One of the top reasons people give when purchasing an individual Disability Insurance (DI) policy is that it's part of their retirement planning. You see, when people save during their working years, most likely that money is being saved for their retirement. However, one illness or accident could not only keep that person from working, but the loss of income would mean dipping into those savings.
Granted, most of our clients who buy DI are self-employed, such as business owners, salespeople or contract employees who don't have access to "group plans". Also, these people have to create their own benefits "package", which includes some sort of retirement plan. Linking their retirement planning with a DI plan makes sense.
When people think of disability insurance, they usually think of someone in a cast or wheelchair who suffered some sort of accident. In reality, around 85% of all claims are from illnesses, such as cancer, heart attack or a stroke. These claims can go on for months while the bills continue to come in the mail. A DI policy can keep those bills paid and your retirement savings intact.
If you are a business owner or otherwise self-employed, let us help you find a DI policy that covers your bills and stay in 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. Please subscribe to this blog!
At Surf Financial Brokers, we know you are busy. Between work, family and other activities, it can be difficult to meet with an insurance agent to discuss the different types of life insurance, or to get a quote for a cancer plan. With that in mind, we have upgraded our scheduling calendar and made it accessible for you to set a time to meet that is convenient for you.
So if you have a question about an existing policy with us or just want to compare premiums on a dental plan, use our scheduler to find a time that fits into your busy schedule.
Don't put off securing your family's finances. Schedule a short phone call or Zoom meeting and let us help 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. Please subscribe to this blog!
Happy 2025! I hope you've got your New Year's resolutions in order and that one on your list is making sure that you've got your paycheck protected.
When I speak to groups I ask what is their number one asset is. People will say it's their house or their car or collectibles, but the number one asset you have is your ability to earn a living. Without that you really don't have all those other things.
This is why it's important to make sure that you can still earn a living and bring money into your household. If you're sick or hurt and you can't work what happens to your bills? They just keep coming and don't stop. This is how people get behind the eightball, so it's important that you have a protection plan in place. We call it disability insurance.
Let's say that you had a box in your house that prints money. Once a year it would print enough money to replace your annual salary so just for instance, if you make $40,000 a year, once a year this machine would print $40,000. Would you insure that machine? The answer is of course "yes".
Just to be clear, you're the machine. You're the one making that money, so it's important to make sure that you are protecting your "number one asset". With that in mind knowing that you're going to have to need some disability insurance you've got a couple of options.
If you're self-employed you would call an insurance agent and say, "I need to get some disability insurance." The agent will give you a quote based off of your line of work, as well as your age, your health and if you smoke.
Most of our clients go with a two-year benefit because it can take that long for Social Security disability benefits to kick in. However, some of our clients choose benefits periods from six months or up to age 67.
If you have the option to purchase disability insurance through work, get it. Disability plans through work are a little bit different because almost all employees are going to have the same occupation rating because you're all working in the same industry. Also, they may include maternity benefits which individual plans won't offer.
One item to mention is that if your employer is paying for your disability insurance, those benefits are taxable. In other words, if you file a claim because you got sick or hurt you can't work you're only bringing home about 65-70% of your income. and you'll be on the hook for paying taxes on that money.
One of the misconceptions when it comes to disability is that people think of people in car wrecks or sitting in wheelchairs, however about 85% of all disability claims are from sicknesses. Things like cancer, strokes and heart attacks as well as other chronic illness tend to be the majority of claims.
One more thing I want to share is called a Return of Premium Rider. It can cost a little more, but if you keep your plan to age 67, the insurance company will return your premiums to you minus any claims paid. Think of it as a forced savings plan.
If you have any questions or if you're self-employed and would like more information, let us know.
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. Please subscribe to this blog!
When it comes to life insurance, many people tend to put it off. They might think, "I'm young and healthy, I don't need that yet." However, delaying this important decision can cost you more in the long run.
Here's why buying life insurance when you're younger is a smart financial move:
Lower Premiums:
Healthier, Lower Risk: Younger individuals are generally healthier, making them less risky to insure.
Longer Life Expectancy: Insurance companies factor in your life expectancy when calculating premiums. A younger age means a longer projected lifespan, resulting in lower costs.
Locking in Rates:
Protection Against Future Rate Hikes: By purchasing a policy early, you lock in a fixed premium rate. This shields you from potential future rate increases due to age, health conditions, or economic factors. *
Peace of Mind:
Financial Security for Loved Ones: Knowing that your family is financially protected can provide immense peace of mind.
Legacy Planning: Life insurance can help you leave a legacy, ensuring your loved ones are taken care of, especially if you have dependents or significant debts.
Potential Tax Advantages:
Tax-Free Death Benefits: In many cases, the death benefit paid to your beneficiaries is tax-free, providing a significant financial boost.
Common Misconceptions:
"I'll Buy It Later": Waiting can lead to higher premiums and potential health issues that could make you ineligible for coverage.
"It's Too Expensive": While the cost varies, there are affordable options, especially for younger individuals.
"I Don't Need It Yet": Even if you're single and childless, life insurance can protect your assets and cover final expenses.
Taking the First Step:
If you're considering life insurance, it's best to start early. Here's how to get started:
Consult a Licensed Agent: They can help you assess your needs and recommend suitable policies.
Shop Around: Compare quotes from different insurers to find the best deal. An independent agent is best suited for comparing policies.
Understand Your Policy: Familiarize yourself with the terms, coverage, and limitations of your policy.
Review Regularly: As your life circumstances change, re-evaluate your coverage needs to ensure adequate protection.
By taking proactive steps to secure life insurance, you're making a wise investment in your future and the future of your loved ones.
*Depending on the type of coverage you purchase, you may be "locking in rates" for 10, 15 or 20 years, or even a lifetime!
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. Please subscribe to this blog!
There are two things that most people can agree on when it comes to Long Term Care services. The first is that people are living longer, and with that come more demand for these services. And the second thing is that people are geographically more spread out from their families, which means family can are less able to be "informal caregivers". In other words, as we age, we need to prepare for paying for long term care services.
However, there is a major obstacle - cost. Paying for long term care services can be expensive and there doesn't seem to be any relief in sight. For those who don't own many assets, Medicaid may be the answer. However, the best option for those who want to preserve their savings is to purchase Long Term Care insurance (LTCI).
LTCI comes in many forms and prices can vary. There are traditional LTCI policies which reimburse the insured for the cost of care, up to a monthly or aggregate limit. Also, at the time of the application, the client can choose how much and how long they want coverage for. For example, a policy may pay a maximum of $4000 each month for 3 years.
Another option is life insurance with "living benefits" that can cover chronic illnesses. These usually just pay a set amount each month as a percentage of the face amount of the life insurance. Keep in mind that when using these policies, the face amount decreases. On the other hand, if the client dies without using the LTCI portion, the policy still pays the face amount.
If you have questions about LTCI drop us a note or visit our site and reach out to us.
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. Please subscribe to this blog!
A client of mine called me this week and said she was looking for a policy that could help her husband who is in salesperson and periodically gets hurt, ending up in the emergency room or urgent care center. I suggested that she consider an accident insurance policy that could cover him when he's working and when he's off.
These plans cover cuts, burns, broken bones, dislocations and even accidental death. And they are good way of paying those unexpected bills that come with be injured, like copays, deductibles and loss of wages.
They are super affordable and you can even cover your family, which is great if they are active or play sports.
As a self-employed person myself, I don't have access to workers' comp. If I get hurt while working, or even when I'm enjoying my weekends, I know that I don't have to worry about forking over a few hundred dollars out of the blue.
Let us help you remove this kind of financial landmine.
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. Please subscribe to this blog!
Long-term care insurance is a crucial financial tool that can protect you and your loved ones from the significant costs associated with long-term care services. Unfortunately, many people overlook the importance of this coverage, leading to potentially devastating financial consequences.
Understanding the Risks
Rising Costs: The cost of long-term care services has been steadily increasing over the years. Without insurance, you may be forced to deplete your savings or rely on family members to cover these expenses.
Medicaid Dependence: If you're unable to afford long-term care out-of-pocket, you may need to qualify for Medicaid. This can involve a significant asset depletion process, potentially jeopardizing your retirement savings.
Emotional Burden: The emotional stress of facing a long-term care need can be overwhelming. Having insurance can provide peace of mind and allow you to focus on your health and well-being.
Potential Consequences of Not Having Long-Term Care Insurance
Financial Ruin: The cost of long-term care can quickly drain your savings and retirement funds, leaving you financially vulnerable.
Family Strain: The burden of caring for a loved one can be physically, emotionally, and financially taxing on family members.
Loss of Independence: Without adequate care, you may be forced to give up your independence and move into a nursing home.
Why Long-Term Care Insurance is Important
Financial Protection: Long-term care insurance can help cover the costs of care, protecting your savings and assets.
Peace of Mind: Knowing that you have insurance can alleviate stress and anxiety about your future.
Flexibility: Many policies offer a variety of benefits, including coverage for in-home care, assisted living, and nursing home care.
If you're considering long-term care insurance, it's important to:
Start Early: The earlier you purchase a policy, the lower your premiums are likely to be. Be aware that some carriers have higher minimum ages than others.
Evaluate Your Needs: Consider your family history, health conditions, and desired level of coverage when choosing a policy.
Shop Around: Compare policies from different insurers to find the best deal for your needs. This includes "stand alone" polices as well as life insurance with living benefits, which can also help solve the problem of paying for these services.
By understanding the risks and benefits of long-term care insurance, you can make informed decisions about your financial future.
If you have questions about long term care, please drop us a note or schedule a short phone or Zoom appointment.
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. Please subscribe to this blog!
