Misleading Life Insurance

As a State Licensed Insurance Agent, I regularly hear people say “I have Life Insurance through work”.

My reply is “Great! But what if you out live your FMLA?”

From Google Images

From Google Images

Yes, it just got real, fast! I had a client in 2010 who only owned life insurance from his employer. It was the $25,000 the employer offered (not even 1 year of income). BUT…it was free. Know why work coverage is free?

From Google Images

From Google Images

It is part of a group policy so the employer gets it cheaper (less underwriting and large group paying in and employees are transient so it is less risk).

If you leave the job, the Life Insurance gets dropped (all those premiums the employer paid in were never redeemed).

From Google Images

From Google Images

EVEN IF! you come down with cancer and eventually die…the Insurance company may not have to pay. (See other problems from last week’s post)

Back to my client in 2010. Came down with cancer mid July, used 7 weeks of vaka pay, applied for FMLA (Family Medical Leave Act) and then died the end of September, just before his 54th birthday.

Not what happened to my client. From Google Images

Not what happened to my client. From Google Images

He was never healthy enough for his first cancer treatment. (Watch those cancer policies your employer offers, they may not pay either! My cancer policy would have paid the full lump sum in this case, hint, hint)

BUT if he had lingered on for a bit and had not continued to be considered an employee, the $25,000 would not have been paid out.  His family would not have received any money from the company because he would no longer have been an employee.

Fortunately, a few years earlier, his daughter took out a small policy on him. So whether he recovered immediately or lingered, unable to work for 6 months or longer, the family would have had some insurance to help with final expenses and outstanding medical bills.

Planning is not over rated and only takes 2-4 hours out of your year!

From Google Images

From Google Images

As it was, some of the Insurance money was used to pay the mortgage so his family had a place to live (he was the only family member who was working).

While it is great when an employer offers you free Life Insurance, PLEASE do not rely on it being enough for your family.

September is Life Insurance awareness month and there are lots of great options out there, just call and I will be happy to review what might better suit your needs.

Thank you for reading and have a safe day!
Dave
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Does Life insurance always pay?

I am here to help but the simple answer is no.

From Google images

From Google images

If you wait it can be “too little too late” or part of the “road to …is paved with good intentions”

From Google Images

From Google Images

September is Life Insurance Awareness month. Many national surveys and reports show Americans as Uninsured and Underinsured (topics for another post)

From Google Images

From Google Images

Today’s topic is examples of when life insurance will not pay.

Given that yesterday was 9/11 (September 11th, 2014 for those of you reading this post in the future) I believe it is important to educate my clients with the good and the bad.

Many life insurance policies will not pay if you die in an act of war or terrorism.

Also many policies have a 2 year contestability period from date of issue.

That simply means they reserve the right to review the initial application and make sure you did not lie or misstate any information.

And if you commit suicide in the first 2 years, many carriers reserve the right to not pay.

From Google Image

From Google Image

I had one client who was fairly healthy when he applied for a Life Insurance policy.  13 months later he was diagnosed with cancer and died 2 months after that. Since it was in the first 24 months (2 years) the carrier pulled all of his medical records and reviewed EVERYTHING to make sure they were responsible to pay.

The Insurance Provider did pay the claim but it was 3 months later so thankfully the family had a second small policy to help replace her income and pay the mortgage in the meantime!

This is all reasons to apply early for the right policy, so that when the 2 year window is over you do not need to worry about it.

And consider having multiple policies. I personally have 8 or 9 different policies (each serves a different purpose) and I have taken them out over the last 20 years!

Please use an experienced professional, who is licensed and understands the various options and strategies.

Thank you for reading and have a wonderful day!
Dave
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Wedding plans!

Liz, the young happy lady who cuts my hair was just recently married! (Congrats Liz!)

blog liz

Not a wedding picture, but they seem happy!

(On a side note, Liz has been cutting my hair for years, my Wife is happier with my style today than 3 years ago, thanks Liz, so if you need a new or back up stylist, message me and I will get you Liz’s contact info)

So I am going to use her as the reason for my Blog today (no, she does not know this so I am sure she will be honored when she finds out)

Flowers and insurance are two things that happen (hopefully) when weddings happen!

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Angeleque, my personal florist (I have numerous Blogs in her honor, just use the search feature on this page) from Rainbow Florist, Oak Ridge,posted an interesting article last week.

http://theperfectmatchstudio.com/wondering-much-wedding-flowers-cost/

As a teaser, here is the first paragraph “This is such a loaded question, much like when brides ask me the “How much does a wedding cost?” question I’ve gotten in the past. As I have told brides through the years, it’s much like buying a car.  You can buy a Hyundai or a Mercedes with lots of options in between! This comparison also applies really well to wedding flowers.”

Even me (yes, a guy) found the article interesting. So Brides to be, Mom in Laws to be, it is a short read but gives some definite direction to helping you budget!

On to the second topic (the one I know and have been doing since 2007), Insurance. When two people join together, there are all sorts of things that need done.

Life insurance:
Update your beneficiary (who gets the money when you pass). I had a client years ago when I sat with her, she told me how her first husband died and the money went to wife number one.

Re evaluate how much coverage you need. Is you spouse going to be a stay at home parent and raise/home school the kids? Are you adopting their kids? Are you bringing a lot of debt (think student loans/mortgages/medical collections, etc.) to your union? Unless you do not like the person you married, let me suggest sitting with an experienced, licensed professional.

This also applies to your health insurance, your strategy if one of you come down with Cancer, Heart Attack or Stroke. Please update the beneficiary on your 401k. I had a buddy panic one time because he had been divorced for 3 years and when he sat with me he realized his ex wife’s name was still down to receive everything if he passed.

Like most things in life, insurance has lots of moving parts. I do not give advice on what surgery to have, how to fight legal battles or when to file your taxes. There are professionals for that. Do not JUST use family or friends when it comes to your spouse. Use a professional.

Have I ever told you why they call me lightning?

Thank you for reading and have a great day!
Dave
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Sleeping like a Bachelor!

So over the last week, my Wife was a bit under the weather…I slept in the spare room so she would have our comfortable bed to herself.

 

From Google Images

From Google Images

I am not sure how many of my readers have been a bachelor but part of the bachelor joys is being lazy when it comes to getting the sheets back on the bed after washing, being able to sleep perpendicular on the bed and just flop down however you want.

 

From Google Images

From Google Images

For those of you who are married, you are not familiar with these concepts because …well, you share the bed with your Wife or you allow your Husband to sleep in your bed. If it is a smaller double bed, you are close together and if one of you toss or turn a lot, good chance the other will wake up more….actually I just watched a “How I Met Your Mother” on Netflix where Lilly and Marshall had this very issue!

From Google Images

From Google Images

I think I just realized that bachelors are little kids! (at heart and that is why being a bachelor was such a big GREAT part of my life, but Honey, I am very happy to be married now and want to stay that way!)

From Google Images

From Google Images

My issue that night, I turned down the cover in the guest room. I put the top sheet (not the fitted one, think that was designed as a torture device for Renaissance house maids) on the bed and went to watch some TV. When I returned, “LOW AND BEHOLD, WHAT IS THIS?!?!”

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“FEE FI FO FUM! WHAT FUR BALLS ARE IN MY BED?!?!”

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And the whole night was not spent sleeping sideways, my Kitdies were more up in my business than normal!

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More late night playing and clawing up the bottom of the bed and walking across me…yes, I will never be a bachelor again. Never to sleep cattywampus diagonal across the bed.

So how do I tie this into insurance you ask? Simple, make sure you have HealthInsurance so you or your spouse are both able to be more healthy so you do not get sent off to the spare room with the Katz!

October 1st is when people 65+ can start selecting their plan for 2015 and November 15th is when those under 65 can apply for assistance paying for HealthCare and select plans.

Please use a professional! I was just reminiscing with someone the other day about some of the wins and losses from this past year and I can assure you none of the losses were people I worked with but mainly people who tried to do it alone.

Thank you for reading this far down and have a great day!
Dave
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Gift Basket of Kindness!

So I meet lots of people…and I only have a so so memory.

Last week on Facebook I was somehow tagged to Precious Treasures, a Local Woman Owned Oak Ridge Business. Turns out I knew Diane…just by her actual name, not by the company name (I am so easily confused) and we have known each other for a bit, good family, kind hearted.

Well Precious Treasures posted on Facebook Raw (a closed group, need ties to Oak Ridge TN, YEP! The Secret City…and if you do not know about it, then we are doing a good job keeping it a secret, now shush!)

This basket (you too can order custom baskets from Precious Treasures for gifts or giveaways)

Someone is getting something special soon.

Someone is getting something special soon.

And the group was all astir with suspicions (you know, Secret City, wondering who is getting a secret surprise basket)

Well it ended up being me! (Yes, I did a little happy dance!)

This was a whole family project and Diane even explained to me the meaning behind some of the items in the basket:

Written by the Daughter with neat handwriting

Written by the Daughter with neat handwriting

Before it got opened

Before it got opened

Little Dave and he is the right colors for the office! Picked out personally by the Inventory Manager. In sunlight he dances!

Little Dave and he is the right colors for the office! Picked out personally by the Inventory Manager. In sunlight he dances!

The Butterfly pen for my Wife! (Thanks for making me look good)

The Butterfly pen for my Wife!
(Thanks for making me look good)

The bear with balloons of happiness over my office opening!

The bear with balloons of happiness over my office opening!

Baxter, the local Kat, had to get in one shot as well. If you cannot read it, the cone says AWESOME! ...so Baxter claimed it as his...of course

Baxter, the local Kat, had to get in one shot as well. If you cannot read it, the cone says AWESOME! …so Baxter claimed it as his…of course

Remember random acts of kindness are appreciated and sometimes noticed and even sometimes Blogged about!

So support your Local Businesses and help keep money in the community!

Thank you for reading and have a wonderful day!
Dave

Photo of new ad until I get the jpeg

Photo of new ad until I get the jpeg

The Stuff Legends are Made of (my ribbon cuttings)

Okay, okay, yes, my Wife and I are watching “How I Met Your Mother” on Netflix and we will give Barney a high five for being AWESOME!

And his powers of Ego and Denial are LEGENDARY! Plus we still have no idea what his actual job is even though we are into season 5.
(for you non Netflix watchers, I suggest it, funny, works great with my short attention span…OOH! SHINY!)

First let me say: Thank you to the staff of both Chambers for putting up with me in the days leading up to my Ribbon Cuttings (think crazy bride…yeah, that about describes me)

 

From Google Images

From Google Images

Those of you who have been following my Blog for some time now know a few things about me:

I am involved in the community I offer insurance to
I network and try to help others grow their business (looking at sponsoring a Barrel Racer right now)
(technically I did to much cold calling in the 1990’s and do not want to even call internet leads)
I am a supporter of local businesses.
It is through my Chamber Memberships I have gotten a lot of publicity and been in the public eye

Dealing with politics
A) It is too late this year for me to get in on any political campaigns
B) I have no interest in politics
C) (probably the most important) I truly appreciate that you think I am honest and hard working enough to be of value to the community by serving in a local political office!

Back to my “Blog Subject Line”: Ribbon Cuttings

I work with a very progressive, forward thinking Insurance Agency which is how/why I am allowed to have a brick and mortar location to meet my clients at (301 Oak Ridge Turnpike, Suite E, Oak Ridge, TN 37830. Feel free to stop by)

In July (thankfully it had 5 weeks so I did not have much competition from regularly scheduled meetings) for my two….wait for it…..wait for it….Ribbon Cuttings!

Yes, I have been a member of the Anderson County Chamber of Commerce and the Oak Ridge Chamber of Commerce, both since 2011!

Both are active in their community and they both serve different markets depending on what it is you, as a business owner need and the benefits they can offer you as a resident or consumer in the area.

Please click on their links to learn more!

Thank you all who attended and I have gotten to know over the years!

Thank you for reading this far down and have a wonderful day!

Dave
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Your Place or Mine?

What’s your sign?

From Google Images

From Google Images

Your daddy must have been a thief, he stole some stars from the sky and put them in your eyes!

From Google Images

From Google Images

So, your place or mine?

My place!

My place!

No, that last one is not my pick up line in a bar and I never used the others (but I heard them used all through the 80’s, 90’s and early 2000’s)

So, your place or mine?

Out side my place!

Out side my place!

It is a valid question today, particularly because I can now help you online and you never have to meet me face to face (yes, I will be your mysterious gentleman phone caller)

I am in sales, I have done mortgages and insurance most of my adult life. I am always going to some stranger’s house. Sometimes I wish I had not gone…OH WAIT! Now I have an office (301 Oak Ridgge Turnpike, Oak Ridge TN) I can meet clients there.

No more meeting at McDonald’s or Starbucks!

And yes, I have some TOTALLY AWESOMER Fair Trade, Organic coffee that is purchased trough a Local Woman Owned Company!  Malone’s Coffee Service if you need excellent coffee for your office, tell them “Dave sent me” (they also run new client specials)

TOTALLY AWESOMER coffee maker!

TOTALLY AWESOMER coffee maker!

Great coffee aside, I can still write many policies for my customers over the phone and online. One of the great things about my agency is we have embraced technology. My advertiser coined the term “You are so 21st century Dave”.  We do not have to meet face to face. You can be sitting in your pajamas …or naked if you prefer, no video camera please, on the phone and I can give you access to view my computer screen.

You can see everything I see, am explaining and you can even click on the “Submit” button!

Yes, my site is join.me/UrLocalAgent Go ahead, click the link and you will see my page with the photo from my Ribbon Cutting! When we both at there, you ask to join and then I admit you into the meeting. (yes, it is secure)

Saves me time, we do less chit chatting, you do not have to dust or clean (OOPS! that is my excuse for not wanting you to come over) and you still get great service!

I AM JOKING! My office is not that bad. From Google Images

I AM JOKING! My office is not that bad. From Google Images

I do have some product that need an ink signature but for the majority of my clients, I can help them online, in my office or I can come to their home. (Think Medicare products, red, white and blue card)

So while I just opened an Enrollment Center there on the Turnpike in Oak Ridge and I love people coming over, it your time is valuable, if gas is expensive, if you do not live near by, we, together, can embrace technology and be “so 21st Century”!

Blue and Green is ME!

Blue and Green is ME!

Thank you for reading and please call before stopping by, I am still out running appointments, not all my customers have computers.
Dave
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