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Month: February 2021

Why Is Life Insurance Important?

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A Guide to Life Insurance Benefits and When You Need Them

One of the most important tools to have in your portfolio is life insurance, yet many people choose to ignore the benefits and protections it brings. As a result, surviving family members are left with your final expenses and debts. To help your family financially cope when you die, you should consider getting life insurance.

What is Life Insurance?

Life insurance helps provide your family with financial security when they can’t rely on your salary or income any longer. The policy’s death benefit can be used to pay off the mortgage, clear debts, and cover everyday expenses.

When you buy a life insurance policy, you pay a premium to the insurance company at regular intervals as defined by your plan. If you die while the policy is still active, then your designated beneficiaries will receive a payout.

Why is Life Insurance Important?

While life insurance isn’t an easy topic to think about, it is imperative for you to have so that your loved ones are protected when you pass away. Depending on the type of policy purchased, you can accomplish almost any goal, including:

  • Create an estate, pay death taxes and other estate settlement costs
  • Pay off a mortgage
  • Supplement retirement plans
  • Equalize inheritances

In the immediate aftermath of your passing, your life insurance policy will allow your family members to easily meet any financial problems that arise.

When Should You Get Life Insurance?

The best time to start considering life insurance is right now. Many people believe that life insurance isn’t relevant for them because they are young and healthy. However, you don’t know what’s coming around the corner.

Life insurance policies are less expensive when you’re young. And, if you delay, there is the possibility of a change in your health which can make the insurance more expensive or even impossible to buy at any price. The potential payout for your loved ones can grow over time if you start early, depending on the life insurance policy you buy. So, remember, don’t wait until it’s too late. Make sure your loved ones are protected from the unexpected today.

Are you considering a life insurance policy? At Schechner Lifson, we’re here to help provide all of your life insurance policy options. Reach out to us to learn how we can help protect you and your family.

5 Reasons to Purchase Group Health Insurance

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A Guide to Group Health Insurance for Employers

Did you know group health insurance is one of the most critical benefits employees look for when applying for jobs? Most potential employees will look at it as an essential part of any compensation package as it is the most basic way many people protect themselves and their families.

As an employer, it’s important to consider the benefits of group health insurance. Here are five reasons group health insurance is right for you and your employees.

Improved Employee Satisfaction and Retention

When individuals are applying to jobs, many seek out employers that offer health insurance coverage. A workplace that provides group health insurance will see employees less stressed by potential healthcare costs and improved satisfaction with the company.

Tax Benefits

Employers can directly benefit from several tax benefits in exchange for offering their employees group health insurance. In particular, small businesses can claim the small business healthcare tax credit. This tax credit is available to employers that offer their workers insurance and pay a portion of the insurance premium. So, rather than paying higher salaries with no health insurance, offering slightly lower salaries with good group health insurance coverage will benefit the employer and employee in the long run.

More Productive Workers

Not only will insured employees be happier and less stressed, they will typically be more productive on the job. An employee with health coverage is more likely to take advantage of regular checkups. As a result, these individuals will be healthier and take less time off.

Comply with Federal Healthcare Policy

When it comes to ensuring your company is in line with the Affordable Care Act, you may be required to offer healthcare coverage that meets specific predefined requirements. As an employer, it’s crucial to stay on top of the current healthcare requirements as policies and conditions are subject to change. However, employers with 50 or more full-time employees (or the equivalent in part-time employees) must provide health insurance to their employees or pay a fine.

Protecting Those That You Depend Upon

Offering group health insurance ensures your employees are protected. Especially for a young, small, and growing business, these employees become integral parts of your success and your growth. That’s why it’s essential always to make sure their health is a top priority by offering them the best healthcare coverage.

If you’re still unsure whether or not group health insurance coverage is right for your business, reach out to Schechner Lifson. We’re eager to review your situation and recommend a suitable health insurance plan for your employees. Get in touch with us today!

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