re gone. The benefits provided by this plan are paid in full, regardless of any other insurance you have in place, and this coverage remains yours, even if you change jobs or become self-employed. Although no amount of money can replace your presence in your loved ones’ lives, AMA-sponsored Preferred Term Life Insurance plan benefits can help provide an additional layer of financial protection when they need it most.
How much coverage can I apply for?
This group plan allows you to select the amount of term life insurance coverage that best fits your family’s financial needs. As an eligible physician, you and your eligible spouse or domestic partner can each apply for coverage from $25,000 up to $3,000,000.
Once insured, your benefit stays the same to age 70, regardless of changes in your health. Your benefit amount reduces by 50% on the premium due date following your 70th birthday. Premium rates are then based on the reduced benefit amount. An aggregate maximum of $6,000,000 applies to all coverage available through AMA-Sponsored Group Life Insurance Plans.
How can I figure out how much my premium will be?
Is membership in the AMA required?
No. Membership in the AMA is not required to apply, although members pay less.
What are accelerated death benefits?
Should you be diagnosed as having less than 24 months to live, the plan may advance you up to 60% (up to $500,000 maximum) of your basic life insurance amount. You can use the money to pay medical bills, outstanding debts, or for anything you choose.
Your premium payments will be waived for up to 12 months following payment of this benefit. Future premiums will not otherwise be affected by payment of the benefit and will be required to be paid. Your benefit advance is payable only once and will be deducted from your total life insurance coverage. Note: Accelerated Benefits may be taxable. Please be sure to consult your tax advisor.
What if my health declines? Will my rates go up?
No. You can never be singled out for a rate increase or have your coverage cancelled due to your health. For the first five years your rate is based on your age at issue. Rates may only increase during that time if they are raised for the entire group based on claims experience. After the initial five-year period, your rate is guaranteed to be based on your attained age at each subsequent five-year interval and will not increase due to age during each five-year period unless rates for the entire group increase. Additionally, the insurance company can only change premium rates for the group.
What if I apply now and then change my mind?
Once your application is approved and coverage is issued, you’ll receive a Certificate of Insurance. Then you’ll have 30 days to decide if you’re completely satisfied with your coverage. If you decide this coverage isn’t right for you, return your certificate within that 30-day period without claim. Your coverage will be invalidated, you will be sent a full refund and you will be under no further obligation.
Do I have to pay my first premium when I apply?
No. You don’t need to send any money until you receive your Certificate of Insurance and confirm that it meets your needs. Your first premium notice will be enclosed with your Certificate of Insurance.
Why should I apply for my coverage though AMA Insurance?
Since 1988, AMA Insurance has been offering high-quality, economical coverage designed to meet the unique needs of physicians nationwide. We can take advantage of the buying power available to America’s more than one million physicians to secure competitive group rates and physician-focused coverage you won’t find anywhere else.
What is medical underwriting?
Medical underwriting is a process used by insurance companies to determine your health status when you’re applying for insurance, in order to decide whether to offer you coverage, at what price, and with what exclusions or limits.
Note: when applying for insurance, your information may be shared with other insurers through MIB, Inc. (formerly known as Medical Information Bureau). MIB is a not-for-profit membership organization of insurance companies which operates an information exchange on behalf of its members to assess an individual’s risk and eligibility during underwriting.
Apply By Mail
Select your state to download an application to apply by mail.