Let’s get real. Life is never guaranteed from one day to the next. And when it comes to your loved ones’ future, you want to make sure they’re set up for success—even after you’re gone.
If something happened to you, your loved ones need to be able to cope financially. Life insurance is what helps protect them from the potentially devastating financial losses that could result if you were no longer in the picture.
How can life insurance help if I’m not around?
Life after you’re gone is never something you want to think about. But with life insurance, the financial burden on your loved ones can be greatly reduced. Upon your death, your designated beneficiaries will receive your policy payout, and that death benefit is generally not subject to federal income taxes.
Provide income for loved ones—when they really need it.
Life insurance can’t replace you, but it can help replace some or all of your income if you pass away. In the short term, it can cover the cost of funeral expenses, pay off debts, and help provide for day-to-day expenses like food, clothing, and housing. In the long term, life insurance can help pay for college tuition and even ensure your partner’s retirement dreams come to fruition. Life insurance is all about enhancing the lives of your loved ones—both now and in the future.
Meet essential household needs.
Some parents work at home to run a household and care for the family while others are hard at work outside of the home. All of this work is invaluable—and insuring all they do is, too. Life insurance can pay for vital household services—like childcare, transportation, and chores—to make the daily life of those you hold dear more secure in the event that a provider is no longer around.
Can life insurance be beneficial while I’m still here?
In short, yes, it can. Usually when you think about the benefits of life insurance you think about the future, but some benefits are available for you to use during your lifetime.
When life puts unforeseen challenges in your way, you need all the help you can get. And since life insurance coverage through the AVMA Trust was designed with veterinarians like you in mind, it includes features you may need, including:
- Waiver of Premium:1 If eligible, this feature lets you continue coverage without paying the premium if you become seriously ill or disabled and are unable to earn an income to pay the premium.
- Accelerated Death Benefits (qualifying chronic and critical conditions):1,2 This feature gives you the option to receive some of your life insurance benefit under certain conditions when you are still alive.
- Accelerated Death Benefits (terminal illness):2 This feature gives you the option to receive a portion of your life insurance benefit while you are still alive in the event of a terminal illness. You are free to use the money in any way you desire.
Leave a lasting legacy through your loved ones
Life insurance can provide the assets you need to improve the lives of others in your name and can create a financial legacy by funding the futures and fueling the dreams of the people of your choosing.
The AVMA Trust has worked with New York Life Insurance Company, NY, NY 10010 (group policy form GMR) to create life insurance coverage that works hard for you and yours. Because while you can’t put a price on love, providing for the ones you care about most—when it’s needed most—makes all the difference.
Life insurance can help make life easier for the most important people in your life. To find out more—including features, costs, eligibility, renewability, limitations, and exclusions about group life insurance—visit our website or give us a call at (800) 621-6360.
1These items do not apply to all life insurance provided through the AVMA Trust. Visit our website to see the specific benefits and features of each life insurance product available to AVMA members.
2Receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable.