Is There A Covid_19 Insurance Package? (Pt 1)

The Covid_19 has now struck at the highest levels of government and has illustrated that no one is immune to virus. For many of us, the pandemic is something that is a concern, especially as businesses and schools begin to reopen.  Whatever virus "fatigue" that was there has quickly evaporated. 

As I was enjoying a meal with a couple of close friends this weekend, the topic of the pandemic reared its ugly head. One of my buddies asked if there was any particular insurance product that would help people who were concerned about Corona.

Actually, there are several products that come to mind during these times. Each insurance product has a need and can help those who could be worried about the virus ravishing their family's financial situation. To be clear, these products are subject to underwriting and may not be available in all states. Let's look at a few.

First of all, there is life insurance.  After 9/11, the American people had a wake-up call. They realized that they could die at any given minute without warning. For about 6 months after that tragic event, life insurance sales spiked. Sales of life insurance have risen again with fears of the virus working its way through families. 

If the main breadwinner of the family should die unexpectedly, the rest of the family could be in a world of financial pain if there is no life insurance in place. Making sure that your spouse and children can maintain their home, pay off any outstanding debt and insure that your kids can afford a good education can be accomplished with an affordable life insurance policy. 

What happens if, God forbid, you should lose a child due to the virus. It's a terrible thing to consider. Unfortunately I have attended many a fish fry fundraiser to help pay off the cost of a child's funeral. People are hesitant to purchase insurance on child. As one parent told me, "I don't want to profit off of my child's death." No one says you have to profit at all. But there will be expenses and if there is any money left over from the insurance policy, the parents can set up a scholarship fund or contribute to a charity "in memory" of their child. 

If you are confused as to whether you need term life insurance or a permanent plan like whole life or universal, we can have a conversation to help you find out what your needs are, as well as your budget. 

The second type of insurance I would consider is Disability Income Insurance (DI). A good DI plan should be in place to replace the income of the person who is sick or hurt and not able to work. As we know, the survival rate is high among those who contract the virus, but it can still keep you from working. As stated before, your most valuable asset is not your home or car or investments, but your ability to earn a living. And when someone is out of work due to an injury or illness the bills don't stop coming. 

Many people don't seem to realize that they are one medical emergency away from dire financial straits. Did you know that over 80% of all disability claims are due to illness? And that 62% of all bankruptcies are due to medical costs? Having a DI policy in place can keep a stressful situation, like being seriously ill, from becoming much worse when the bills start to pile up.

These are just a couple of the products that can help you if you are concerned about the virus, but there are more we will cover in the next post. In the meantime, please continue to social distance and stay healthy!

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!

Life Is For Living (Great Video)

As we go through September and wind down another Life Insurance Awareness Month (LIAM), I hope you all are doing well and keeping your spirits high. There is a lot going on in the world that can add stress to all of our lives. The Covid-19 pandemic, racial strife and political tensions are just a few things that are in the news. But there is also all of the daily issues we deal with personally, such as employment and financial burdens. 

The holiday season can be crazy in a normal year. As I watched the news a few nights ago I was struck by a story about how shopping for gifts will be different this year. A lot more online sales, less people in the malls and shopping centers. Of course, we all know that the emphasis should be on our families and loved ones, not spending money we don't have. 

I think back to a sales meeting years ago when I was working with a large insurance company. Most of the agents, myself included, were bemoaning the fact that no one wanted to buy life insurance during the holidays. No one wants to take on another bill when there's a flatscreen TV to be purchased. 

Our manager was leading the meeting and rolled his eyes at our complaining. "You don't get it," he said as if we were a bunch of crybabies. "You say you sell life insurance, but you don't understand who you are selling it for or why you are selling it!"

Then the manager launched into a lengthy diatribe which made sense to me. I will spare you all of the details but the essence was that we, as life insurance agents, were not communicating our message properly, that we were not selling something to be used by the client (assuming that was who we are insuring), but instead it would be used by the client's family. The only thing the client would get out of it was the peace of mind knowing that if something should happen to them, their spouse and children would be able to stay in their home and continue their lifestyle without more financial worries thrown onto them. 

It all made sense to me, but how does one communicate that message during the holidays? As a father and husband I have my policies in place, but I also want my family to enjoy a few gifts that I can offer. The most important present, of course, is not one that can be opened (unless one opens a policy packet). 

So I ask you to do one thing for your family from now. If you do not have life insurance, use our life insurance quoting calculator in the upper right of this blog and get a ballpark estimate* on how much it would cost to ensure your family would be okay if something were to happen to you. There's even a button on there to find out how much you need. 

And if you do have insurance already, check to see if you have enough. Odds are you don't, and that is okay, as long as you do something about it. 

Check out the video and book a phone appointment with us to discuss how we can help you can give your family the best gift this year. 

*All rates are subject to underwriting.

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!

Expanding Our Social Media Footprint

With the pandemic upon us businesses have had to find new ways to market themselves. Our agency, Surf Financial Brokers, is no different. Social media and a web presence are one of the many ways we are trying to get the word out about the products we sell and the services we provide. 

Actually, we were already changing the way we were marketing pre-Covid. The traditional way of selling insurance, by asking for referrals and mingling at networking events, was still working for us, but only in a limited capacity. And to be honest, agents can get burnt out quickly that way. My agents and I had some conversations as to what changes we could make to expand our messaging. We also asked for feedback from our clients.  

Social media can be a rabbit hole for a growing insurance agency like ours. It can be very easy to get caught up in all of the differing platforms out there, and the last thing we wanted is to take away time and resources from our clients. "Sorry, I'm not able to help you with a death claim because I'm busy posting silly memes." Absolutely not! We needed a plan.

Facebook, which has become a juggernaut of social media, took on a larger role. The logic behind this was that our agents were already active on the platform. There wasn't much of a learning curve because we already had a good amount of clients there already. 

LinkedIn was a no-brainer as well. As a great platform for networking and connecting with other professionals, it made sense to take some time to learn how to maximize it to our advantage. I've always managed to find good prospects on LinkedIn, as well as new sources of information. 

Realistically, our agents agreed that Twitter was fine to post short messages to, but the expectations were low. Our thoughts were pretty accurate, as nothing much has happened from our Twitter feed, but we really haven't put much effort into it either. 

You see, aside from this blog, we have managed to keep our time marketing on social media to under an hour each day, and typically it is more like 30 minutes. And that time is spent during early mornings or late evenings when clients don't expect us to be available.

 

Surf Financial Brokers unknowingly was preparing for social distancing before it was necessary. We were adding features like Calendly to our website, and transitioning to "phone appointments" months ahead of everyone else. When the Coronavirus became an issue, we already had most of the tools in place and just needed to step on the gas. 

With the addition of a new products like Short Term Home Health Care and our new accident insurance plan, we have also tried to make it easier for our clients by using web-based applications. This avoids us having to physically come into your home or work and filling out forms. Just as your pizza is delivered in a "contactless" manner, so can the way you protect your family's financial security. 

In recent days we have managed to dip our toe into another pool of social media, Instagram. Through discussions with some of our clients, we found out that not everyone reads blogs, even the interesting blogs like this one. A few clients said that they enjoyed reading short articles on life insurance, long term care plans and disability insurance, but they also liked the occasional short video too. The plan is to post short (less than a minute) videos on Instagram to cover various topics. 

If you are already following Surf Financial Brokers on Facebook, LinkedIn, Twitter or another platform, we thank you for your support. We hope you follow us on Instagram @SurfFinancialBrokers for some different content and information. 

We look forward to helping you and answering your questions. And as always, please stay healthy!

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!

Planning For Your Retirement

According to an EBRI (Employee Benefits Research Institute) survey conducted in 2015, 66% of workers had saved less than $50,000 for their retirement. And 28%  had saved less than $1,000. The numbers slowly got better over the years, mostly because employment increased. As a result employer sponsored retirement savings plans helped, as they were the most effective way for people to save. 

And then the pandemic hit us. For the millions who have lost their jobs, retirement has been put on the back burner as trying to survive financially day-to-day and keeping one's head above water has become the priority.

Again, we are definitely headed into a retirement crisis. After the market drop of 2008, many people cashed out part or all of their retirement plans to pay their bills.  Scared of another market drop, many took their money out of stocks and moved to low-interest yielding investments in an effort to preserve their capital. 

The difference now is that the market is doing well while the rest of the economy is hurting. Companies have learned that they can keep productivity up with less employees, thus increasing profits. Those profits are reflected in the growth of the stock market, but not everyone is enjoying these gains.  

And yes, real estate has done well. Interest rates are still incredibly low, attracting buyers, but who is selling? Perhaps it is those who can no longer afford to be in their home due to a loss of income. The world has become very confusing. And it can still be confusing for those who are trying to plan a retirement. 

There are a few things to remember when planning for retirement.  

First, safety costs money.  If you put your money in an annuity with "guarantees", you'll pay in fees or additional charges.  (And yes, regardless of what your agent sales, there are fees in an indexed annuity). See my previous post on the free dinner at the steak house.

CD's at the bank can cost you in this low interest rate environment by way of inflation eating away at your money.  Your principal can lose value by inflation outpacing your growth. Do a little homework and find out what the current inflation rate is. Currently it's around 1.3%, which is very low, but it can change quickly if oil prices spike or another global crisis, like a war, should happen.

Also, when planning for retirement, a holistic approach is best.  The commercials for "orange money" or a big wood carved number people walk around with is great, but what does it really mean?  Trips, vacations, seeing the grandkids?  

I have mentioned that the three phases of retirement are the "Go go years, the slow go years and the no go years". Everyone plans to be active and have fun once they retire but the hard truth is that you may spend most of your retirement sick or homebound. You should also figure in medical costs associated with aging.  Long term care insurance (or something akin to it) are a must, especially if you have assets you want to pass on.

Estate planning has been replaced with "legacy planning" in some circles.  Legacy planning is a broader term and takes the concept of estate planning one step further, letting you incorporate your morals, beliefs and ideals into your estate plan, and by allowing you to "make a difference" with gifts you leave to charities and loved ones. Retirement planning goes hand in hand with estate planning.

 

But back to our retirement crisis.  Most people clearly don't have enough money socked away.  The government isn't in a position to take care of us.  As life expectancy increases, that doesn't necessarily mean you will live longer and enjoy it. As we say to our clients, just because you may live longer it doesn't mean you'll live better. Quality isn't the same and quantity in this case.  

The bottom line is that is doesn't have to be all gloom and doom. If you are in a position to contribute something each month, even if it's just a few dollars, to your retirement plan, do so. Mix it up as much as possible by diversifying your portfolio. Consider both putting money into your savings while protecting your assets with a long term care policy, which is a great way to play offense and defense at the same time. 

Have questions or comments, put them in the comments section below. And in the meantime, stay healthy!

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!

Is The New Normal Is Here Yet?

Things have changed quite a bit in the last few months. Businesses, restaurants, theaters and malls have shuttered their doors. The ones that managed to keep afloat have reopened slowly. Sports organizations, from high school to professional levels, have had to move their schedules around with players catching the Coronavirus. If it wasn't for The Tennis Channel I would be out of my mind, as they managed to show a lot of smaller tournaments during the summer months to keep me occupied.

With all of this in mind, I went out to my mailbox this week to hear the familiar sound of a schoolbus. As it came down the street I was struck by the fact that I had not seen one in nearly six months. And as the kids are on a "hybrid" schedule, it was good to know that maybe things are slowly getting back to normal. 

Personally, I don't think we will be getting back to a real "normal" until next spring. But even then there will be a lot of changes. Of all of these changes, one will be how we do business in the insurance world. 

Like most life insurance agents, I have had to do more remote work. Actually, we had a lot of the systems in place already. Web based applications were being offered by nearly all of the insurance companies. Using an online calendar that my prospects and clients could use to book their own appointments was also around, and we had taken a serious look at using it. Covid just sped up our decision to implement it. 

Another change was the addition of some products to our menu. Sure, we always had access to policies like Hospital Indemnity and Cancer plans, but most were on a payroll deduction basis. Now we could offer versions that were "stand alone" plans, again with applications that could be taken right over the phone.

By using one of our carriers quoting engine for life and disability insurance (in the upper right of this page), readers of this blog could get a ballpark price of what a policy may cost. This saves you time, and with the "How much protection might I need" link, you can calculate the amount of coverage would actually protect your family instead of just guessing.

 Another change that was taking place pre-pandemic but has really gotten more attention in recent months has been the paramed requirements for life insurance applications. Having a nurse come to your work or office to get your vitals, along with some bodily fluids in some cases, has never been on anyone's wish list. The people who are taking the self-isolation more seriously than others don't necessarily want a stranger in their home, especially one who had been in the homes of other people recently. 

These paramed nurses, in my opinion, have always been very professional and take every precaution to protect themselves and their clients. But like I said, things have changed dramatically for them too. Some of the insurance carriers have changed their own underwriting rules. For instance, you can apply for a policy with one of our life insurance companies for up to $250,000 with no exam. The result has put several paramed exam companies out of business for good. 

There have been many changes recently, but rest assured that when we do settle in on a "new normal" we'll be here for you and your family. In the meantime, give us a call and let us help you now. And please stay healthy!

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!

Are You A Client Or A Patient?

Earlier this week I was chatting online with a sales guru who posed a question on his Facebook page. The question was "Do you have clients or customers?" Only a few people responded so I felt obligated to jump into the fray with "I'd love to call them patients, but the law says I have to call them clients."

The sales guru immediately responded, wanting an explanation for my comment. I told him that as a doctor promotes "wellness" and preventing disease, I like to tell my clients about "financial wellness", but instead of preventing disease, I help people find the potential problems they will face in their financial plans and remove those hurdles. Needless to say, he was impressed.

It all reminded me of the old concept of thinking holistically. When another insurance agent tells me they only sell one product I instantly cringe. "Specializing" in my world is an issue, because if all an agent sells is, say term life insurance, then he or she is not addressing all of the other potential landmines that could be in front of the client. 

Thinking holistically means looking at as many scenarios as possible, prioritizing and facing them head on. 

Would you go to the doctor that only prescribes one thing for all of his/her patients, or do you want the doctor to give you a complete check-up and get to the root of the problem?  Of course, you'd prefer the latter option. So why would you want to deal with a financial advisor who only sells mutual funds or an insurance agent who thinks everyone should "buy term and invest the difference"? 

Can you imagine going to a shoe store that only selsl size 7 shoes? What if you need a size 10 or a size 5? Making your foot fit "one way or another" does you no good. With that logic, if you need a disability policy, the agent who only sells term life is useless.

Our philosophy is that every investment and insurance product has a need somewhere, but not everything is for everyone.  An indexed universal life may be a great fit for someone, where a term life may fit the bill for someone else.  When certain financial "experts" give blanket advice in the media, they are doing a disservice to those who take that advice to heart.

Which is why we want to talk to you. We want to know what your goals are, what is important to you and, of course, what your budget is, so we can find the right insurance product for you. By doing a little fact finding and asking questions, we can find the solutions to solve your insurance needs. That is what we do. 

No two financial gameplans are the same.  People are different.  Their needs are different.  Their loss tolerance levels and time horizons are different.  At Surf Financial Brokers, we take the time to find out what your goals are - personal, professional and financial.  From there, we start a conversation that can change as situations change.  Events like the birth of a child, loss of a job or elder care make a financial plan a moving target.  

Let us help you with a free consultation. We have even made it easier by adding our calendar to the Surf Financial website. You can schedule an appointment that works for you and one of our agents will give you a call, with no pressure whatsoever. We just want to ask questions that will help us understand what your goals are and make "financial wellness" work for you.

 

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!

Insurance News You Can Use

Recently a few items of interest crossed my computer screen and I thought it would be good to share with you some news from the world of life and health insurance. As they say, knowledge is power, and being a knowledgeable consumer of insurance is always a good thing. So here are a few bits of news with a sprinkle of my comments mixed-in.

Let's begin with some troubling news from North Carolina. The insurance commissioner there, Mike Causey, has levied a penalty of $1.1 million on Gerber Life for claims processing violations and delays. The company is also paying $2.5 million in additional recoveries and interest to claimants. 

The insurance commissioner's office examined around 300 claims from over seven years, and they found a lot of violations with Gerber Life's accidental death and dismemberment policies. According to US News and World Report, "Biological parents were initially denied benefits for children and had to send in clothing receipts and other unnecessary documentation to prove a parent-child relationship." 

Also, the claimants had to sue to get their benefits and the company didn't pay for any of the attorneys' fees, nor did they pay interest on untimely paid claims. 

My thoughts on this are as follows: This is the kind of thing that makes my job harder than it already is. Mistrust grows from news of a company not wanting to or dragging their feet when it comes to paying claims. I'm glad that the insurance commissioner's office was able to find this problem and fix it, but that's just one insurance commission out of fifty. Are we to assume that Gerber Life only dragged their feet paying claims in North Carolina? 

In other news, one of our carriers, Guaranteed Trust Life, is changing the age eligibility requirements for their Short Term Home Health Care plan. Beginning September 3, 2020, the minimum age will be raised to age 61. The rest of the policy will remain the same with benefits like a prescription card and access to their  "Ask Mayo Clinic" symptom assessment tool. 

From my perspective, I love this policy, but I wish they didn't raise the age. Statistically, about a third of people who are chronically ill are under the age of 65. As many people in their 40's and 50's see their parents need care and realize how expensive it can be, these people begin looking into their options for Long Term Care and Short Term Care products. I like to call these folks "forward looking" and hate seeing their choices for good plans decrease. 

My gut tells me that the Covid-19 pandemic has affected the number of claims filed, but I'm not completely sure.

The Guaranteed Trust Life product is priced so affordably that I had many people who were not yet 60 years old interested. The good news is that the carrier offers a full line of other ancillary products such as cancer and critical illness plans that are still available to many people of all ages. 

One other bit of related news is that Covid-19 is impacting pricing and benefit options for those considering long term care insurance, according to the American Association for Long Term Care Insurance (AALTCI).

According to AALTCI director Jesse Slome, "Insurance companies are raising rates for new applicants, they are changing benefit options and in certain states limiting the ages of applicants."

With over 40,000 deaths in nursing homes attributed to the virus, it's easy to see why the insurance carriers are concerned. These facilities are overwhelmed and, as a result of the virus, also understaffed. 

As you can see, we at Surf Financial Brokers try our best to stay on top of the news in our industry. Look us up on the web and feel free to comment below. 

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!

Buying Life Insurance During a Pandemic

With the pandemic all around us, people are starting to look seriously at life insurance to protect themselves and their families. As a matter of fact, a survey conducted in May and June 2020 by Life Happens, an industry funded education group, found that 67% of Americans say that the virus has been a wake-up call for them and 30% say that life insurance has been one of the topics for dinner table discussion. 

Luckily, there’s never a bad time to make a financial plan and lock in coverage. Life insurance companies and agencies, like Surf Financial, quickly implemented plans to work around the hurdles of the pandemic. For instance, many of our carriers already had systems in place for agents to use web based application systems, but with some extra enhancements we can now have policies delivered to the clients directly instead of coming to our offices. 

Now is a great time to buy life insurance because some companies have started raising prices.  Before those increases kick in across the board, you may want to lock in on a great rate. It’s also a prime time to make an application that won’t require a medical exam. In the past, buying a no-exam policy usually meant paying more because the insurer had less information on you to assess their “risk” in selling you a policy. But the pandemic has made in-person meetings impractical, as well as unwelcome, so having a nurse do a paramed exam may no longer be necessary.

Even before the pandemic, many insurers had been working on ways to use data (such as electronic health records and prescription databases) as a substitute for medical exams and to digitalize the life insurance buying experience. Many life insurers quickly adapted by offering no-exam policies at prices comparable to policies that required an exam. This is giving life insurance buyers more choices for coverage—without worrying about how to get an in-person exam done. 

Note: You may still run into a medical exam requirement if you’re looking for a large amount of coverage (in the millions) or you’re older or have health issues.

Some life insurance buyers will purchase the maximum coverage they can get without an exam, even if they need more. For whatever reasons, whether for convenience or because they have a fear of needles. 

Whether life insurers will continue to offer no-exam policies after the pandemic remains to be seen. Exams could make a comeback if insurers see higher claims than they expected on policies that didn’t require a medical exams. If that happens, you could either see rate increases or the companies will start requiring exams again. 

Another school of thought is that carriers won't go back to the old ways. Part of this is because of innovations that were already starting before Covid. 

The unexpected closing of one of the three primary providers of life insurance medical exams also caused disruption. In early July, EMSI suddenly shut down and insurers had to scramble to get their applicants rescheduled with other exam providers. (The other two large providers are ExamOne and APPS-Portamedic.)

A typical life insurance application includes dozens of questions about your health, prescriptions, family health history, driving record and dangerous activities such as sky-diving. Since the application process is all about the insurer “assessing risk,” questions concerning the virus have quickly became a standard part of applications.

If you answer "yes" to questions like "Have you been diagnosed with Covid?" or "Has someone in your household been diagnosed with Covid-19?" you may not have your policy issued or it may be postponed.  And if you have had the virus and have recovered, you may still have some difficulty getting a policy, mainly because not enough is known yet about the virus. 

Insurance companies have always been concerned when it came to international travel. When the pandemic started, traveling internationally was seen as especially risky from a life insurance buying perspective. Most life insurance companies instituted postponements for applications until after the travel. Once you were back and healthy, and after a certain period of time such as 30 days, the insurer would consider your application. If you have plans for international travel this year, expect a delay on a new life insurance policy for at least 30 days. And that’s assuming you don’t have additional international travel plans.

If you’re ready to buy coverage, life insurance companies are fully open for business, but be prepared for potential delays due to the pandemic: You may experience a delay in the application process if your insurer wants to request medical records, as many doctors’ offices have reduced staff for doing such tasks. If your application will require a medical exam, you might also experience a delay, especially if you’re avoiding in-person contact with strangers.

Take time to look at how much life insurance you need. Applying now is easier than ever. For instance, we have added our calendar to our website, so you can schedule a time for one of our agents to call you to find out which plan you need and how to fit it into your budget.

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!

Non Medical Life Insurance

For many people, finding a no exam life insurance policy can be a great way to purchase a policy conveniently and quickly. But convenience is just one reason why people like life insurance with no medical exams. In today's world of Covid-19, as we try to do social distancing, many just don't want a nurse, no matter how sterile, to come into their homes. And I'm sure there are some nurses who are concerned about their safety as well.

I had a client from Florence, SC who was terrified of needles. It stressed her out to no end, but she needed some life insurance protection and reluctantly agreed to the paramed exam. The nurse told me later that the client nearly passed out and her blood pressure was very high, all as a result of her fear of needles. Again, convenience is not the only reason to purchase no exam life insurance.

These policies allow you to get term life coverage to financially protect your family in the event of your early death, without having to undergo a medical test. 

Whether you are looking at term life insurance or whole life insurance, it usually means passing medical underwriting — and that involves a medical exam in which a nurse meets you at your home or work. This exam can include the nurses getting your information, such as medications, but also having to measure your blood pressure, height and weight, and procure blood and urine samples.

Unfortunately, having to pass a medical test can be a roadblock for some people to getting this important coverage. Maybe they feel they can’t pass medical underwriting. Or, maybe, like the client I mentioned earlier, they just don’t like to be poked and prodded with needles. Either way, they put off buying the coverage they need to protect their family's financial needs.

Before we get started, let’s make sure you understand some basics about no exam life insurance. There are two types of these policies - simplified issue and guaranteed issue. 

When it comes to simplified issue no exam life insurance, you simply answer a series of questions about yourself and your general state of health to qualify. If your responses fall in the parameters of the insurance carriers underwriting limits, you are halfway there.  That’s different than the normal underwriting process where you have to undergo a medical exam. Be aware that the life insurance company can still request your medical records. Depending on the face amount, your age and whether or not you smoke, the carrier may forego asking for those records as well. However, there is a trade-off for these so-called “simplified issue policies.” They will usually be a little bit more expensive than their medically underwritten counterparts. 

For instance, I had a 30 year old woman, non-smoker and in overall good health, in Myrtle Beach, SC apply for $250,000 20-year term policy which required no medical exam. A comparable policy requiring the exam came in about $9/month cheaper. As you can see, the risk to the carrier was built into the premiums.

Guaranteed issue policies tend to come in the form of whole life policies and are usually taken by those who have health issues which would normally keep them from getting coverage. There is no medical exam, no health questions and the price can be higher. Typically these are bought for final expenses associated with funerals and some may have limited benefits for the first two years of the policy.

I advise my clients to be truthful in answering the survey questions. If the carrier finds that you may have "fudged" your information they can void your policy.

At Surf Financial Brokers we have several companies who offer non medical life insurance policies. Book an appointment to speak with us and go over your options. And in the meantime, stay healthy. 

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!

Advancements In Cancer Treatments and Cancer Policies

As new advancements in cancer treatments develop, many of these innovations are not covered by traditional health insurance or even Medicare, or they can require strict adherence to Medicare guidelines. Additionally, increasing out-of-pocket medical expenses such as health insurance co-payments and deductibles can leave many unprepared for the high costs associated with a cancer diagnosis.

One of our carriers, GTL, has formed a partnership with TGen, one of the leading nonprofit medical research institutes in the world. The result is a policy* that gives you and your family access to revolutionary genome sequencing technology and consultative services from TGen's expert cancer ace of mind in knowing you have access to one of the most advanced medical technologies which may give you your best shot to beat cancer.

• Confidence that his insurance coverage can help give access to a highly precise and individualized plan of care based upon ground-breaking research.
• Consultations for you and your doctor with a TGen oncology expert to explain your sequencing results and treatment recommendation. 
• Cash to cover the high out-of -pocket costs associated with cancer and comfort knowing your bills can be paid. 

Your uniqueness plays an integral role in how you develop and react to cancer and even how you react to treatments. So if cancer is as unique to a person as their DNA, why would cancer treatments be the same for everyone?

Your genome is the complete set of your DNA. It is your blueprint. It's your personal set of instructions for what makes you unique. Genomic sequencing provides TGen's experts your complete genetic code which is sorted and studied. Sequencing can be used as a medical tool that unlocks the power of your genome to help create treatment plans that are more precise and individualized.

Genomic sequencing:

• Analyzes a patient's tumor "fingerprint" to see if there are therapies that have worked well before.
• Allows the oncologist to match each patient with the best treatment based upon the underlying biology of your specific cancer. 
• Makes medicine more rational, personal and precise by identifying molecular targets before treating the cancer
• Identifies whether targeted drugs that support your own immune system's ability to fight cancer could be beneficial to you. 

So how does all this work? When a patient is diagnosed with cancer and files a claim with GTL, the patient informs the doctor that they have access to genome sequencing through TGen. The biopsy is taken and sent to TGen. GTL then pays the benefits for the testing and any consultative services. The patient and doctor get one-on-one consultations with a TGen oncology expert to explain sequencing results and treatment options. 

All of this sounds very technical, but the bottom line is that cancer research has advanced tremendously over the last few years and cancer policies have had to keep up. This policy will not only pay benefits for those very high out-of-pocket expenses that can be incurred when one has cancer, but can also give you a better shot at recovery. 

And we make it easy to apply for coverage, as it can be done completely over the phone. During these days of Covid-19 most people don't want an agent visiting them in person. You can even set your own appointment with us and let us know when to call. Our goal is to make the whole process of getting a cancer plan as easy and convenient as possible. 

For a short video on this awesome plan, click here. And please stay safe and healthy!

*This policy is not available in all states. 

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 I Need Disability Insurance? Pt 2

On my previous post we discussed some general information about disability insurance (DI). I mentioned that if you are sick or hurt and unable to work nothing happens to your bills. They just keep coming. This is how we need to regard DI. Yes, it's to help you if you are disabled, but more importantly, it's an insurance policy for your paycheck.

Consider for a moment your annual income. Now imagine that you have a magical money machine in your home and once a year when you turn it on it prints the same amount of money as your income. The question is this: Would you insure that machine? Of course you would!

That machine is YOU! You are the one making the money and you need to insure your income. As I wrote in the last post, your greatest asset is your ability to earn a living. 

There is another part of this that rarely gets mentioned and that is that no one wants to be a burden on their family. Short term or long term, having to depend on others for your care can make a bad situation worse. Not only can you not work to provide for your family, but you may have amassed some medical bills on top of the bills you already have. 

Then there is the issue of the loss of independence. Not yours, but your family's. Someone may have to take care of you while you are healing, assuming that you will get better. Non-professional caregivers, such as your spouse or adult children will now be charged with preparing your meals, bathing you and taking you to physical therapy. Even though they love you and will feel obligated, eventually a bit of resentment will set in. 

All of the above nightmare scenarios can be avoided with the purchase of a DI policy. For many people the cost is reasonable and is worth the peace of mind that it provides. I have placed polices on school teachers, attorneys, realtors, cosmetologists and many other professions. A few years back we had an unusual case in which the client was a mechanic on a tug boat. After a few days of waiting the underwriter, who apparently spent many hours trying to find a suitable occupation class, finally gave us a verdict. The client gladly accepted the offer. 

We have one insurance carrier who will take on occupations that other companies will refuse. Farmers are especially difficult to insure, but this company will. But my favorite occupation they insure isn't an "occupation" in the sense of the word.

Stay-at-home spouses typically have no income, but if something were to happen to them, there would be a financial burden on the family. The kids may have to start going to daycare or have someone come to the home to "babysit". Either way, that can cost a lot of money. Our carrier will insure a stay-at-home spouse if they get sick or hurt, as long as the working spouse has a policy with the company. 

One of the features of a DI policy is the "elimination period". Think of this as your deductible, but instead of dollars it's measured in time. A typical group short term disability policy may offer a 0/7 elimination period. This means that the policy benefits will begin on the first day after an accident and the eighth day after a sickness. If you want to save money on your premium, you can purchase a policy with a longer elimination period, like 7/7 or 7/14. 

When we talk to folks who are self-employed or business owners about our individual policies, they are usually offered a 30, 60, or 90 day elimination period. Even though it may sound scary to have to "self-insure" for a longer amount of time, most of these people have some money stashed away in savings just for this reason. 

Take a minute and try out our DI quote tool in the upper right corner of this blog. It will ask you a few questions and give you a pretty good estimate of how much coverage you can get on your budget. 

A large majority of DI claims are for illnesses, and with the pandemic upon us now is a great time to look into getting a DI policy for yourself. Stay healthy and please subscribe. 

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.

Do I Need Disability Insurance? Pt 1

In the world of life and health insurance sales, one product is considered to "undersold" more than others, and that product is disability insurance (DI). Sometimes known as "disability income" coverage, DI is usually sold by agents who work in the worksite or payroll deduction market, such as Aflac, Colonial Life and others who sell benefits in the workplace. These companies typically have a participation minimum, such as 3 or 5 employees having to buy the product, as well as caps as to how much they will pay out.

Then there are agents like myself who work with individual clients, mostly business owners, contract employees or otherwise self-employed people, who don't have access to the previously mentioned companies. Also, many of these people actually have an income that is above average and need higher benefit amounts.

Whether you have access to DI through an employer or not, the question remains: Do you need it? To answer that, we need to ask one more question: Do others depend on your income? Is your income needed to pay the bills, pay off debt, pay for utilities or groceries? Is your family dependent on your income to provide for educational expenses or transportation? 

When I talk to prospective clients I always ask what their number one asset is. They usually say something along the lines of their home, their business or even their car. (One lady told me it was her sparkling personality.) None of those answers was correct. Their number one asset was their ability to earn a living. Without that, they could not pay for the house, or the car or fund their business. 

Our income provides us with the ability to eat, enjoy TV and generally live indoors. I don't know about you, but I enjoy my air conditioning and hot water. 

The premise of DI is clear, but getting a policy can be a little more difficult than life insurance. Both are underwritten on the basis of your age and health, but DI is also underwritten on the basis of the type of work you do and your income. The safer your job, the lower your premium. A real estate agent will generally have a lower rate than a welder. Certain professions are very difficult if not impossible to insure, such as roofers. 

On a sidenote, I once had a client apply for a policy who liked to fly small airplanes. The insurance carrier actually had me complete an additional form for this avocation as I was a bit concerned. After not hearing back for a few days I called the underwriter to get a decision on whether or not the policy would be issued. The nice lady said, "If we were selling life insurance to this guy, I'd be concerned, but with the kind of plane he's flying, I'm not too worried about it." I asked if she thought it was a safe plane and she said, "No, but if he crashes he won't survive to be disabled." 

Sometimes income is verified when the application is taken but I have had occasions when it was verified during a claim. Either way, the insurance carrier will usually ask for a copy of tax returns. This can vary depending on the insurance company. 

In the next post we will look at how much coverage you should look into applying for and a few other nuances of DI. In the meantime, run a quote for yourself. In the upper right corner of this blog is a calculator that will give you a ballpark estimate of what a policy may cost for you. All rates are subject to underwriting, but at least you'll have an idea. Stay healthy and I hope you subscribe and share with your friends. 

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.

Insurance News and Updates

With Covid looming over us, there have been a spate of changes in the life insurance business. Some companies are suspending sales of certain products while others are thriving. We recently got word of two changes that probably won't affect a lot of consumers but from an agency point of view, we hope it's not a trend.

First, we learned last week that Prudential has decided to suspend the sales of their PruLife UL Protector product. This was a universal life policy with growth based on interest rates, and with rates so low the company states that "we have decided that we can no longer offer UL Protector in a way that provides strong consumer value and prudently supports our business objectives." 

Translated to English, that means that the low interest rates were not sustaining the policy enough, which would have probably led to premium increases that would have made the policy less competitive price wise. Given that there are still potential claims to be paid on "in force" policies, Prudential decided to cut their losses. 

Another recent victim in the insurance industry isn't an insurance carrier, but an ancillary paramed exam business, EMSI. One of the major players in home health exams for insurance companies, the downturn in volume has forced them to shutter their doors, and their website. 

According to a press release, they ceased operations on July 3, 2020 and stated that "COVID-19 has disrupted families, communities, and businesses in our country and around the world. EMSI has become a casualty of these unprecedented times, as the pandemic has severely depressed service volumes. As a result, all company operations ceased on Friday July 3, 2020. We are thankful for all our customers and to EMSI staff and partners for their service to EMSI and its clients."

In recent years, several insurance companies have used less paramed exams due to the cost and have made changes in their underwriting requirements. One of our carriers doesn't require an exam for any of their policies with a face value of under $250,000 for younger applicants. They have also put in a limit for their disability plans. This eliminates a lot of exams, and in turn, overhead. The nurses who work for these companies are usually freelancers and get paid only when they do the tests. Luckily for a few of them, they can contract with various companies at once.

Like I mentioned earlier, in the short term neither of these changes will have an impact on you as a potential buyer. You can still apply great life insurance plans and go through the normal underwriting processes. However, if the current situation with Covid-19 persists, and if economic conditions continue as they are, we will see more changes like these in the insurance business, as well as in the other businesses that are connected. 

One of our jobs at Surf Financial Brokers is to stay on top of these changes so you don't have to. Just as you would want your doctor to stay up-to-date on medical issues, you would want us to be informed as much as possible when it comes to your "financial wellness". We do our homework and know that you want to deal with a professional organization.

If you find this blog helpful, please subscribe and send the link to a friend. And as always, please stay healthy.

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.

The Ever Changing Covid Landscape

A couple of weeks ago I had a routine follow up visit with my family doctor. Everything was good (thanks for asking!) and our conversation eventually got to Covid. She mentioned that her medical practice had expanded their office hours and was now doing drive up testing on the weekends. "But we can do one on you right now if you want," she said. "I'm pretty sure your insurance will cover it if we do it here in the office."

That sounded good to me and the next thing I know she has what looked like a long cotton swab inserted down my throat. After a slight gag (apparently the sign that I'd had enough) she told me that the results may take a few days. A few days almost turned into a couple of weeks but I eventually found out that I was not infected. 

I was doubly fortunate. First, my results were negative, and given that I live in a designated "hot spot", I had resigned myself to the possibility that I could get the virus. But I was also grateful to have insurance cover the cost of the exam.

Getting a phone call through to this doctor was nearly impossible, so I had to physically drive to their office and ask someone in person for my test results. While there, I asked about the anti-body test that was available at a local blood drive. I had received an email from a local professional organization to come down and donate blood, at which time they would be conducting the anti-body test.

The nice lady, who wasn't my doctor but had access to all of my information, let me know that the anti-body test was not as accurate as previously thought, but more importantly to me, my insurance may not cover the cost. I was under the impression that it would be part of my "donation" of blood, but she looked at me like I was naive. I get that a lot lately.

The second reason I was grateful was that I still have my insurance. Unfortunately, about 5.4 million Americans have lost their medical insurance coverage between February and May of 2020. The nonpartisan consumer advocacy group, Families USA, found that the estimated increase in uninsured workers was 40% higher than the highest previous increase, which occurred during the financial crisis of 2008-2009.  The bottom line of all this is that more people are lacking health insurance that ever before.

As less Americans have health insurance, more are applying for life insurance, especially younger people. Those under 44 years old have posted a 3.9% increase in applications, which may not sound like a lot, but it is when you consider the financial pressure everyone is under. 

Many carriers have tightened up their underwriting procedures during the pandemic, which may be keeping older people from applying for coverage. Or the disparity may be attributed to the way life insurance, as well as over types of coverage, is sold. With companies going to a more digital application process, older folks may not be applying with an agent as they usually would. 

Our agency, Surf Financial Brokers, has tried to make it as easy as possible for everyone to apply for life insurance. People can go to our website and book their own appointment, at which time we give them a call, usually scheduled for 30 minutes, to find out what their needs are and what the budget is.  And if we can find a policy that is a good fit, we can take their application right over the phone. 

Let us know if you need help with your life or disability insurance needs. And as always, stay healthy!

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.

How To Avoid Using a GoFundMe Page

One of the many faults of our current healthcare system is the dizzying array of deductibles and out-of-pocket expenses that come when we least need them. A few months back I spent nearly a week in the hospital. The total bill was over $80,000 and thankfully my health insurance covered the vast majority of it. However, I still had bills to pay. Yes, my deductible is high and I expected that, but there was also the issue of various health care professionals who were not in my network, as well as my loss of income. 

When the dust settled I was on the hook for around $7000. That's a lot of money, regardless of your income. One option could have been to to call the hospital and the other providers and ask to be put on a payment play. There's nothing like making payments for the next 10 years. Or I could have started a GoFundMe page and asked friends to pay for me.

As an insurance agent, I think a GoFundMe page is a horrible approach, yet many people do it. And not trying to sound political here, but I find it ironic that the people who claim to be against socialized medicine are the ones I know that have gone that route. In other words, the very people who think that we shouldn't have to contribute through taxes to assist those who can't pay their medical bills are asking their friends, neighbors and family members to contribute to their medical bills. 

Some will argue that it's different because they are not being forced to pay into a government plan, but the concept of having to chip in when someone didn't have insurance is generally the same idea. Voluntary or not, having a community of people give "assistance" is still a socialized plan. Or is it? 

Sometimes I have these kinds of thoughts and question if I've thinking in the wrong direction. So I picked up the phone and asked a few people I trust and respect for their thoughts on the matter. A couple of them were also insurance agents who I have known and referred clients to in the past. Another group were local business associates I network with locally. I asked them all the same question without being too specific. And for the record, none of these people were extremely political in one direction or the other.

The question posed was as follows: If someone doesn't have health insurance and starts a GoFundMe page to pay their hospital bill, does asking others to contribute amount to socialized medicine?  For the most part, they all said it did. There was a bit of discussion as to the difference between being forced to pay taxes or "contributing" voluntarily, but the general consensus was, in the words of an attorney friend, "If you're having others pay your bills, you've just become a socialist." 

That all being said, there is another option, and that is to shift the burden to an insurance company. With an affordable supplemental plan, such as a Hospital Indemnity plan, these out-of-pocket costs can be reduced dramatically. These plans pay you, not the doctor or the hospital, and can be used at your discretion. Many are available through work, via payroll deduction, and have saved many a family from financial ruin. 

Don't rely on the kindness of others to cover your bills. I've attended too many fish fries and other fundraisers when there's a need, but it could all be avoided by having proper insurance in place to begin with. If you have a question or would like to start the application process, go to our site and book a phone appointment. We'll be happy to assist you. And as always, stay healthy and safe.

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. 

Professionalism In Life Insurance

Selling insurance is a highly regulated affair. Agents have to go through a series of exams and ongoing training in many areas, such as our duties and responsibilities as fiduciaries. In my home state of South Carolina, for example, we are required to have a portion of our continuing education courses include an ethics class.

All of this revolves around the professionalism of agents selling life and disability insurance, as well as other types of coverage, such as cancer plans, Medicare supplements and more. When talking to clients, agents have to discern to the best of their ability, what is in the interest of the client. That means asking a lot of questions and learning what the client's needs and budget are. 

I have had people get mad at me as I questioned them on their debt, income, family dynamics and work life. It is a process we in the business call "fact finding", but it can be intrusive to some. At the end of the process I usually ask for some feedback like, "How do feel about the conversation we just had?" I get all kinds of responses, from "uncomfortable" to "good". But the most common remark I hear back is, "You made me think of things I hadn't considered before." 

Getting people out of their comfort zone is part of being an effective life insurance agent. But the key is to do it professionally and tactfully. I have witnessed agents berating clients and squirmed as they made comments like,"What were you thinking when you took on all that debt?" or "Why would you want such a small policy?" Not good.

One of the reasons it is legislated to take continuing education courses is because of these kinds of actions. On many occasions I have wanted to scream at someone for making a bad financial decision, but I don't. Clients usually are aware of their own bad choices and giving them a hard time about it doesn't make me a good agent. Instead, I try to bring up the subject and think of ways "we" can resolve it. 

Another part of this discussion is how we deal with our senior clients. As mentioned earlier, many agents work in the Medicare market, which also can lead to sales in final expense life insurance and products dealing with chronic illness, like Long Term Care and our newer Short Term Home Health Care policies. I have colleagues who love to work in the "senior market" and are very good at it. They are patient and very low-key, which is how it should be done. Many times they'll ask the client if there are any adult children who need to be involved in the process and invite them to participate in the discussions. Again, it is all about ethics and doing the right thing. This is also a great way to build trust and earn referrals.

I, on the other hand, prefer to work with business owners and self-employed individuals. Nothing against seniors, but as an entrepreneur, I appreciate that these people typically have no benefits through work and have to cobble together a "package" to protect themselves and their families. Again, I have a duty to find out what their pain points are and find the best way to help. 

One thing that can get people off track is the word "commission". Yes, I work on commission, as do countless others in the insurance industry, but that doesn't make us all sinister and greedy. Are there a few bad apples? Of course, but as I've stated in earlier posts, those agents usually don't last long in the business. As the president of Surf Financial Brokers, I am always on the lookout for good agents, but I usually will only take on an agent who has been in the industry for at least two years. It's not a very scientific approach but it let's me know that the agent will probably stick around for the right reasons.

If you need help with your life or disability insurance, please let us know. You can book a phone appointment here. And as always, stay healthy. 

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.  

4 Ways We Are Making Buying Insurance Easier

Buying insurance has always been a hassle for most people. I am fully aware that of the stereotype of the high pressure insurance salesman, pushing the client to spend more "for the family's sake". Life insurance agents are painted as cheesy villains, much like used car sales people. I remember commercials on TV that would mention "no salesman will call on you", which implied that you could get a policy without that horrible person coming to your home.

As an agent who has been in the business for years, I can attest that there are a few bad apples in the business. However, those people generally don't last long. Not working in the interest of the client (and only for a commission) eventually weeds them out. And the vast majority of us are generally doing what we think is in the client's interest. 

With all of that said, and against a backdrop of Covid-19, we at Surf Financial Brokers have taken measures to make purchasing life or disability insurance as easy as possible for you. Here are a few ways we have done this:

1. Our quoting engine in the top right corner of the page. Even though this is from just one of our carriers, it gives you a ballpark of what a policy may cost. You know your budget better than we do. Find out what you can afford and work from there. Whether you are seriously considering purchasing a life or disability policy, or just "kicking the tires", you can figure it out without an agent looking over your shoulder. 
2. Our scheduling calendar. Rather than trade emails back and forth to determine a time to discuss your insurance needs, you can now see what times we have available and schedule a time that works for you. We'll give you a call to discuss your needs and go from there. Our calls rarely last more than 30 minutes. 
3. Phone applications. As mentioned in an earlier post, we can take your application over the phone in most instances. Some of our carriers prefer to do a "drop ticket", in which we get your basic information and they have an underwriter take the rest of your information directly. Either way, you can be in the comfort of your own home or office without having to travel to an insurance office. 
4. Contactless delivery. Several of our insurance companies have now made necessary changes to get you your policy without having an agent have to be there to get signatures. 

One of the few good things the pandemic has brought about was much needed change to an industry that sorely needed it. And to honest, it's made our work easier too. Speaking for myself, I can now spend less time prospecting and more time helping the clients we have. As a result, our clients know that we will be available if needed. That gives them peace of mind knowing that their families' financial security is taken care of, and not wondering if the agent who sold them a policy is still in the business.

We realize that you can get a life or disability policy (we also offer a full line of ancillary products) anywhere, but we hope that by making these minor changes you will decide to give us an opportunity to help you secure your family's needs. 

And as always, stay healthy.

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.  

My Plan Before Covid Struck

When I wrote my book on sales, "You're Going To Be Great At This!" in 2017, I had a strategy in mind for marketing it. I had been attending my local Toastmasters group for a few years and was working on my speaking skills. While there I met some people who were also aspiring authors and were working on presentation skills to support their books. 

My plan was to use my book, my speaking engagements and my insurance agency to all promote each other. If I spoke, I could mention the book and my agency. When meeting insurance clients, I could mention my book, etc. I could also speak locally to civic and other organizations on insurance topics, hoping to attain to clients, as well as talk up my book. 

Things were starting to happen. I was asked to speak to some new real estate agents about sales, and in my talks I mentioned the book, as well as life and disability insurance. One of the interesting things that happened was that I was enjoying it all. The change was fun and interesting. 

As I mention in the book, the first thing we are selling is ourselves, and I took that thought and ran with it. My agency grew a bit slowly, but steadily. Not only did I get a few more life insurance clients but I also met some agents who wanted to work with me. And I also met some great people along the way who were willing to give me some guidance, which I can always use. 

In a nutshell, I had created a PR firm with one exclusive client - me. 

Then the virus hit and things changed quickly. My insurance business dropped some, but not horribly. Since I typically meet people in coffee shops or their place of work, I just couldn't get out to see people with the quarantine in place.There was interest in some policies since a pandemic was hovering overhead. However the speaking engagements I had booked evaporated.  I was looking forward to doing one in particular, which was ironically at a long term care facility, speaking to a networking group consisting of good people who offer products and/or services to seniors. The people now had a whole new set of problems to deal with and I wasn't on their radar at all.

Taking a good look at the rest of the business community I could see others adapting to the brave new world. More video conferencing would have to happen. "Distancing while selling insurance" became my new mantra. And since I was selling myself, I needed to step up my social media game. More than ever, I was going to have to find more efficient ways to market my book, my insurance practice and my burgeoning speaking business. 

We've had the systems in place to take insurance applications over the phone for years. As a matter of fact, I've done it a handful of times and had no issues. Now I just needed to let people know that this was available as an option. Slowly, people are starting to realize that they can book an appointment with me online and have a good conversation to discuss their needs and budgets.

Using that knowledge, I transferred it to my other businesses. Where I was planning on speaking to a group in person, I can now use Zoom (or another app if needed) to speak to groups. And thankfully my book sales have continued to be steady. 

My hope is that when this is all over and we get back to a sense of normalcy again, I'll be able to get in front of a group, large or small, and give another one of my talks, either discussing insurance products we offer or the sales process. A colleague and good friend said that he thought the Covid situation was going to give us all a "reset" on all businesses, not just insurance sales. We are all having to make changes that may stay with us for a while. That's fine. I'm definitely flexible as long as it works. 

Let me know if you have had to make changes and if they are working. In the meantime, I hope you all have continued success and I look forward to seeing (or hearing) from you soon. And as always, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, as well as a professional speaker helping sales people be more productive and efficient.

Covid-19 and Disability Insurance

As the pandemic continues to work its way across the country, there is a lot of uncertainty. But one thing is for sure and that is that people who have disability insurance (DI) in place, whether through their employer or bought as an individual plan, are grateful to have it right now. And I don't think any of our clients will be cancelling their coverage any time soon.

More than ever Americans are learning how valuable their DI plan is. In a recent conversation with a local business owner, she asked me if I would prefer short or long term disability during a time like this. Not trying to sound trite, I said it would be best to have both. This is because the Coronavirus can put you in the hospital for a few weeks, and short term DI is good for that, but other ailments may not be getting treated in the meantime. Elective surgeries can be postponed, leaving people out of work for longer amounts of time. 

One thing to be aware of is that if your employer is offering to pay for your DI coverage, that benefit can be subject to income tax. And if that benefit is around 60-65% of your income (which is close to your take home pay), expect to get another haircut from Uncle Sam. In the same vein, if your company offers a Section 125 plan, in which you can have the premiums deducted "pre-tax", again you may be subject to taxes. 

On the other side of things are the people who have to get their own individual policies. This makes up the vast majority of my clients, who are business owners, self-employed realtors or other contract employees. Generally speaking, the people who purchase their own DI are cognizant of why they need this protection. If they can't work, they can't pay their bills. For a affordable premium, these folk can shift the onus to an insurance company. 

Since these entrepreneurs are in different fields of work, from barbers to realtors to attorneys, they all have differing risk factors with their jobs. But the one thing they all have in common is that they have to work with other people who may or may not be contagious. 

As I watch our local news, I see that restaurants are closing temporarily as employees begin to test positive. I applaud them for being proactive and taking action. But if that is your co-worker, how confident or nervous does it make you knowing that you could be out of work due to the virus?

In the upper right of this page you can run your own quote (it's an estimate subject to underwriting) for disability insurance. It only takes a few minutes so check it out. You may be surprised as to how affordable it really is. 

If you have any questions about our DI plans, or any other plans we offer, feel free to drop us a confidential message from our website. We will respond promptly. And as always, please stay healthy. 

Chris Castanes is the president of Surf Financial Brokers, as well as a professional speaker helping sales people be more productive and efficient.