AOAExcel® helps doctors find affordable coverage.

Protecting loved ones against the unthinkable

Life insurance is proven to be one of the most cost-effective ways to protect families' dreams and aspirations when a premature death derails not only their future, but also their financial means of getting there. It's not the easiest conversation to have-but there's no time like the present.

"AOAExcel offers the peace of mind and protection of affordable life insurance, available to AOA members today."

September is Life Insurance Awareness Month, an opportunity to have that difficult conversation about how the unthinkable could affect a family's long-term goals, and more importantly, how life insurance could keep those ambitions alive.

For the most part, Americans understand the importance of life insurance, with more than 70 percent of U.S. households insured per a 2016 LIMRA report, titled, Trends in Life Insurance Ownership. However, that coverage would only be enough to replace up to 3 years of income, far lower than most industry recommendations.

In fact, the LIMRA report estimates that nearly half of all U.S. households have an average coverage gap of $200,000. And the reason? Other financial priorities.

For as many American households there are insured, there are equally as many that say other priorities, such as paying off debt or saving for retirement, discourage them from purchasing more coverage. Another two-thirds can't afford more, the LIMRA report says.

That's where AOAExcel® can help. Through its partnership with AGIA, AOAExcel offers the peace of mind and protection of affordable life insurance, available to AOA members today. Regardless of your practice situation, the life insurance coverage that you have through work may not be enough to take care of your family. AOAExcel has tailor-made options for any life stage, including:

  • Group Term Life
  • Individual Term Life
  • SecureStart Plan
  • Student No-Cost Group Term Life

But why term life insurance? It's one of the most popular forms of life insurance because it provides affordable protection, often with a guaranteed premium for a set time. Should you die while the coverage is in full force, the face amount is paid to your named beneficiary. After the premium guarantee period, you can continue coverage with a higher premium-increasing each year-but starting lower than a comparable permanent insurance plan. That initially lower premium makes term insurance perfect for a temporary need for life insurance protection, such as paying off a mortgage, or expenses such as childcare, college tuition or credit card debt.

Term can be especially beneficial when taking out loans. Consider the doctor of optometry who borrows to purchase a new practice: Term coverage in the amount of the loan could assure that loan debt is repaid if the insured dies. Similarly, parents often use term to help cover their children's college education should something happen to the parents before graduation.

Click here
to find out more about the coverage available to AOA members through AOAExcel, or contact the plan administrator at 866.331.0180.

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September 8, 2017

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