What Is The Slayer Rule?

In a previous post from 2021 I discussed occasions when a life insurance policy wouldn't pay out. One example I briefly mentioned was the "slayer rule" or "slayer statutes", which prevents anyone from benefiting from murdering you, if they are suspected of murder or plotting to murder you. 

I had a few questions (off the record, nudge nudge, wink wink) and I thought it was an interesting topic, so here's a bit more information.

1. Each state has its own version of Slayer Statutes.
2. The rule applies even if there is no conviction.
3. Even the suspicion of murder can disqualify your beneficiary from receiving life insurance proceeds or any other part of your estate.
4. The disqualified beneficiary's proceeds can be distributed to other beneficiaries or the estate. 

The bottom line here is that you should trust your beneficiaries to care more about you than any monetary proceeds that would come at your passing.

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!

5 Ways We Are Different Than Our Competitors

For several months now I have spent a large amount of my time on marketing (or learning to market) our website. I'm realizing that there is a huge learning curve when it comes to getting your message out on social media sites. In this journey for knowledge, there have been times when I have found a new workaround or app that my own social media guy was unaware of. 

With all of that in mind, several of my friends and team members and I kicked around some ideas. After identifying who we think our main competitor is (we'll call them "XYZ"), we took the time to look at their site. We discovered that there were several differences, such as

1. On our site you get your quote* immediately. With XYZ, you will be contacted by an agent (or several). This is because...
2. They sell your name to an agent as a "lead". And it may not just be one agent who gets your information. Several agents may call you. On the other hand...
3. We will contact you to see if you have questions, but all of your information stays with us. 
4. We have other products, such as cancer, accident and hospital indemnity insurance plans that can help you with out of pocket expenses when you or a family member becomes ill. 
5. If you like your quote, you can even start an application! We will get a notification that you have started an application and will reach out to you (via email or phone call) to assist you through the underwriting process. 

Please do us a favor and visit our site and run a "no obligation" quote. Let us know what you think! 

Thanks and please stay healthy!

*Quotes are estimates based on information you submit and final rates are subject to underwriting requirements. 

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

6 Things To Consider When Buying Life Insurance

It's not unusual for someone to tell me something like, "I need $100,000 20-year term policy." For some reason that seems to be the default amount of insurance people ask for, so when I ask how they arrived at that amount of coverage the answers are vague and varied.

"That's what my cousin has so I figured that's what I need."

As we all know, financial situations are like finger prints in that no two are the same. That cousin may be older, have less debt and a winning lottery ticket for all we know. 

The purpose of buying life insurance is to make sure that your loved ones are in a good position if you were to die. The last thing we anyone wants is for your spouse and children to be left with a lot of debt and no way to keep the roof over their heads. 

With that in mind, there are a few things you should consider when determining how much coverage you need.

1. Mortgage debt. This is a big one because it is probably your household's largest expense each month. 
2. Other debt. Figure in car payments, credit cards and other debt.
3. Final expenses. Have you considered how much it will cost when you die? The average funeral can cost between $10,000 and $12,000. Consider inflation as well. 
4. Costs associated with death and dying. Many people will have a hospital stay, which can involve deductibles and co-pays. 
5. Income replacement. If you are the main breadwinner in the house, your family will desperately need your lost income if you die. The car will need repairs and the refrigerator will have to be replaced eventually. Consider adding five years of your income to your coverage total.
6. Education costs. There are those people who don't want their kids to take on student debt and want their life insurance to help pay for tuition. Using a college calculator can help determine this amount. 

Of course, all of this means nothing if you can't find a policy that you can afford. Our life insurance quoting tool makes it very easy to find the coverage you need and fits in your budget. Run a quote from our site and find a policy that can fits your needs and if you have questions, drop us a note. In the meantime, please stay healthy!

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

Why Life Insurance Is Necessary For Blended Families

As the holidays approach, the idea of taking care of our family means more to us. Having our loved ones get together for a nice meal and gift giving leaves us with great memories. 

However, when we think of the "traditional family" we think of a husband and wife and their two or three children, who all live together in one home until the kids become adults and move out. Even though there are still families in this situation, there are many people who have changed that concept. With social norms changing and people living longer, the family structure has been altered dramatically. 

Now we have parents raising children who are not theirs, biologically speaking. Think of the old Brady Bunch TV show where two parents who had their own kids remarried. Of course, on the show everything was great. The fact that Marcia was not Mike Brady's biological daughter was never brought up as a topic. 

There are those people who do love their step-kids or other children who have been brought into the home, like nieces and nephews . I know of one person in particular who is raising his wife's nephew because his sister-in-law had a drug problem. 

There are those who begrudgingly raise a spouse's children from a previous relationship to "keep the peace". And when problems arise, the kids want to move back to their other biological parent or some other option. In other words, tensions can, and in some cases, do get escalated to the point where children are going back and forth between parents or other adult family members. 

With all of this in mind, it's important to keep an even keel when it comes to estate planning with a blended family as it creates a whole set of issues. A will may seem like a good way of planning, but in fact, life insurance could be a better option to make sure those who are intended to benefit will be taken care of in the eventual death of a parent. And in the flexibility of naming and changing beneficiaries, as well as listing primary and contingent beneficiaries, makes it incredibly easy to take care of the family's estate planning needs. 

As an attorney friend of mine says, "A life insurance policy trumps a will because it's a legally binding contract." The "yours, mine and ours" scenario can be very confusing for most families when it comes to estate planning, and life insurance can be the answer that is needed. It can help avoid a long and drawn out estate process and keep the peace within a family. 

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

What The Heck Is An Elimination Period?

As you may know, I often refer to the "Holy Trinity Of Insurance", which consists of major medical insurance, life insurance and, of course, disability insurance. Many people have a disability insurance (DI) policy through their work, but unfortunately, not enough people who are contract employees, business owners and otherwise "self-employed" people (like myself) have an individual DI plan. That's a discussion for another day. 

I often speak to groups of employees when I am enrolling benefits, and when I discuss the DI plan, many of the employees ask what the elimination period is when they see it. 

Simply put, the elimination period is the time, usually in days, before the policy actually begins to pay out benefits. There are typically two numbers with a comma between them, such as "0,7" or "7,14". The first number is the number of days that need to elapse before the policy will pay for an accident, while the second number is the waiting period for the benefits to trigger during an illness.

In other words, the elimination period is like a deductible, but measured in time instead of dollars. So a 0,7 elimination period means that the policy will begin to pay benefits on the first day after an accident and the eighth day after a sickness.

Just like your deductible on your car or health insurance, the higher the number, the lower your premium. If you think you can "self-insure" for a month or two, your premiums can be reduced significantly. 

When one thinks of a disability, injuries from auto accidents come to mind. But consider that almost 90% of DI claims are for illnesses, like cancer. Treatment can last for months and can easily keep someone from working.  

If you have questions about Disability Insurance or other insurance products we offer, feel free to book a short phone appointment with us to discuss. In the meantime, please stay healthy!

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

We Only Sell You What You Need! (and some humor)

We have all heard the adage that a good salesperson can sell ice to an Eskimo. But a salesperson with integrity will ask, "Does that Eskimo really need ice, and if not, why are you selling it to him or her?"  The question implies that sales people, entrepreneurs, contract employees and business owners must do their absolute best to come off as honest and not shady.

Think about those TV commercials for attorneys. There are two types - the ones who try to act sincere about how they really want to help, and the ones who scream and boast about how much money they get their clients. Neither is awesome, but the latter comes off like a used car salesman. Integrity? I'll plead the fifth. 

Selling on need means that there needs to be a discussion (short or long) to find out what the client's needs are. And everyone has different needs, despite what some of the financial "gurus" in the media assume when they give generic advice. That discussion will let everyone involved in the sales process know that we are doing our best by our client. 

The Funny Part

I was speaking to the Regional VP for Disability Sales at one of the insurance carriers I represent. We were discussing a YouTube video I had made a few months earlier titled "Can Zombies Get Life Insurance?" In that conversation he asked if vampires could get Long Term Care insurance. "Well, you certainly wouldn't sell them a policy with a lifetime benefit because they don't die. A company could go broke paying that claim!" Once again, this guy showed me why he's a lot smarter than I am.

But the conversation made me think. For several weeks, I have considered the "vampire market" and wondered if there were suitable products for such a niche market. My list looked like this.

1. Life insurance - Vampires don't die, unless by a wooden stake or sunlight. Life coverage may not be necessary.
2. Accident insurance - Most accidents will cover severe sunburns, as well as wooden stakes that accidentally pierce the heart. 
3. Long Term Care insurance - I'm not sure if being "undead" is a chronic illness.
4. Disability insurance - Tricky, because we are assuming that vampires have incomes to protect.  
5. Medical insurance - Assuming vampires need to be hospitalized, what doctor would know how to treat them? 

Let us make sure you are purchasing what you need and not what pays the highest commission. And if you aren't sure what you need, you can book a quick conversation with us from our website. We look forward to hearing from you.

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

Is Life Insurance Through Your Work Enough?

Many of us who are self-employed don't always get to enjoy the perks of group benefits, like medical coverage and paid time off. But for those who do have jobs where the company pays for extra perks, those perks may be good, but not awesome.

One of the issues I run into quite often with people who have "bennies" through work is the idea that their group life insurance program is all they need. For some it may be, but for many people that coverage is much less than what they actually need and it more than likely won't be there if these people leave their jobs.

One of my first real jobs was working for a large company that did offer life insurance. They offered me coverage of my annual salary, which was next to nothing, and I could buy additional coverage, like 2 or 3 times my salary for a few dollars each month. There were no exams or health questions, and I got as much as I could for the price of a coffee at Starbucks. I was single and didn't have much debt, so I figured that if something were to happen to me, my family would have enough to pay for a funeral and maybe even have some hor d'oeuvres. In other words, the life insurance plan was appropriate for my needs.

However, there were co-workers of mine who were married and had children. These folks also had mortgages, car payments and other expenses that I didn't have. I seriously doubt that the small amount of life insurance offered was enough to give their families the safety net they needed if they were to die. And when the company was sold and employees started to jump ship like rats, they lost the little coverage they had.

Having life insurance coverage through your work is good, and most agents will take that into account when trying to determine how much you actually need. There are several other items to consider when you calculate your family's needs.

1. Outstanding debt. Mortgage balance, credit cards and car payments should be included.
2. Final expenses. Funeral costs and other costs associated with dying. For instance, many people will spend time in the hospital before passing away, and those deductibles may need to be met.
3. Replacing lost income. Your survivors depend on your income to take care of everyday expenses, as well as those bills that happen to pop up unexpectedly, like repairs for appliances and vehicles. 
4. Education costs. If you have small children, you may want to include the costs of higher education.

Having life insurance through work is good, but making sure you have enough coverage is even better. If you aren't sure how much you need, Our life insurance quoting tool has a built in calculator that will help you out. Give it a try and in the meantime, stay healthy!

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