Through your dedication to patient care, you have built a successful orthodontic career and are able to provide for your family.

There are many financial tools people use to protect themselves, their businesses and their loved ones, such as saving an emergency fund, managing debt, planning for retirement or investing.

Like Disability Insurance is important to help protect your income should you become disabled and unable to work as an orthodontist, Life Insurance and Critical Illness Insurance for Orthodontists can help protect you and your family’s financial well-being should you become critically ill or die prematurely.

While these topics can be emotional and complex, it comes down to providing for your loved ones.

Why Life and Critical Illness Insurance may be Critical for Orthodontists

There are many reasons for orthodontists to purchase life insurance and critical illness insurance. Consider these points:

  • Your highly specialized skills—The median salary for orthodontists is $267,2801. You may expect to earn a higher income as an orthodontist for decades, providing financial stability for your family. Life and critical illness insurance can help protect your family’s financial well-being should something happen to you.
  • Premature death—Though death is inevitable, premature death can leave obligations unfulfilled, especially those regarding your practice, loved ones and finances.
  • High health insurance costs—Most health insurance policies have copays, deductibles and other restrictions. During a critical illness, this can be overwhelming. Critical Illness Insurance for orthodontists can be important supplemental coverage to help cover expenses related to specific illnesses that are some of the most expensive to diagnose, treat and recover from. Additionally, if you do become ill, you will likely need to take time off work, which may add further stress.
  • High levels of debt—The average student loan debt at graduation for those under the age of 35 was $313,0002. Add personal and business mortgages, practice expenses and more, orthodontists can experience high debt. Too often, when an income earner dies, survivors are forced to make decisions quickly. Your life insurance gives your family choices by providing the benefits to help pay off debts, meet housing payments and ongoing living expenses, fund college educations for children or grandchildren and much more.

To help protect you and your loved ones, the AAO-Endorsed Insurance Program, administered by Lockton Affinity, sponsors Life Insurance and Critical Illness Insurance, underwritten by New York Life Insurance Company.

AAO-Endorsed Insurance Program’s Life and Critical Illness Insurance for Orthodontists Policy Specifics

Designed specifically for AAO member orthodontists, these policies include specific benefits to better protect you and your income.

Group Level Term Life Insurance

  • Health discount—If you’re healthy, you may qualify for a lower, Super Preferred rate.
  • Policy volume discounts—Receive volume discounts when you apply for $500,000 or $1,000,000 of coverage.
  • Consistent benefit and premium amount—Your rate will not increase for the initial 10 or 20 years, depending on which policy you select.
  • Multiple coverage options—Choose your coverage amount from $100,000 to $3,000,000 in $10,000 increments for the 10 Year Level Term Life coverage and in $50,000 increments for the 20 Year Level Term Life coverage.
  • Accelerated death benefit*—Request up to 50% of your death benefit before your passing if you are diagnosed with a terminal illness (life expectancy of 12 months or less).
  • Spouse and dependent coverage—Apply for up to $1,500,000 for your lawful spouse and up to $10,000 for your eligible dependent children.

Group Term Life Insurance

  • Multiple coverage options—Choose your coverage amount from $100,000 to $3,000,000 in $10,000 increments.
  • Accelerated death benefit—Request up to 50% of your death benefit before your passing if you are diagnosed with a terminal illness (life expectancy of 12 months or less).
  • Spouse and dependent coverage—Apply for up to $1,500,000 for your lawful spouse and up to $10,000 for your eligible dependent children.
  • Inflation guard option—Once your coverage has been in force for one year, this option can increase your coverage amount by 10% per year for 10 years, without medical questions, to help ensure your coverage keeps pace with inflation.
  • Chronic illness rider—Add chronic illness coverage for an additional premium, which allows you to access your benefits while still alive if you are considered critically ill. Adding the Chronic Illness Rider allows you to leverage your life insurance coverage to help mitigate the costs associated with chronic illness costs.

Group Critical Illness

  • Simplified issue—Answer only a few health questions. Physical exams and medical tests are not required.
  • Generous coverage amounts—Receive up to $100,000 per critical illness or up to $200,000 for two separate, distinct illnesses.
  • No benefit cutbacks—Benefit amounts will not decrease with age.

Help ensure your financial strategy is complete and your loved ones are protected.

Find more information about the AAO-Endorsed Insurance Program’s Group Life Insurance options and Group Critical Illness Insurance, including features, costs, eligibility, renewability, and exclusions.

 

*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.

1 “Orthodontists Occupational Employment and Wage Statistics .” U.S. Bureau of Labor Statistics, 31 Mar. 2022.

2 American Association of Orthodontists. “2019 Economics Survey.” American Association of Orthodontists Member Site.

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