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GROUP PLANS |
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We are all interested in saving money where possible. One area to look at is your current Health Insurance. With Health plans, you have different deductibles and co-payment structures. If you increase your out of pocket exposure you remove the risk to the insurance company and thus your actual insurance costs come down. Depending upon your personal or family needs you might find some savings in your health plan that would allow you to move money into bulking up other programs.
You should also take a look at your Life Insurance offering through your employer. While most of this is provided for you at no expense, too often people will simply check the box that allows you to purchase more through the group program. Because it is easy to do this and there is no medical review (most of the time) people will just “check and sign.” But, these group term life plans are extremely expensive compared to an individually purchased Term Life policy…there could be a real cost savings here and a major benefit increase at the same time.
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FINDING "BARGAINS" |
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There aren't too many bargains in the world of insurance. But, it is important to consider what you are buying and why. For example:
- Maybe you began funding a Whole Life policy many years ago before you were married and with kids and your current mortgage. If you really need to protect your family with income and debt replacement maybe you shouldn’t be spending as many dollars on a whole life or variable life insurance policy. You might be able to take all of the accumulated cash from the Whole Life plan and invest it in more aggressive growth portfolios for retirement purposes. In addition, for significantly less money, you might be able to secure 2-3 times as much death benefit via a term life insurance policy. This would save money in premiums and come up with new found investable assets
- Perhaps you have an old Universal Life policy that was written when interest rates were much higher than they are today. As rates have come down your cash value has also decreased as has the length that your death benefit might last. An option might be to move the remaining cash from the existing plan to a newer type of Universal Life policy and despite current age pricing, you might be able to extend the coverage period and have a lower premium than you’ve been paying all along…and, the newer plans can guarantee that your benefits will remain in force for life…this is truly a no-brainer!
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SELF EMPLOYED? |
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For all of you who are Self-Employed, you especially need to evaluate
the best plan designs for the buck! Here are the most important areas
to insure and evaluate:
- Health insurance coverage including deductibles,
co-pays, and drug programs
- Disability income protection is always critical
as is Business Overhead expense protection to pay ongoing lease and
equipmentexpenses if disabled
- Property and Liability Insurance plan designs
- Term Life Insurance for debt and bank loan purposes
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