The Benefits Of An Accident Insurance Plan

Accidents happen every day, and they can have a significant financial impact on those who are injured. Medical expenses, lost wages, and other costs can add up quickly, leaving many people struggling to make ends meet.

This is where accident insurance can help. Accident insurance is a type of supplemental insurance that provides financial assistance to people who are injured in accidents. The benefits of an accident insurance plan can vary depending on the specific policy, but they typically include:

• Cash payments to help cover medical expenses: Accident insurance can provide cash payments to help cover the cost of medical care, such as hospital bills, doctor's visits, and prescription drugs.
• Lost wages benefits: If you are unable to work due to an accident, accident insurance can provide lost wages benefits to help replace your income.
• Paid time off: Some accident insurance plans also include paid time off, which can allow you to take time off from work to recover from your injuries.
• Death benefits: In the event of your death due to an accident, accident insurance can provide death benefits to your beneficiaries.

Accident insurance can be a valuable financial safety net for anyone who is concerned about the cost of medical care or lost wages in the event of an accident. If you are considering purchasing an accident insurance plan, it is important to compare different policies to find one that meets your needs and budget.

Here are some of the specific benefits of having an accident insurance plan:

• Peace of mind: Knowing that you have financial protection in the event of an accident can give you peace of mind and allow you to focus on your recovery.
• Financial security: Accident insurance can help you to pay for medical expenses, lost wages, and other costs that may arise from an accident. This can help to protect your financial security and prevent you from going into debt.
• Complementary coverage: Accident insurance can be a good way to complement your existing health insurance coverage. For example, if your health insurance has a high deductible, accident insurance can help you to pay for out-of-pocket expenses.

If you are considering purchasing an accident insurance plan, there are a few things you should keep in mind:

• The cost of coverage: The cost of accident insurance varies depending on the specific policy and your individual circumstances. It is important to compare different policies to find one that fits your budget.
• The benefits of coverage: Make sure you understand the benefits that are included in the accident insurance policy you are considering. Some policies may only cover certain types of accidents, while others may have more comprehensive coverage.
• The waiting period: Some accident insurance policies have a waiting period, which is the amount of time you must be covered before you can file a claim. Make sure you understand the waiting period before you purchase a policy.

Accident insurance can be a valuable financial protection for anyone who is concerned about the cost of medical care or lost wages in the event of an accident. If you are considering purchasing an accident insurance plan, be sure to compare different policies to find one that meets your needs and budget.

If you would like a free "no obligation" quote, click here. Or schedule an appointment with one of our agents to discuss your insurance needs.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Do Younger People Need Life Insurance? 2023

If you are a millennial or GenX'er you may wonder what kind of life insurance you should purchase. There are a few different types of coverage available. Term, universal, indexed universal and whole life. Term policies could be considered "temporary" as they only cover you during a specific amount of time, like 10, 20 or 30 years. There are even some companies out there offering 40 and 45-year terms for younger people. Term policies are much less expensive because they only offer a death benefit and there are no other features like loans or cash value. (Some term policies now offer "living benefits" which can help you if chronic or critical illnesses arise.)

Although term life insurance does not accrue cash value, it's affordable for working families during their working years. For instance, a healthy non-smoker in their mid-20's could expect to pay less than $25 each month for $500,000. (Rates are subject to underwriting and are not guaranteed)

On the other hand there are permanent policies, like universal life (UL), indexed universal life (IUL) and whole life (WL).  These policies are more expensive but they also cover for the rest of your life as long as you continue to pay the premiums.

Permanent policies also have various ways to build cash value internally. For example, the UL uses interest rates, but since rates are at historic lows (for now), it's not a great option. We have many younger clients who use IUL's in lieu of investing and are very happy. 

For those who are single with no dependents but own a home, a policy will allow you to keep that home in the family. Having parents or nieces or nephews who could use that home if you should pass can be beneficial and life insurance can pay off the balance of the mortgage. 

So how can you get a policy? You can usually get a policy through work if they offer one, however we always recommend you have additional coverage outside of work, in case you leave your job. Also, that coverage through work is rarely enough to cover all of your debt and replace lost income. If you have a family, you will definitely need much more.

A great way is to use a quoting tool (we have one on our website) which lets you enter your information and will give you several choices of coverages. If you like what you see, you can even begin the application.

A simple method to find out how much life insurance you need is to add up your expenses and liabilities, like the mortgage, car payments and other debts. That should be a minimum for your needs. You may also want to consider lost income if you are the sole breadwinner of the home, and future education costs if you have children. On our website, our life insurance quoting tool offers a calculator to help determine your needs.

You may or may not be required to have an exam. It really depends on several factors, like the carrier and the amount you are applying for. Many companies have decreased their usage of exams during the pandemic, but they still reserve the right to have your medical records transmitted to them. And if there is no exam, you could have to answer a lot of medical questions during the application process. The secret here is to be as truthful and honest as possible, especially when it comes to questions about smoking (tobacco or cannabis) and your family's medical history.

If you have questions about what type of insurance you need or how to apply, let us know. In the meantime, please stay healthy!

Want to know how much disability insurance you need? Drop us a note and we'll send you our free PDF!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog! 

3 Reasons Why Self-Employed Don't Buy Disability Insurance 2023

One of the most undersold insurance products is individual disability insurance (DI). The reasons for this vary, but many people think of disability as something they should buy through their employer as part of a group plan. There are around 15 million self-employed Americans, the vast majority of which do not have an individual disability policy. Why is this? Here are a few reasons why this is the case.

1.Business owners, contract employees and otherwise self-employed think that DI is expensive. The premiums of DI vary because of many factors. Your occupation is a huge factor in determining the rate you pay. In a nutshell, the more dangerous or labor intensive your job is, the higher your premium will be. It makes sense that a mechanic who works with heavy machinery will pay more than a banker who works behind a desk. 

Also, the amount of coverage you need will be based on your income. The more you earn, the more money you will need if you are out of work.

Even though the price may seem high to some, realizing that DI is actually insures their income helps people see the actual value of the coverage. I ask clients what their greatest asset is and get answers like their car or home. Then I point out that their number one asset is their ability to earn a living, which makes one able to purchase the car or home. That's when they see the value of DI.

2. The application and underwriting process seem difficult. An application for DI is just a bit more involved. Like life insurance, there are health questions. Additionally, there are questions about income and the type of work one does (see above). Some insurance carriers will want to verify income at the time of the application, usually by obtaining tax records. Other companies will do this at the time of a claim. 

As a self-employed person, your income can vary from year to year. I discussed this with one claims rep from a company I represent. She understood completely and said, "We just want to make sure this person was working when they filed a claim." 

A few years ago I had a client who was a personal trainer. The application included a question which asked something like "Does your job entail heavy lifting?"  I had to write an additional letter to the underwriter that the client had to lift weights to demonstrate to his clients proper form. After much confusion the policy was eventually issued.

3. Agents don't always understand it either. I'm not trying to throw anyone under the bus here. As a matter of fact, this is one of the reasons why I personally don't do a lot of Medicare supplements. I would rather refer that out to another agent in our brokerage who understands the product and sell what the clients needs. 

I have met many good life and health agents who just do not feel comfortable selling individual DI policies. There are too many "moving parts" they say. Or they just don't understand how the policy works with Social Security disability, therefore, they can't explain it properly to their clients. Find an agent who is familiar with the product.

If you are self-employed, an individual DI policy may be a great way to make sure you can pay your monthly bills in the event that you are sick or hurt and unable to work. Let us know if you have questions, and as usual, please stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life, disability, long term care, cancer, accident and other insurance coverages in North Carolina, South Carolina, Virginia, Tennessee and Georgia. He's also is a professional speaker helping sales people be more productive and efficient, and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!