Term Life Plan
ADA-sponsored Term Life can help you protect your family and grow your practice with low-cost, yearly renewable term insurance and premiums based on your life expectancy.
Available exclusively to ADA members, your Term Life Plan can be used to collateralize loans, fund buy-sell agreements, and provide income to your family/beneficiaries in case of your death. Since 1934, we have worked closely with dentists to design a plan that includes:
- Premium Credit Discount*: A unique plan feature that reduces your premium
- Volume discounts that reduce your premiums an additional 6%, 9%, or 11%
- Preferred Rates for exceptionally healthy dentists
- Up to $3,000,000 in coverage PLUS up to $1,000,000 of additional Accidental Death coverage
- Renewability up to age 81
Apply for Term Life Insurance for Dentists.
* Premium Credit discount shares favorable financial results with Plan participants; discount is not guaranteed but reevaluated semi-annually.
Term Life Plan Premiums
As an ADA member, whether you obtain coverage for just yourself or your whole family, you will pay our exclusive member-only rates.
You can view our Term Life rate chart (pdf) here. You'll be able to compare Standard and Preferred rates* by age as well as learn about the costs associated with our additional options. Or, obtain a Term Life premium quote online.
Two types of ADA-member only discounts that impact your premium amount include:
- ADA Premium Credit
The ADA sponsors the group program, and the favorable claims experience is shared with the participants in the form of a Premium Credit discount.**
- Volume Discount
When you purchase $500,000 or more in total member life insurance coverage, you qualify for a volume discount that reduces your premiums an additional 6%, 9%, or 11%.
* If you qualify, Preferred rates will apply for a minimum of 10 years. At any time on or after your 10th anniversary you may be asked to re-qualify for another 10 years by providing proof of good health satisfactory to the company. If you choose not to re-qualify or if your application to re-qualify is not approved, your coverage will automatically continue at the rate applicable to the Standard risk class.
** Premium Credit discount shares favorable financial results with Plan participants; discount is not guaranteed but reevaluated semi-annually.
Term Life Plan Features
Features designed for the long term
- Renewable to age 81: Once your coverage is approved, and as long as you remain a member of the ADA and pay your premiums so your coverage doesn't lapse, you can keep it all the way to age 81.
- Accelerated Death Benefit: Provides for advance payment of up to $200,000 of your death benefit if you are diagnosed with a terminal illness.
Options to meet your changing needs
Take advantage of the Plan's flexibility by customizing your insurance coverage with any of the following options:
- Flexible coverage levels: Coverage ranges from $50,000 to $3,000,000 and can be adjusted as your needs change, based on underwriting approval. Any time before age 65, you can apply for additional insurance.
- Spouse and dependent child coverage: Your spouse and dependent child(ren) are also eligible for ADA Term Life protection. Your spouse is eligible for as much as 100% of your coverage amount (up to a maximum of $750,000) with dependent child(ren) eligible for up to $10,000 in coverage.
- Accidental Death option: For a modest additional premium, this option can dramatically increase the value of your coverage with a maximum benefit of $1,000,000.
- Disability Waiver of Premium option: Allows all coverage to continue without premium payment if you become totally disabled from all occupations before age 60.
- Convertibility option: Should you decide in the future that you want coverage that builds cash values, you can convert some or all of your Term Life coverage for universal life insurance under the ADA Term Plus® Universal Life Plan at any time before age 65.
The plan features that you select when you purchase Term Life coverage with ADA-sponsored insurance plans are in place for the life of your coverage. Read more about ADA-sponsored insurance plans coverage Lock-in.*
* Mandatory changes because of changing regulatory or legal requirements in the future may
be made as required by Illinois law. Otherwise, coverage features in effect on or after
November 1, 2009 may not be amended by Great-West or the ADA once coverage
commences as long as the participant does not allow coverage to lapse. Locked-in coverage
features that subsequently lapse may not be available upon re-application for coverage.
Premium rates are subject to change. The Coverage Lock-in feature does not apply to the
Universal Life certificate.