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AMA disability insurance review 2020

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This policy offers physician-focused perks to doctors and medical students.

finder.com’s rating: 3.0 / 5.0

★★★★★

  • Consider AMA if… You’re a doctor or medical student who wants a policy backed by the American Medical Association.
  • Look elsewhere if… You’re not a medical professional, or you live in New Hampshire, Utah, Vermont or Washington.

Yes

Short term disability

Yes

Long term disability

Details

Benefit period Short term: 12 months
Long term: 12 to 60 months, or up to age 67
Waiting period Short term: 30 days
Long term: 2, 3, 6 or 12 months
Coverage amount Short term: $1,000 monthly
Long term: Up to $15,000 monthly
Individual credit
Available states All 50 states
Policy riders No info available
Simplified issue No

Pros

  • AMA member discounts
  • Loan repayment benefits
  • Any-occupation definition of disability
  • Long free look period

Cons

  • Only available to physicians or medical students
  • Future purchase limit

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

If you’re in a medical profession, you may find that this provider has a lot to offer — including a straightforward application process and AMA member discounts. However, it doesn’t offer policies in New Hampshire, Utah, Vermont or Washington.

If you’re not a physician or studying to become one, compare disability insurance companies to find coverage that suits your needs.

Built-in benefits and available policy riders

Built-in benefits

  • AMA member discount. American Medical Association members receive a 35% rate reduction.
  • Waiver of premium. Pauses premiums while you’re receiving benefits.
  • Medical school loan payment. For physicians insured before the age of 40 who become disabled, this benefit could pay up to $200,000 in eligible medical student debt.
  • Rehabilitation benefit. Receive added rehabilitation benefits if you participate in an approved occupational rehabilitation program while you are disabled.
  • Residual part-time work benefit. Pays a percentage of your total monthly disability benefit if you return to work part-time after a covered disability.
  • Communicable disease benefit. Pays a benefit if you contract a communicable disease before age 67 that causes you to earn less than 75% of your average monthly income.
  • Family care benefit. Receive one basic monthly benefit if a close family member has a serious health condition and requires care that reduces your working hours by at least 20%.
  • Layoff or leave of absence benefit. If you are laid off or take a leave of absence, you can be insured for up to 90 days beyond your coverage end date.

Riders

  • Catastrophic disability income rider. Offers a monthly benefit increase up to 30% for conditions that require extensive care. You must have a minimum of $3,000 in base disability benefits to qualify.
  • Cost of living adjustment. Adjusts your monthly benefit to reflect changes in the cost of living based on the Consumer Price Index for All Urban Consumers.
  • Future benefit increase option. If you’re under 40 and have an increase in income, this option allows you to increase coverage without a medical exam or health questionnaire.

Can I still sign up for disability insurance during the COVID-19 outbreak?

Yes — if you’re healthy and haven’t recently travelled to any high-risk areas, you can sign up for a disability policy.

If you want to purchase a policy purely to protect your income in case you contract coronavirus, it’s worth choosing a shorter waiting period. That way, your benefits will kick in sooner if you do get sick.

Will disability insurance cover the coronavirus?

Pros and cons of AMA disability insurance

Pros

  • AMA member discounts. If you’re an AMA member, you can shave up to 25% off your rates, for at least the first year.
  • Loan repayment benefits. If you’re under 40, this unique benefit pays up to $200,000 in student loan debt if you become totally disabled. You won’t find this benefit with other disability companies.
  • Any-occupation definition of disability. You’ll be able to get benefits if you can’t perform the duties of your own medical specialty, even if you can do other jobs in the medical profession. Some insurance companies follow a more strict definition of disability.
  • Long free look period. AMA gives you 30 days to decide if you’re satisfied with the coverage, where most insurers only offer 10 days.

Cons

  • Only available to physicians or medical students. If you aren’t in the medical field, or studying to be, you won’t be eligible for coverage.
  • Future purchase limit. AMA only allows you to increase your coverage once within the first three years of having the coverage or once you turn 40, whichever happens first. This means, even if your salary increases multiple times, your coverage amount can only increase once — which could leave you underinsured if you make more money later on.

AMA disability insurance reviews and complaints

Online reviews of AMA Insurance are scarce — probably because this provider’s products are only offered to doctors and medical students. However, AMA Insurance is a subsidiary of the American Medical Association, which has an A+ Better Business Bureau (BBB) rating. The BBB has recorded 10 complaints in the last three years, which is relatively low for an insurance company.

AMA’s financial strength

A strong financial strength rating means your insurer has the financial resources to pay benefits when the time comes.

AMA Insurance policies are underwritten by New York Life Insurance Company, one of the largest insurance companies n the US. It scores top marks with the major ratings agencies in the US.

AgencyRating
AM BestA++ (Superior)
Moody’sAaa
Standard & Poor’sAA+
FitchAAA
J.D. Power

What’s my Social Security Disability Insurance (SSDI) benefit amount?

If you’re eligible for SSDI benefits, your monthly benefit amount will be based on your average lifetime earnings before your disability began. It’s not determined by your current income or the severity of your disability.

The maximum monthly benefit in 2020 is $3,011, and the average payment is $1,258.

To determine how much money you’ll get if you become disabled, use the benefit calculator on the Social Security website.

Compare alternatives to AMA

Data indicated here is updated regularly
Name Product Coverage Amount Benefit period Waiting period Own Occupation Medical exam required Online quote
Policygenius Disability Insurance
$100 to $20,000
2, 5, or 10 years or until age 65 or 67
60 - 365 days
Yes
Depends on provider
Yes
Get matched with one of 15 top life insurance companies to find the best coverage and rates for you.
Breeze
$500 to $20,000
1, 2, 5, or 10 years or until age 65 or 67
30 - 365 days
Yes
No
Yes
This startup offers some of the most riders and benefits backed by an established underwriter.
LeverageRx
$100 to $20,000+
1, 2, 5, or 10 years or until age 65 or 67
30 - 365 days
Yes
Depends on provider
Yes
LeverageRx is a digital lending and insurance marketplace exclusively for medical professionals.
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How do I sign up for AMA disability insurance?

  1. On AMA Insurance’s homepage, click Apply Online.
  2. Enter your full name, date of birth and email address. Click Next.
  3. Select the insurance product you’d like to apply for. Click Next.
  4. Enter your estimated annual monthly income and whether you have additional disability insurance. Click Next.
  5. Select your preferred waiting period and monthly benefit amount. Click Next.
  6. Enter your Social Security number, height, weight, sex, residential address, business address and primary care physician. Click Next.
  7. Review your application, then select a payment method and frequency. Click Next.
  8. Review AMA Insurance’s terms and conditions. If you agree, click Confirm and Submit.

What happens next?

After you submit your application, you’ll receive a call from ExamOne to review your health history and potentially schedule a medical exam. After medical information is submitted and reviewed, an AMA plan administrator will contact you to let you know if you’ve been approved.

More about AMA

AMA Insurance is a subsidiary of the American Medical Association — the largest association of physicians and medical students in the US. The AMA was founded in 1847 to increase standards of medical education and ethics in all public health sectors across the US.

Since 1988, AMA Insurance has offered insurance products to doctors and medical students with physician-oriented policies, programs, benefits and riders.

Frequently asked questions

Disability insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze disability insurance companies to help you find the best income protection policy for you.

We assess each company’s financial strength and customer satisfaction, as well as policy features, benefit and elimination periods and available riders. We then give each insurer a score between one and five stars that reflects available options and industry reputation.

Learn the details of our methodology and scoring.

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