Month: May 2018

Handling Multiple Life Insurance Policies for an Individual

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Understanding Who Needs Multiple Life Insurance Policies and Why

Acquiring a sufficient and thorough life insurance policy is among the most important decisions you can make for your family, ensuring that they will be taken care of and not left with undue burdens should anything happen to you. This idea is accepted and understood as responsible among the general population, but fewer people are aware that having just one life insurance policy may not be enough. Not only is it possible, but many times it is necessary for individuals to have multiple life insurance policies. Such an idea may sound wrong at first glance, but there are several reasons that multiple policies might be the right decision for you and your family.

Increased coverage

The most basic reason to have more than one life insurance policy is because it allows the total amount of coverage you have to be greater than that of one policy. If one life insurance policy caps you at $250,000 but you’ve evaluated your family’s needs and determined that it is necessary to be covered for $500,000, then the easiest way to do that is to simply add a second policy on top of your first one. The key to this decision is knowing exactly how much you want in total policy benefit and comparing that with your existing single policy.

Life changes requiring additional policies

It’s not uncommon for a single individual to acquire a life insurance policy while they are young that is on the lower end of coverage. The rationale is that they are young and do not have a family, so a large permanent coverage is not necessary for them, not to mention a larger policy could be more cost prohibitive at that early stage in their life.

However, that same individual will likely find that when they get married and/or when they have children that the initial policy they purchased is no longer sufficient. At that point, it makes sense for you to purchase additional coverages to match the needs of your growing family, while retaining that initial early-life policy as your baseline permanent life insurance policy.

Different policies have different benefits.

Life insurance policies have benefits that go beyond the death benefit. Some policies can allow access to the death benefit to help pay for long term care expenses. Other policies have cash value or other investment components. Some policies will provide coverage for a fixed number of years, while others will provide coverage for your entire life. Over time, people will have different circumstances and will need different policies to cover these different needs.

Want to find out more?

Schechner Lifson Corporation is an independent insurance agency that can serve as your one-stop shop for life insurance, as well as many other insurance and financial services. As an independent agency who is not tied to any single insurance company or investment vehicle, Schechner Lifson Corporation is able to provide unbiased and comprehensive advice and superior services through our group of creative and intelligent associates. Contact us today to see how we can make sense of the often confusing world of insurance and provide you with the best and most affordable coverage possible.

Why Go with an Independent Insurance Agency?

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Discover the Benefits of Working with an Independent Insurance Agency

It may feel riskier or scarier to get your family’s insurance through an independent insurance agency as opposed to through a group plan from an employer, but there are many reasons that an independent agency is actually preferable. By understanding exactly what it is you are getting involved with, you’ll quickly realize that the freedom, dedication, and personalization offered by independent insurance agencies is superior, leaving you only to wonder why it took this long for you to make the leap. So, what exactly are the advantages?

Independence of choice

  • By maintaining their independence from specific insurance companies or vehicles, independent insurance agencies are free to represent a wide variety of insurance companies’ offerings with the associated variety in coverage options and costs.
  • Rather than paint you into a corner with the limited options from a single insurance provider, independent agencies typically sell coverage for five to eight difference insurance companies and free you from the pressure of feeling like you must accept a single company’s quote.
  • This ability naturally results in the customer receiving better value that is tailored specifically to your needs.

Personalized attention, care, and recommendations

  • By interacting with a real person assigned to your case, an independent insurance agency is able to get to know you and your family’s needs on a personal basis.
  • As a result, they will understand what your unique situation is after listening closely and understanding your situation.
  • At the end of the process, this will result in not only the best bang for your buck, but also ensure you have the exact coverage you need without omitting an important piece of coverage and without selling you coverage that you do not need.
  • Your personal representative at an independent insurance agency will also be able to advocate on your behalf down the road if you need to make a claim, have a billing concern, or need to adjust your coverage.

Local friendly people, not a faceless corporation

  • Everyone likes having a mom and pop shop where they know your name and recognize your face instead of the corporate monolith—independent insurance agencies provide that friendly face that is missing in the larger insurance companies.
  • Not only do they know you personally, but your independent agency is your neighbor, a member of your community—because of this they understand your unique circumstances.
  • As members of your community, independent insurance agencies are often heavily involved in community-building activities like sponsoring local youth sports, buying from other local businesses, and more.

Dedication to you

  • Larger insurance companies will typically focus on one specific type of insurance and direct you across town (or the web) to another company if you have a different need—this is not the case at an independent agency that is often able to meet all your insurance needs in-house.
  • By focusing on you and your family individually and representing a variety of insurance types, independent agencies can find you the best coverages and optimal prices as you move through life—every time you move, go back to school, get married, have children, start a business, or any other major life event.

Want to find out more?

Schechner Lifson Corporation is an independent insurance agency that can serve as your one-stop shop for property and casualty policy and life insurance and benefits, with agents who have deep expertise and experience across each sector. By remaining an independent agency who is not tied to any single insurance company or investment vehicle, Schechner Lifson Corporation is able to provide unbiased and comprehensive advice on your insurance policies. Contact us today to see how we can make sense of the often confusing world of insurance and provide you with the best and most affordable coverage possible.

The Importance of Your Business Offering Disability Insurance

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Why You Should Be Looking for Employment that Offers Disability Insurance

Most people are well aware of the importance in having insurance for themselves and their families, whether that be health insurance, car insurance, home insurance, or other. However, disability insurance is not as commonly discussed. In fact, you might not even know if you have disability insurance at all, what it does for you, and what the specific terms of your policy are.

Despite that, both short term disability and long term disability insurance are critical to protecting yourself and your family if something happens to you. Because of that, educating yourself on disability insurance and being sure you have the appropriate coverage are crucial steps to take before you ever might need it.

What is disability insurance?

Disability insurance guarantees you and your family some or all of your salary depending on the specific terms of your coverage) should you become disabled and unable to perform your job. Those who can take advantage of their short term disability and long term disability insurance policies aren’t just those who suffer from an accident, but can also include medical issues like back injuries, cancer, or any injury or ailment that can cause you to be unable to perform your job for an extended period of time. While the worker is recovering from the injury or illness, disability insurance is there to keep your household afloat.

The difference between short term disability insurance and long term disability insurance

As with all types of insurance, understanding your different options is critical to ensuring you have the right coverage for you, and the first item to know is whether you are receiving short term disability or long term disability insurance.

  • Short term disability insurance policies are for instances where the worker is displaced and unable to work due to their ailment for six months or less.
  • Long term disability insurance policies cover workers who need six months or longer to recover enough to return to work.

Why disability insurance is so important

While many people might think they are healthy and safe and wouldn’t actually have a need for disability insurance, you might be surprised to find that just over 25% of today’s 20-year-olds will become disabled in some manner before they retire according to the Council for Disability Awareness. The most important, and obvious, reason that disability insurance is important is to make sure you are covered if you become disabled much earlier than retirement age and are unable to work for the rest of your life. In such an instance, disability insurance will make sure you can pay your bills and support yourself.

While many people develop an emergency fund to make sure they can afford their rent, mortgage, utilities, and groceries should they be unable to work for a period of time, not everyone is in a financial position to save that much, and that is where short term disability insurance has your back.

Further, unless you are very close to retirement age, it is quite unlikely you’ll ever develop an emergency fund that will last you for the rest of what would have been your working years, which is precisely why long term disability insurance is so important.

Why disability insurance through your employer is the best bet

Because disability insurance is such an important safety net for every individual and family, there are several avenues through which disability insurance is offered:

  • The Social Security Administration
  • Private insurance companies
  • Your employer

Despite the options, your employer is likely the best place to ensure you are properly covered. The disability benefits from the Social Security Administration are only offered for those who are expected to miss a year or more, so short term disability insurance through your employer kicks in earlier. Not only that, but the disability insurance from the Social Security Administration has a lot of hoops to jump through before you’re eligible and it does not replace much of your income.

Disability insurance through a private company, however, is almost always more expensive than getting the same coverage through your employer. Getting your disability insurance through your employer as opposed to privately through an insurance company also saves you the headaches and stress that comes with negotiating and trying to see through the sales pitch, as your employer has already done that and got a deal on coverage that is likely to save you more in the long run.

Want to find out more?

Schechner Lifson Corporation is an independent insurance agency that can offer your business short term disability and long term disability insurance for all of your employees. With experienced and caring agents, Schechner Lifson Corporation can make sure you and your employees are covered at a price that may just be more affordable than you think. Contact us today to see how we can make sense of the often confusing world of insurance and provide you with the best and most affordable coverage possible.

Benefits to Accepting Group Health Coverage as an Employee

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How Much Do You Know About Group Health Coverage?

Across the United States, just over half of all Americans receive private health insurance coverage through their employer. Because it is so standard, most don’t stop to ask the basic questions, and too many are missing the differences between accepting group health coverage compared with individual coverage. Given that your insurance package is likely the most significant part of your employment package after your total salary, it is important you know what you’re getting.

Group health coverage vs. individual coverage

When you’re discussing a group health insurance plan, you’re talking about a single policy that an employer offers to all eligible employees, and sometimes their dependents.

This type of group health insurance is fundamentally different than individual coverage because individual coverage is a single policy that is issued to a single person or family. Because of this basic difference, the insurance company calculates the risk differently for group health coverage and calculates the risk factors balanced over the entire group as opposed to just with the individual person or family.

Group health coverage also typically helps employers to find a balance between the most affordable plans and the ones that offer the greatest benefits to their employees.

Why should you accept group health coverage as an employee?

Even though your employer offers a group health coverage plan, this does not mean you are

obligated to accept—everyone can choose to buy into Government sponsored insurance,

private insurance of your choosing, or pay the penalty associated with not having insurance under the Affordable Care Act. Given the available options, what benefits does your employer-offered group health coverage afford you?

  • The group health insurance plan is simple and easy to understand, and there’s no need to research and evaluate all the individual plan options every year. The jungle of paperwork can be enough to drive you mad.
  • As an employee, your contributions paid from your paycheck to your group health insurance premiums are done on a pre-tax basis, giving you lower taxable payroll earnings and keeping more of your paycheck in your pocket.
  • By having the same coverage as your coworkers through the group health coverage, employees can develop a sense of camaraderie as everyone is united under the same plan—you can be sure your coworkers are a shared source of knowledge and resources.

Want to find out more?

Schechner Lifson Corporation is an independent insurance agency that can offer group health insurance coverage to small business employers across the United States, with agents who have deep expertise and experience across each sector. By offering group coverage, Schechner Lifson Corporation is able to give employees the freedom of a simple and affordable insurance plan that ensure all employees are satisfied and stress-free when it comes to their health coverage. Contact us today to see how we can make sense of the often confusing world of insurance and provide you with the best and most affordable coverage possible.