“Breaking the Mold of the Typical Insurance Salesperson”
Posted by: BeamaLife Editor on 26 Mar, 2009
Many people question the difference between an Insurance Agent and an Insurance Broker. Here is a brief description of the two:
Insurance agents represent one or more Insurance Companies and work on their employers behalf. When someone is interested in purchasing insurance, the agent primarily obtains quotes on products from the insurance carriers they work for, which is not necessarily the best value or appropriate product for you.
Some insurance agents may be able to get quotes from other insurance companies but they are conditioned to sell the products their employer offers. This is not always their fault as some companies hold their agents “captive” by reducing their compensation percentages if they sell other companies’ products. Some agents are under contracts which contain quotas or “employment contract minimums” and may not stay employed if they don’t attain those objectives. Other companies only distribute their products through their own agent network, preventing brokers from comparing their products and prompting interested consumers to obtain product information from one controlled source.
This information is not new; these techniques have been used by companies for decades, creating an atmosphere of stress, doubt and outright frustration for some agents. That’s why, according to insurance and financial industry statistics; nearly 89% of all new professionals choose another career path within the first 5 years. Very few of the 11% of agents who do remain in the industry achieve the level of success they anticipated when they began their careers and fewer still have become major success stories.
BeamaLife is an Life Insurance Brokerage Firm, our mission is to change the way insurance consumers are treated. Our licensed employees have no ties to any company; we work for you to find the best rates and products available from over 100 companies. We save you the trouble of researching each and every solution available. Our knowledgeable team of professionals understands the various options, riders and savings advantage associated with each type of policy.
So you decide; do you want your life insurances choices either term life insurance or whole life insurance to be made for you by someone who doesn’t have a choice themselves? Let BeamaLife help you decide the best solutions for protecting your family, your future and your financial freedom.
I have “Disability Insurance” through my employer, do I need to supplement with my own policy?
Posted by: BeamaLife Editor on 21 Mar, 2009
First, how much disability insurance do you have through your employer, and what other financial resources do you have? Other resources might include your savings, property or assets you could sell, borrowed money, or your spouse’s income. Now ask yourself if the combination of your employer-sponsored disability insurance and your other resources will be enough to pay your bills if you suddenly become disabled. Unless you’re independently wealthy, chances are good that your personal financial resources won’t carry you through a long-term disability. Also, the money you’ve saved is probably earmarked for goals other than disability for example your retirement savings plan or college savings plans. You might have to deplete these accounts to pay your bills.
Some employers do not offer long-term disability insurance. If your employer does, look closely at the policy. Review the monthly benefit and the length of the waiting and benefit periods. Is the monthly payment enough to pay your bills? The typical group policy covers 60 percent of your income, up to a maximum amount. Is income defined as your base salary, or does it include commissions and overtime? Most long- term disability income policy offered through your employer do not includes bonus payment.
How long is the waiting period in your employer’s disability policy? This is the length of time before any benefits are paid to you. Often, an employer’s disability policy coordinates with the company’s sick pay policy. You may have to use up all of your paid sick days before the disability policy begins to pay benefits. You need to plan on having cash available to cover any gaps in coverage.
If you decide to supplement your employer-sponsored policy with one of your own, make sure the two policies coordinate in ways that work for you. For example, if you need to increase the monthly benefit, be sure your own policy will pay concurrently with your employer-sponsored policy.
Please call BeamaLife Specialists at (866) 972-3262 and they will help you to make the right decision.
Will I have to pay “Life Insurance” premiums if I become disabled?
Posted by: BeamaLife Editor on 17 Mar, 2009
If you become disabled and your life insurance policy contains a waiver-of-premium benefit, you will not have to pay the life insurance premiums as long as you are disabled. However, the disability must be total and must last for at least six months. Certain exclusions also apply.
Some life insurance contracts automatically provide the waiver-of-premium benefit. For most contracts, the benefit is optional, and when you apply for coverage, you must ask that a rider be attached to your policy to receive the benefit. In the latter case, you will pay an additional premium.
The waiver-of-premium provision has a waiting period of six months. That is, the insurance company waits six months from the beginning of your disability before it actually waives the premium. So, you must continue to pay life insurance premiums until the six months have passed, regardless of the severity of your disability. If the waiting period is over and you are still totally disabled, the insurance company will waive the premiums retroactively. There are some injuries for which the waiver-of-premium provision does not apply. These exclusions include intentional self-inflicted injuries and those resulting from war while the insured is in the military. Also, contracts may limit the benefit to those under the age of 60.
We believe you certainly should add waiver-of-premium rider to cash value policy if you are younger than the age of 50. For term life insurance policy, if the premium is very small and affordable even during the disability then you should avoid adding this rider as it will raise the premium.
Please call BeamaLife Specialist at (877) 972-3262 to discuss life insurance and this rider in detail.
New Student Loan Proposal
Posted by: BeamaLife Editor on 12 Mar, 2009
Higher-education experts say the Obama administration has proposed the broadest overhaul of federal college aid programs in decades. But for all the focus on the size of the budget, it has been hard to tell just what this means for students and their families. A detail article by The New York Times:
http://www.nytimes.com/2009/03/11/your-money/student-loans/loanprimer.html
Learn more about college savings plans and financial aid now.
Do “Disability Insurance” premiums depend on the nature of my job?
Posted by: BeamaLife Editor on 11 Mar, 2009
Yes. If you have long-term disability coverage through a group plan offered by your employer, your premium will be the same as the premium of everyone else who participates in that plan. But, the premiums for everyone will depend on the general risks of the industry in which the employees work. If you’re buying an individual policy, your profession will also determine your premium. The difference is that many other personal factors will affect your premiums, such as your health, income, hobbies, and so on.
Common sense (and statistical data) indicates that some jobs are more dangerous than others. Construction workers, police officers, firefighters, and miners are more likely to be injured on the job than are architects, artists, or IT professionals. If you work in a high-risk occupation, you may be denied individual disability income insurance coverage altogether. Or, you may be offered it only at a very high premium. The insurance company will group your job in a risk category based on your duties and the industry’s claims experience with people in that occupation. All other factors being equal, the higher the claims rate by individuals in your profession, the higher your premiums for long term disability insurance quotes are going to be.
Visit BeamaLife for comparision, research and life insurance quotes.
Is There such a Thing as “Nursing Home Insurance”?
Posted by: BeamaLife Editor on 7 Mar, 2009
There’s really no such thing as nursing home insurance. What you’re probably referring to is long term care insurance (LTCI), which typically provides coverage for several different types of long-term care, including nursing home care. For example, home health care, adult day care, and assisted-living care will also be covered under a typical LTCI policy.
Although LTCI policy types vary, they usually work something like this: You pay a premium, and when you need it, the policy pays a selected dollar amount each day (for a set period of time) for the type of care outlined in the policy. Because the probability is high that a policyholder might file a claim, LTCI can be relatively expensive. The cost depends on many factors, including the type of policy that you purchase (e.g., size of benefit, length of benefit period, optional riders), your health, and your age at the time you purchase the policy.
