Should You Supplement your Benefit Plan?
The short answer is maybe. You know the old story,"depends who you ask.".
All Benefit/Group plans are not equal. All employees and employers requirements and budgets aren't equal. Here are some things to consider to determine what is appropriate for you:
• Some benefit plans have a fixed amount of life insurance and some are a multiple of salary. You may in fact have $250,000 of life insurance and think you are okay.
• You may be, but there are some points to consider. Group life insurance is in force only while the plan is in force. It is not portable once you do not have benefits. No matter how your plan is structured, group life insurance should never be part of your permanent life insurance family planning.
LTD (long term disability)
• Income replacement, whether you are off work from sickness or illness, is a big deal for everyone. It's how you pay your bills.
• Not all group benefits have LTD included. You can purchase individual income replacement plans as a self employed individual or an employee.
• If you are an employer, you can offer your employees an optional income replacement plan at no cost to the company. Call for your individual needs quote.
• Any family who has a cancer diagnosis, heart attack, stroke or any other major illness or incident will have a financial setback in more than one way. We all know a family who has had this experience.
• Critical Illness benefits have just recently been offered on a group basis.
• Not all plans have a critical illness benefit. Again, it can be offered on a group basis or individual basis. Call today, for a quote. Critical Illness benefits will pay a lump sum payment upon the occurrence of up to 26 different events.
• If you have critical illness benefits on your current plan, it may be a minimal amount and not satisfy the needs of your particular situation. You can add to it.
How's that Big Company Strategy coming along?
• No matter the size of your business you can use a big company strategy for sure when it comes to your benefits program.
• Get started by scheduling our free 30 minute Starter Session right now. You do not need to change Brokers to get started and you are under no obligation. During this session we will review your current situation, clarify your goals and show you some examples of the help we can provide you.
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