Archive for December, 2010

How Your New Year’s Resolutions May Help You To Reduce Your Life and Disability Insurance Premiums in 2011

Friday, December 31st, 2010

Happy New Year!

Topping the list of New Year’s Resolutions is typically weight loss and smoking cessation. In addition to the health benefits to these changes, they may help you save money on your life and disability insurance premiums, too.

1) Quit Smoking. Smokers pay approximately 30-40% more on their life and disability insurance premiums. If you currently have a policy and are paying smoker rates and have quit smoking, you may be eligible to apply to reduce your rates. Most companies require you to have quit smoking for at least 12 months. At this time, you can submit a policy change application. The company will review your insurability at this time and determine if you are eligible for the nonsmoker rates. Once you have nonsmoker rates on the policy, they will remain for the duration of the policy. Please note that if you have had any adverse changes in health, this may not be beneficial to you as they will ask you your entire medical history.

 2) Weight Loss. If you were overweight when you applied for your life or disability insurance, your policy may have been rated resulting in higher premiums. If you have since lost a significant enough amount of weight to move you into a more favorable category, you may want to apply to reduce your current rates. Find out from your company the height/weight tables to first determine eligibility. Most companies will require that you not only lose the weight, but keep it off for at least 12 months. The company will review your overall insurability at this time and determine if you are eligible for the more favorable rates. Once you the less expensive rates on the policy, they will remain for the duration of the policy. Please note that if you have had any adverse changes in health, this may not be beneficial to you as they will ask you your entire medical history.

 For more information, please contact the Set for Life Insurance office today.

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Guardian Introduces New Multi-Coverage Disability Insurance Voluntary Plan

Wednesday, December 8th, 2010

NEW YORK, N.Y., December 8, 2010­­­­ – The Guardian Life Insurance Company of America (Guardian), one of the largest mutual life insurers and a leading provider of employee benefits, recently introduced a multi-coverage voluntary package to provide employers with the opportunity to offer their employees a comprehensive benefits plan at one affordable price.

The Guardian Multi-Coverage Plan enables employers with three or more employees to choose from a variety of different lines of coverage and benefit levels at a single rate.  Packages can include a combination of long-term disability, short-term disability, life, accidental death and dismemberment and critical illness coverage.  The plan gives employers the flexibility to choose which benefit combination is right for their company, and gives employees benefits coverage with a simple enrollment process under a single rate.

“Voluntary multi-coverage plans are gaining in popularity because they give employers a comprehensive employee benefit package option to help attract and retain employees while being budget-friendly,” said Barry Petruzzi, 2nd Vice President, Life & Disability, Guardian. “These bundled plans make it easier to select, enroll, and administer, and are especially helpful to businesses that are offering benefits coverage to their employees for the first time. With one rate, these plans take the stress off the employer and limit the administrative burden that comes with offering different options at different coverage levels and price points.” 

About Guardian

A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long-term care, disability income, group medical and dental insurance products, and offer 401(k), annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies. The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.

For more information about Guardian, please visit: www.GuardianLife.com.  For Guardian’s new online resource center for employee benefits, please visit: AboutEmployeeBenefits.com.

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When is the best time to purchase disability insurance?

Wednesday, December 8th, 2010

Certain products have cycles which translate to ideal time for consumers to purchase their product. For example, the best time to purchase a new car is typically in September when the new models arrive. Purchasing the current year model can result in big savings.

But what about when it comes time to purchase an individual disability insurance policy. When is the best time to buy?

The best time to purchase an individual disability insurance policy is before you need it. Sounds simple, but it can actually be complex. Disability insurance can be the most difficult type of insurance to obtain because the underwriting standards are much stricter than other types of insurance due to the level of risk and more claim potential.  If you wait until you have been involved in a car accident with injuries, you may find yourself with a policy with exclusions.

Here are some other tips to purchasing disability insurance:

  • Purchase your policy prior to age 40. Premiums start to rise more dramatically at age 40. If you can lock in your age prior to 40, you may save a lot in the long run.
  • If you are a medical resident, purchase your policy prior to finishing your residency. As a resident, you may be eligible for a larger benefit and there are no financial documents required.  If you will be working at a place with a large group policy, that policy may limit the amount of individual benefit you can purchase. If you purchase your policy while in residency, you have the opportuunity to be more adequately insured.
  • If your employer has discounts, purchase the policy prior to leaving your employer. These discounts can save you significantly.
  • If you are moving to a different state, find out which state has better rates.
  • If you will be starting your own business in the future, purchase your policy while you have a guaranteed salary for income verification purposes.
  • If you are changing medical specialties, purchase the policy while in the more favorable class. For example, if you are working in internal medicine or pediatrics, purchase the policy prior to changing to a more invasive specialty such as interventional cardiology.
  • If you think you may want to become a private pilot in the future or take on a dangerous activity, you may want to purchase your policy first.

For more information about purchasing individual disability insurance and to request a quote, please contact the Set for Life Insurance office today.

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