AMA Life Insurance Review

AMA-Life-Insurance-Review

AMA offers several life insurance options for their members at various stages in their career. For those just starting out in medical school, to residency, to practicing or looking ahead to retirement, they offer a portfolio of group life insurance plans underwritten by New York Life with benefits and rates tailored to physicians. Our AMA Life Insurance review will go over the available plans, underwriting, rates and compare them to the rest of the market.

AMA Life Insurance Plans

(All Plans are underwritten by New York Life Insurance Company)

  1. Level Term Life InsuranceUp to $4 million in life insurance protection offered in 10, 15 and 20 year terms. Likely will require a medical exam. AMA members receive an 8% discount. You can apply for coverage for your spouse or domestic partner at the same physician rates. Spouses or domestic partners can apply for Level Term Life coverage even if you choose not to apply. You can purchase $25,000 in coverage for each eligible child for a flat rate of $60 a year.
  2. Pure Term Life Insurance with QuickDecisionLife insurance up to $1 million. Exclusively for physicians and their spouses or domestic partners under age 45. No medical exam, quick decision.
  3. Preferred Term Life InsuranceCoverage up to $3 million. Rates increase every 5 years for each age band. Your spouse or domestic partner is eligible for his or her own protection at the same cost-effective rates, even if you choose not to apply. Child coverage may also be added to the plan.
  4. Premier Accident InsuranceCoverage for accidental death only. You can select a benefit amount of $500,000, $750,000 or $1 million. Physicians receive a 5% rate reduction. AMA members receive a 20% rate reduction. Spouses and children are eligible as well.
  5. Medical Student Term Life InsuranceFull-time medical students attending an accredited medical school $100,000 of Group Term Life Insurance for $40 a year, or $50,000 coverage for $20 a year. The benefit you select is automatically doubled, to $200,000 or $100,000, in the event of a covered accidental death. Your spouse or domestic partner under age 40 may also enroll, whether you enroll or not.

AMA Life Insurance Underwriting Process

AMA Life Insurance Underwriting Process exam

AMA Life Insurance Rates Comparison

Level Term Life Insurance– $2 million 20 year level term policy for a 50- year-old male in excellent health.

AMA Life Insurance eligibility
AMA Life Insurance Rates breakdown

Life Insurance Rates Available on the Open Market Compared to AMA Life Insurance

Level Term Life Insurance– $2 million 20 year level term policy for a 50- year-old male in excellent health.

Life Insurance Rates Available on the Open Market Compared to AMA Life Insurance rates

Important Takeaways

  • AMA’s Level Term Life Insurance product offers offers term life insurance rates for up to $4million on a 10, 15 or 20 year level (fixed) term. The rates seem to be competitive for younger applicants but lower rates may be available on the open market if you shop around. Also, since the AMA policy is underwritten by New York Life, if you have any health issues, medications, height/weight concerns, family history, you may want to compare to the the other top companies to ensure you are receiving the best rates. New York Life Insurance Company is an excellent life insurance company with a top rating, however, their underwriting can be strict.
  • AMA’s Pure Term Life Insurance with QuickDecision product is quick and easy to acquire as it doesn’t require a medical exam. It’s available to those 45 years old and younger. In comparing the rates for this product the do seem to be higher that what is available on the open market, even for the other companies that offer $1million of life insurance without an exam.
  • AMA’s Preferred Term Life Insurance product offers coverage up to $3 million but the rate is not fixed. The premium increases every 5 years at each age band. Lower premiums may be available from other top carriers and at a fixed price instead of the step-rate plan offered by this AMA product.

AMA Life Insurance Review- Bottom Line

The life insurance products offered through the AMA Insurance Agency, Inc. a subsidiary of the American Medical Association has it’s pros and cons. Above, we listed the details and sample rates offered by the AMA insurance program. We recommend that you receive a quote from AMA but also receive quotes from the other top life insurance companies and choose the best policy for your and your family or business.

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