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4 things you need to know about disability insurance
May 23rd, 2012
Kathryn Hawkins
The Aflac duck quacks about it all the time — disability insurance. But do you really know much about it? Probably not. And your relatives, friends and co-workers probably don’t either.
A study by the nonprofit Consumer Federation of America and disability insurer Unum asked 3,000 Americans about their knowledge of group disability insurance. As the two organizations predicted, most people held many misconceptions about this type of insurance, with a foggy notion of how the benefits work.
“For consumers, disability insurance represents an important means of income protection but is given relatively little attention by employer, worker and consumer groups, and even by the press,” says Stephen Brobeck, executive director of the Consumer Federation of America. “We thought a survey might focus more attention on this issue, and it already has, in part because we found that when employees know something about group coverage, almost all of them want it.”
Here are four things you need to know about disability insurance to get your financial ducks in a row.
1. You’re more likely to make a disability claim for a disability related to an illness, rather than an injury.
Two-thirds of people surveyed thought they were likely to make a disability claim only if they suffered an injury that required significant time off from work. However, according to the Council for Disability Awareness, common illnesses and chronic conditions account for 90 percent of all disability claims paid. Those include ailments like carpal tunnel syndrome, multiple sclerosis and cancer.
2. If you become disabled, there’s a 50 percent chance that you’ll be out of work for more than two years.
People who were surveyed were overly optimistic about how soon recipients of disability insurance benefits could bounce back. They incorrectly thought that three-fourths of people who’ve been out of work for three months because of a disability would be able to return to work within two years. In reality, only half of them are able to return within that period.
In the absence of a disability insurance policy, this can cause huge financial and emotional strain on a family, says Marc Cesarano, an employee benefits consultant at the Savitz Organization in Philadelphia.
“Being disabled for six months or more can have a domino effect on a person’s financial situation. This is a time when most people’s medical costs are increasing, and they could possibly lose their job,” Cesarano says. “However, those who do not have money put aside may be in a situation where their income is decreasing at the time they need it most.”
3. You may not have the workplace coverage that you think you do.
In the study, there was a big disconnect between how many people thought they had disability coverage through their employers (65 percent) and how many actually do (32 percent). Of those who thought they had coverage, many didn’t know how much coverage they’d receive when making a claim, or how much the employee or employer paid each month in premiums.
If you have coverage (or think you have it) through your employer, talk with someone in your human resources department about when you’d receive coverage if you need it, and how it compares with your current salary. It may not be enough. Employer-backed disability insurance is shown as a percentage — often 66 percent — of your base salary.
“Total cash compensation that consumers actually live on may be based on salary plus bonus (or commission),” says Laurence Stybel, co-founder and former president of career management firm Stybel Peabody Lincolnshire Inc. “The result is that many employees are underinsured and do not know it.”
Additionally, many group policies — coverage bought by employers — limit the amount of time that a group policy will continue paying out. Some employers offer only short-term policies, which may provide anywhere from several weeks to one year of coverage; some long-term policies may provide two years of coverage.
If you’re underinsured, investigate your options for paying additional premiums to get more coverage. If your company offers no insurance at all, consider buying an individual disability insurance policy.
4. Disability coverage is more affordable than you may think.
In the survey, the Consumer Federation of America and Unum found the average monthly cost of employer-sponsored, long-term disability insurance plans ranged from $ 10 to $ 30 — an affordable amount that more than half of people questioned in the survey said they’d be willing to pay for on their own, even if their employers didn’t chip in.
If you need to buy individual long-term disability insurance (either because your employer doesn’t offer it or you’re self-employed), your options are generally more expensive, but may be more comprehensive. According to the LIMRA trade group, the average annual cost for an individual disability premium is $ 1,684 for a $ 4,242 monthly benefit. If you’re self-employed, the cost of your premiums is tax-deductible.
The bottom line
If your family relies on your income to pay bills, disability insurance is an essential tool for helping your household stay afloat in the event of a long-lasting illness or injury, experts say. The chances of needing disability insurance are significant. According to the Social Security Administration, 30 percent of all working Americans will suffer a disability sometime during their careers.
“Your most important asset is your ability to earn,” says Susan Combs, president of Combs & Co. Insurance in New York. “You insure your car, your apartment, your business and your life, so why wouldn’t you insure your income?”
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A Conversation with Les Sterman about Metro-East IL Levee Repairs 5-8-12
May 23rd, 2012
In the summer of 2007, the US Army Corps of Engineers announced there were design deficiencies in the levees which protect Madison, St. Clair and Monroe counties in Illinois. The Corps worried that those deficiencies could prevent them from “certifying” that the levees can protect those counties against a large Mississippi River flood. FEMA, based on the Corps findings, announced a decision to de-accredit the Metro-East levee systems. The reclassification of those counties as a special flood hazard area would have had a dramatic and chilling effect on economic growth. It would also have required most property owners to buy expensive flood insurance. Faced with a threat to its economy, Metro-East leaders made serious plans to fix the problem at a price people could afford. After years of preparatory work, today’s guest, Les Sterman, Chief Supervisor for the Southwestern Illinois Flood Prevention District Council, is ready to start making repairs to the levees. As of today, May 8, 2012, Metro-East is still waiting for the US Army Corps of Engineers to give its final approval. Conversation with Lee Presser is a weekly half hour television program seen for eleven years in the St. Louis market on Charter Cable TV.
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InsuranceQuotes.com survey: Many U.S. adults in the dark about mothers’ life insurance
May 7th, 2012
Allie Johnson
Many adults turn to their mothers for advice, a shoulder to cry on or simply a pep talk. But no matter how close the mother-child relationship, at least one topic rarely comes up: life insurance.
A survey conducted online for InsuranceQuotes.com by Harris Interactive found that many U.S. adults (42 percent) don’t know whether their moms have life insurance – or if they do know, they’re often in the dark about the details.
But experts say that even if it’s difficult, having a conversation with your mom about her life insurance is a financially – and emotionally – smart thing to do.
Unclear about Mom’s life insurance
It can be easy to not think about, avoid or put off talking to your mother – or, on the flip side, your grown children – about life insurance.
“It’s sort of the perfect storm for avoidance and denial,” says Brad Klontz, a clinical psychologist and expert on financial psychology. “Money is a very taboo topic, and death is another one that’s pretty high on the chart.”
Adult children (18 and older) often are beneficiaries on their parents’ policies, but sometimes don’t know it, experts say. “Adult children rarely even know if mom has life insurance,” says Jack Hungelmann, author of “Insurance for Dummies.”
In fact, the results of the recent online survey — conducted in March by Harris Interactive on behalf of InsuranceQuotes.com among more than 2,000 U.S. adults age 18 and older — suggest that many adults haven’t talked to their mothers at all about life insurance. Here are some of the findings:
• Among U.S. adults whose mothers are living, 42 percent say they aren’t sure whether their moms have life insurance.
• Of those U.S. adults who indicate their mothers have life insurance, 37 percent say they aren’t sure whether they are listed as beneficiaries.
• Of those U.S. adults who are named as beneficiaries on their moms’ life insurance policies, 38 percent say they wouldn’t know how to claim the death benefits.
• Among U.S. adults who are mothers themselves but don’t have life insurance, 33 percent listed “I haven’t even thought about it” as the reason for not having coverage.
Lack of info can cause problems
Grown children who stay uninformed about their parents’ life insurance policies – and other estate planning matters – could be setting themselves up for a tough time in the future, experts say. “Not knowing just creates a huge mess for the survivors,” Klontz says.
For one thing, not having life insurance and other information close at hand can lead to confusion, as well as in delays in claiming a death benefit while survivors try to track down the necessary information. And if the beneficiary doesn’t know about the policy or doesn’t know they’re a beneficiary? “It might not be paid for some time,” says Tony Steuer, author of “Questions and Answers on Life Insurance: the Life Insurance Toolbook.”
Or worse, the uninformed beneficiary might never claim the money – which then could become part of as much as roughly $ 3 billion in life insurance benefits that go unclaimed in the United States.
“The insurance company doesn’t pay out a claim until they’re notified that somebody has passed away,” Steuer says. “They are very diligent about checking the Social Security Death Master File when it comes to paying out annuities, because they want to make sure they don’t pay a dime more than they have to, but not when it comes to life insurance.”
The Death Master File contains information about the deaths of Americans that’s collected by the Social Security Administration.
Lack of clarity about life insurance and other financial matters also can cause tension – and even all-out strife – within a family after a death, experts say.
“Without a parent talking about what they want, what resources they have and what planning they have done, it falls to the children to sort it all out,” Klontz says. “It can be a very dangerous time for families – relationships can be impacted in a really negative way that can last for a lifetime.
Talking to mom about life insurance
Many mothers may be open to talking about life insurance, Klontz says. In fact, in research he has conducted, women tend to express more concern than men do about the effect their death will have on loved ones.
“Your mother may surprise you with how willing she would be to engage in that conversation,” Klontz says. “She’s probably more worried about her death’s effect on you than the actual death itself.”
Still, it can be hard to start such a dialogue. So, here are four tips for talking with your mom about life insurance:
1. Look at the big picture.
Sit down with your mother and ask about life insurance and other financial issues, power of attorney in case of an illness and even funeral plans. “You might say, ‘Mom, have you thought about your wishes for after you pass? Is there any planning you’ve done?’” Klontz says. “It depends on your relationship with your mom, but I wouldn’t just say, ‘Hey, Mom, do you have any life insurance?’”
2. Get life insurance details.
If your mom does have life insurance, experts recommend asking her to share basic information such as the full legal name of the insurance company, the policy number and the beneficiaries. “More details are better,” Steuer says. “But you just need the basic information.”
3. Ask Mom to update her beneficiaries.
Experts recommend designating a primary and contingent beneficiary. If no beneficiary has been named, the life insurance money could go to your mom’s estate and get tied up for months in probate court, Steuer says. Experts say failing to regularly review and update beneficiaries can cause mistakes – such as an ex-spouse getting life insurance money or a late-in-life child getting nothing. “The company has to go by what’s written down,” Steuer says.
4. Find out where she keeps important papers.
If your mother is reluctant to discuss details – for example, she might not want to share amounts or names of beneficiaries – at least make sure she keeps the pertinent information in a safe place. “A lot of parents don’t want to get into specifics – but at least find out, ‘Do they keep their insurance information in a safe or in a safe deposit box. Where do they keep their financial documents?’” Steuer says.
Experts say learning the basics about your mother’s life insurance situation might end up being a relief for you – and her.
Klontz says: “She may actually feel better being able to ease your mind or lessen the negative consequences of her death on you and the rest of the family.”
What you need to know
In summary, here’s what you need to know about your mother’s life insurance, according to Steuer, author of “Questions and Answers on Life Insurance: the Life Insurance Toolbook,” and Hungelmann, author of “Insurance for Dummies”:
• A list of all policies and policy numbers.
• The full legal name of the life insurance company for each policy.
• Contact information for the agent who sold the policy, if there is one, and for the life insurance company or companies.
• A photocopy of the policy’s face page with the policy number and other relevant information.
• The names of the primary and contingent beneficiaries.
• The face value of the life insurance policy.
Survey methodology
The survey was conducted online within the United States by Harris Interactive on behalf of InsuranceQuotes.com from March 23-27, 2012, among 2,220 adults age 18 and older. This online survey is not based on a probability sample and, therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, contact John Egan at john.egan@insurancequotes.com.
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Vote FOR Marriage NC Launches New TV Ad Refuting False Claims About Amendment
April 30th, 2012
Vote FOR Marriage NC Launches New TV Ad Refuting False Claims About Amendment: Today, Vote FOR Marriage NC launched a statewide TV advertisement that rebukes the falsehoods being propagated by those in opposition of the Marriage Protection Amendment. The opposition’s inaccurate ads make claims that this Amendment would impact domestic violence protections or strip children of health insurance.
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Any ideas about good life insurance plans in the Chicago area?
April 25th, 2012
Question by : Any ideas about good life insurance plans in the Chicago area?
I am about 27 years old and need to start some sort of a financial planning. So i was looking for some good life insurance plans and advice. I stay in the Chicago area so help would be greatly appreciated. Also are there any sites through which i can increase knowledge on financial planning since i am a newbie at this whole thing?
Best answer:
Answer by Sam B
Pretty tough with the unlimited choices out there. But then the good thing is that at least you are thinking on these lines. Contrary to the belief that married people only take life insurance, it can be beneficial to single people as well
Life insurance can provide benefits like tax-differed cash value and of course life coverage. Also the point to remember is that the younger you are, the lower the insurance premium. So it’s important to start early and when you are young.
In case you want to know more about this topic, you can lockup the sources listed. Hope i helped and happy life insurance hunting.
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How do I go about getting health insurance?
April 8th, 2012
Question by insert_text_here_okay: How do I go about getting health insurance?
I work, but I work part time, I have alot going on right now in my life so I don’t have time for a full time job. I may be pragrant but I’m not 100% sure yet. So how do I go about getting health insurance? I’m 19 years old, (I know too young to have a child and so forth, but please, I just need to know about the health insurance) Thanks in advance. Oh and I live in Baltimore, Maryland, if that helps.
Best answer:
Answer by jetgirl
You cant’t get insured if your pregnant (considered pre existing) however there are plans through your state that may be able to help you. If you go to a local pregnancy / womens clinic they should lead you in the right direction.
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MIKE MALLOY interviews Spike Ward about “Obamacare” and the SCOTUS
April 6th, 2012
March 2012… liberal talk show host Mike Malloy recorded his program from Washington DC on a Families USA-sponsored Radio Row as the Supreme Court heard Obamacare arguments. Meanwhile… outside… Teabaggers bussed in by the Koch Brothers-funded “Americans for Prosperity,” rally to be ridden mercilessly to the bank by the rapacious health insurance racket – without pesky govt. regulation. Tara (dacktyl) Devlin of RepublicanDirtyTricks.com was on hand to record the festivities for fellow Malloy Truthseekers… In this video, Mike interviews Spike Ward, a breast cancer survivor, who wrote an op-ed apologizing to the President for initially opposing the ACA after being disappointed that there was no “Public Option.” Despite working hard for a middle-class life, Ms. Ward and her family found they could not afford health insurance premiums which had ballooned as large as her family’s mortgage…. Faced with paying outrageous health premiums, and losing their home, Ms. Ward and her family were forced forgo insurance in order to keep a roof over their head. She was then diagnosed with cancer, and rather than being able to focus on fighting for her life and getting well, she was panicked as to how she was going to pay for everything… In this video, Mike interviews her about her “uniquely American” experience of being treated merely as a host from which big-moneyed interests suck profit and discard… For MORE interviews from Radio Row, and unapologetic, unflinching, Liberal …
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Walton Hills Councilor shares complaints about village fire service
April 4th, 2012
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Walton Hills Village Council President Denny Linville told Northfield Village Council March 28 that Walton Hills has some issues with the coverage that Northfield's fire department is providing. "First I was a strong proponent of the fire contract with …
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2 die in southwest Fla. house fire
Get updates on the latest Lotto drawings plus coverage of the new multi-state Powerball game. Winning numbers More than 300 men and women with ties to Florida have given their lives in Iraq and Afghanistan. The Associated Press NORTH PORT, Fla.
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Investment company reminds owners in Turkey about earthquake insurance
March 25th, 2012
Investment company reminds owners in Turkey about earthquake insurance
With the property market in Turkey proving popular with overseas buyers and investors, experts are advising would be buyers to check out insurance and building guarantees as it is a part of the world that can be affected by earthquakes.
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Lloyd's of London to report heavy losses
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what did you think about the coverage of the mining disaster in tasmania last month?
March 21st, 2012
Question by Smegma Stigma: what did you think about the coverage of the mining disaster in tasmania last month?
what about the two guys selling their story for 3 million to channel 9?
i never saw it as i don’t watch tv, but i followed it all pretty closely via google desktop…
i think it was a bit of a circus to tell the truth, they made it seem like it was life or death for the spirit of australia. it was only 2 guys, i mean, come on. in the same period around 100 men died in china in mines.
it was still great they rescued them though, that’s wonderfully uplifting that such effort could be put into proving that men aren’t, in fact (despite most evidence to the contrary), disposable.
it was interesting that this miner found a way through that was then condemned as unsafe and could create a further collapse. i mean, it was just two of them stuck, and the one guy… how much disturbance could 3 people sneaking through there create? enough for it to collapse? obviously not, given the disturbance all the machinery would have made they used in the end to rescue them.
Best answer:
Answer by gonetotallymad
the media was a bit of a circus but only because people want to know what is happening. if the ratings were poor then they wouldn’t have continued the live telecasts. there are a lot of mining families in australia who know that it could have been them. and also people wonder how they would feel if they were in the same situation. if it was me i would definately sell my story so that i would never have to go into a mine again to pay the bills.
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