An Interview With Our Own Insurance Goddess

From time to time I like to talk with someone I know and admire, hoping that they will instill some wisdom that can help me succeed. So last week I talked with my good friend and colleague, Jeanne Doran aka The Insurance Goddess. We discussed how she and I met and I asked for her permission to use some of her sage advice in the blog. As a gracious lady, she said yes. 

I met Jeanne about 10 years ago when I was selling health insurance (pre-Obamacare). She was working for the Gilston Agency in Charleston, SC and I was contracted through them to sell a major medical coverage. I'm not sure if she was a CSR but she helped me over the phone and email with some issues occasionally. Always helpful and a bit sarcastic (like me!), I kept in contact with her, even after she had moved on from Gilston and had become an independent agent. I had a life insurance carrier that I liked to use and got Jeanne contracted with them. 

More importantly though, I would call Jeanne when I had questions about health insurance. She was, and still is, a great resource when an answer is needed quickly. Over the years we have remained friends and I was enthused when she finally accepted my offer to work with Surf Financial Brokers. She even let me put her picture on the website! 

Without further ado, here is a snippet of our conversation.

Me: I know you told me this before, but it wasn't your idea to go into the insurance business, was it?

Jeanne: Honesty, my husband recommended I work in the insurance business. He thinks I'm good with people.

Me: Well, you are. How do you find your prospective clients?

Jeanne: My business primarily referral based. Once I have assisted a client with their insurance needs we look at other options to round them out.

Me: That makes sense. How do you prepare for a client meeting?

Jeanne: Typically I cross evaluate types of plans within the product line they are looking for.   For instance, if it's a health case I look at BCBSSC (Blue Cross), United, and Aetna, then look at the costs versus the benefits and share those details at the "meeting". And I always keep in mind there may be something more for them to round them out.

Me: Do you attend any kinds of networking groups?

Jeanne: I only am in one networking group at this time and it's industry based.

Me: Not counting my book, do you recommend any good books on sales? 

Jeanne: The Tipping Point. Seven Habits of Highly Effective People. The Power of Positive Thinking

Me: Malcolm Gladwell is a favorite of mine too.  Do you have a mentor?  

Jeanne: My first Mentor was David Gilston.  He is a broker who has stood the test of time. He'd say, "when the rules change, teach me the rules, and I will win every time."

Me: How have you become a mentor for others?

Jeanne: I have a circle of fellow agents who are part of my "team" and we bounce ideas off each other!  I like to think I am their mentor!!

Me: Well, you are the Insurance Goddess! On a different note, has Covid affected your practice?  

Jeanne: Yes, I rarely meet prospects in person any more.  I am learning to be effective with Zoom and am always looking for the best ways to connect.

Me: What did you do with your first commission check?  

Jeanne: Now that was a long time ago, so I must have used it to pay household bills!!!

Me: We have all dealt with strange people from time to time. Have you ever had a strange or unusual encounter with a client?

Jeanne: Have I EVER! I was assisting one lady with her health benefits and her husband, who had a type of early onset Alzheimer's, strode by the table several times, pacing back and forth. Finally he went upstairs and when he came back down, he did not have anything on but his shirt. 

Me: I hope you got them both "covered". 

I hope you learned a little about Jeanne as we pull back the curtain to take a peek at a day in the life of an insurance agent.  And in the meantime, 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!

How Do The Self-Employed Get Benefits?

I am very comfortable working in the group benefits market. Helping people who work for large companies, school systems and municipalities has been part of my world for nearly 20 years now, and making sure they have the right benefits is a task I welcome.

At the same time, I focus the majority of my efforts toward those people who don't have a large corporate employer. As a 1099 contract employee, I realize that it is up to me to find my own affordable benefits that will help me and my family in the event I should get sick or hurt, or worse, die. That is why I enjoy helping other business owners, entrepreneurs, sales professionals and the otherwise self-employed get the coverages they need.

There are a few differences in the types of products available. Those large group products have less underwriting, and in some cases no underwriting. "Guaranteed issue" means that the insurance will cover a person with no questions (except tobacco usage). "Simplified issue" is another option, which means there may be just a few health questions. Those "knockout questions" will decide whether or not a policy gets issued. One "yes" can do you in.

But policies that are issued on a guaranteed or simplified issue basis typically take on more risk, and that risk is passed on to the employee of the group in the form of higher premiums. One of the tricks agents us when selling in the group insurance field is to quote the premium based on pay frequency. If you are paid weekly, $10 each week sounds a lot better than $45 each month. 

For the rest of us, having to find coverages that aren't deducted from our checks can be overwhelming and daunting. It doesn't have to be that way though. Use a couple of our tools and watch our product videos to see what is available and how these products work. 

Let's look at a few of these insurance products.

• Life insurance. We suggest that you take a look at affordable term life insurance while you're working, but maybe also get a small permanent policy for final expenses. For our younger clients we offer a term life insurance policy that will carry them out to age 65! And there is no medical exam* for policies under $250,000. 
• Individual Disability insurance. This should be called "paycheck insurance", because that is the purpose of this policy. When trying to determine how much coverage you should apply for, I suggest the "H.U.G." method by figuring out much monthly expenditures are for housing, utilities and groceries. (Note: individual disability policies generally don't cover maternity unless the doctor deems it necessary during the pregnancy.)
• Business Overhead Expense insurance. This is another version of the previously mentioned Disability insurance, but the benefits cover the bills of your business, not your personal bills. If you rent an office, have utility and payroll expenses, this plan gives you the time to think your options over if you get sick or hurt and are not able to work. You may recover, retire or sell the business, but you won't be rushed into a decision.
• Cancer insurance. I have found that when working with large groups of employees, cancer plans are popular through word of mouth. If one employee is diagnosed the other staff members realize how expensive the out-of-pocket costs are. We have a couple of different options for cancer insurance, one being a traditional reimbursement plan, as well as a lump-sump plan. Both can cover deductibles and co-pays and offer a wellness benefit. (One of our plans also covers several other diseases as well, like meningitis and tuberculosis.)
• Cancer, heart attack and stroke insurance. These plans give you the option to choose if you want coverage for one, two or three types of illnesses.
• Accident insurance. Coverage for any type of accident, from cutting your hand and needing a few stitches to serious automobile wrecks. As long as you get some medical attention these plans pay a benefit. Great for active people or if you have kids who play sports.  

If you are interested in learning more about these products, visit our Products and Quotes page from our website. There you can run your own quote for life and disability insurance, as well as watch some short videos about some of our other products. If you have any other questions, leave us a note on our contact form or book an appointment for us to give you a no-pressure call.  In the meantime, stay healthy!

*Medical records will be requested and may result in some clients needing an exam. 

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! Thanks! 

The Passing of Alex Trebek

I think most of us can agree, 2020 has been a horrible year. And to make it worse has been a series of celebrity deaths to cancer. Neal Peart, Chadwick Boseman, Eddie Van Halen and, most recently, Alex Trebek, have all succumbed to various forms of the disease. Though it may have been a surprise to the public when it happened, it may have been expected for them, as they had been diagnosed long before.

Cancer rarely sneaks up on someone and kills them. People usually don't feel well, so they go to the doctor and get diagnosed. Boseman had been diagnosed four years before passing away in August. Neal Peart had known for two years he was ill and swore his close friends to secrecy. And Van Halen had been receiving treatments off and on for nearly 20 years.

Alex Trebek was a different story though. He went public with is diagnosis of pancreatic cancer in March of 2019. He remained on television throughout it all, looking healthy and maintaining his good grace. "Jeopardy" fans knew he was sick and sent good thoughts and prayers. I was one of them.

It's important to note that he taped his last episode on October 29. That was just a week or so before he passed away. (His final episode is scheduled to air on December 25). 

What does this tell us about cancer? For one thing, it can affect anyone, regardless of status. Cancer does not care if someone is a celebrity. However, when a famous person dies of cancer, it does bring the spotlight to the disease, even when there is a pandemic of Covid going on around us. 

We also know that there are different types of cancer. Van Halen's throat cancer was treated in a much different way than Boseman's colon cancer. As patients, they received treatments like surgery, chemotherapy and radiation, but in varying degrees and doses.

Also, people handle their diagnosis differently. Some prefer to keep their illness private, revealing it only to friends and family, while others feel comfortable going public. I can fully understand both sides of it, but when a celebrity goes public with an illness, cancer or anything else, it brings attention and awareness. This can translate to funding for research into cures and treatments. 

What can you do? First and foremost, ask your doctor about screening options. Depending on your age and family history, your doctor may suggest a screening of some type. Finding cancer early can increase your odds of surviving. 

Of course, you can also purchase some sort of cancer insurance. There are a lot of options to fit your needs and budget. All of them pay you, not the doctor or the hospital, so you can use the money as you need. 

We offer traditional cancer treatment plans, that pay you based on the treatments you receive. For instance, these plans pay benefits for an initial diagnosis, hospital confinement,  surgery, prosthetics and other treatments. These plans can pay out a fairly high amount of money but remember that cancer treatments can take months or years, and you'll need to stay on top of everything like receipts and travel mileage for out-of-pocket expenses.

There are also lump sum policies that will pay one lump sum of money. Many people prefer this method as the benefit is pre-determined at the time of the application and they don't have to worry about turning in receipts for months on end. And one of our carriers who offers the lump sum option also includes free genomic testing, which can assist your caregivers in developing a treatment plan.

We also offer a combo cancer/heart attack/stroke plan, for those who are concerned about these three health issues. 

If you would like information or a quote, go to our website and set a phone appointment that works for your schedule. 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! Thanks!

It's Open Enrollment Time

It's that time of year again when a lot of people are making changes to their various medical plans. The choices you make during open enrollment will be affect how much your medical bills will be next year, unless you are fortunate enough not to have any. 

This past February I experienced my first major health event and spent nearly a week in the hospital. The hospital bill was around $75,000, with my major medical insurance picking up the tab for most of it. A small change in my open enrollment strategy could have cost me a great deal more and set me back financially. 

This is the struggle during open enrollment.  Trying to predict what your medical bills will be is nearly impossible, even with my Magic 8 Ball. I had always been a fairly healthy person, so being admitted and confined to a hospital was not in my gameplan when trying to decide which medical plan I would go with. I was just trying to find a policy that I could afford.

That is why it is so important to have some good supplemental plans at your disposal. Premiums for medical insurance go up each year. Medical inflation outpaces all of our other bills. Having a good disability plan or other coverage in place can help you if you are left with high deductibles or copays.

People will sometimes ask why I think it's so important to have more than life insurance and health insurance. My response is as follows: Health insurance won't pay all of the bills if something serious happens.  Add to that the fact that people generally don't have enough life insurance to cover all the expenses their family will have if they die. Supplemental (or voluntary plans, as they are known) can help you fill in those gaps. 

To this end, I am a huge proponent of supplement policies, not just because I sell them, but because I own them myself. I personally know the value of a Hospital Indemnity policy. I have a cancer plan on my family because I know that the out-of-pocket expenses are extremely high. My disability insurance policy will help cover my bills if I am sick or hurt and can't work. 

I don't want my friends to have to set up a GoFundMe page because they don't have the money to pay their bills. But I do want my friends (and clients) to have a good accident insurance policy so I don't have to contribute to their crowdfunding when they get hurt.

These plans all have a place and none will break my bank account. However, not having an extra policy or two in case of a serious illness or injury could destroy your family's finances. The vast majority of bankruptcies in this country are caused by major medical events. According to CNBC, 137million Americans were struggling with medical debt in 2019. And TD Ameritrade found that medical expenses are the number one reason why people of all ages cash out their 401(k)'s or other retirement savings. 

The majority of these types of plans are sold through the workplace, with employers deducting the premiums from the employees' paychecks. For those of us who are business owners, contract employees and otherwise self-employed, Surf Financial Brokers has comparable plans that can be purchased on an individual basis. And we can take your application right over the phone. Check out our website and book an appointment that works for you to make sure you have this valuable coverage. 

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! Thanks!

How Do I Cover Out-Of-Pocket Medical Expenses?

With Covid in the news so much, we have had a spike in interest regarding the various supplemental plans we offer. Even though medical insurance pays the majority of the hospital and doctors' bills, there are still a lot of expenses that are not covered. Deductibles and coinsurance just two of examples. We recommend you take a look at your medical coverage when enrolling and check to see what your Out of Pocket (OOP) maximum is during the plan year. 

The OOP is the amount you could be on the responsible for if you were to be seriously ill. Earlier this year I was hospitalized for nearly a week when my pancreatitis flared up. Beside the physical pain I was having (it really hurt!) I knew there was going to be some financial pain as well. My OOP was around $4500. 

Many people have chosen medical plans with high deductibles to keep their premiums low, but they haven't considered how they will pay for those deductibles if they are hospitalized. Sure, you can call the hospital or other provider and work out a payment plan, but it would be much easier to have an insurance policy that can pay those out-of-pocket costs.

This is the time of year when many people are making changes into their medical plans. Open enrollment gives us an opportunity to made adjustments that fit into our budgets.

 

There has been a misconception that we have to work for a company to be eligible for group supplemental plans, but that's not always the case. A large number of individuals who are business owners, contract employees, or otherwise self-employed, can still have access to some great policies that will help cover those bills that their major medical does not.

We have options like our Hospital Indemnity (HI) plans, which give you extra money if you are admitted and confined to the hospital. As mentioned earlier, interest in these plans has increased due to the pandemic. And you can tailor the plan to give you the coverage you need. 

These plans pay directly to you, not the doctor or the hospital, so you can use the money as you need. There are no networks involved, so it doesn't matter where your received care. And these plans pay in addition to other insurance and workers' compensation plans. 

When you apply for an HI plan you can choose amounts for being admitted to the hospital, as well as daily confinement benefits. There are also optional riders for serious accidents and outpatient surgery. That flexibility lets you customize your plan to be affordable for you.

Filing a claim is easy as well. After leaving the hospital, simply fill out the forms and attach any medical receipts. 

During these crazy times when the Coronavirus is in the news each day, we see hospitals filled to capacity all over the country. Record numbers of cases remind us that anyone can get seriously ill, and not necessary from Covid, but from other ailments, like heart disease, cancer and strokes. And of course, serious accidents can also be costly. That is why we have health insurance in the first place. Making sure we can cover our health insurance premiums is tough, but trying to cover those extra expenses can be even tougher. And trust us when we say that not everyone wants to contribute to a GoFundMe page.

Let us help you with keep those out-of-pocket expenses low 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!

Keeping Those Supplemental Benefits

I have spent a good portion of my insurance career working in the worksite benefits arena, helping people choose which insurance plans are best for them and their families. The employers decide which plans they want to offer and then we, as benefits counselors, sit down with the employees individually to discuss the different types of coverage. These ancillary or "voluntary" insurance products are deducted from their paycheck and the employees appreciate the convenience of it, but also are aware that their take home pay will be lower.

Many times the menu of coverages includes insurance policies for disability, cancer, hospital indemnity, accidents, critical illness, heart and stroke, and of course, life insurance. The employees can opt to cover themselves, a spouse, children or the entire family.

One of the many factors that the employees like is the "portability" of the policies, which means that if they leave their job they can take the coverage with them. And herein lies the rub. 

Not everyone leaves their job for greener pastures. Some may decide to move on to open their own business or to retire with a pension. For those people portability is a good thing because they probably can afford to continue paying those premiums on their own.

As we have seen with the Covid_19 epidemic, others may be laid off, fired, furloughed or just quit. For these folks, losing a paycheck may be the end of their coverage, as they probably will not have the funds to keep paying for those extra coverages. 

One of the issues here is that when these people originally purchased these plans, they were quoted premiums based on their pay frequency. In other words, if someone is paid weekly, the agent would say that a cancer plan is $6 each pay, because that is how much is coming out of their check. That doesn't sound as bad as $25 each month and most people don't do the math. 

A few weeks after the employee loses his or her job, they will get a notice in the mail asking them if they want to continue the coverage with a couple of options. One option is to have the premiums drafted out of their bank account or paid quarterly. Using our example above, the person who is now unemployed is being asked to write a check for $75. If they have not yet found another job, that money probably won't be in there budget either.

Another issue here is that many people simply do not have jobs that offer these benefits. For those individuals, who like us, are self-employed, small business owners or contract employees, voluntary benefits are not available. 

With this in mind, we have decided to begin offering our menu of supplemental policies on an individual basis. It doesn't matter if you run a business from home or out of your car. Everyone can now apply for coverages they want or need. A few examples are:

• Disability insurance - Business owners are usually working longer hours, no matter what the profession. If you are out of work and can't work, those bills don't stop coming in.
• Hospital Indemnity - These plans cover you for being in the hospital. With Covid_19 in the news lately people have started to express more interest in this plan.
• Cancer - We all know someone who has been affected by cancer and for many people a good cancer plan gives them peace of mind. 
• Accident insurance - If you are active, work a physically demanding job or have kids who play sports a good accident plan can help you with sudden out-of-pocket expenses.

When it comes to price, none of these insurance plans are going to break the bank. Head over to the Surf Financial Brokers website and check out our list of products. A few even have short videos explaining how they work. In the meantime, if you have questions about them, let us know. 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!

What About Medicare Supplements?

Are you one of the millions of Americans in need of information about Medicare supplements? Each day, thousands of people who are on the cusp of turning 65 years old are getting bombarded by phone calls and brochures about the varying array of products. It can be confusing but luckily it's not as bad as one would think. However there are some basics that can help you understand the ins and outs of Medicare.

First off, the Medicare program was never designed to cover all the costs associated with health care, and it doesn't. This in turn has created a multi-billion dollar commoditized supplemental market. Today, 90% of Medicare beneficiaries have some form of supplemental coverage. 

Medicare supplement plans were standardized so that plans can be easily compared between carriers. For example, all plan A's are the same, and all of the plan B's are the same. The insurance companies are not allowed to add or subtract to them as this would make it even more confusing to those purchasing these plans.  This has made the market more about premium rates than anything else. 

So what does Medicare cover? There are two parts:

Medicare Part A - Hospital Insurance, covers hospital inpatient care and recovery care in a skilled nursing facility, hospice and home health services.

Medicare Part B - Medical Insurance, helps cover some medically necessary services from doctors and other health care providers plus preventative services. 

What does Medicare not cover? Again, it wasn't designed to cover all of your doctor and hospital bills. You are required to pay for a portion of those bills in which Medicare does not pay, including:

• Medicare Part A hospital benefit-period deductible and coinsurance
• Medicare Part B medical annual deductible, generally 20% coinsurance and those charges exceeding the Medicare eligible expense
• Skilled nursing facility coinsurance

These bills can be paid for by yourself or through the Medicare supplement policy that you purchase.

Medicare supplements do offer a great value. They include:

• No provider restrictions. You are not restricted to use a network of healthcare providers. Any healthcare provider who accepts Medicare patients accepts Medicare supplement insurance. If you move, your coverage goes with you.
• Instant coverage. There is no waiting period for preexisting conditions and benefits are paid from the time your policy is in force.
• Low out of pocket costs. Your Medicare supplement and Medicare Parts A and B work together to minimize your share of healthcare costs. With this additional insurance coverage, even unexpected medical events aren't likely to impact your financial health.
• Guaranteed renewable. Your Medicare supplement insurance policy renews as long as you pay the premiums on time and make no material misrepresentations (that means you are honest on your application).

There is some interesting information about Medicare that most people aren't aware of. Did you know that Medicare was started in the 1960's? Back then people paid about 19% of their income for their care. Since then, healthcare costs have skyrocketed but the income levels of older Americans haven't kept pace. And now Medicare constitutes about 14% of the federal budget.

Also, because of the aging Baby Boomer generation, the number of people on Medicare is expected to rise from 47 million to 78 million between 2010 and 2030. 

Obviously there is a lot of information here which makes it more important that you let an insurance professional help you choose which Medicare supplement is right 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!

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!

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.  

Our Interview With Life and Health Agent Davan Johnson

I asked my good friend, Davan Johnson, to let me pick his brain recently. He's the owner and founder of Davan Enterprises Insurance Agency, as well as a integral part of his community and active member of several service organizations in and around his home town of Bristol, Tennessee. We discussed his insurance business, his thoughts on finding clients and sales in general. He offers great insight and I thought it would be helpful to know what makes us insurance agents tick. 

Thanks for talking with me Davan. First off, I'm curious as to how you got into the insurance business.

I had left a career in the restaurant industry that I thought I was going to retire from but quickly realized that I didn't actually own or have control of my destiny. So I was trying to decide what was next. I knew this time I wanted to do something that created residual and passive income. I chose insurance because I had been around it all my life with my mom using it as a fall back position. She was typically always an employee though, not an agent. But I remember pretending to fill out paper applications in an empty office whenever I had to be at the office with mom. She had a whole office building to herself with multiple offices, kitchen and waiting area. Additionally, I wanted to have a business that would allow me the time and freedom to choose my own schedule, as well as spend time with family for vacation and holidays. I had given up a lot of that working in the restaurant business.

Tell me how you find your prospects.

I used to do a lot of cold calling when I started out. I'd spend my time making lists and driving to make impromptu appointments, wasting a lot of gas going back and forth. Driving ALL day and almost all week to only get one or two appointments, and possibly resulting in one case or actual sale out of that. Now a lot of people make it in the business cold calling and that's great for them, but I have come to realize how I work best. So I begun doing more networking. Joining groups and setting up one-on-one meetings to get to know each other, which present warm leads and referrals. My business is about 90% referrals now. I work smarter, not harder, and these people are actually calling me. They are the ones have need, have time and money to spend on my services. I also positioned myself to offer unique products that most insurance agents don't so I can work with other agents and not be seen as a threat or competitor. 

Is there a product you think everyone should have?

Yes, I think there are several but one of the most uncommon ones is Legal Insurance. Unlike any other insurance we carry you don't have to wait for something BAD to happen before you can use it. You can be proactive. It's like an attorney on retainer with the power of a law firm in your pocket thanks to the apps and technology. When I was unemployed for a certain duration trying to figure what my next step was there were two budget items I was resolute not to cancel: My life insurance and my legal plan. People don't know this type of thing exists and yet it is so powerful giving people peace of mind so they don't have to check their checkbook before they can check their rights.

How do you prepare for a client meeting?

I actually use a worksheet to help guide me to the result of the meeting. But also, I try to review their social profiles to learn about them. I use the FOR method: Family, Occupation and Recreation to get to know them. It's all about finding out what is best for the client's needs.

Has Covid affected your practice?

Not much, because I have positioned my agency to be more of a referral business. Because of that it is important to keep the networking relationships strong. And during some of the downtime I've been able to re-evaluate systems in the my business.

What did you do with your first commission check?

Well, after I learned to reconcile a commission statement I most likely saved most of it because I didn't know when the next one would come. We got paid weekly.  I do know that I finally had some gas money and recouped what I spent on insurance licenses. I honestly don't remember how much my first check was which is sad, but I do remember my "can sell date" was 9/29/2012. That was the day I was officially able to sell and write my own policies. In my first month I had earned several awards, but no one was really there to mentor me on "cycles" of insurance or that when you get the BIG checks to hold some back for the slow times. Since then I pay myself a livable income and save the rest as an "emergency fund".  

Tell me about an usual or strange encounter you've had with a client.

The one encounter that comes to mind was when I was completing a life insurance application for a client. I had spoken to the client over the phone several times and the plan was that during our first in-person meeting we complete the app and submit it. This individual had the appearance of a male but when answering the questions on the application, everything was female. It was awkward for me because I had to get past some preconceptions and this was my first experience in this kind of situation. I basically decided that ultimately it was a decision for the underwriter and not me. So I filled out the application as the person responded and submitted it. It was issued! I had heard stories of people doing this before in order to get a more favorable rate, since females can get cheaper rates. Anyway, in this person's case it was legitimate and I was just unprepared for it. 

Thanks for your time, Davan! 

I hope you were able to get some quality information out of this interview. I always enjoy listening to successful agents and learning a thing or two. At Surf Financial we strive to grow and help our clients in the best ways possible. 

If you have any questions about this interview let us know in the comment section.  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.

  

5 Ways to Use Life Insurance Without Dying

There's a school of thought out there that says you should "buy term and invest the difference".  The people who tell you this are not enthused when it comes to permanent (universal or whole life) insurance. Some think it can be too expensive and others think that the growth inside the policy is too conservative. To be fair, term life is much less expensive and the cash values accumulations in permanent policies, especially whole life, are easily outperformed by some investments.

As I have stated in previous posts, all life insurance products have a need, but not all people need all kinds of insurance. And the biggest problem with the "buy term and invest the difference" scenario is that the vast majority of people don't do the investing part. And the ones who do are subject to market risks. Losses can happen. 

One of the worst objections I've heard when talking life insurance to a prospect is "it's not going to help me when I'm dead". Of course not. Life insurance is primarily for your loved ones who may need those funds to stay in the home, pay off medical bills associated with your death, pay off credit card debt or help fund educational needs. 

With this in mind, there are policies out there that can help you before you die. Here are a few ways:

1. Retirement supplement. Unlike a tax-qualified retirement plan, you don't have to wait for until you're 59 1/2 to get your money without a tax penalty. And by taking out cash as a "loan" and using the policy as collateral, you can likely get the money tax-free. 
2. Living benefits. Many of the permanent life policies out there now have some form of living benefits that can be used for chronic illnesses or long term care situations. Depending on the carrier, these benefits may be included or offered as a riders (some at an additional expense). 
3. Critical illness riders. Again, these are sometimes offered as part of the policy and will let you use some of the funds if a major health event, like a stroke or heart attack, occurs.
4. Education costs. I've had clients "overfund" a policy and use the accumulated cash value to fund their children's college expenses. Did you know that when applying for student loans and financial aid, one must disclose any 529 plan or Coverdell plan? But you don't have to disclose life insurance. 
5. Warehousing money. Funds can be taken out of the policy as a loan, repaid, and used again. For example, I had a client who loved to buy investment properties. If he saw piece of land he wanted, he didn't go to the bank for a loan because he'd have to fill out a lot of paperwork and wait for a loan officer to decide if he qualified. Instead, he'd call the insurance carrier, get the money he needed for the down payment (a check would be sent overnight in some instances) and he would repay the loan within a few months. When he found another piece of property, he'd do it all over again. Smart!

One interesting note is that we now offer a term life policy which includes the living benefits (#2) as well. If you'd like to learn more or have questions about this, please set up an appointment with us in the right lower corner of the screen to discuss over the phone. 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

What Coverage For the Coronavirus?

A few days ago I met with some other insurance agents for a nice lunch in Charlotte, NC. Quickly the conversation turned to current events and, of course, the Coronavirus came up. Then one colleague from the Richmond, VA area, asked the group what policy would best cover the Covid-19 bug. This is when our conversations get pretty interesting.

Insurance agents can be a weird lot sometimes. In a nutshell, we sell policies to cover loss of life, income, or other tragedies. When you deal with such morbid topics all day it affects your sense of humor. Not everyone is appreciative of dark humor as many agents are. Heck, there are a quite a few agents who would rather discuss something a bit lighter. 

This was not the "light conversation" group. Quickly and without hesitation someone blurted out, "A Hospital Indemnity plan!" with great enthusiasm. Maybe a bit too much enthusiasm. The rest of the table nodded in agreement to this idea. I like to think of us as "insurance geniuses" and that birds of a feather flock together. 

At this point you're probably asking yourself what a Hospital Indemnity (HI) plan is and what does it do. In a nutshell the typical HI* helps cover expenses associated with:

• short hospital stays
• ambulance trips
• outpatient surgery
• critical accidents
• emergency room visits

For the most part HI plans are sold through companies through work via payroll deduction, however there are a few companies that offer these plans on an individual basis. Our clients like them because they are easy to understand and very affordable. 

Hopefully, your major medical insurance will cover most of the hospital and/or doctors bills if you're stricken by the Coronavirus. And if you think you may need an extra layer of protection to cover the out of pocket expenses that can go with any illness, perhaps a Hospital Indemnity policy is for you. Luckily, we at Surf Financial Brokers may be able to help.

The Covid-19 pandemic is a serious matter and is affecting people differently. I have personally spoken to people who have tested positive but with no symptoms and those that have said it was just a case of the "sniffles". I've also spoken to people who said they were seriously sick and in the hospital and people who have had family members pass away. As a matter of fact, my neighbor's parents both died from the illness within eight days of each other. With an illness like this that we are still learning about, the concern for a supplemental plan to offset medical bills is increasing everyday. 

To see a short and informative video on how this plan works click here. 

Buying any kind of insurance can be a bit stressful, and we all have too much stress in our lives right now. So let us help you. You can pick the time you want us to call you and we will have a short discussion on the merits of how HI works and do our best to make it work on your budget. We can even take your application right over the phone. With the Coronavirus around no one wants an agent to call on them. 

*Please note that not all plans cover all of the above, but you get the idea. Also, not all plans are 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!

So What's The Big News?

We've hinted for a while that we had a big announcement coming and now is a great time to share it.  Starting this month, we will be once again offering Medicare Supplements.

If you or someone you know is about to turn 65, please contact us or pass our information along.  We have partnered with a large organization with many years of experience in the Medicare Supplement  market.  Surf Financial Brokers looks forward to working with you and your friends and family.