Life and Health

When considering Life insurance, many consumers believe term insurance is the best option. However, this assumption is not always accurate. It is true that term Life insurance, which covers you for a specified amount of time, such as 10, 20 or 30 years, is almost always less expensive than other forms of permanent insurance. The reason is that term insurance only pays out when you die (that is, if you die while the policy is in force); whereas, permanent insurance provides coverage for your entire life, assuming premiums are paid when due, and may also include a cash value component. To make the best decision, it is crucial that you understand just what you’re buying when you shop for term Life insurance. Even an inexpensive policy, if not designed to meet your particular financial needs, can result in money down the drain. Below are five of the most common, and costly, mistakes consumers make when buying Life insurance.

1. Selecting term insurance based solely on the price tag. Shopping for Life insurance only by comparing premiums is asking for trouble. You should compare company ratings to determine financial strength and policy features, such as convertibility options. While the policy’s premium should be considered, ensuring that your policy matches your financial needs is more important.
2. Believing that term insurance is permanent. That’s why it’s called “term” insurance — because you buy it for a specified period of time, most commonly 20 years. This is fine for satisfying temporary needs such as insuring yourself until your mortgage is paid off, or funding your children’s college expenses in the event of your premature death. A 20-year level-term insurance policy you bought when you were 30 would expire when you’re only 50. At that point, you may still need to carry insurance, but your age and health conditions might make it impossible or very expensive to do so. If your policy has a convertibility option you may be able to get coverage, but it may be cost prohibitive.
3. Buying from an unstable insurance company. Don’t be afraid to ask about an insurance company’s ratings. You can also look for an insurer’s Standard & Poor’s, Moody’s or A.M. Best ratings on the Internet. There are many insurance carriers with high financial ratings (A+ or better) so you shouldn’t have to purchase insurance from a lower rated company. However, keep in mind that ratings can and will change, so ratings should not be the only consideration.
4. Basing your insurance coverage needs on a pre-determined formula. You may have heard that a good rule of thumb is to buy Life insurance coverage equal to 10 times your annual salary or 10 times your beneficiary’s annual financial need. The idea is that if your surviving beneficiary invests the Life insurance proceeds in the stock market (getting an average 10% annual return), they’ll have a steady income stream and never need to tap the investment principal. Although this formula isn’t a bad place to start, everyone has different needs, so don’t assume that 10 times your salary is what you need to carry in Life insurance. The best advice here is to sit down with a knowledgeable agent that will take the time to learn about your needs.
5. Failing to revisit your policy on a regular basis. Is your former spouse still the beneficiary of your Life insurance policy? Did you buy term insurance to cover you while you pay off your mortgage? If you refinanced during the latest rate drop and restarted the clock on your loan, you might also need to update your insurance term. Life definitely has a way of throwing changes your way. Just make certain your Life insurance changes along with you.

The bottom line is that it all comes down to doing your homework. Whatever your Life insurance needs might be, we can help you evaluate the best options for you to protect your family’s financial future.

If you are single, you might believe the myth that you do not need Life insurance. Nothing could be further from the truth. Would you believe that as a single person, you might need Life insurance even more than if you were married? Married people leave behind spouses who can provide for their family. If you are single and pass away, your family might be impacted in a way you might not have considered.

When young adults pass away, they typically leave a lot of one thing behind: Debt. For instance, you might have graduated from college with a large student loan. To get that loan, it is likely that your parents co-signed for you. A co-signer accepts 100% responsibility for repayment of the loan should the other borrower default. Therefore, if you die with a student loan and you obtained the loan with a co-signer, your co-signer will be responsible for repayment of that loan. In addition to the possibility of leaving behind loans, the cost of your final expenses might be more than you realize. Burial and funeral costs can run into the thousands, often making it difficult for family members to meet the financial obligations of paying for a funeral. A Life insurance policy can protect your family from having to meet financial obligations on your behalf.

If you’re a single parent, your need for Life insurance might be more obvious. You provide the only income for your family and are the sole means of support for your children. If you pass away, your extended family might be able to step in and help out. However, it is highly likely that they might not be able to completely or comfortably cover your family’s expenses. Thus, a single parent’s need for Life insurance might be even greater than a married couple’s.

What if your spouse has died and your children are grown? With proper estate planning, Life insurance can help protect your estate so you can pass on the majority of the estate to your heirs, rather than to the government. Life insurance premiums for seniors have traditionally been cost prohibitive, but due to the country’s healthy senior population, premiums are becoming more affordable.

There are many options available in Life insurance policies, and you can purchase a policy that is tailored for your specific circumstances. If you obtain a Cash Value Life insurance policy and pay your required premiums, the policy will be in force for life and will become an asset in your future. Another option would be to choose a policy where you can lock in the premium rate. Premiums are lower for younger adults and increase as you age. Certain policies will maintain your low fixed premium rate for your entire life.

Regardless of your marital status or the ages of your children, Life insurance provides you with a sense of security and is an asset in your financial portfolio. The death benefit provided to your loved ones upon your death might encourage you to consider Life insurance, but the cash value of certain types of policies might cause you to appreciate its contribution to your own financial future. Whatever your stage in life, consult with one of our financial advisors to discuss which Life insurance options are best for you.

Life insurance offers a benefit that many people don’t even realize: The benefit of enjoying your retirement savings. You might not see the connection between a Life insurance policy and retirement, but there are actually two ways in which this coverage can help you relax and enjoy your retirement years:

1. Life insurance can provide a legacy to your heirs.
2. A Life insurance policy with sufficient cash values can be used for supplemental retirement income.

Life Insurance Benefit 1: Legacy Planning. Without Life insurance, the only way to leave behind a legacy to your heirs is by preserving some of your net assets for their inheritance. That means instead of enjoying your retirement by traveling, shopping, and relaxing you must be ultra conservative about your spending. You need to budget carefully, sacrifice your own enjoyment and not only make sure that you don’t over-spend your retirement savings, but ensure that you under-spend it. When there are fluctuations in the market and your retirement account balances begin to fall, legacy savings add additional stress to the situation and can even result in resentment of those to whom you once wanted to leave a legacy.

With Life insurance, you never have to worry about legacy planning. Your heirs will inherit the Life insurance death benefit proceeds and they won’t contend with the hassle of probate, estate taxes (if structured properly) or fluctuation in estate value based on the market. The best part is that you don’t even need a high cash value Life insurance policy; you can obtain a Permanent or Term insurance policy that offers only a death benefit. Either way your needs, goals and objectives are covered.

Life Insurance Benefit 2: Supplemental Income. There might come a time during your retirement when you need an extra source of cash to tap into, for example, to help a friend or family member through a difficult time, or to help you bridge a small financial gap. If you do need a loan, who better to borrow money from than yourself? When you take a tax-free loan from the cash values of your Permanent Life insurance policy, you pay interest back to yourself — not to a bank, but to your own policy.

If you are unable to pay off the loan before your death then your death benefit will be reduced by the outstanding loan value. That means you can borrow money, not pay it back and still leave a legacy (as long as the policy doesn’t lapse due to insufficient values). Because significant cash values can take years to accrue, the time to buy a Life insurance policy for tax-free retirement income is now.

Whether you are worried about the financial stability of your investments or you simply don’t want the stress of trying to under-spend your retirement savings, a Life insurance policy could be the right answer for you.

There’s just something a little scary about receiving a medical bill or a letter from your insurance company claiming you owe money. These tiny sheets of paper have the power to send many of us into panic mode. As soon as you receive a medical bill or explanation of benefits (EOB) from your insurance provider, do you immediately whip out your checkbook and mail in your payment? Are you terrified you’ll be turned over to a collection agency if you don’t pay the bill right away? Not so fast! Before you cough up the cash for that medical bill or EOB, it’s important to do a little homework. Don’t simply assume that you have to pay the bill. First of all, it could be a mistake. Secondly, the doctor’s office or hospital will not send your bill to collections right away. And most importantly, if you pay the bill only to realize later that it was covered by your insurance, it can be extremely difficult to get a refund.

So, put away that checkbook and read on to learn the solutions to four common medical bill problems:

Common Problem #1: You receive a bill for a covered service. Let’s say your medical provider sends you a bill for a service or procedure that your insurance has always covered in the past. Don’t assume your insurance provider has simply changed their coverage. More often than not, this just means that the insurance company hasn’t had a chance to pay the bill. If you receive a bill for commonly covered service, let it sit for 30 days. This should give your insurance provider plenty of time to pay off the bill. However, if you receive another bill from the medical provider, give your insurance company a call to find out what’s going on. You should also call the medical provider to let them know that you’re working with the insurance company to make sure they pay.

Common Problem #2: You see the word “DENIED.” You go to the doctor or dentist for a standard service that’s usually covered by your insurance company. However, a few weeks later, you receive a claim stamped with the menacing word, “DENIED” in bright red letters. Don’t freak out because it’s probably just a mistake. The medical provider might have coded the treatment incorrectly. Call your insurance company and make sure the claim matches the actual service you received. If not, let them know what happened, and find out the proper code for your treatment. You might need to follow up with the medical provider, as well.

Common Problem #3: You have a jumbled pile of EOBs and bills and no idea what you owe. If you have a number of EOBs and medical bills, it can be difficult to figure out what goes with what and how much you need to pay. That’s why it’s important to keep all of your medical records as organized as possible. A little bit of organization could save you a whole lot of time, money, and frustration down the road. When you receive a bill from your medical provider, staple it to the coordinating EOB from your insurance company. Keep all of your bills in a folder so you can access them easily and quickly. If you call your insurance company or medical provider to discuss a particular claim, write notes on the EOB or bill to keep track of who you talked to and what you discussed.

Common Problem #4: Only a portion of your claim was paid. Let’s say you received a standard medical treatment that’s typically covered in full by your insurer. But a few weeks later, you discover your insurance company covered only a portion of the claim. It could be a slip-up on the insurer’s end or the medical provider could have coded the treatment incorrectly. But more often than not, this happens when you go to an out-of-network provider. If that’s the case, you’ll probably have to pay this claim. When you go to a provider that is not part of your insurer’s network, you often have to pay more out of pocket. However, if you receive this kind of bill and you’re certain you saw a network provider, give your insurance company a call. It could simply be a mistake.

Of course, this is just a handful of medical billing problems. Patients deal with these and countless other medical billing issues day in and day out. So, the next time you receive a bill or EOB in the mail, don’t panic. When in doubt, call your insurance company and/or the medical provider to discuss your concerns.

When it comes to getting your estate in order, don’t try to fly solo. Estate planning is more of a team sport. Obviously, you’ll need to get your attorney, accountant, and us your insurance agent and financial advisor — in the game. However, many people don’t realize that they should also include their family and even a religious advisor in the estate planning process.

Read on to learn who you should recruit for your estate planning team to ensure a truly effective game plan.

The legal expert. Of course, it’s obvious that you’ll need to work with an attorney to pull together your estate plan. Estate planning involves many different components, including property and probate law, taxes, wills and trusts. Don’t try to handle this complicated process on your own. Turn to an experienced estate planning attorney to help you build your plan.

The number-cruncher. You should also get your accountant involved. After all, your accountant can give your attorney all kinds of crucial financial information, such as how your business is structured, how much it’s worth and how much you pay in taxes each year.

Plus, it’s important for your accountant to be aware of any trusts you’ve created or charitable gifts you’ve made as part of your estate plan. He or she can help determine the tax consequences of these estate planning decisions.

The financial pro. It’s also important to include your financial advisor and/or insurance agent in the estate planning process. Financial professionals can offer valuable information to your attorney, such as the values and beneficiaries of your retirement accounts, annuities, and Life insurance policies and how these accounts are titled. Your financial advisor can also ensure that your various accounts are funded properly and that all of your estate plan beneficiary designations are up to date.

Your nearest and dearest. Although many people forget to include their family in the estate planning process, it’s important to get your loved ones involved. After all, you are likely setting up this estate plan for their benefit.

An estate plan ensures that your assets will go to the loved ones of your choice. It will also help your family to save a great deal on taxes, court costs, and attorney fees. Without an estate plan, your property might slip out of your family’s hands after you die — and your loved ones could be burdened with complex financial matters.

Once you have your estate plan in place, be sure to talk to your family about it. If you don’t share the specifics of your estate plan with your family, they might end up arguing over your “true” intentions after you die. By spelling out all the details, you’ll create peace of mind for your loved ones and ensure they won’t be confused or surprised when the time comes.

A religious advisor. You might also want to include your religious or spiritual advisor in your estate planning process. He or she might be able to guide you when it comes to making difficult decisions. Some religions include specific guidelines about what should happen to one’s property after they die. Plus, a religious advisor can help you create harmony within your family and possibly assist you with your funeral pre-planning.

Debt isn’t something any person ever willingly accepts but with the economy we have these days, combined with the lifestyles that most of us have gotten used to, debt has become an inevitable part of most people’s lives. Initially, debt might not have much impact on our lives. Many of us are confident that when the credit card statement comes at the end of the month, we’ve got enough money to make the minimum payment or even a little more.

However, life has a habit of getting in the way; the money you might have been counting on to pay this month’s credit card bill might need to be used to pay for something else. If this cycle goes on month after month, the loans eventually pile up — silently but steadily collecting interest. Soon enough, debt collectors begin sending overdue notices in the mail and calling you daily. For most people, this is the start of a financial panic that can lead to a downward spiral if not managed adequately.

Instead of hiding from the debt collectors (and your financial problems), which is what too many people do, face them. Even if you do not have the money to pay what they are demanding, it is still much better to talk to them and come to an agreement rather than hiding and hoping they will go away. Tell debt collectors how much you are able to afford to pay and arrange how much you will be paying in the next months.

You might not be able to make full payments, but most lenders are more than willing to work with you and come up with a payment arrangement. After all, some money is better than none at all. With regular small payments, your lenders will still get repaid, which is all they’re really interested in.

Oftentimes, people in debt are capable of making their monthly credit card payments. You might think you can’t pay your monthly credit card bills, but you can in reality. Examine your budget carefully and ask yourself a few questions. For instance, must you absolutely go to Starbucks every day for that cup of coffee? Must you eat out three times a week? Is it necessary to buy new clothes every other week? Is it crucial that you and your family go to the movie theater each week? When you cut back on your expenses, you can free up a good portion of your monthly budget and put it toward the payment of your loans instead.

But what if you are now at the point where you just can’t meet your debt obligations? Consider taking out a debt consolidation loan. At this point, you might think it’s crazy to apply for another loan when you can’t even handle your current debt. However, a debt consolidation loan can be very helpful because you might qualify for smaller monthly payments and lower interest rates as well. Before you apply for such a loan, talk with one of our financial experts. A debt consolidation loan is not for everyone.

There are many different steps you can take to overcome your financial burdens. Don’t allow debt to run your life. Take charge of your financial situation; start controlling your debt instead of the other way around.

Times are tough, jobs are scarce and families nationwide are struggling financially. Recent trends show that consumers are focusing on saving more, spending less and paying down their debts. In such in a tumultuous economy, you would assume people would start cutting out the “unnecessary” expenses, like Life insurance. However, that’s absolutely not the case.

Americans are beefing up Life insurance

In these difficult times, Americans recognize that Life insurance is more important than ever. As a matter of fact, 56% of Americans say the economic downturn has made Life insurance more critical, according to a 2009 survey released by the nonprofit LIFE Foundation.

Based on the survey, a mere 9% believe the need for Life insurance has diminished. And recent trends support these survey results: During the past year, it seems that more people have added to their Life insurance coverage rather than cutting back or dropping their coverage.

The LIFE survey also found that 71% of Americans with Life insurance made no changes to their coverage during the past year. Of those who did make changes, 39% increased their coverage. Another 28% bought Life insurance for the first time.

So, why did these people decide to purchase Life insurance or give their coverage a boost? Two of the reasons survey participants gave were a need to keep up with their growing families’ needs and a desire for extra protection because they feel more vulnerable financially.

A historical trend

This nationwide boost of Life insurance is certainly not a modern phenomenon. Historically, the U.S. Life insurance industry has seen a hike in sales during economic downturns. Why? Many experts believe that consumers already feel defenseless in tough economic times, and they want to better protect their family’s financial well-being.

“The American people are smart and understand the importance of protecting their loved ones with Life insurance, especially in these uncertain financial times,” said Marvin H. Feldman, president and CEO of LIFE, in a press release. “Americans realize that Life insurance can be the safety net that catches their family when tragedy strikes, and we’re pleased to see that so many appear to be holding onto their coverage, even as they’re scaling back other parts of the family budget to make ends meet.”

Is Life insurance really necessary?

Any capable financial expert will tell you that Life insurance is absolutely necessary, especially if you have loved ones who depend on your income. If you were to die today, what would happen to your family? Would they have enough money to pay the bills and maintain their current standard of living? Would your spouse need to search for work in this dried up job market? Would there be enough money left to send your child to college?

An effective Life insurance plan will ensure that all your family’s financial needs will be covered — from the monthly mortgage and utility bills to your child’s college education. In these economically uncertain times, this is more important than ever.

Let’s say your children are grown and out of the house. Certainly, you can cancel that Life insurance policy now, right? Not so fast. Life insurance coverage can be used for much more than supporting your surviving children.

For example, the payout from your Life insurance policy could be used to cover your final expenses, including medical bills, estate taxes, and funeral expenses. Without Life insurance coverage, your family will be expected to foot these bills. Considering the average funeral costs $10,000 or more, do you want to leave this heavy financial burden on your loved ones’ shoulders? Do they really have that much cash on-hand in these difficult times?

You can also use your Life insurance policy to leave a legacy. For example, the payout from your policy could fund your grandchild’s college education or go to your favorite charitable organization.

Make room in your budget

If you don’t think you can afford to pay for Life insurance right now, keep this in mind: Some Life insurance coverage is better than none. There are many affordable Term Life insurance options available for families with tight budgets. For example, if you are a healthy 35-year-old, you could purchase a 10-year $250,000 Term policy for around $180 a year. That breaks down to less than 50 cents a day.

If you’re struggling to make room for Life insurance in your budget, talk to an expert. One of our financial advisors and/or Life insurance agents can help you determine how much and what kind of Life insurance you need — and what you can realistically afford.

In 2008, some 68 million Americans did not have Life insurance, according to the Life and Health Insurance Foundation for Education. However, if you have loved ones who depend on your income, a Life insurance policy is a must-have. If you were to die today, an effective Life insurance plan will ensure that all your family’s financial needs will be covered — from the monthly mortgage and utility bills to your child’s college education.

If you already have a Life insurance policy, good for you. You’ve taken an important step toward protecting your family. However, you might want to take a closer look at the type of Life insurance coverage you own. Most Americans who have Life insurance only carry the group coverage offered by their employers, according to a 2008 LIMRA International study. Unfortunately, this type of coverage typically ends as soon as you leave that job or retire.

If you want to make sure your family is covered well beyond your working years, you might want to consider Permanent or Whole Life insurance.

Whole Life 101

Although Term insurance typically only covers you for 15 to 20 years, Permanent or Whole Life insurance remains in effect for your entire life as long as you keep paying premiums. For the first few years after you purchase a Permanent Life insurance policy, your premiums will probably be higher than the actual cost of insurance protection.

Because you are contributing these excess premiums, the policy can accrue cash value (that’s why Permanent Life insurance is also known as Cash-Value insurance.) You can borrow against this cash value for a number of reasons, such as to pay off a mortgage, cover your child’s college tuition, or supplement your retirement income. Of course, these policy withdrawals or loans will reduce the cash value of your policy by the amount of your outstanding loan balance plus interest. You could even use your cash value as collateral for a business loan.

Generally, once a permanent policy is in force, your premiums will remain level. This ensures continual protection for your family as you age, even if your health becomes poor. Although Whole Life insurance commands an initial higher premium than Term Life, you won’t have to worry about re-applying every 10 or 20 years at a considerably higher rate as with Term Life.

A Personal Decision

Although almost everyone needs some kind of Life insurance, it’s up to you to decide whether a Permanent or Term Life policy is the best choice. It all depends on your specific needs and situation. If you are uncertain about what kind of Life insurance policy you should purchase, talk to one of our financial advisors.

Just about everyone in the country is wondering how the passage of the health reform bill by Congress will affect them. According to Kaiser Health News, this historic legislation could have an effect on almost every citizen. People, even those who are unemployed, will be able to get medical care. But professionals who have been enjoying the best health coverage available might possibly see their benefits dwindle. What Are the Immediate Changes? There are certain things that will happen in the first six months after the bill is actually signed into law:

• Insurance companies will not be allowed to put lifetime limits on coverage. This means that people with chronic health conditions will never “use up”� all of their insurance coverage.
• People with children on their company insurance plan can keep unmarried dependents enrolled until they turn 26. This is very important because of the number of college graduates who are unemployed.
• Insurance plans will be required to cover preventative health services such as colonoscopies, and screenings for things like osteoporosis, high blood pressure, diabetes, sexually transmitted diseases, and for smoking cessation counseling.
• Pre-existing serious health conditions can no longer prevent people from getting Health insurance. They will be able to purchase coverage from a government-subsidized exchange. However, this coverage will not be available until 2014.

Health Insurance Will Be Required. Uninsured people will be required to purchase Health insurance by 2014. Subsidies will be available that reduce the premiums subject to income limits. Penalties will be imposed on people who do not purchase insurance that could be as much as 1% of their income.

Changes to Medicare. Tighter controls might be put on decisions for care that are considered too costly. The care provided to older people might even be restricted. Cancer screening could be denied for older citizens. The Medicare system will see a huge hit because approximately one-half of the health reform costs for the next 10 years will come from the Medicare budget.

Pre-Existing Illnesses and Loss of Coverage. Starting this year, the health reform bill will ensure that insurers can’t deny coverage to any child based on existing health problems. In 2014, this will be expanded to include all applicants. Within the first six months of the bill being signed into law, an insurer cannot drop policyholders except in cases of fraud.

Longer Wait Time to See Your Doctor. Millions more people will have access to health care but the number of healthcare workers will not grow quickly enough to keep up. You can expect to wait about twice as long to get in to see a doctor as you did in the past.

Changes to the Coverage You Get from Your Employer. Employers who offer high-value, “Cadillac’ health plans will probably begin to cut back on those benefits. If they don’t do so by 2019, they could face fines from the government. This could possibly mean no more vision or dental coverage or going to a specialist without a referral from your family doctor.

Benefits for Women. With this new health bill, insurers will have to cover maternity care the same way they cover any other medical procedure, but not until 2014. Employers will also be required to allow break time for mothers who are nursing and a private place where they can use their breast pump.

Losing or Leaving Your Job. If someone quits or loses their job, the same exchanges that help lower income people purchase insurance will be available. This means when you leave your job, you don’t necessarily have to pay the high COBRA costs. This is very important for people with a pre-existing condition. You might even be able to get free health coverage under some circumstances.

Higher Taxes. In 2013, Medicare payroll tax will go up for incomes over $200,000 a year.

An old adage in the insurance business regarding the subject of Disability insurance goes like this:

“The odds are good that you will be laid up long before you are laid out!”

Although this statement might seem somewhat amusing, it is also very true. Individuals (especially males) between the ages of 30 and 50 will likely suffer an incapacitating injury or illness before they die. However, for many people, it is easier to imagine dying than becoming disabled.

Disability has sometimes been called “living death,”� and the implications of being totally disabled are frightening. Disability has far greater economic, relational, and social consequences than dying. Why? Because the disabled person continues to require assets (food, medication, support services) while no longer contributing to the family’s income. Not only is he/she not contributing, the individual is usually consuming a disproportionate amount of the assets the family needs to live on!

For still unexplained reasons, Disability Income Protection Plans have always seemed to lag behind other forms of protection, despite the fact that a long-term disability, which can be catastrophic, happens more frequently than most people think. Disability income provides essential protection against the loss of income due to an accident or illness.

There are two types of coverage: Short-term and long-term protection. Short-term coverage generally provides income replacement for a period of three to six months. Long-term coverage starts after a short waiting period and, depending on the specific policy, usually lasts two years, five years, or up to age 65.

The definition of disability is critical. The more liberal definition, which of course costs more, defines disability as being unable to do a specific job. This is called an “Own Occupation” definition. For instance, if a surgeon has an accident and loses the use of one of his hands and can no longer perform operations, he can still receive benefits even if he is working and getting paid to teach surgical techniques.

Under the more restrictive “Any Occupation”� definition, if that same surgeon accepts a position as a teacher, he would forfeit the benefits. Note, however, that an “Any Occupation” definition might be just fine for most occupations. Our financial professionals can help you decide which one is right for you.

A Cost of Living Adjustment (COLA) rider is very important since it adjusts the benefit annually according to the changes in the cost of living index. Although not critical for a short duration disability, over a 10 or 20 year time frame it is essential.

The waiting or elimination period mentioned earlier is also flexible: 30-60-90-120-180 days. Obviously, the longer the waiting period, the lower the cost. A good policy must be “Non-Cancelable” and “Guaranteed Renewable,”� which protects the insured from a company not renewing the policy and raising the premiums. You can obtain a Disability insurance policy through an employer group plan or as an individual. The group plans are less expensive but have far more restrictions and caps than an individual plan. What many people do not realize is that most benefits received under a group plan are taxable!

Highly compensated employees can seldom obtain the level of protection they need under a group plan because of coverage limits. The best way to make up the difference is to purchase a wrap-around individual plan.

Without Disability insurance protection, you can lose everything you own very quickly as the result of an accident or illness. Don’t gamble with your future.