Life happens, whether we’re ready or not
As far as elephants in the room go, planning for a future after you're gone ranks among the biggest. While it's not a pleasant subject, it's one that's crucial for helping protect your family's financial future.
Observed annually on May 2, National Life Insurance Day marks the anniversary of the first day life insurance became available in the United States. Moreover, the occasion drives awareness about how life insurance not only buys loved ones' peace of mind when tragedy occurs but also can help pay off debts, loans or generally plan for the future.
Although most Americans understand the need for life insurance — 68% per the 2022 Insurance Barometer Study from industry agencies LIMRA and Life Happens — fewer actually have a policy (50%), while even fewer have adequate coverage. And, that's a problem. Insufficient coverage can have severe consequences following the loss of a primary wage earner, the report notes, with four in 10 households having difficulty paying living expenses in that case.
As the industry continues to find innovative ways to improve the speed, ease, and transparency of the life insurance purchasing process, we hope it will encourage these individuals to purchase the coverage they need to protect their families.
Is your family prepared for the financial blow that could result from a tragedy? Doctors of optometry and students can help protect their loved ones through AOAExcel ®.
Excel at life planning
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. However, the good news is that AOAExcel offers that 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.
As an AOA member under age 65 (residing in the U.S.), doctors and their spouses can apply for up to $750,000 in AOA's Opti-Life coverage as a supplementary 'add-on' to any coverage currently owned. This coverage also offers features that may make this group term life coverage stand out from others, including:
- An accidental death benefit that doubles your life benefit amount in the event of a fatal accident, automatically included at no additional cost.
- An accelerated death benefit that allows beneficiaries to collect up to 50% of life benefits before death in the event of a terminal diagnosis with under 12 months to live.*
- Coverage that continues at no-cost to the beneficiary in the event of total disability before age 60 and the disability continues for at least six consecutive months.
Coverage may not be available in all states, so contact the plan administer for more information. Apply today.
*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.