“I Sell Money.”

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Yes, that is what I do.  Pretty plain and simple.  Twice this past week, I have been challenged to come up with a new elevator speech.  You know the one, where someone asks you “What do you do?”   So, I woke up at 4:30 A.M this morning to this realization.  I used to say, I am an insurance agent. But in reality, my end product is money.  Money from insurance companies when you or your family need it most.  When you get sick or hurt, it is your medical insurance that pays those big bills.  If you become sick or disabled, there is money to pay those pesky bills.  When you die, (notice I did not say if), your family will have money to take care of your final expenses.  And if your family depends on you financially, there is money so that they can go on with their lives.  And, if you are lucky enough to retire, I sell money so that you can never outlive your money.  Pretty good idea, right?

To get a bit more technical, I use insurance products to leverage money.  Not nearly as compelling is it?  How about, “I sell dollars for pennies?” That is an old one, but true.  Insurance is a great product.  But how do you know if you are getting a good deal?  That is where I come in.  I sell for a lot of reputable and financially loaded insurance companies.  But some have better products to meet your needs than others.  Some of them give you a better deal for your money. I can help you understand what it is that they are offering to do and help you shop for the one that is best for you and your family.

It’s All About Safety, Flexibility and Guarantees!

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Do you know that a person retiring soon, can expect to be in retirement 20 years or more?  That is a long time for retirement money to last!  Wouldn’t it be great if we had a pension plan like our parents and grandparents had?  That way, we could never outlive our money.  Well, corporate pension plans are mostly gone and nowadays, our retirement funds are in 401K’s, 403 B’s, Mutual Funds and Stocks.  What is scary about that is that our money is at risk, usually invested somehow in the stock market which has been known to lose our money.  We can move our money to safe investments such as CDs.  Taking inflation into consideration, this is a safe way to slowly lose our money.  Fortunately, we have another option.  It is an insurance product called a “Fixed Indexed Annuity with a guaranteed lifetime income rider (GLIR).”  Its’ advantages include:

  • Flexibility and Safety
  • An Income stream that you can never outlive
  • You will never lose your money
  • It allows for the “upside” growth potential of the stock market, without actually being “in” the stock market
  • Free withdrawals
  • A Death Benefit
  • Terminal Illness and Confinement options
  • Bonuses for investing your money for the long haul
  • You do not have to “medically qualify”
  • Money can grow tax free

Does this sound “too good to be true”?  Well, it is a guaranteed private pension plan backed by very reputable, financially sound and savvy insurance companies which are licensed and further insured by the State Bureau of Insurance.  Best of all, there is never any obligation or pressure to buy when working with me.  Why not check it out further? What do you have to lose?

 

 

 

Unhappy Suprise

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Just recently, I was speaking with a client who had purchased his Medicare insurance from me.  I asked about his wife and he responded that she had passed away earlier this spring from pneumonia while in the hospital.  I expressed my condolences.  He then went on to say that she had three life insurance policies.  Turns out all three were “accidental” policies, which of course, were worthless in this situation.  He thought he had coverage to help pay for her final expenses.

Here is why I encourage you to get an insurance review:

1.)    Insurance policies are detailed legal documents that, generally, the public is not trained to read and digest.  You deserve an expert on your side to explain in plain language what you have.

2.)    You may not remember exactly what you bought.  Sometimes clients think they have permanent cash value policies and they are only term policies.  Or, you may have an old “universal life” policy that may not be there when you need it most.

3.)    Your circumstances change.  What you thought you needed then may not be right for you now.  Twice, I have found that now disabled clients had coverage build into their policy that will now pay their premiums.  Sometimes, you are still paying for a children’s rider when the children are grown and no longer covered.

4.)    The insurance agent who sold you the policy may not have known what was best for you or you have lost touch with them over the years.  Often times, beneficiary information needs to be updated.

5.)    The insurance field have evolved, like every other business, there may better options for you now.  Term rates are lower now than previous years.  You can buy policies with “living benefits.”  This is insurance you don’t have to die to use.  The face value can be accessed if you have a critical medical situation such as cancer or stroke.  It also can be used to pay for long term care expenses.

 

Frankly, I have offered free insurance reviews for years.  Very few people take me up on my offer.  I’m sure some people are concerned that it is my “foot in the door” tactic, and it is.  But my way of conducting business is finding the best product for you.  If you already have it, I’ll tell you so and not try to twist your arm to buy another or different policy.  My current clients know this, and I hope you’ll take the chance and discover that this is a true statement. There is nothing more reassuring to you and your family’s future than knowing you have the right policies for your needs.

Did you know that life insurance proceeds are not taxed? Life insurance is a GREAT product with many uses and benefits.  Contact me soon to get a review so you will be happy with your choices.

 

 

 

 

 

 

A Plan F is a Plan F, is a Plan F

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A Plan F is a Plan F is a Plan F.  I say this often to my potential clients. It is true, but not the whole truth.  Because the Centers for Medicare and Medicaid (CMS) have standardized all Medicare Supplement Plans (also known as Medigap Plans), it is true that the level of benefits are the same. All Plan F plans must cover Medicare deductibles and co-insurance, no matter which company you purchase from.

However, a Plan F from one company to another company can and does vary significantly.  I am an independent insurance agent who specializes in this. The following are ways that they can vary and you need to consider when choosing a Medicare Supplement Plan:

  1.    Rates can vary significantly.  In Virginia, as of this writing,( September 17, 2012) a Plan F rate for a 65 year old female can range from a low of $92.13 per month to over $300 per month.  (We are talking identical coverage!) These rates vary due to many factors such as the area in which you live.  For example, a person who lives in one zip code can pay $20/per month less than their neighbor who lives down the road but in a slightly different zip code.  A smoker may pay more with some companies.  Males may have a higher rate with some companies.  Some plans have rates which are guaranteed to increase every year as you get older.  Some plans level off their rates after age 75.  (Unfortunately, all of them can – and do- raise their rates on an across the board basis.)
  2. There are extra “Perks” and extra Costs.  For example, you must be a member of AARP to buy their Plan F from United Health Care.  Currently, this is an additional cost of $16 per year.  But on the Perk side, the AARP/UHC plan includes a Silver Sneakers benefit.  That alone, could save you over $50 per month if you are already paying for a fitness center membership.  Mutual of Omaha has a 7% couples’ discount.  And companies are adding more perks (benefits that are not required by law) every day trying to get your business.
  3. Ratings and Customer Service.  Have you ever had a question and had to talk to someone in India, or be put on hold for what seems like a lifetime?  This is a consideration when purchasing a plan you will probably keep for many years.  Though in my experience, this is usually not a big consideration because these plans (as long as they are from a reputable company) work like a dream.  It is rare to be dissatisfied with a Plan F as long as you can afford to pay the premiums.

So the bottom line is – Shop plans with a knowledgeable agent who can enroll  you into best plan for you.

 

 

Money 101 and Wine, Women and Wealth

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I am recently affiliated with Five Rings Financial. Together, our hope is to educate potential clients about the principles of money. We go to school for 12-16 years and most of us do not know the basics of protecting our family’s finances and growing money for college funding, retirement, or times when life throws us a curveball.
Many people are intimidated by money. It is our hope that meeting in a non-threatening, non sales orientated setting will allow us all to learn a little bit more about money. So, if you are a woman, plese join us for a girl’s night out. We network, taste wine and food and learn just a little bit about wealth. Everyone is invited to have some tasty food at the Money 101 classes. Bring a notepad, and listen to the fundamental principles of money.
Both of these events are complimentary and you are welcome to bring a guest/friend. We only ask that you RSVP so that we can plan for you.

Death insurance versus Life Insurance with Living Benefits

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My father did not believe in life insurance. He called it death insurance. As much as I hate to admit it, he had a point. Someone had to die in order to utilize its benefits; but not any longer. We now have Life Insurance for Life. It is the newest thing protecting your family from financial ruin. We hear of the term “multitasking” all the time. Life insurance for Life, also known as “Living Benefits,” is a wonderful insurance product that provides multiple benefits depending on what life throws at you. There are three major things that can play havoc with your family’s financial well being. One is dying too soon – income stops. Two is living too long- you can run out of money. Three- becoming ill – medical care can suck up all your money.
People say that to protect themselves, they might become “insurance poor”, buying life insurance, disability income insurance, critical care insurance, cancer insurance, and long term care insurance. Add to that, saving for retirement by putting good money away that is subject to taxes when you need it.
I am happy to tell you that there is now a solution. You can buy one insurance product that will give you blanket protection, multitask, if you will. And the great news is that it is affordable. It is Indexed Universal Life Insurance with Living Benefits. Most insurance agents can not offer it. I can help you protect your family’s financial security today.

Original Medicare Benefit Coverage

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What is the difference between a Medicare Supplement policy and a Medicare Advantage policy?

They both are meant to enhance Original Medicare (Part A and Part B) benefit coverage. However, they are distinctly different and can not be interchanged.

A Medicare Supplement (also known as a Medigap policy) is purchased for a premium from a private insurance company. The plans are standardized and a good plan (such as Plan F) will basically cover all medical expenses that are not covered by Original Medicare.

Medicare Advantage Plans (also known as Medicare Part C), are plans that are contracted with the Center for Medicare and Medicaid (CMS). You enroll in a specific plan managed by an insurance company. That plans then is responsible for paying for your medical expenses. You are responsible for co-pays and co-insurance.

These plans have to be ,by law, be as good as or better than Original Medicare. They may include extra benefits such as a built in prescription drug plan and discounts on medical related services

Medicare Prescription Plan

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What is a Medicare Prescription Plan and how do I get one?

Medicare Prescription Drug Plans (also known as Medicare Part D and PDPs) are generally highly recommended if you have Medicare and no other creditable prescription drug coverage. To get Medicare Drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered. Sometimes a PDP is included in your Medicare Advantage Plan at no additional cost. These plans are called “MA-PDs”.

Medicare Advantage Plans

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What is the difference between PFFS, PPos and HMOs in the Medicare Advantage Plans?

PFFS is a private fee for service plan. There is no contract between the medical provider and the insurance company other than the underling Medicare rules. You can use any provider who accepts Original Medicare payment, who is willing to treat you and accepts the plan’s terms and conditions. The provider can decide on a patient-by-patient, and a visit-by-visit basis at the time of service whether to treat you. Emergencies are an exception to these guidelines.

PPOs are Preferred Provider Organizations. There are contracted with certain medical providers and prefer that you use them. However, you may go outside of the provider list and still have coverage without a referral. This however, may result in additional costs for you.

HMO’s are Health Maintenance Organizations. The insurance companies restrict you choice of providers to those they have contracted with. In addition, a referral from your primary care physician is generally required.