Archive for September, 2009

Disability Insurance–Berkshire/Guardian Announces Occuptional Class Upgrades.

When you purchase a disability policy, the company classifies you in an occupational class based on risk. Some occupations deemed riskier, such as a surgeon, will be in a different occupational class than a less risky occupation such as an attorney.  The occupational class determines your premium. 

Recently, we received notice Berkshire/Guardian that they are upgrading some occupations. If you fall into one of these occupational categories, your premiums would now be less than if you had purchased prior to the announcement. (more…)

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MetLife Disability Insurance Changes and Enhancements Announced.

Expanded 6S occupational class

MetLife has expanded its 6S occupational class eligibility guidelines, to include executives who earn annual incomes of $100,000 and higher, under an employer or employee paid Guaranteed Standard Issue (GSI) program. Executives issued policies under a GSI program were formerly limited to the 6A occupational class, which is being eliminated as part of the new price structure. As a result, the rates charged for some executives now in the 6S occupational class will be significantly less than the rates prior to the change. (more…)

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Americans Willing to Risk Family’s Financial Security to Save Money in Tough Times

LIFE Foundation Reviews Four Consequences of Canceling Your Life Insurance Policy, Offers Three Tips for How to Save on Premiums

Arlington, VA – September 18, 2008 - Most Americans are feeling a pinch in their wallets these days, and the recent turmoil in the financial markets is only making matters worse. If you are one of the millions of Americans who is struggling to make ends meet, you are probably searching for places to trim the family budget. According to a new survey from the nonprofit LIFE Foundation, one place Americans are looking is their life insurance coverage. More than a quarter of adult Americans (27%) say they would cancel their life insurance policy to save money during tough economic times, a move the LIFE Foundation warns is fraught with financial risk. (more…)

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Disability and life insurance for women business owners

By Jamie Kantor Fleischner, CLU, ChFC, LUTCF
President, Set for Life Insurance by KF Financial, Inc.

Early in my career as a woman business owner, I didn’t consider myself any different than my male counterparts. Why did there have to be a distinction? We were all people working hard on our businesses to make a living. Why distinguish between men and women? (more…)

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Increased Disability Insurance Limits for Physicians

Physicians can now purchase up to $20,000/month individual disability benefit.  This is a significant increase.

Currently, the maximum benefit any company will issue a physician is $15,000/month but some companies will participate up to $20,000/month. This means if you have $10,000 or $15,000 in force with one company, you may purchase the other $5000 or $10,000/month with another company.

Furthermore, some companies are increasing their income and participation limits. This means they will offer a larger amount of benefit in proportion to your current income. Previously to qualify for $15,000/month benefit, it would have required $456,000 of annual income. With the new participation limits, it would require $350,000 of income to qualify for $15,000/month benefit.

If you currently are at the maximum level on your policy, it would require new medical and financial underwriting to qualify for the new benefit.

For more information, please contact us to discuss how this may impact your individual situation.

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