Frequently Asked Questions
What is Level Term Life Insurance?
Level Term Life Insurance is basic, cost-effective protection that allows you to lock in your premium rate for a set period of time. During that period you pay your premium and in return, know that if your loved ones were to unexpectedly lose you, they could at least have the financial help of the insurance benefit you have arranged for them. “Level” means that your rate will remain the same, or level, for the initial term selected (10, 15 or 20 years).
Combined with its exclusive group rates for physicians and high benefit amounts, this plan is a great way to help protect your loved ones if something should happen to you.
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 Level 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 $100,000 up to $4,000,000. 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 level 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 living benefits?
Living benefits (also referred to as 'accelerated death benefits') allow a terminally ill insured to receive a significant amount of his or her death benefit in a lump sum to help cover expenses during such a difficult time.
If you are diagnosed by your attending physician with a terminal illness from which you are not expected to recover, and you’re given a life expectancy of fewer than 24 months, you can request to receive up to 75% of your life insurance benefit (subject to a $1,000,000 maximum) for use as you see fit. In addition, your premium payments will be waived during the 12-month period following payment of this benefit. The balance of your death benefit will remain payable to your beneficiaries upon your death.
Living benefits are subject to state variations, limitations and exclusions and may be taxable. Review your Certificate of Insurance for details and consult a tax advisor regarding potential tax consequences.
What if my health declines? Will my rates go up?
No. Once you lock in your rate, it will not change during the selected 10-, 15- or 20-year term of the plan.
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 and you’ll 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 confirmed 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, cost-effective 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.