You and becoming handicapped?

If you are younger than 65, your chances of becoming long-term handicapped due to an accident or disease are double than the chances that you will die because of these causes. Naturally the chances of becoming handicapped gradually raises with age:

* out of every 100 children up to 14 years, 3 are classified as handicapped

* 4% of young people between 15 and 24 years become handicapped

* 7 in 100 adults between 25 to 44 become handicapped

* 17% of adults between 45 and 64 years become handicapped

* 40% of adults of 65 years and older become handicapped

* out of every 100 adults over 75 years, 53 are handicapped

The current numbers tell us that right now, about 14% of Canadians are classified as handicapped, which is some 4.4 million in real numbers.

What are the benefits of disability insurance?

There are different people who have different needs and encounter different situations, therefore the selection of different types of insurance is quite rich. Life insurance, for example, is offered to guarantee a sufficient cash coverage for those that are hit by the sudden loss not only emotionally, but also financially. In the opposite case, after someone becomes (completely) handicapped, the first problem is his/her not being able to keep earning a sufficient income for themselves and the whole family. Moreover, there are even higher expenses related to the extra medical and other care the person suddenly needs, which means even more of a financial trouble for the family of the person who was once able to support him/herself and now needs specialized care. So we can see that a good disability insurance can help you deal with even more problems than a life insurance. Nevertheless, there are different definitions of disability, meaning that some handicapped people are able to have some kind of a job, but the numbers tell us that some 15% of people filing for bankruptcy are giving illness or accident as a reason. There are some government contributions available for handicapped people, however limited they might be. The coverage group plans don’t help to keep your current income either, as they usually cover between 50% and 60% of the previous net income.

If you are thinking about getting for disability insurance, first think about the possibilities you would have in case you couldn’t earn a sufficient amount of money.

You could:

* place the confidence in your spouse/family

* use your savings or retirement funds

* get rid of your property or other assets

* get a loan

* get a sufficient income from a disability insurance instead of your previous salary

Lorne S. Marr has been a very accomplished financial planner since 1993 and runs his own Toronto life insurance company LSM Insurance Services Ltd. He’s recognized as an industry leader thanks to the commitment to providing clients with value-added services.

Lorne has also been a keynote speaker at numerous industry functions and has appeared in The National Post, The Toronto Sun, the Investment Executive, The Advisor’s Edge and the Insurance Journal. Don’t forget to visit his website http://www.lsminsurance.ca

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First of all, if you get a group disability insurance policy through your employer it will be less expensive than if you get this type of coverage on your own. You really don’t have many options though, you have to choose between the few options they offer you.

If your company doesn’t offer disability insurance, you should know that if you purchase an individual policy you will actually get more benefits since you won’t have to pay taxes on them. However, the premiums you pay will be higher.

Those who are getting their own policies can choose to get a lower level of coverage in order to get a cheaper policy. Since they won’t be paying taxes on their benefits they might be able to make due on less than the typical 60% of their salary that most companies offer. Figure out how much money you truly have to have and see how much you might be able to lower your benefits.

Another option is to get a policy with a stricter definition of what is considered a disability. The best policies take effect when a person can no longer do their own job. However, there are also policies that you can get for less money that only take effect when you cannot do any job suitable for the level of education and training that you have. This type of policy is best for those who only want to insure themselves against the most drastic illnesses or injuries.

Of course you should also do some comparison shopping and call up a number of different companies to see who will offer you the least expensive policy. You might be able to get a better policy from one company than you could at another for the same price.

Rick enjoys writing articles on a wide variety of topics and interests. Come visit his latest website about discounted living room furniture which helps people find the best small living room furniture and information they need to make a wise decision about home furnishings.

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One of the most useful riders for anyone to have is the residual disability rider. A lot of times when people are sick or injured they don’t just get sick or recover all at once. It is a gradual process, and they might be able to work part time or perform part of their job duties when they are in the process of recovery. Without this rider, their disability would cut off if they went back to work part time. The rider makes it so that they can work a part time schedule and get a portion of their salary from the insurance company to help make up for the decrease in salary that this would entail.

Another rider that is especially useful for people who are young is the Cost of Living Adjustment (COLA) rider. This only comes into effect if you are out on disability for more than a year. Without the rider you would get the same benefits each year, even if you were out on disability insurance for the rest of your life. With the COLA rider you get a small percentage increase in your benefits each year to make up for the increase in the cost of living that comes about as time goes on. People that are close to retirement age probably don’t need to worry about getting this rider since it wouldn’t add up to a lot of money for them, and it isn’t as likely that they would need to use it.

A final rider to consider is the future increase option rider. This is great for people just starting out in their careers. It allows you to increase your coverage as you get higher paying jobs so that you can keep your coverage at about the same level as your salary. Otherwise you would be stuck with your insurance at the same level as when you first got it, or you would have to arrange for a new disability insurance policy.

Rick enjoys writing articles on a wide variety of topics and interests. Come visit his latest website over at living room furniture sectionals which helps people find the best leather sectional furniture and information they need to make a wise decision about home furnishings.

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Many people think that the disability insurance provided by their employer will be enough, but most of these policies have a maximum amount that they pay out per month, which is usually about 60 percent of your salary or even less if you have a pretty high salary since there is a cap on how much they will pay. Also, the benefits you get from work are taxed, so you will end up with even less than the 60 percent you might be expecting. A supplemental policy might be necessary in order to meet all of your expenses. Check into the insurance that is provided by your employer to see what the terms and conditions are so you are prepared should something happen.

Some people think that since they have a desk job they are not likely to be injured, or that since they are young they don’t need disability insurance. However, a lot of people in their 30s end up using this type of insurance each year. Usually these policies cover illnesses and difficult pregnancies as well as accidents, so they are just as useful (or more useful) for younger individuals as they are for older individuals.

People also tend to think that they don’t need to pay out of their pocket for disability insurance because they will be able to get money from workers comp or social security disability insurance benefits. However, money from these sources is not available for all of the conditions that are covered under insurance for disability. Social security requires you to be out of work for a long time and is very difficult to get approved for, and workers comp only covers workplace injuries, not illnesses or pregnancy.

Rick enjoys writing articles on a wide variety of topics and interests. Come visit his latest website over at bed in a bag clearance which helps people find the best bedding in a bag and information they need to make a wise decision about bedroom furnishings.

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Own Occupation: This means you are disabled and cannot perform the regular duties of your usual job, even if you could do some other job.

Any Occupation: You are considered disabled if you cannot work at any job that you are currently qualified for by training, education and experience.

Total Disability: You are disabled and unable to work at any job.

You might want to consider adding the following provisions to your disability insurance policy:

Cost of Living Adjustment: This will increase the amount of disability payments you receive with inflation up to a maximum rate that is preselected, usually from 4 to 10 percent. This benefit will continue to increase every year. This is a very important benefit to have, especially if you are younger.

Automatic Increase: This will allow for a total benefit increase of 20 to 25 percent over the first three to five years of the policy. Your premiums will cost more with this benefit.

Future Increase Option: If you only qualify for a low amount of disability coverage but expect to make lots more money later in your career you should choose this option. You will be able to increase your coverage later, regardless of your health.

Residual Benefit: This benefit will allow you to return to work part time and still receive a portion of your benefits.

James has been a financial investor for many years. Visit his latest website folding utility cart that reviews utility cart products such as a rolling shopping cart.

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Successful people consider more and more to secure their income in a case of a disability. Why do they do it? Because without proper planning, an unexpected disability can quickly exhaust their savings and create a substantial debt. Their income is essential to them and gives them their freedom. A 39 year old man for example: with an annual income of $60,000 and an assumed annual increase of 3% of his salary could lose up to $2,313,000 income if he gets totally disabled. It is evident that the need for income replacement is universal–yet many people don’t have this valuable coverage. The following statistics illustrate the need for income protection in the United States:

In 2003 alone, there were 3,400,000 disabling injuries, this breaks down to:

• 65,385 a week,
• 9,341 a day,
• 389 an hour and
• 1 every 10 seconds!

• During the course of your career, it is 3.5 times more likely to be injured and being in need of disability coverage than to die and need life insurance. This means that chances of getting injured during your career are 56%.

• Are you playing the Lottery? Well, then your chances to win are smaller than 0.0000008% => Your chances of winning the Lottery compared to getting insured are 7,000,000 smaller

There are different kinds of Disability income sources for short-term and long-term coverage, like:

• Worker’s compensation (WC)
• Social Security and
• Disability insurance

Workers compensation benefits are available to individuals who suffer an accident at work or an illness that results from their employment. The key words here are “at work” and “as a result from their employment”. If the injury happens outside of the job, there is NO coverage over workers compensation.

The coverage that Social Security can provide is not enough. Although it may help if you qualify, but the government is limited in the ability to meet your financial needs. Qualifying for Social Security disability benefits is difficult. Rules for determining disability are very strict. Even if you qualify there is a waiting period of five full calendar months where no benefits are being paid–and, in many cases, it may actually take up to 12 months before you can collect any benefits.

Only Disability insurance covers you in all cases if you are unable to perform the martial and substantial duties of your current occupation and receive medical treatment due to injury or sickness.

Imagine you wouldn’t be able to work and earn your current income anymore. What would be the consequences? What impact on your current situation would it have? For how long would you be able to pay your bills, mortgage, car payments, etc? These are important questions that you should ask yourself to take action for the next steps.

Thomas Hermschulte is a Financial Adviser and Representative of Mutual of Omaha http://www.MutualofOmaha.com

We are celebrating this year our 100th anniversary, which wouldn’t be possible without our clients! Our mission this year at Mutual of Omaha is to get in touch, not only with our policy holders, but with everybody who wants our help and experience to give them a FREE professional consultation of their policies.

If you want to learn more what we can offer for you, contact me:

thomas.hermschulte@mutualofomaha.com

2601 Main Street, Suite 960

Irvine, CA 92614

Cell: 714.330.1899

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Most people looking for individual Disability insurance will do so either because they are self-employed or because their employer does not provide coverage for them. Whether you are a female business owner or a female professional working for a small, medium or large business, you could qualify for significant savings on your Disability insurance premiums. The following are two techniques we often use for our clients.

Multi-Life Disability Insurance Discount

The first and most effective manor in which female professionals can save money when obtaining individual Disability insurance, is by applying through a multi-life scenario. Insurance carriers offer multi-life discounts to groups of 2 or more (3 or more, with some carriers) people who will be applying for Disability coverage together, as long as they work for the same business. Having more than one applicant distributes the risk an insurance company is taking and therefore, they are willing to offer discounts as an incentive. There are two ways that women save money when applying through a multi-life scenario. First of all, each applicant will qualify for unisex rates, which can reduce female rates by approximately 30 percent. Additionally, insurance companies offer a 5 to 10 percent discount because there are multiple policies being obtained. Typically while a male professional may save 5-10 percent, a female will normally save upwards of 40 percent on their premiums by applying under a multi-life discount scenario.

Many insurance brokers/agents do not market this opportunity as much or as well as they should – perhaps because they would rather the higher commission on individual policies or perhaps because they simply do not have the knowledge base. In either case, as a savvy and informed consumer, you should ask questions about the multi-life program offered by each Disability insurance carrier you consider.

Association Discounts for Disability Insurance

Another way of saving on your Long-Term Disability insurance premiums as a woman is by researching Association Discounts that may be available. For example, one insurance carrier we work with will provide a 10 percent discount to all members of the National Association of Women Business Owners. When speaking with an insurance broker/agent, you should let him/her know about any associations you belong to or are considering joining. You may qualify for discounts that you are not aware of. In some situations, you may even be able to join simply to take advantage of the discount available.

Be careful not to mistake association discounts for association plans which are actual disability contracts provided through associations such as: American Medical Association, American Dental Association, American Bar Association, American Institute of CPAs, American Veterinary Medical Association, etc. Although plans provided by such associations may be less expensive, the coverage they provide is significantly lower quality than an individual policy. Commonly, these types of plans are specifically weak in their definitions of disability, residual benefits and often include a 24-month limitation on benefits for disabilities caused by mental or nervous conditions.

M*R Insurance Consultants is a web based insurance firm that helps consumers in purchasing Life Insurance and Disability Insurance on the Internet. Our specialists take a consultative approach to every client’s circumstance providing personalized quotes, information and advice about how to obtain quality coverage at the right price.

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When you purchase insurance you are buying an intangible product, you are buying a promise. So when the average American thinks about insurance their first thought is going be a tangible object, something they touch or hold that they can picture in their mind being replaced after an accident (i.e. Home & Auto). Similarly most people understand that death is an inevitable event and thus can wrap their brain around the idea of their family being financially reimbursed after death (i.e. Life).

However, in the case of Disability insurance, many Americans struggle to understand the significance of the coverage this product represents. Unlike death people have a hard time imagining the scenario that renders them disabled. What these individuals do not understand is that one in seven US workers will be disabled for five years or more before retirement (from the Health Insurance Association of America, published in the New York Times). Look around your office, count yourself and six co-workers. One of you is going to be disabled for five years. If you are the one that becomes disabled, can your family sustain that type of long-term reduction in income?

So, if these statistics are true, why don’t more people have a disability insurance policy? Easy, Price! Relative to the most popular Life insurance product, term insurance, Disability insurance is expensive. Its much easier to play the, “Its not going to happen to me” card than it is add an expense to the household budget. However, if you are the one in seven, that monthly expense becomes your greatest asset!

There are ways to to mitigate the expense. A traditional Disability policy covers an individual for 60% of monthly income, starting three months after the disability occurs up to age 65. Each one of these factors can be adjusted to make the policy cost more manageable. If you could survive on 40-50% of your monthly income instead of 60% then decrease the benefit you would receive. If your employer offers Short-term Disability extend the waiting-period out 6-12 months. Lastly, most Disability policies will allow you to choose how long you would like to receive the disability benefit. It may be a good idea to look into policies that offer a benefit for 5, 10, 15 years or till age 62 instead of the standard age 65.

For more information read this laundry list of Disability statistics that will blow your mind at ProtectYourIncome.com.

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Thank you,

Ryan H.

This article is brought to you by the Albany Insurance Professional blog located at http://www.ryanhanley.com where we drop crucial insurance knowledge on the consuming public.

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Should I consider purchasing a long-term care insurance policy?
If you are at least 45 years of age, you should consider purchasing a LTC insurance policy. This should be part of your overall insurance portfolio along with life insurance and other insurance that you need. However, you should evaluate your insurance budget. If you only have a budget that will cover a comprehensive life insurance policy, do that first. Prioritize your insurance needs and don’t put yourself or your family into a financial hardship just to purchase a long-term care insurance policy.

Won’t Medicare and Medicaid pay for my long-term care?
These two programs are designed to help low-income people who are qualified to take advantage of the services. However, both of these programs have limits to coverage and they also require co-payments and other financial requirements. You should not depend on these programs to take care of you on a long-term basis if you want to leave behind any assets for your family or heirs.

Doesn’t my medical insurance policy cover long-term care?
A medical insurance policy is typically limited to short-term care. If you have an injury or illness that requires medical attention, your medical insurance policy will likely cover it for a certain time. Once you start healing or reaching the maximum payout of your insurance coverage, you may not be able to have the medical services paid for. Medical insurance is designed for treatment with a foreseeable end date. LTC is designed for daily living expenses and medical care that has an indefinite end date.

How much long-term care insurance should I buy?
When deciding on a long-term care insurance policy, there are typically two factors to consider. The first factor is the amount that you can afford to pay on your premiums. The second, and possibly more important factor, is determined by the daily rates of where you would want to stay if you ever need to take advantage of your LTC policy. Assisted living facilities charge less than nursing homes but rates are different depending on which facility and the geographic area in which you are staying. You will have to do some research to determine how much long-term insurance care you will need. As an insurance agent, you can help your clients determine the amount of insurance to purchase based on these factors.

These are just a few of the common questions that people often ask about long-term care insurance. By knowing what questions to prepare for, you can equip yourself better for each meeting that you have with a client who is interested in purchasing insurance.

If you are interested in a agent support system that provides all the tools, support, and resources you will need to either become successful in insurance sales and/or build your own agency visit the links or call 1-800-359-0980 (ask for Dan or Scott) to help you decide whats best for you!

Thank you and make it a great career,

Daniel B. Hagy
President

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Employee or labor Unions have long been a concern for various firms. These groups have been formed by the workers in order for them to unite and attain the same goals. Better working environment and indiscrimination has always been the subject of discussion. As this matter worsen in time, employers have come up with many solutions just to pacify their employees.

For instance, workers compensation in California has already mandated that all workers from day one of employment needs to be protected through medical insurance, disability insurance and life insurance. These types of insurance policies have arisen due to the frequent assemblies of the many different labor union groups discussing on how to make the workplace a safer place. The Worker liability insurance policy secures the employees wellbeing by compensating and shouldering the medical expenses if by any means they are injured while on the job.  If the employee should stop working because of the injury, he will then receive reimbursement insurance wherein portions of his salary are refunded.

The hostile work environment definition can include the smallest of what some may call a practical joke or the serious verbal and physical harassment. But mostly it is all about discrimination according to age, sex, race, disability and religion.

In some cases, even the smallest or absence of these alleged hostilities are used by past, present and probable employees to bring the employers to court. To protect the firm along with its officers and directors, employment practices insurance has been acquired by companies against these lawsuits.

These are just some of the many concerns of both the employees and the employers. If they will just compromise then the workplace will be a happy and safe place for one to be at.

The Doctors Insurance Agency -Medical Malpractice Insurance and Property & Casualty Insurance for Healthcare Providers

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