However, there are a few exceptions. If you do not want to do a paramedic physical examination (usually just vitals, routine blood work, drug screens, and a urinalysis) for convenience purposes or because you are afraid it will reveal a medical condition, you may be interested in this policy because it does not require the examination. Also, if you engage in dangerous hobbies, you may also find this policy useful since it asks no nonmedical questions on the application.

A bigger problem for many physicians is that association and other group life insurance policies simply don’t offer large enough benefit amounts. Typical young physicians with a family depending on them should be purchasing a life insurance policy with a benefit of $1 to $5 million, far more than the $500,000 maximum offered on the ACEP-sponsored policy. It would be a hassle, if it is even possible, to piece together multiple group policies from various associations and employers to provide the needed coverage. Group policies can also be cancelled or changed at any time by the association or employer. For these reasons, group life insurance policies are generally, at best, only a supplement to your main life insurance policy.

Despite their flaws, there are situations where both group disability and group life insurance plans are appropriate. But prior to purchasing one, be sure to do your homework and shop around rather than blindly assuming that your association or employer has done that for you.

ACEP Weighs In on Its Insurance Products

by Michele Byers, CAE, CMP

ACEP has been providing unbiased quality insurance advice for more than 27 years. Just as we look out for your clinical and practice needs in the emergency department, we look out for your insurance needs through our qualified administrator, HBI. The value that ACEP has brought through its policies all these years has been realized by more than 5,000 members.

Dr. Dahle points out a very important part of looking at options for your insurance coverage: research is absolutely critical because while on the surface a quote for the “same” coverage online may reveal significant differences in price, it also may not reveal the significant difference in policies, qualification, and length of policies.

As we all know, it’s very easy to shop on price, but many times you get what you pay for. The great thing about ACEP’s administrator is they are your advocate who can provide you so much more than a quote. They are here to help you compare policies (there have been many times over the years when they have recommended going with a different carrier or policy because that is what is better for the member), quote fully underwritten individual policies (at a discount for members), and walk insureds step-by-step through any of the processes versus letting the members fend for themselves at a carrier or online shop.