7 questions about life insurance answered

August 30, 2023
September is Life Insurance Awareness Month. Learn about AOA member benefits available through AOAExcel®.
Group term life insurance through AOAExcel®

Regardless of practice situation, the life insurance coverage that many doctors of optometry currently have may not be enough to take care of their families. AOAExcel® offers peace of mind through group term and individual term life insurance for AOA members. Administered by AOAExcel-endorsed business partner AGIA, these disability and life insurance products are speci­fically negotiated plans that serve as convenient, options to help secure doctors' futures.

Chris Burke, president and CEO of AGIA, offers answers to doctors' frequently asked questions.

1. What is life insurance, and why is it an important tool that all doctors should consider?

Term life insurance provides financial protection for a set period of time or term. If you die before the term is up, your beneficiary receives the death benefit, usually tax-free. It can be used however needed without restrictions. Term life insurance is one of the more popular ways to provide a financial safety net for loved ones. Group term life insurance, like that offered through your association, can offer key advantages.

2. How much life insurance do doctors need?

Experts recommend you have six to 10 times your annual salary in place through life insurance and/or savings. You should have enough life insurance to cover your debt and the daily expenses for those you love.

3. What are the advantages of buying group term life insurance through AOAExcel?

Group insurance from an association is portable, so you can keep it no matter where you work. Plus, your group negotiates with insurance companies to include benefits that reflect your group's unique needs. On the other hand, employer-provided life insurance may not cover enough of your income, and if you leave your job, it often ends.

4. What is the most common misconception about life insurance?

More than half of Americans overestimate the cost of life insurance by as much as three times, according to the LIMRA and LIFE Happens 2022 Barometer Study.

5. What are the bene­fits of AOAExcel's Opti-Life Insurance Plan?

The Group Term Life Section describes eligibility, renewability, benefits, premiums, exclusions and limitations of the plan.

6. Why should I consider adding this AOAExcel bene­fit if I already have coverage through work?

The term life plan is portable and can be used to supplement the coverage you need as part of your personal portfolio.

7. Does the term life program offer member exclusive rates?

Yes - the cost of life insurance is determined by many factors. Your age, gender and health are considered when you apply. Visit aoainsurance.com/group-term-life to find rates and apply.

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*Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy Form GMR. Details of Coverage including benefits restrictions, exclusions, and premium are described on Insurance website and within Certificate of Insurance. Coverage and offers subject to state restrictions. Please contact the administrator for information.
**Please note that receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should consult with the appropriate social services agency and seek the advice of a qualified tax advisor.
New York Life Insurance Company is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. However, not all group policies it underwrites are available in all jurisdictions. Please check the benefit details sections for current availability. J. Christopher Burke California Agent Insurance license number is 0F70947. J. Christopher Burke Arkansas Agent Insurance license number is 8876308.

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