02/08/2015
Hi Folks,
Just a reminder that we are approaching the last week for Healthcare enrollment this week. The deadline is Feb 15th, so if you need help navigating through the Maize of plans out there, please reach out to me.
Also many of y'all need to be thinking about income protection. We have many choices to fit all types of employment with some excellent discounts that apply if you meet certain conditions.
As an advisor, one of the things that always amazes me is that most people are almost obsessed with securing Health coverage, but they give no consideration to income protection.
Income Protection ( Disability) is poorly named and also very poorly explained to the general population by our industry
When people hear the word disabled they think about someone in a wheel chair. Immediately they say to themselves that this will never happen to me!
Many people also think they are covered at work because of workman's comp. this is very true but how about the other 16 hours in a day when you are not on the job?
Income protection's true purpose is to protect working families from being out of work for 1 to 5 years. Of course you can extend it longer and provide all kinds of policy additions, but most (not all) of those are unnecessary.
Most of us, young or old have either been hurt or know someone who has been out of work from an injury while participating in sports activities or working around the house doing stuff we shouldn't be doing.
My point is what if?
What happens if you are hurt for 6 to 8 months and there is no money to pay the bills?
Well, you then loose your ability to pay the mortgage, fund your 401k, buy groceries, pay for your Health and Auto insurance and basically keep the lights and heat on.
Many people will stay stuff to me like, we will find a way to get by. Do you say that about your Health and Auto coverage? The purpose of having balance
and prospering is to make sure you have no gaps and can accurately replace income similar to what you had when you are working!
I know this is going to sound silly coming from an Advisor, but people in general, pay way to much to insurance companies because no one has talked with them about having true balanced protection.
The truth is many times when receiving proper advice you can rebalance your spending a tad, and plug in a very nice income protection policy with very small amount of extra dollars spent per month, and breathe a whole lot easier!
A good example of this is trimming the amount of money you spend on collision in auto coverage combined with purchasing a bronze Health plan instead of a silver. Just making those subtle changes alone will free up enough for a very nice income protection benefit, and in most cases you won't be losing much in overall benefits.
And if you think you are well covered through your group plans, then guess again. Depending upon your company, if you are fortunate enough to have coverage, many of the plans are woefully inadequate.
Many people I visit with really don't understand what they are provided with regarding benefits at work, because it's very time consuming to wade through pages and pages of rules and regulations. Frankly most of us are moving at warp speed and are just to tired from work or keeping up with our kids to truly understand what we have.
So if any of this makes sense to y'all or you have questions about what you have actually purchased, please reach out to me and I will help create order to your plan.
Hope y'all have a super blessed weekend!
