July 6th, 2010
Whenever I pass the checkout line at the grocery store, I can’t help but notice all of the celebrities in trouble. Many of them are in rehab for drugs, alcohol or some other kind of addiction. Some of them are fighting for their lives while getting treatment for cancer.
I often wonder whether these celebrities have properly protected their income with an individual disability insurance policy. How are they able to work when they are in rehab or on the mend? What if they were in the middle of a making a movie? Losing the ability to work as an actor can be financially devastating.
Just like traditional careers such as working as an attorney or a physician, actors and actresses can also protect their income with an individual disability income policy.
n addition to actors and actresses, Set for Life can help others in the entertainment industry protect their incomes including:
- Directors
- Producers
- Lighting
- Make-Up
- Voice Over
- Photographers
- Set Designers
- Writer
For more information, please contact Set for Life Insurance today!
Tags: actors and actresses, disability insurance, entertainment industry, individual disability insurance
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June 29th, 2010
According to the US Department of Labor, the average person changes careers 5 times during their lifetime. So what happens to your disability policy when you change occupations or medical specialties?
When you purchase an individual disability insurance policy, the premium is priced based on your risk classification, including your occupation. Some occupations are deemed riskier than others. For instance, an orthopedic surgeon is considered riskier and more likely to become disabled than an attorney.
If you chose an own occupation definition of disability, your policy would cover you if you couldn’t work in your occupation or medical specialty due to sickness or injury.
This definition defines your occupation as the occupation or medical specialty you were working in at the time of claim.
Take for example someone who purchased their policy while in medical residency for general pediatrics. They would pay their premiums based on this occupational class. If they later go on to train in a riskier specialty such as pediatric emergency medicine, they would continue to pay premiums as a general pediatrician even though it would cover them as a pediatric emergency physician.
Another example is someone who purchased a policy while practicing as an attorney. They later decide to switch careers and open up a restaurant. With an own occupation policy, if they become sick or injured and can’t run the restaurant, the policy would pay benefits, even if they can go back and practice law.
For more information, please contact Set for Life Insurance today!
Tags: definition of disability, disability claim, individual disability insurance, medical specialty, own occupation
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June 26th, 2010
Starting a business can be an arduous process. One of the most important steps is to secure financing. To ensure you can still pay your payments if you become disabled, some banks require a disability insurance policy to secure the loan. There are policies designed specifically for this need.
Take for example Dr. Jane Dentist. She is purchasing a dental practice for $500,000. Her loan terms require her to pay back the loan in $10,000/month increments for 7 years. She could obtain a policy designed specifically for this need. After a waiting period (typically 90 days), it would pay the bank $10,000/month for the duration of the loan. If she became disabled in the first year, it would continue to pay the rest of the loan. If she became disabled in year 6, it would pay the remaining months.
This is a separate policy from business overhead expense insurance that would pay the overhead expenses to keep the practice running.
There are a few companies available to cover business loans. For more information and to request a quote comparison, please contact Set for Life Insurance today!
Tags: business disability insurance, business loan, disability insurance
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June 21st, 2010
When it comes to disability insurance, women pay approximately 40% more than their male counterparts. Why? The answer is claims. Rates are derived from claims experience and women tend to be disabled 40% more often than men.
The opposite is true for life insurance. Women live longer and pay less for their life insurance premiums.
So if you are a women in the market to purchase disability insurance, what can you do to try to reduce your premiums?
Look for discounts. The best type of discount is an employer sponsored discount that provides not only an employer discount, but unisex rates. Unisex rates alone will reduce female rates by approximately 35-40% Add another 20% on for employer sponsored rates and you will save significantly.
If you are unsure if your employer already has a discount, contact Set for Life and we can help you find out if a discount is already in place. If it is not yet in place, 3 or more people from the same employer would need to apply for a policy.
If you purchase a policy with a discount, be sure it is the type of policy where the discounts apply to all future increases. Some policies will only discount the base policy and if you leave your employer, your discount on your future purchase will not apply.
For more information about disability insurance for women, discounted rates or to request a quote, please contact Set for Life Insurance.
Tags: disability insurance, discounts, women
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June 15th, 2010
Since 2005, the Council for Disability Awareness (CDA) has conducted a proprietary annual review of long-term disability claims among the U.S. working population. The purpose is to identify continuing or emerging trends, and to share them with interested audiences. The 2010 CDA Long-Term Disability Claims Review summarizes quantitative and qualitative long-term disability insurance claims data from the annual CDA member long-term disability claims survey. Also included is selected worker disability data from the Social Security Disability Insurance (SSDI) program. Sixteen CDA Member Companies, representing roughly 75% of the commercial disability insurance marketplace, participated in the 2010 survey. Read the rest of this entry »
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