Our president, Jamie K. Fleischner, CLU, ChFC will be featured in the upcoming issue of Agent Sales Journal. She will be discussing the role of disability insurance in women. The article contains some important and interesting statistics. To read the article, go to http://www.asjonline.com/Issues/2010/6/Pages/Women-An.aspx. (more…)
Archive for May, 2010
Disability Insurance and Women: Jamie Fleischner Featured In ASJ Online Magazine
Monday, May 24th, 2010
Special Message from Barry Lundquist, President of The Council for Disability Awareness
Monday, May 17th, 2010
Written for the Set for Life Insurance Blog by Barry Lundquist, President of The Council for Disability Awareness www.disabilitycanhappen.org.
During the health care debate, there was much discussion about the 47 million Americans with no health care coverage. Conversely, we rarely hear that 100 million Americans – roughly 70% of America’s workforce – have no private disability insurance. For nearly every American worker, income is their most valuable asset – the engine that makes all other financial security possible – so overlooking disability protection is a potentially devastating financial blunder.
Most Americans can relate to experiencing a severe case of financial vertigo during the recent economic rollercoaster. After helplessly watching savings, jobs and even entire businesses evaporate, people are trying to figure out how to recover while protecting themselves from future financial calamities. For most of us, the importance of security and financial protection – which derive directly from one’s ability to earn an income – has dramatically increased. If we have been fortunate – or lucky – enough to avoid skyrocketing foreclosures and personal bankruptcies, they are in the news and on our minds. More than half are caused by or related to income limiting disabilities.
Consider the following facts, and think about the risks and implications for breadwinners with unprotected paychecks:
- On average, an American wage earner has about a three in 10 chance of losing their income from illness or injury for three months or more during their working career.
- The average disability that extends beyond three months will last two and a half years.
- Disability is on the rise. There are over eight million workers receiving Social Security Disability Benefits today (more than 5% of the workforce), and SSDI benefits are almost always more difficult than typical private insurance benefits to qualify for.
- The average SSDI monthly benefit is $1,064 and 97% of all monthly SSDI benefits received by disabled workers are less than $2,000 per month.
- Most Americans have little awareness of the risk and no plan to deal with disability’s devastating financial impact. Many feel “it won’t happen to me”.
To calculate one’s own risk of disability, wage earners can use the Council for Disability Awareness “Personal Disability Quotient” calculator, available at www.whatsmypdq.org.
Ask yourself one simple question: “if I became sick or injured and could no longer work, how would I pay my bills?” If your paycheck is among the 100 million unprotected ones, do not delay; now is the time to prepare, plan and protect your paycheck.
Barry Lundquist
President
The Council for Disability Awareness
Spike in disability claims clogs overloaded system.
Wednesday, May 12th, 2010
By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer - Mon May 10, 12:00 am ETWASHINGTON – Nearly 2 million people are waiting to find out if they qualify for Social Security disability benefits. It will be a long wait for most, even if they eventually win their cases.
The Social Security system is so overwhelmed by applications for disability benefits that many people are waiting more than two years for their first payment. In Ohio, Michigan, Minnesota and other states, the wait can be even longer.
The Social Security commissioner, Michael J. Astrue, says the delays (more…)
Should I Consider a Juvenile Life Insurance on My Child?
Monday, May 10th, 2010
Life insurance for your child is a gift in their future. The main purpose of purchasing a life insurance policy for a child is not the death benefit. It is to protect their insurability.
Several years ago I helped some clients purchase a life insurance policy on their healthy, newborn son. It was a relatively small policy for $100,000 death benefit and a premium of $30/month. At the age of 7, he was diagnosed with Type 1 diabetes. As a result, this child will have a difficult purchase a policy in adulthood without paying substantially higher premiums. However, the policy has future purchase options which will allow him to purchase additional death benefit amount without any medical questions at certain ages (18, 21, 25, 28, 30) or at a life event (marriage, birth of a child).
Juvenile policies tend to be significantly less expensive than adult policies and there is very little medical underwriting. Therefore, it can make a special gift, especially if there is an adverse change in health. Furthermore, the policy accumulates cash on a tax favored basis that is available to the child at a later date.
For more information about juvenile life insurance, contact Set for Life Insurance today!
Dr. Susan B., Pediatrician, Anchorage, AK
Monday, May 3rd, 2010
As a young physician, I am new to the world of disability insurance. Set for Life has been very helpful every step of the way. I really feel like they helped me get the best policy to suit me and my family for now and many years to come.