What are the different kinds of life insurance?
There is term, universal life, whole life and variable life. They all have their unique niche in the marketplace.
Are death benefits paid lump sum?
That’s up to you, the insurance company will write a check for the full amount, pay you income off the total death benefit or give you a check book where you write checks while the death benefit sits in the insurance companies interest bearing account.
What’s the right amount of life insurance?
Income that you are replacing + debt you want paid off + mortgage+ plus college cost for kids and we can do an inflation factor as well.
Individual & Family Health Insurance
What’s the difference between an HMO and a PPO health plan?
An HMO plan obligates you to stay inside the insurance company's network of doctors. Some networks are small, some are larger, but you cannot go outside the insurance company's network. A PPO plan gives you greater flexibility but you pay a premium for that freedom to see a larger network of doctors. When you see a doctor outside a PPO network you will receive less benefits than a doctor in network but you can still see that doctor and have it go towards your deductible.
Are there plans available that cover pre-existing conditions?
Yes, the Affordable Care Act plans all cover pre-existing conditions day one. The first of any month we can start a plan and you can schedule a procedure on the first of that month. You need to apply at least two weeks prior.
Group Health Insurance
Are employees premiums a write off for the employer?
Employer premium contributions for employees and their spouses are one percent deductible as business expenses under federal and state tax law.
Is the employer responsible for the whole premium for employees?
No, in most cases, the employer is responsible for a minimal of 50% of the employees and not obligated for any portion of the spouse or dependents premiums.
What are the insurance benefits and employer offer other than health insurance?
Employers have access to vision, dental, hospitalization reimbursements, disability, long-term care on a group basis over and above the health insurance.
How difficult is Underwriting on a LTC policy?
Tougher today than it was yesterday due to larger claims being paid out over last 3 decades than anticipated. Many companies have fallen by the wayside but contracts are honored by those who are still providing long-term care policies.
What kind of incident can initiate a claim?
Most long-term care insurance policies require two kinds of benefit triggers before they pay. Either you need help with two of the six activities of living (which generally include bathing, dressing, toileting, eating, transferring and continence) or you have a severe cognitive impairment.
What’s the maximum an insurance company will pay towards your long-term care benefits?
In today’s industry, you pick the maximum benefit you prefer at time of application. Understanding the higher the maximum, the higher the premium.
How long before a person can start receiving a disability payment?
You choose the waiting period before first payment. Anywhere from 30 days to 360 days. The shorter the waiting period the more expensive. By far the most popular is a 90 day because we’ve all been taught to have 3 to 6 months of income saved.
Can I ensure myself for my full income?
Contractually you can only have a maximum of 66% of your net income insured. But that 66% is tax free so net received is close to your net pay.
While doing an Employee Stock Ownership Plan is the employer mandated to sell 100% of the business?
No, that’s one of the beautiful things about the ESOP plan, the employer has total flexibility to sell any percentage he chooses.
What benefit do employees receive from an Employee Stock Ownership Plan purchase?
The employee automatically becomes percentage owner rather than an employee of said business. Opens miraculous options for dedicated employees.
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