Insurance is a promise. Here's why.

Insurance Insights

July 10, 2019

Stock image from Pixabay.com

Contributed by: Mona Yam | Insurance Advisor, ADIUM Insurance Services Inc.

 Insurance, on a fundamental level, is simply a promise. Once you have set up insurance, insurance companies, in exchange for your premium, pool all the money together based on statistics and actuarial calculations, and they promise to pay out benefits when one of the covered situations happen.

Lifestyle insurance, as the name indicates, means that you are engaging in risk management strategies using insurance offerings to protect your way of life and standard of living. For example, you set up disability insurance so that you have an income replacement tool if you are unable to work due to an accident and/or illness. Your ability to earn a living is one of your most important assets in life, and it is also the foundation of your financial plan, especially during early- and mid-career years. If you would purchase insurance for your home, another one of your most valuable assets, why wouldn’t you consider disability insurance? It just makes sense.

For more than 65 years, Alberta Medical Association members have benefited from our highly competitive group insurance plans, administered by AMA’s wholly owned subsidiary ADIUM Insurance Services Inc. With our exclusive AMA Premium Credit™, the AMA returns excess premiums to you based on your previous year’s claim experience. Since we are fiscally prudent, we have been offering premium credits for the last 15 years.

 

The AMA advances patient-centered, quality care by advocating for and supporting physician leadership and wellness.