Daily Article - Dec. 21 - 2009 - Coverage For Disability Insurance - Salaried Workers Vs Self Employed

By Jared Wright

When people are younger, most of them take up life insurance to cover expenses for a spouse or young children. Strangely enough there are not that many that make use of disability insurance. Disability insurance can cover many expenses when you are suddenly faced with a disability and won't be able to continue your life exactly as before.

There are different ways you can get covered for a disability.

Government Workers

Workers employed by the government are under most circumstances covered for disability and can receive disability retirement compensation. The actual benefits disabled people will receive is decided by a couple of factors such as the amount of years they were employed and their age. Each person's situation will be different and the amount can only be confirmed once all these factors have been taken into consideration.

Salaried Workers

In many states the law requires from companies to make allowance for disability benefits, for at least 26 weeks; which means a person faced with disability will receive a salary for that period of time. There is no law that requires more than that, but in California most companies have benefits that will cover around 52 weeks. Many larger companies, however, allow for up to five years of disability benefits. Each company will have a different policy and it is always good to find out how it works even though it might never be needed.

Self-Employed Workers

While most government employees, as well as, salaried workers will be covered for disability, the self-employed person will be responsible for his or her own disability insurance. A person might be eligible for other state disability benefits, but obtaining the benefits from the federal agencies can be a long and drawn out process. The disabled person is going to need to have something to fall back on immediately and for that a disability insurance policy is the best. There will be medical bills to pay, as well as, other normal day to day expenses. A self-employed person who is also an employer will have an added responsibility in the form of his or her employees.

It will be necessary to research many companies, offering disability insurance, to find a policy that will cover each person's specific individual needs.

It is, however, not only self-employed people that might need disability insurance. Even salaried workers or government employees would have to find out exactly what their benefits will be and if they will need additional insurance to cover expenses.

Jared Wright is a work-from-home webmaster who loves to write and share his knowledge online. He is currently working on a site where he shares review and information about wheel chair ramps and wheelchair wheels.

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Daily Article - Dec. 20 - 2009 - Social Security Disability Vs Long Term Disability Insurance

By Joseph Devine

For individuals working in industries that witness a high number of injuries or deaths each year, a safeguard in case of a disabling injury is an important thing to consider. The possibility of getting an injury on the job that will keep you from being able to work in your field for a long period of time or perhaps even ever again is actually pretty high.

When it comes to being protected against long term disability, there is more than one way to go about getting benefits for certain people. Some employers who have a number of employees working in hazardous conditions provide LTD insurance through the company. If your company does not automatically provide this type of insurance through a group plan, you should strangely consider taking out an individual LTD plan.

What an LTD Plan Can Give You in the Case of Disability

LTD coverage can provide income replacement for victims of disabling injuries for a number of years after the injury or, in some cases, up until retirement. Having this back up coverage is vital to providing for yourself and your family.

The type of LTD insurance you have and your particular case will determine how much income replacement you will be given. There are also a number of hoops you may have to go through in order to prove that your disability is indeed long term.

What is Social Security Disability?

Social Security disability

People who cannot work because of a serious medical condition that is suspected to last at least a year may qualify for Social Security Disability. If you qualify for SSD, you will be able to receive a certain amount of income replacement each month.

Will SSD Affect My LTD Coverage?

Applying for SSD will likely lower the overall amount that you receive each month through your LTD coverage, however, it is still best to apply for SSD coverage as well. Even though your LTD monthly payout will be slightly lower, you will still be receiving more through both than you would with just one.

There is also a much greater incentive for filing for SSD coverage than the overall payout. That incentive is simply already having had the government agree that you are indeed disabled for the long term. LTD insurance companies are notoriously picky about who they decide is indeed disabled. SSD coverage will encourage them to accept your disability case much quicker than the insurance company normally would.

For more information on SSD and LTD insurance coverage, visit the website of the long term disability insurance attorneys of Charles D. Hankey Law Office, P.C.

Joseph Devine

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Daily Article - Dec. 19 - 2009 - Retirement Planning - Ten Biggest Misconceptions About Fixed Annuities

By Dr. Shelby Smith

No other savings vehicle is as misunderstood, under appreciated and maligned as fixed annuities. Most people who can benefit from annuities have been bombarded by misinformation, biased opinions and outright lies. The truth is: fixed annuities are safe because they are guaranteed by insurance companies, a great place to keep retirement money because they pay tax-deferred competitive returns, and all of your money is working 100% of the time. Like all investments, fixed annuities are sometimes not suitable nor should anyone have all their retirement money in fixed annuities.

Sometimes those providing information about fixed annuities have hidden agendas, biased opinions and/or little knowledge. Many personal financial columnists for newspapers and magazines fall into this category: their opinion is tainted by their brokerage background, the agenda is to get you to put your money in market investments that compete with annuities, and their limited knowledge was supplied by the brokerage industry. Why is the brokerage industry biased? Because they offer investments that compete with fixed annuities! In their mind an "annuity purchased" is a "brokerage commission lost". Unfortunately, the biases of many columnists and brokers may be unknown even to them.

Notwithstanding all the misconceptions about fixed annuities, it is important that you always understand your investments and confirm they are suitable for you. The best way to get fixed annuities "right" is to work with a financial advisor you like, trust and whose best interest is your best interest. Below are the ten biggest misconceptions of fixed annuities and a short rebuttal of why they are not true.

1. Come with huge surrender penalties: like all contracts, penalties are assessed for breaking the rules, otherwise there are no penalties.
2. All charge high fees: like bank CDs, annuity fees are built-in and not taken from the principal amount you put into an annuity or the interest you earn.
3. Are extremely hard to understand: no more so than any investment or savings option, in fact, annuities are far easier to understand than most investments.
4. Money is tied up for a long period of time: you have access to your money at all times and without penalties if you abide by the annuity contract.
5. Nothing is left for my family if I die: not only is this not true, your money bypasses probate without delay if you've named a beneficiary.
6. Different types of annuities are confusing: there are only four main types of annuities compared to thousands of mutual funds.
7. Not good for older folks: they are especially good for seniors because they are safe, tax-deferred and convertible to a guaranteed lifetime income.
8. They are not safe: rock-solid safe with never a penny of principal lost due to the guarantee by the same insurance companies protecting our other assets.
9. Agents are paid huge commissions to sell: agent commissions are paid by the insurance company, not taken from the principal or earnings.
10. Annuities are a substitute for life insurance: annuities are great for retirement savings but not good for wealth transfer like life insurance.

The next time you hear a scary story about fixed annuities, consider the source to determine if it is biased, misinformed or just plain lying. If you put your money in an annuity, make sure you understand how it works and is suitable for you. Like all savings and investment places, fixed annuities work great if used for their intended purpose: annuities are intended for risk adverse, safety conscious, retirement-minded savers who are satisfied with a competitive rate of return.

Shelby J. Smith, Ph.D.
December 2009

For more information check out the new Retirement Pros website http://www.theretirementpros.com/ and visit our blog at http://www.theretirementpros.com/blog to post questions/concerns.

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Daily Article - Dec. 18- 2009 - Financial Planning For a Secure Retirement

By Chris Tyreel

There are several new realities that have been driven home by this latest recession to far too many people. One of them is that so many investment shelters of the past that have always been viewed as secure are not. Take your home as a fine example. For decades it's just been accepted as fact that home values just go up other then in economic slow times when they can tend to stagnate.

Sure some housing values have declined in the past in areas that have become blighted. However; the past few years has seen premium housing in some of the most desirable areas drop in value by as much as half in many instances. What this means for many homeowners who are now approaching retirement, is that a home alone cannot be relied on as a financial parachute like it once could be.

Also stock prices have been predicted to decline somewhat as more baby boomers entered retirement and began to liquidate their 401K stock investment portfolios. No one could have predicted the nose dive that stocks took over these past two years that left so many retirees portfolios completely decimated just when they needed them most. So just what then is the secret to Financial Planning for a secure retirement?

The secret is to start early and to seek out qualified help. You see, the fact is that the entire planet has not gone to hell in a hand basket over the past couple of years and you don't need to be a multi-millionaire to take advantage of deals that are out there if you know where to look. You've heard of people who get rich in dire economic times. So just how do they do it?

You better believe that they don't do it on their own and they don't do it by plying guessing games with the stock market. They do it by listening to people who make it their full time job to scour the planet for viable investment opportunities. Sound unbelievable? Well did you know that while home values were plummeting in the US in 2007, down south along the Mexican Riviera in some areas home values were increasing by as much as 50% annually?

Of course you're not going to hear about these types of anomalies on your hometown nightly news but this is but one example of the investment opportunities that were out there as economies in the US Canada and Great Brittan tanked. This is but one example but it just goes to show that a person doesn't have to run around evicting people off of their family farms to build their retirement nest egg in difficult economic times.

Understand that if you are truly interested in financial planning for a secure retirement you're going to have to either think globally or procure the services of someone who can. You see global investment trends aren't on the way they are here now and if you have seen your net worth drop over the past few years, don't blame the bad economy. Rather blame your lack of knowledge because the entire planet hasn't been in decline, only the areas where you have been keeping your retirement savings.

Chesterton House Financial Planning Ltd is one of the leading independent planning firms in the UK. Visit the website to learn more about Holistic Financial Planning.

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Daily Article - Dec. 17- 2009 -Estate Planning For Blended Families - Providing For Your Spouse & Children in a Second Marriage

By Alain Burrese

Estate planning can be difficult enough, but for those in their second marriage, it can be even more complex. "Estate Planning for Blended Families: Providing for Your Spouse & Children in a Second Marriage" by Attorney Richard E. Barnes guides you through the process of planning your estate to be fair with everyone and minimize family fights. It is a very good estate planning companion and helps people realize that estate planning is worth the trouble. NOLO continues to publish books that make the law accessible to everyone. The plain language text makes this book good for the layman as well as the professional.

A lot of the information in this book is relevant to anyone doing estate planning, and then there are the specifics for blended families. It is formatted and organized in a logical manner and starts with a description of what estate planning is, and then goes into identifying goals and concerns. From there, the text discusses balancing your planning for spouses, children and stepchildren. Obviously some of these issues are specific for blended families. The fourth chapter encourages you to talk to your spouse about the important things. So many couples never do this. After all, it is not pleasant to discuss death and what will happen after.

Chapter five contains some of the important things you need to know about taxes. Talking to your tax preparer or attorney will provide additional information. Chapter six focuses on specifics associated with blended families and chapter seven deals with spouses of unequal wealth. The next couple of chapters continue to address important considerations such as providing for the older spouse's children, providing for the younger spouse, and many family property issues.

Chapter ten provides advice on choosing executors and trustees, while chapter eleven dives into a topic many people avoid; preparing for disability and end-of-life decisions. While some people do their own wills and trusts, it is often much better to seek out a professional to assist you, especially if you have a more complicated estate and a blended family. Chapter twelve deals with working with lawyers and provides some good guidance for finding and working with an attorney. You should chose one who specializes in this area. Chapter thirteen, the final chapter, discusses the importance of keeping your plan current.

The book also contains a selected glossary, a sample estate planning questionnaire, and some sample estate plans. Overall, this is a great book for the person in a blended family who knows they need to do some estate planning but doesn't know where to start. It is also a good reference for the professional who assists people with estate planning. Barnes put a lot of useful information into this text. It is a very good book on providing the best for blended families.

Alain Burrese, J.D. is a performance and personal development expert who teaches how to live, take action, and get things done through the Warrior's Edge. Alain combines his military, martial art, and Asian experiences with his business, law, and conflict resolution education into a powerful way of living with balance, honor, and integrity. He teaches how to use the Warrior's Edge to Take Action and Achieve Remarkable Results. Alain is the author of Hard-Won Wisdom From The School Of Hard Knocks, the DVDs Hapkido Hoshinsul, Streetfighting Essentials, Hapkido Cane, the Lock On Joint Locking series, and numerous articles and reviews. You can read more articles, over 100 reviews, and see clips of his DVDs as well as much more at http://www.burrese.com

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Daily Article - Dec. 16- 2009 -Differentiating Group and Individual Health Insurance

By Vignes Chandran

The importance of health insurance is increasing by the day, as medical expenses skyrocket in terms of costs, and many lack the funds to pay for medical bills when accidents or sicknesses occur. People are also becoming more aware of the benefits of having healthcare insurance plans in desperate times. Nevertheless, a lot of people are still in the dark when questioned about healthcare insurance policies. For instance, when asked to differentiate between group and individual health insurance policies, many would not be able to tell the difference.

So how do both plans differ? Group healthcare insurance plans are normally purchased by organizations and employers to provide insurance coverage for their employees. This plan would provide coverage to everyone within the plan's coverage, regardless of how old they are or how their physical conditions are. The premiums are naturally lower as it is purchased on a mass scale, and these plans can also be offered by organization such as unions, social groups as well as local and state governments among others. As these insurance plans are based on employers, be careful of coverage details, as in the case of you being retrenched or resigned from the company, you will not be eligible for healthcare insurance from the company's plans anymore.

On the other hand, individual health insurance policies are purchased from one of the various health insurance companies available nationwide. You do not need to go through an employer for this plan, however take heed that premiums for this plan would be considerably higher in comparison with group healthcare insurance policies. Individual plans normally cover yourself, and your family as well if you require it. Some insurance companies would provide insurance coverage even if you have pre-existing conditions such as obesity, nevertheless the premiums may go higher than normal in such conditions.

You could also change over from group healthcare insurance plans to individual policies, but you must be careful and make sure that you can afford the increase in premium payments. Understanding the differences between these two kinds of health insurance should hold you in good stead to make a wise decision to secure a better future for you and your family.

Vignes Chandran is a freelance writer who covers myriad topics including finance and careers. For more information about individual health insurance and affordable health insurance, visit CommonHealthInsuranceFacts.com.

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Daily Article - Dec. 15 - 2009 -Critical Illness Insurance - End Up Empty Handed Without It

By Butch Zemar

Most Americans spend more money than they can make, leaving them with high personal debt. Families are taking out home equity loans and second mortgages to extend their spending limits. Most Americans are just a heart attack, cancer or stroke away from financial disaster.

Fortunately, with advances in medical technology, patients are no longer dying. People are outliving their illnesses and continuing on their lives. When a critical illness strikes it puts a financial toll on the family. Most people have health insurance through their jobs. However, they will either lose their benefits because they were too sick to go back to work or they could not pay their premiums anymore. You can have the best health insurance policy and still have a financial problem. For most of us, we still have a financial obligation to our family. Health insurance will not pay for your living expenses such as your mortgage, utility bills or food for the family. Financial concerns impacted your health even though more people are surviving critical illnesses. This can increase stress for the illness that can prolong the recovery period.

Despite the fact disability income protection plans are widely available it is not enough to help people through this financial crisis. Since 1983, Critical Illness Insurance became very popular in many countries, such as the UK, Australia, Canada and the United States. It is an insurance policy that pays out one lump sum of money based on a specific qualified critical illness. The lump sum is based on the amount you need and how much you can afford. It is not tied to your income.

Is this kind of insurance expensive? No, it's far more expensive not to own a critical illness policy. Just in case you are a little skeptical check it out for yourself by clicking here. Keep in mind not all critical illness policies are the same. Some will have certain restrictions such as waiting periods. Some will make you wait 90 days to get a check. You want to find one with the shortest elimination period. Some policies available only have the waiting period in the beginning of the policy i.e. you cannot make a claim within the first 60 to 90 days. The other thing to look out for is some health insurance companies offer their critical illness insurance as part of the health insurance. There are two downsides to this:

1) The premiums are subject to change based on the health insurance market, which could be yearly.

2) Most people are changing their health insurance every couple years. When you change your policy you will lose the critical illness policy.

Other critical illness insurance policies are on a term life insurance structure. This can have more advantages than on the health insurance 'chassis'. There are three advantages:

1) The premiums could be locked in ten to twenty years, similar to a term life insurance policy

2) The policy is separate from your health insurance policy. This way you can have the freedom of choosing the health insurance policy that is best fitting for your family even if the policy does not offer critical illness. This also allows you to buy a policy if your employer is paying for, or the majority of, your health insurance at work.

3) The benefit will pay according to the policy in a result of a death as well. Some restrictions could apply. Refer to your agent or policy certificate.

The policy is not limited to homeowners, the wealthy or the poor. Critical Illness Insurance is for everyone. If you have to take time away from work because your spouse is now sick, critical illness coverage would eliminate the added burden of losing the income that is required to pay their bills.

The expense of health insurance could be astronomical, especially if coverage is denied or canceled. Critical illness insurance is routinely confused with health insurance. People have become bankrupt trying to pay medical bills that were not covered by their health insurance provider. The majority of health insurance policies feature limited benefits, ceilings and caps on the yearly payouts and/or life time maximums. Purchasing a critical illness policy will guarantee your ability to meet life's financial obligations.

So, how much coverage will you need? That depends on your situation. Your family can only determine the amount you want based on what you can afford. There are three questions to ask to determine the amount:

1) How much are your monthly expenses

2) How much is left on your mortgage

3) If you could not go back to work for a while, how much would you need to continue your lifestyle.

In conclusion: Fifty percent of bankruptcies are due to medical bankruptcy. Most of them had health insurance at the time of the onset of the illness. All of us could be one paycheck away from losing everything we have worked so hard for. Unfortunately, our expenses don't stop when our income stops. If you don't have the ability to go back to work you won't have a source of income. Fortunately, now you have the ability to choose the amount of the lump sum benefit, and is not tied to how much your income. Check it out today before it is too late.

Arthur "Butch" Zemar is a health insurance specialist and author. He is committed to preserving the health and wealth protection interests of his client and sincerely believes that quality, affordable health insurance should top your list of necessities - right after food, shelter and clothing. With his passion of working with professionals and entrepreneurs, he has established a reputation as a health insurance "specialist" with a deep understanding of the industry, the options and the most intelligent and cost-effective ways to obtain and maintain comprehensive health care.

After years of studying, reading, and working with several mentors in the field, Butch Zemar is now making presentations on the options and services of the health care industry. He is committed to clearing the "fog" on subjects such as: deductibles, out-of-pocket expenses, Health Savings Accounts, and co-insurance rates. For more information please visit http://www.EliteBenefits.net

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