ADA FREE LIFE INSURANCE

As an investment in your spouse’s future as a dentist, the ADA makes $50,000 in FREE group term life insurance coverage available to all ASDA members and ADA student members. This insurance is free for the asking and continues without interruption until the end of the year that your spouse graduates from dental school. The coverage which is provided by the ADA also includes $50,000 of Accidental Death/Waiver of Premium coverage for an even greater value.

Then, on July 1 of your spouse’s graduation year, the free coverage doubles to $100,000 and remains free through December 31 of that year. (Beyond that point, your spouse will be eligible for three years of significant discounts on premiums; for details, see the section below on discounts beyond dental school.) This benefit of ASDA and ADA membership is designed to help bolster a student’s financial security, plus provide basic protection for your family during dental school and while your spouse transitions into practice. It’s hard to believe it’s so simple—all the student has to do is sign up!

Best of all, a dental student under age 40 who elects the free coverage will never have to undergo a medical examination, because acceptance in the Plan is guaranteed without any approval process. (If your spouse is 40 or older, proof of good health will be required.) The life insurance coverage is also renewable to age 81, meaning it could easily become a foundation for long-term life insurance protection. There are no strings attached; no agent will ever call or pressure you into buying more insurance, and the coverage can be canceled at any time.

It's simply the ADA 's way of ensuring your spouse gets the protection needed to prosper as a professional dentist. Not only does the free student insurance allow your spouse to establish insurance protection that can grow and change throughout a lifelong career in dentistry, but it also provides a great introduction to the group insurance sponsored by the ADA as a not-for-profit benefit to its members.

The most important benefit

While it's not pleasant to talk about, death is a natural part of life…and regrettably, every year some dental students do die. Usually these deaths occur as the result of an accident, but not always. When death results from an illness, the life insurance will pay the beneficiary(ies) the face amount of the free coverage (e.g., $50,000). However, if death is due to an accident, then the face amount is doubled to $100,000. (Note: Certain limitations apply to the Accidental Death benefit, which are described in the Certificate of Insurance issued to all Plan participants.) Benefits can be paid in a lump sum, or the beneficiary(ies) can elect to have the proceeds deposited in an interest-bearing checking account.

Discounts beyond dental school, too

The ADA enhanced the student insurance program by introducing a Post-Doctorate Discount that reduces premiums beyond the already low group rates. If your spouse decides to continue coverage in the ADA Term Life plan after the free period, he or she will save 50% off premiums for three years. This special discount is available only if your spouse participated in the program as a student. Please note: The Post-Doctorate Discount will apply to the first $100,000 of ADA Term Life coverage only.

Meeting your needs to protect your family

With a spouse and possibly children to protect, $50,000 of life insurance may not be enough to provide adequate financial security for your family. That’s why the ADA makes it possible for your spouse to apply for additional coverage — up to $500,000 — any time before the year he or she will graduate from dental school. Then during graduation year, to prepare for the transition to active practice, your spouse can apply for up to the Plan’s maximum of $2 million — if needed. Higher amounts of coverage could be used as collateral for a practice loan or home mortgage, or simply to help cover the debt your spouse accumulates during dental school.

You can also apply for coverage under the ADA Term Life Plan, as long as your spouse is a participant in the Plan. You can request up to $500,000 in coverage to help cover the contributions you make to your family. Even your children can get $10,000 of ADA Term Life insurance; one low annual premium provides coverage for all of your dependent children.

Your spouse’s free coverage, plus any additional coverage purchased, will continue without interruption as long as your spouse remains an ASDA or ADA member and pre-doctoral student, and pays whatever premiums are due. Please note: Additional student coverage and any spouse coverage are both subject to proof of good health, but once approved, you and your spouse can keep the insurance all the way to age 81 without ever requalifying. Contact Great-West at 888.463.4545 or ada@gwl.com for rates or an application.

Enrolling is easy

Your spouse can obtain $50,000 in free ADA Term Life insurance by satisfying these criteria:

• Is an ASDA member or ADA student member
• Is a pre-doctoral student under age 60*
• Is actively attending classes at an accredited dental school

Simply enroll online at www.insurance.ada.org/StudentTermLifeStep1.asda. Applications can also be obtained from ASDA Leaders on campus. For more information about the ADA Term Life Plan or the free student insurance program, call Great-West toll-free at 888.463.3535.

* Students are guaranteed coverage if they are under age 40 and enroll prior to graduation from dental school. If they are over age 40, or enroll after the deadline, proof of good health will be required.

NOTE: This article does not constitute legal, tax, or financial advice; please seek professional input as appropriate to your situation.