No one plans for a tragedy to strike...
...but if one should, having Disability Insurance ensures your clients are covered, allowing them to focus on their road to recovery, while having the means to pay the bills. May is Disability Insurance Awareness month. It's the perfect time to open up the conversation about having disability income.
Speaking to your clients about DI (Disability Income/Disability Insurance) is a conversation worth having. Having insurance that insures the beneficiary's earned income will be provided should they become disabled not only gives one peace of mind, it's just good common sense. Nearly 18.5% of Americans currently live with a disability. One out of every four Americans will suffer a disabling injury before retirement. Statistics like these are hard to ignore.
Life Happens poses this question:
"Without your paycheck, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch?"
"If you’re like most, it wouldn’t be long at all: 7 in 10 working Americans couldn’t make it a month before financial difficulties would set in, and one in four would have problems immediately, according to a Life Happens survey.¹"
¹”What Do You Know About Disability Insurance” survey, Life Happens, 2018
Yesterday was Opening Day in Major League Baseball and all captive agents were on deck to kick off the season. Captive. That’s the key term here: being a captive agent in the American League or National League, playing ball for a specific franchise for a set number of years with a compensation package all spelled out.
What does this have to do with insurance? Captive agents in the insurance industry have a similar contract with a specific carrier: a document outlining which products they can sell, compensation, bonus structure, etc.
That’s where the similarities end.
Most free agents playing major league baseball want to get picked up by a club so they can advance their career and enjoy lucrative income for years to come.
For free agents in the insurance industry, it’s a slightly different story. They are actually limiting themselves by signing with one insurance carrier. Why? Because they have to play by that carrier’s rules and guidelines. Is that so bad? No, but truth be told, if you’re a captive agent you are bound to that carrier’s product lines, you’re limited in your choices and options for your clients, and you’re limited by whatever the pricing structure is for those products. Ultimately? You’re bound. That’s not a very freeing concept now is it?
As a free agent, you can work with a BGA who will assist you with contracting with numerous carriers. BGA’s don’t cost you anything. You contract with them, but all of your compensation comes directly from the carrier. The benefits of being a free agent are endless. Let’s take a look at the most compelling:
So, yesterday was opening day and all the captive agents in the country went to work for the club (or carrier) they signed with. Were you one of them? You can change that. It’s up to you though. If the idea of being a free agent sounds somewhat appealing, we’re here to help. We can’t assist you with an MLB contract if you play ball, but we can assist you with adding an arsenal of products, carriers, choices and possibilities to your portfolio that will lead you down a path of success….and hopefully fulfillment.
Medicare Supplement plans. They’re absolutely necessary for Medicare recipients, and yet only 25% of the U.S. population are purchasing them. Close to 4 million individuals will turn 65 this year according to the National Census, and that, in and of itself is staggering.
Medigap policies are what close the gap on health related insurance costs that traditional Medicare does not cover. Seniors struggle with the complexities of the Medicare system, and assisting them with their choices and giving them solid advice on which plan to purchase is what can set you apart from other insurance professionals. However, before you go writing your clients into Medicare Supplement or Medicare Advantage plans, here are some things to consider…not only for them, but for you, yourself.
By Sam Corey, Jr. and Carolyn Portanova
Foreword, by Who May be Generously Termed the 'Author' of the Following Pages
Years ago, probably well beyond the memory of any reader, there was a radio program in which one of the punch lines was: "Wuz ya dere, Charlie?" The answer was always: "Yes, I wuz dere."
This article is an attempt to trace the history of a not very important insurance enterprise, from about 1888, then termed the 'Provident Friendly Society' for the next one hundred years to its demise in the mid 1980s as the 'Provident Indemnity Life Insurance Company'.
Wrapped into the history is a father and his two sons. The father, William B. Corey, a South Philadelphian, aristocratic, dignified, entered the employ of the Society in 1895 as a boy fourteen years old. As mentioned on Page 1, his salary was $2.50 per week.
One of his sons, William S. Corey (note, the father's middle initial is "B", the son's is "S". "B" for big one, "S" for small one), entered his father's employ in 1933. His salary wasn't much bigger.
The younger son, Samuel C. Corey, followed in 1946. Nor could he splurge on his salary.
As the father was a cautions man, loathe to take a chance, with a famous saying, "Always leave the back door open. You don't know when you might need to escape.", his sons were the opposite. They, especially the younger, knew no restraints. Enthusiasm and confidence, he thought, conquered everything. The older was somewhat more subdued. Both, however, were unconventional, and might even be termed "screwballs".
And so the history progresses, through the ups and downs, the joys and the heartaches, of a company trying to achieve respectability, and in the process, hopefully make a buck.
I write this history because "I wuz dere".
~ William S. Corey
February 18, 2004
By Carolyn Portanova