This article was provided by Lockton Affinity, the administrator for the AAO-Endorsed Insurance Program, and is not intended as legal advice. Available insurance products include Group Term and Group Level Term Life insurance*, Group Disability insurance*, Critical Illness insurance*, Cyber Liability insurance, Business Overhead Expense* and more. Lockton Affinity is focused on enhancing the insurance program to ensure it continues to meet the changing needs of orthodontists. To learn more, contact Lockton Affinity at (844)-893-9888 or visit AAO-Insurance.com.

Insurance policies and their rates vary from company to company. If you’re in the market for a new insurance partner or a new type of policy, check that the policy and insurance company meet your needs and that the policy offers enough coverage.

While you may be tempted to go with the least expensive option, there are many factors that impact insurance rates. Look beyond premium prices and consider these factors to ensure you are fully covered at an attractive rate. Often, you can find a policy that achieves both.

Factors that Cause Insurance Rates to Vary
Breadth of coverage – Some policies may include additional coverage benefits that may lead to a higher rate over a basic insurance policy.

For example, the AAO-Endorsed Insurance Program’s Group Term Life insurance* offers a chronic illness rider for an additional premium that can be beneficial to add to your coverage as it allows you to access your benefits while still alive if you are considered chronically ill.

The AAO-Endorsed Insurance Program’s Group Disability Income insurance* also offers riders for an additional premium that can be beneficial to add to your coverage, including:

● Future purchase rider – Increase your coverage in the future, without medical underwriting, to help ensure your coverage keeps pace as your earnings grow.

● Cost of living adjustment – Should you be unable to work for an extended period of time due to a covered disability, your monthly benefit would be adjusted annually based on the consumer price index to account for inflation.

● Student loan repayment – Should you become permanently disabled and under age 45, this Disability Insurance policy will pay up to $200,000 towards your student loans.

When reviewing your insurance quotes, make sure you understand what is included in the rate and be sure to fully compare it to your current coverage or other quotes you have received.

Limit and benefit options – The limit or benefit amount you select directly impacts your insurance rate:

● The higher the limit or benefit amount, the more coverage available to you in the event of a claim and the higher your rate will be.

● The lower the limit and benefit amount, the less coverage available to you in the event of a claim and the lower your rate will be.

If the policy you purchase does not offer the limit or benefit amount needed to meet your full needs, you may have to pay out of pocket in the event of a high-dollar claim. Should this happen, you would likely end up paying more out of pocket than if you had purchased the more expensive insurance policy.

Your risks – Like everyone seeking insurance coverage, AAO members and their practices have risks. Depending on the severity of risks you and your practice face, your insurance carrier may request detailed information and may increase rates accordingly.

Similarly, if you are requesting Life and Health-related policies, your health risks may necessitate a higher rate cost.

Amount of claims and claim costs – If an insurance company sees a high frequency of claims for you or your practice, they may quote you a higher price or your current company may increase your business insurance premium rates at the next renewal. In addition, if the cost to defend and settle the claims against you or your practice is unusually expensive, it may also necessitate an increase in premium.

Insurance from Lockton Affinity
While all insurance policies are different in coverage and cost, finding a trusted insurance company can make all the difference. As administrator of the AAO-Endorsed Insurance Program, Lockton Affinity has been providing best-in-class insurance for health professionals like you for more than 30 years.

Our insurance solutions were developed in collaboration with orthodontists like you to help ensure our policies meet the needs of orthodontists and help protect your earnings, business, property and more.

Our dedicated team understands the risks you face whether you own your own practice, are a member of an OSO or DSO, or are an orthodontic resident. Plus, we can help answer all your insurance questions, big and small, short-term and long-term.

Contact Lockton Affinity’s dedicated representatives today or visit the website for more information on our coverage, including features, costs, eligibility, renewability, limitations and exclusions.

Visit AAO-Insurance.com for more information including features, costs, eligibility, renewability, limitations and exclusions.

The AAO-Endorsed Insurance Program is administered by Lockton Affinity, LLC d/b/a Lockton Affinity Insurance Brokers LLC, Affinity Administrator Services, LLC in California Insurance License Number #0795478, and in Arkansas #100108685. Coverage may not be available in all states and is subject to actual policy terms and conditions. Policy benefits are the sole obligation of the issuing insurance company. American Association of Orthodontists (AAO) will receive a royalty fee for the licensing of its name and trademarks as part of the insurance program offered to the extent permitted by applicable law.

*Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy Form GMR.

New York Life Insurance Company is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. However, not all group policies it underwrites are available in all jurisdictions. Please check the policy detail sections for current availability. New York Life Insurance Company’s state of domicile is New York, and NAIC ID is #66915.

This material is not intended for use with residents of New Mexico with respect to Disability Income. #6631434.1