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AMA (American Medical Association) Insurance Review

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Nov 30, 2018

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AMA (American Medical Association) Insurance is a subsidiary of the American Medical Association, created to cater to the insurance needs of physicians and their families. Through partnerships, they offer business coverage for medical practices and hospitals as well as providing for the personal insurance needs of doctors, including auto insurance, home insurance, and medical supplement.

About AMA (American Medical Association) Insurance

Dr. Nathan Davis founded the American Medical Association in 1847 in New York; it went on to become one of the best-known organizations of its kind in the nation. The association was founded for the improvement of public health and the advancement of medical science, as well as to create standards of medical ethics.

AMA Insurance (AMAI), a subsidiary of the association, was created to provide insurance for physicians and their families, with rates and plans tailored to their needs. AMAI writes auto and home insurance through a partnership with Liberty Mutual Insurance. They also offer life insurance, disability, and Medicare supplement plans. On the business side, AMAI offers business insurance for a range of medical practices. AMA Insurance acts as an agency to assist physicians with their insurance needs; the insurance policies offered are actually underwritten by a variety of affiliated companies.

AMAI policies are only available to physicians and their families. Membership in the AMA is not required to qualify for coverage, although it can qualify applicants for reduced rates. The company provides insurance to more than a million doctors across the country.

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AMA Products

AMA’s range of products includes life, disability, dental, and various business insurance options. As previously noted, AMA doesn’t actually underwrite these products, but acts as an agent and negotiates rates and plans for physicians with affiliate companies. We’ve reviewed AMAI’s Medicare supplement offerings separately here, therefore this review will focus on other products.

Life Insurance

Life insurance products are underwritten by The United States Life Insurance Company, and there are several options to choose from, most of which are term life insurance plans.

Level Term is offered with coverage amounts starting at $100,000 and going up to $2 million, with term lengths of 10, 15, or 20 years. Coverage can be purchased in increments of $1,000. An 8% rate reduction is offered to AMA members. Spouse and child coverage can be added to this plan.

Pure Term life is a product aimed at physicians under the age of 45 who are still paying off student loans and is AMAI’s most affordable option. Coverage is available up to $1,000,000, and policies with a face value of $250,000 and under have an expedited underwriting process. Spouse coverage is also available with this plan.

Preferred Term life offers up to $3,000,000 in coverage, with a rate that is adjusted every 5 years. This policy can be renewed up to age 75, and both spouses and children can be added.

Medical Student Term Life is an affordable plan aimed at students still in medical school. Rates are $10 a year for $25,000 and $20 a year for $50,000 in coverage, with doubled death benefits in case of accidental death. This is a guaranteed acceptance plan for anyone under 40 who is a student at an approved school.

LIFEPace Term is a plan that offers level rates with an increasing death benefit over time. 10, 15, 20, and 30-year terms are available, with death benefits up to $2,000,000.

Mature Decisions is a final expense life insurance plan that is renewable through age 94, with an issue age range of 50 to 70. This plan offers $25,000 in coverage with no medical exam or questions.

Premier Accident Insurance is a plan specifically for death or dismemberment as the result of an accident. It provides up to $1,500,000 in coverage. There is a 5% rate reduction for physicians and a 20% rate reduction for AMA members.

Disability Insurance

Also underwritten by The United States Life Insurance Company, AMAI offers disability plans aimed specifically at physicians.

Disability Pro is a plan that covers physicians in their own specialty, providing up to $15,000 a month in benefits. This plan is offered to physicians under the age of 60. A 35% discount is offered to AMA members and 15% to non-members through AMAI.

Medical Student Disability is designed to assist students who are disabled and unable to continue their education for a time. The cost is $41 a year, and it provides $1,000 a month for up to 12 months.

Resident Disability is a similar plan offered to medical residents. It provides up to $5,000 a month to residents under 40, and a $200,000 benefit to pay off student loans in the event of a permanent disability before age 45.

Dental Insurance

Dental coverage is offered through MetLife, with a negotiated group rate for AMAI customers. There are a variety of plan choices and rates; these can be viewed on the MetLife website.

Auto & Home

These products are offered through Liberty Mutual, with rates that have been specially negotiated through AMAI. Coverage and options vary, and there are special discounts for AMA members.

Medical Business Insurance

AMAI has a variety of insurance products aimed at hospitals and medical practices. These include:

  • Office Overhead Insurance for Medical Practices
  • Hospital Income Insurance
  • Group Insurance for Medical Schools
  • Group Insurance for Residency Programs
  • International Medical Insurance

Partner companies underwrite these, and a variety of AMA discounts are available.

Rates

We were able to use the quick quote calculator to obtain some sample rates for AMA’s Level Term Life.

A 30-year-old male who is a non-smoker can obtain $100,000 in 10-year term coverage for $70 a year. AMA members receive a discounted rate of $64.40 a year. At $1,000,000 in coverage, the base rate is $300 annually with a $24 discount for AMA members. These rates are low compared to other options for coverage.

There are policy fees for non-AMA members that add to the cost of coverage; AMA members are not charged a fee. Rates with AMAI are therefore even lower to members, although they are still very reasonable even with the fee and lack of added discount.

Claims

Claims forms can be located online for most of the insurance plans offered by AMAI, but the claim must be started by calling the Customer Care line. This toll-free line is available during business hours of 8 a.m. to 5 p.m. Central Time, Monday through Friday.

Although it doesn’t specify, it is likely that claims underwritten by companies such as MetLife and Liberty Mutual are handled directly through that company’s claims department. Customer Care is still the go-to line to get further information as to how to get those claims started.

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Ratings and Consumer Reviews

AMA Insurance Agency, Inc. has an A+ rating with the Better Business Bureau (BBB). There are three complaints on file in the past three years, and all three of those were closed in the past twelve months.

There are very few reviews outside of the BBB, and it’s important to remember the AMA Insurance sponsors their products but doesn’t actually underwrite them. It is a good idea to look at the reputation of the underwriting insurance company in order to get a better idea of their customer satisfaction ratings.

The Bottom Line

AMA Insurance offers some products that physicians might not find elsewhere, and can also offer discounted rates at times on personal and business products. For AMA members, in particular, they are worth considering when comparison-shopping for rates.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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