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 protecting 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—66% per the 2019 Insurance Barometer Study from industry agencies LIMRA and Life Happens—fewer actually have a policy (57%), 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.
"Two-thirds of Americans recognize they need life insurance, yet many do not have adequate coverage to protect their families," notes James Scanlon, senior research director at LIMRA Market Research, in a news release. "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 protect their loved ones through an exclusive offer from 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, affordable 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 plan 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.
Additionally, AOAExcel understands the financial challenges that newly graduated doctors face and stands ready to help these graduates get on their feet. That's why new graduates receive one full year of term life insurance at no cost, compliments of AOA and AOAExcel.
As of June 1, eligible members of the 2019 graduating class are covered up to $100,000 of group term life insurance, entirely free, for one year. Need proof of coverage? Download the proof-of-coverage document, and learn more about this complementary benefit .
While the AOA, and others, urge HHS to rethink implementation of this No Surprises Act provision, an upcoming #AskAOA webinar will help doctors meet the requirements that took effect Jan. 1, 2022.