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Term Life Insurance

Term Life Insurance

Plans

ADA 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 5%, 7%, or 9%
  • 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.

Rates

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 for males (pdf) here and the Term Life rate chart for females (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 an Term Life premium quote for 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 ADA Term Life and/or Term Plus® Universal life insurance coverage, you qualify for a volume discount that reduces your premiums an additional 5%, 7%, or 9%.

* Premium Credit discount shares favorable financial results with Plan participants; discount is not guaranteed but reevaluated semi-annually.

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 $1,000,000) with dependent child(ren) eligible for up to $15,000 in coverage.1
  • 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.

Coverage Lock-In

1Members who are under age 65 with unmarried children ages 6 months through 21 (23 if they are full-time students) can apply for $15,000 in dependent child coverage, and $2,000 in dependent child coverage for each child age 14 days to 6 months.

2 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.

Dentists: This website is not a contract. Benefits are provided through a Group Policy Nos. (104TLP Term Life, 1105GDH-IPP Disability Income Protection, 1106GDH-OEP Office Overhead Expense Disability, 104GUL Universal Life, 104LTLP Level Term Life, 1117GH-HIP Hospital Indemnity, 1127GH-CIP Critical Illness, and 1107GH-MCP MedCASHSM) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. The ADA is entitled to receive royalties from the ADA Members Insurance Plans. Coverage is available to all eligible ADA members and student members in all fifty states and U.S. territories under the aforementioned group policy. Each Plan participant will receive a Certificate of Insurance explaining the terms and conditions of the policy. Level Term Life premiums are fixed based on the selected duration of 10 or 20 years. Must maintain membership throughout selected term. Annually Renewable Term Life, Hospital Indemnity, Critical Illness, and MedCASH premiums increase annually based on age. Recommended premiums under the Term Plus® Universal Life plan consist of the cost of insurance (which may vary based on the member’s age and coverage amount), the amount chosen by the member for deposit into his/her Policy Value Account and a service charge. Premium deposits may fluctuate or remain level depending upon the amount maintained in the Policy Value Account. Disability Income Protection premiums increase every 5 years and Office Overhead Expense every 10 years based on age. Premium credit for Annually Renewable Term Life and Term Plus Universal Life is not guaranteed but reevaluated annually. Premium credit for Disability Income Protection, Office Overhead Expense, Hospital Indemnity, Critical Illness, and MedCASH is not guaranteed but reevaluated semi-annually.


Dental Students: This website is not a contract. Student coverage is issued regardless of your condition if you are under 45. If you are 45 or older, you can apply for the no-cost coverage and all student program features by providing proof of good health. Coverage renews automatically each academic year. Individuals may convert coverage to the plans for practicing dentists after graduation by paying ADA member premiums and maintaining ADA membership. Benefits are not payable, as defined by the respective policy, for death or disability resulting from a sickness, disorder, physical condition, or symptom that existed or was treated within 12 months prior to enrollment. Benefits are provided through a group policy Nos. (104TLP Term Life and 1108GDH-SDP Student Disability) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. Coverage is available to eligible ADA members and student members in all fifty states and US territories under the aforementioned group policy. Each insured will receive a certificate of insurance explaining the terms and conditions of the policy.


ADA® is a registered trademark of the American Dental Association and Great-West Financial® is a registered trademark of GWL&A.


Great-West Financial® is a marketing name of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY, and their subsidiaries and affiliates. GWL&A is not licensed in New York, but eligible members residing in New York may apply for coverage under the aforementioned group policy. The trademarks, logos, service marks, and design elements used are owned by Great-West Life & Annuity Insurance Company. ©2019 Great-West Life & Annuity Insurance Company. All Rights Reserved. For website issues, contact the Webmaster at ADA_WebMaster@greatwest.com

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