Disability Product

Don’t miss your one-time opportunity to secure guaranteed issue physician disability income protection.
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Why You May Need Disability Insurance and What Is the Young Physician Conversion Program Offered By AMA Insurance

Help protect your income!

You’re making an investment in yourself through your medical training and there are decisions about your disability insurance protection and financial goals that will affect your future.
You have a significant potential income stream when you consider the years of practice you have ahead of you. Your ability to earn an income is your most important asset. The risk to that income, to your financial future, is a disabling injury or illness. Maintaining an adequate amount of disability income insurance is key.
As a young physician, it’s vital for you to secure disability income protection that you can grow into throughout your medical career.

You’re Guaranteed Acceptance – $1,000 Monthly Disability Income Benefit

Starting April 1, 2023, you will have the opportunity to convert your current AMA-sponsored M4 Disability Income Insurance to a $1,000 monthly disability income insurance benefit under the AMA-sponsored Young Physicians Program. This program includes your guaranteed acceptance into the AMA-sponsored Disability Income Insurance Plan for physicians with no health questions to answer or physical exams to take. You cannot be turned down for this coverage provided you are an eligible resident and your enrollment form is received during the Open Enrollment Period, April 1 – June 30.

Understand Your Employee Benefits—and Know They May Not Be Enough.

As a resident. you may have disability insurance in your employee benefits package, but take a careful look at the terms. Check to see how far that coverage will go to help protect you and your family if your career and earnings were interrupted by a long-term illness or an incapacitating injury. While a nice base, the type of coverage and the benefits offered through your employer provided disability insurance may not provide the level of disability income protection that you need as a resident physician.

The Gap in Your Employer Coverage May Put You at Risk
  • Employer provided coverage may not offer an own-specialty definition of disability. This may result in you being denied disability benefits if you were unable to perform your current duties, but able to work in another area of medicine.
  • The monthly disability benefits of your employer provided coverage may be taxed. Benefits you receive through disability insurance provided and paid for by your employer, may be subject to both federal and state income tax, reducing your monthly benefit.
    Your employer provided coverage isn’t portable—you can’t take it with you when you change jobs.
AMA-Sponsored Disability Income Insurance Underwritten by New York Life Insurance Company  Helps Fill the Gap
  • AMA-sponsored Disability Income Insurance includes an “Own-Specialty” Definition of Disability. Securing own-occupation disability protection means benefits can be payable if you’re unable to perform the duties of your own medical specialty, even if you could work in another job inside or outside of the medical profession.
  • AMA-sponsored Disability Income Insurance benefits are not taxed. The benefits of coverage you buy and pay for with your own after-tax dollars are generally not going to be taxed. Supplementing your employer coverage can help fill in the gap in disability benefits left by taxation. Consult your tax advisor.
  • AMA-sponsored Disability Income Insurance is yours to grow with you throughout your career. Disability insurance you buy and pay for yourself is yours and will remain with you as you move through your career as long as premiums are being paid.

Disability insurance is designed to provide you an income if you’re unable to work due to a covered disabling illness or an injury. And while you may have coverage through your employer, that coverage on its own may not provide the benefits you may need to meet your financial obligations. Is that a risk you’re willing to take?

Benefits Overview
AMA-Sponsored Disability Income Insurance for Resident Physicians

Specialty-specific coverage to help protect one of your most valuable assets – your ability to earn an income over your working life.
You have invested years of your life, hundreds of thousands of dollars on your medical education, and have a potential income stream that could be significant. That all needs to be protected. While you may have employer coverage, it’s likely not covering you at an adequate benefit level and may not offer the own-specialty protection you need. Here’s your chance to fill in those gaps in coverage with guaranteed issue supplemental disability income insurance protection.

Here Are a Few Highlights of This Offer:
  • Up to $1,000 monthly benefit payable when you are unable to work due to a covered injury or an illness.
    Own-Specialty definition of disability to age 67 when you cannot perform the duties of your medical specialty due to a covered disability.
  • Guaranteed coverage increases up to $2,000 during residency. As you progress through your training you will have the opportunity to increase your monthly disability benefit without underwriting.
  • Guaranteed option to increase coverage to a $5,000 monthly benefit when you finish residency—no health questions or medical exam. You can start your practice years with confidence knowing you have quality income protection.
  • Coverage increases up to a $17,000 monthly benefit as you begin to practice. In the first four years of practice after residency, you will have an opportunity to increase your coverage through a simplified application process.
  • 5% lifetime conversion credit. If you convert your student coverage you will receive a 5% premium credit for the life of your coverage.
  • Additional physician credits. All insured physicians receive a 10% rate reduction for at least the first year of coverage. Members of the American Medical Association receive a 35% reduction for at least the first year of coverage. Rate reductions are reviewed annually and although not promised or guaranteed, premium credits have lowered the cost of this insurance since 2006. Rates may vary by state of residence.
  • Student Loan Payment Benefit is included at no extra cost and will help reduce or pay off eligible medical student loan debt if you are totally and permanently disabled prior to age 45. You must be under age 40 at the time of conversion to the physician plan to qualify for this benefit.
  • Residual disability benefits may be payable when you are only able to work part-time following a period of covered total disability.
  • Same benefits paid for disability resulting from injury or illness. Other plans may reduce benefits or shorten payment periods for sickness.

Through the AMA-sponsored Young Physicians Program, you can convert your $500 monthly student disability benefits to a $1,000 monthly benefit of AMA-sponsored “Own-Specialty” Disability Income Insurance coverage. You can’t be turned down for this coverage and there are no health questions or physician exam, just enroll during the Open Enrollment Period from  April 1 to June 30.

 

Benefits Overview

AMA-Sponsored Disability Income Insurance for Resident Physicians
Specialty-specific coverage to help protect one of your most valuable assets – your ability to earn an income over your working life.

You have invested years of your life, hundreds of thousands of dollars on your medical education, and have a potential income stream that could be significant. That all needs to be protected. While you may have employer coverage, it’s likely not covering you at an adequate benefit level and may not offer the own-specialty protection you need. Here’s your chance to fill in those gaps in coverage with guaranteed issue supplemental disability income insurance protection.

$1,000 Monthly Benefit Amount

Graduating Medical Students in participating medical schools under age 40 may enroll for $1,000 in monthly benefits for total disability. Benefits are payable regardless of whether your covered total disability is caused by an injury, illness, or organ donation.

Future Purchase Option

In year two and three of residency, insureds have the option to purchase an additional $500 of coverage annually, up to a $2,000 maximum monthly benefit, on a guaranteed issue basis. Upon Finishing Residency, the insured physician has the option to increase coverage to a $5,000 monthly benefit on a guaranteed issue basis.  Insured will also have a one-time offer to convert their coverage to a new physician disability income policy that offers level rates and a “True Own-Specialty” Definition of Disability. In year two as a Practicing Physician, coverage can be increased up to a $10,000 monthly benefit through a simplified application process. And, in year four as a Practicing Physician coverage can be increased up to a $17,000 monthly benefit through a simplified application process.  Future purchase options for practicing physicians in years two and four are only available to insureds who accepted the prior offers.

Up to a 35% Rate Reduction

All insured physicians receive a 10% rate reduction for at least the first year of coverage. Members of the American Medical Association receive a 35% reduction. Rate reductions are reviewed annually and although not promised or guaranteed, premium credits have lowered the cost of this insurance since 2006. Rates may vary by state of residence.

5% Conversion Credit

If you convert your student coverage you will receive a 5% premium credit for the duration of your coverage.

“Own-Specialty” Definition of Disability

This coverage includes an “Own-Specialty” definition of disability, which means, benefits are payable if you are unable, as the result of a covered illness, injury, or organ donation to perform the duties of your own medical specialty and are not gainfully employed; even if you have the ability to work in another field of medicine.

Long-Term Benefit Periods

If you are disabled by injury, illness, or organ donation before age 62, benefits under this policy are payable up to age 67. If you are disabled at age 62, benefits are payable for up to 60 months. At age 63 and each year thereafter, the benefit period is reduced by six months depending on your age at disability. From age 70 to 75, benefits are payable up to 12 months.

Benefit Period Limitation

If you are disabled due to mental, nervous or emotional disorders before age 69, benefits under this policy are limited to 24 months. At age 69 and 70, benefits are limited to 18 and 12 months, respectively.

Medical School Loan Payment Benefit – Up to $200,000 if Totally and Permanently Disabled

This benefit is available to physicians insured prior to age 40. This benefit could pay up to $200,000 of eligible student loans if you are totally and permanently disabled before age 45. This benefit is paid in addition to your monthly disability benefit and it’s included in your coverage at no additional charge.

Catastrophic Disability (CAT) Rider

Residents who take advantage of the finishing residents coverage increase option will also have the opportunity to secure the Catastrophic Disability Rider, without medical underwriting. This rider increases your base monthly benefit by 30% if you become Totally Disabled and unable to perform two of six activities of daily living-bathing, dressing, toileting, transferring, eating, or continence. You will also be eligible for this benefit if your disability results in a Cognitive Impairment: the deterioration or irreversible loss of intellectual capacity. Benefit is available for 10% additional premium under age 60 (or 20% additional premium if age 60 and above). You must have a minimum of $3,000 in base benefits to elect the rider.

Cost of Living Adjustment (COLA) Rider

Residents who take advantage of the finishing residents coverage increase option will also have the opportunity to secure the Cost of Living Adjustment Rider, without medical underwriting. For just 15% additional premium you may add the COLA option. With it, the monthly benefit payable for a covered total disability may be adjusted annually to reflect changes in the cost of living based on the CPI-U.* Years are measured from the start of the waiting period. In the first year, no adjustment will be made. Adjustments may be made to the monthly benefit paid in the second and each succeeding year. Note: If you choose this option in addition to the Catastrophic Disability Rider above, the cost of the COLA option will be an additional 1.5% in premium for a total of 16.5% (or an additional 3% in premium for a total of 18% if age 60 and above).

*’CPI-U’ means the Consumer Price Index for All Urban Consumers, All items, as published by the Bureau of Labor Statistics. If the CPI-U, in New York Life’s opinion, is no longer a valid index for the purpose of this Option, or is no longer published by the Bureau of Labor Statistics, they will use a new index.

Extra Benefits for Rehabilitation

To help you recover, you may also qualify for rehabilitation benefits in addition to your monthly disability benefit if you participate in an approved accredited occupational rehabilitation program while you are disabled.

Residual Benefits for Part-Time Work

Collect partial benefits, if you return to work part time in your specialty (true own-specialty definition) or collect partial benefits, if you return to work part time in your specialty or any other occupation (own specialty definition), provided you first qualify for a covered Total Disability and provided your monthly income is reduced by at least 20%. Benefits will be based on a percentage of your total monthly benefit.

Communicable Disease Benefit

If you contract a Communicable Disease* before age 67, you may qualify for benefits without the requirement that you suffer a covered total disability. You’ll be eligible for this benefit if the illness causes you to earn less than 75% of your average monthly income for the period before your practice was limited and/or condition was disclosed as a result of contracting the disease.*Communicable Disease means any of the following conditions, but only if: (a) the medical profession recommends; or (b) an appropriate governmental agency requires; the disclosure of the diagnosis of the Communicable Disease and/or a limitation of his or her practice due to contracting the Communicable Disease: Acute Viral Hepatitis of a non A type, Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS) or tuberculosis.

Family Care Benefit

This coverage will pay up to one basic monthly benefit to you to care for a close family member with a Serious Health Condition.* Your spouse or domestic partner; child, including a step-child, adopted child or child of your domestic partner; or your parents, are considered ‘close family members.’ The health condition must be certified by the family members’ licensed attending physician.

You must be working at least 20% fewer hours and have a loss of 20% or more of your average monthly income, due to the time off to qualify. The monthly benefit is the amount payable in proportion to the loss of monthly income up to a maximum of one basic monthly benefit.

0%-19%: No benefit

20%-25%: 25% of the Basic Monthly Benefit is payable

26%-50%: 50% of the Basic Monthly Benefit is payable

51%-75%: 75% of the Basic Monthly Benefit is payable

76%-100%: 100% of the Basic Monthly Benefit is payable

*Serious Health Condition is a condition that causes the family member: to be unable to complete, without substantial supervision, two of six ‘activities of daily living’ including bathing, dressing, toileting, transferring, (e.g., in and out of bed), eating and continence; to require substantial supervision due to severe cognitive impairment; to be hospitalized; or to become terminally ill with a condition that is reasonably expected to result in death within 12 months.

Layoff or Leave of Absence Benefit

Your insurance can continue beyond the end date of the coverage if you cease to be employed full-time due to layoff, leave of absence, or a leave of absence required by state law or by the Family and Medical Leave Act of 1993 (FMLA). Your coverage will continue for up to 90 days during a temporary layoff or a leave of absence other than state mandated leave or FMLA; or the greater of the period required by state law or by FMLA provided the leave authorization is in writing and required premium is paid. The insurance will then end on the earliest of 90 days after the temporary lay-off or leave of absence (other than state mandated leave of FMLA) began; the date the layoff becomes permanent; the date the state mandated leave or FMLA leave ends; or the date insurance would otherwise end.

Your Choice of Waiting Periods

Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period. (Note: for organ donation, the waiting period is waived as long as insurance has been in effect for at least six months.)

Waiver of Premium

Once claim payments begin, any premium becoming due will be waived; no further premiums will be due while you remain disabled.

Worldwide Coverage

Subject to U.S. government regulations on restricted countries. You’ll have 24-hour/7-day a week protection, whether you are at home, at work, or on vacation anywhere in the world. U.S. residency is required to maintain coverage.

30-Day Free Look

You’ll have 30 days to review your Certificate of Insurance. If you change you mind, just return your Certificate for a full refund of any premium paid without claim. Your insurance will then be invalidated.

You’re eligible to enroll for this group coverage if you’re a medical student graduating from a participating medical school residing in the U.S. under age 50 and will be actively engaged full-time in the duties of your profession as a resident physician.

Membership in the American Medical Association is not required.

Your coverage will be effective on 7/1, 8/1, or 9/1. Coverage will be in force from the effective date provided you are eligible, actively at work, and premiums are paid when due.

Coverage terminates at age 75.

As long as you are a physician actively at work, as a resident of the United States, under the age of 75 (not retired), pay your premiums when due, the group policy remains in force, and the AMA continues to sponsor this policy and you have not received the maximum benefits payable under the policy, your coverage can be renewed. Coverage will be terminated upon the suspension or revocation, or voluntary surrender in any state, of your license to practice medicine as a result of a criminal act, ethical violation or gross malpractice.
Premiums increase on the renewal date on or immediately after the date you reach a higher age bracket.  Rates for this plan increase in 5 year increments. You also cannot be singled out for a rate increase, regardless of how many claims you have made or the changing status of your health. However, rates may be adjusted on a class-wide basis. For example, a “class” may be a group of insureds of the same age group.

No monthly benefit will be paid for Disability due to:

  • Intentionally self-inflicted injury or attempted suicide, while sane or insane;
  • A declared or undeclared war or an act of war;
  • The use of any narcotic drug or other substance which is (a) subject to the Federal or the various state controlled substances acts, unless the prescription shall have been written by an Attending Physician other than you, or (b) required by law to be dispensed by prescription only and used for other than a bonafide medical purpose as it relates to you or for other than the treatment of an existing medical condition.
  • A disability that does not require the regular care of a doctor.
  • Any impairment which has been restricted from your coverage.

Benefits will not be paid, or accrued, for any period of time while you are incarcerated.

Benefits will be paid either for Injury or for Sickness, but not for both, during any concurrent period of Disability.

This coverage is not currently available in: NH, VT and WA.

Carrier Information

Group Disability Income Insurance is Underwritten by:
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
On Policy Form GMR-FACE/G-30639-0
Under Group Policy No. 30639-0

NEW YORK LIFE and NEW YORK LIFE Box Logo are trademarks of New York Life Insurance Company. Other trademarks are the property of their respective owners.
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. Not all group policies it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability. New York Life’s state of domicile is New York, and NAIC ID# is 66915.

The American Medical Association incurs certain expenses in connection with the policy and is reimbursed for such expenses.

This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy, the terms of the policy apply. All benefits are subject to the terms and conditions of the policy. Policy underwritten by New York Life Insurance Company. Exclusions, limitations, reduction of benefits and terms under which the policy may be continued in full or discontinued are detailed in the Certificate of Insurance issued to each insured individual and complete details are in the Group policy issued to the policyholder. This program may vary and may not be available to residents of all states.

AR Insurance Producer License #100105975 and CA Insurance License #0754707

AMA Insurance Agency, Inc. is a subsidiary of the American Medical Association.

Infographic

Now or Later

Check out this infographic to help you understand the decisions before you—why converting now is important. See the benefits and risks here:

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Blog

Why Physicians Need Supplemental Insurance as Early as Residency

It’s time to create protection for your “human” capital—your ability to earn an income. Educate yourself on the options available.

Learn More

AMA Members :
Current 2023 Monthly Rates

$1,000 Monthly Benefit
Attained Age
Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period.
Waiting Period
60 Days 90 Days 180 Days 365 Days
Under Age 35 $10.28 $8.15 $5.19 $3.69
Age 35 – 39 $13.27 $10.51 $6.61 $4.93
Age 40 – 44 $17.07 $13.52 $8.52 $6.20

Physicians :
Current 2023 Monthly Rates

$1,000 Monthly Benefit
Attained Age
Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period.
Waiting Period
60 Days 90 Days 180 Days 365 Days
Under Age 35 $14.57 $11.54 $7.35 $5.23
Age 35 – 39 $18.80 $14.89 $9.36 $6.99
Age 40 – 44 $24.18 $19.15 $12.07 $8.78
Rates current as of 2024, for residents of Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming. The insurance cost is based on the Waiting Period, Monthly Benefit, State of Residence and on your attained age when coverage becomes effective. Premiums increase on the renewal date on or immediately after the date you reach a higher age bracket. All insured physicians receive a 10% rate reduction for at least the first year of coverage. Members of the American Medical Association receive a 35% reduction. Rate reductions are reviewed annually and although not promised or guaranteed, premium credits have lowered the cost of this insurance since 2006. Rates include and an additional 5% conversion credit.

AMA Members :
Current 2023 Monthly Rates

$1,000 Monthly Benefit
Attained Age
Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period.
Waiting Period
60 Days 90 Days 180 Days 365 Days
Under Age 35 $12.33 $9.78 $6.22 $4.43
Age 35-39 $15.93 $12.62 $7.93 $5.92
Age 40-44 $20.48 $16.22 $10.22 $7.43

Physicians :
Current 2023 Monthly Rates

$1,000 Monthly Benefit
Attained Age
Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period.
Waiting Period
60 Days 90 Days 180 Days 365 Days
Under Age 35 $17.47 $13.85 $8.82 $6.27
Age 35-39 $22.56 $17.87 $11.23 $8.39
Age 40-44 $29.01 $22.98 $14.49 $10.53
Rates current as of 2024, for residents of Alabama, Alaska, Arizona, Georgia, Hawaii, Louisiana, Mississippi, New Mexico, Oregon, South Carolina, Texas, and Washington. The insurance cost is based on the Waiting Period, Monthly Benefit, State of Residence and on your attained age when coverage becomes effective. Premiums increase on the renewal date on or immediately after the date you reach a higher age bracket. All insured physicians receive a 10% rate reduction for at least the first year of coverage. Members of the American Medical Association receive a 35% reduction. Rate reductions are reviewed annually and although not promised or guaranteed, premium credits have lowered the cost of this insurance since 2006. Rates include and an additional 5% conversion credit.

AMA Members :
Current 2023 Monthly Rates

$1,000 Monthly Benefit
Attained Age
Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period.redit.
Waiting Period
60 Days 90 Days 180 Days 365 Days
Under Age 35 $14.40 $11.41 $7.26 $5.17
Age 35-39 $18.58 $14.72 $9.25 $6.91
Age 40-44 $23.89 $18.92 $11.93 $11.93

Physicians :
Current 2023 Monthly Rates

$1,000 Monthly Benefit
Attained Age
Select a waiting period of 2, 3, 6, or 12 months. The waiting period is defined as the period of time from the start of a covered total disability during which no benefits are payable. Benefits are not payable if you work in any occupation during the waiting period.
Waiting Period
60 Days 90 Days 180 Days 365 Days
Under Age 35 $20.40 $16.16 $10.29 $7.32
Age 35-39 $26.32 $20.85 $13.11 $9.79
Age 40-44 $33.85 $26.32 $16.90 $12.29
Rates current as of 2024, for residents of California and Florida. The insurance cost is based on the Waiting Period, Monthly Benefit, State of Residence and on your attained age when coverage becomes effective. Premiums increase on the renewal date on or immediately after the date you reach a higher age bracket. All insured physicians receive a 10% rate reduction for at least the first year of coverage. Members of the American Medical Association receive a 35% reduction. Rate reductions are reviewed annually and although not promised or guaranteed, premium credits have lowered the cost of this insurance since 2006. Rates include and an additional 5% conversion credit.

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To Learn More About this Special Offer

Don’t miss your opportunity to secure guaranteed issue AMA-sponsored Disability Income Insurance protection!

Call your Physician Insurance Specialist
888-627-5902

Monday-Friday 8:00 am to 5:00 pm, CT

AMA-Sponsored Disability Income Insurance is underwritten by New York Life Insurance Company, 51 Madison Ave, New York, New York 10010, under group policy NOS. G-30639-0 on policy forms GMR-FACE/G-30639-0. Coverage may not be available in all states and product features may vary by state. For more information on features, costs, eligibility, renewability, limitations, amd exclusions, please visit amainsure.com.

AR Insurance Producer License #100105975 and CA Insurance License #0754707
AMA Insurance Agency, Inc. is a subsidiary of the American Medical Association.

New York Life Insurance Company is authorized/licensed 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 eligibility sections for current availability. New York Life’s state of domicile is New York and NAIC ID #66915.

SMRU # 5466042

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