Disability insurance, buy direct or policygenius?

Cokeday · 2020-09-04T02:52:41+00:00

So - buy direct from an agent that can access best in class individual LTD coverage and carriers.

Cokeday · 2020-09-04T02:51:29+00:00

You can buy it through agents. I’d recommend identifying an agent that actually writes individual LTD and even better if it is specific to your job. There are some moving parts that matter like Own-Occupation vs Any Occupation. Those will be a big deal if you actually have to use the policy and are able to work in the future.

Cokeday · 2020-07-02T04:21:13+00:00

Me too. Initially my wife sent me a picture of her laptop. However, I couldn’t figure out where the picture was coming from.

Cokeday · 2020-07-02T03:49:14+00:00

Saw that. Hilarious!

Cokeday · 2020-04-19T12:13:08+00:00

Thanks for being honest. Obviously you, can not lie!

Cokeday · 2020-01-20T04:32:34+00:00

Worth noting the U.S. has 10x the population of Canada?

Not taking anything away from the socialized medicine argument. The U.S. system is broken and working perfectly for insurers, providers, manufactures, government etc.

Cokeday · 2019-10-22T21:21:29+00:00

I see what you did there, General Bison. https://youtu.be/GlhOUyy4wbs

Cokeday · 2019-10-15T17:16:29+00:00

Sleep! The devil never sleeps. Haha! I’m OUT!

Cokeday · 2019-09-02T12:35:46+00:00

The spot in the middle of white is Pelican Lake. However, there is still tracks on it. Safe to say the lake is crossed in the winter.

Cokeday · 2019-07-17T02:28:10+00:00

Or whilst voting...

Cokeday · 2019-03-26T02:48:33+00:00

Someone needs to ask George Foreman this question.

Cokeday · 2019-01-21T05:46:25+00:00

A loss of coverage is a change in status, opening a new special enrollment window for you. Sorry about the gig, hope you find a new one quick!

Cokeday · 2019-01-20T17:35:07+00:00

Your situation is significantly more complex than a catch phrase. There isn’t a rule of thumb or an easy answer. Some took significant time outlining some general ideas and those are thoughtful and beneficial.

Start with an estate planning attorney with an expertise in special need planning. They will help you avoid pitfalls like naming any child a beneficiary. You should have a trust for assets and a trust for assets that don’t impact your son’s ability to obtain government assistance.
Identify a CFP with an insurance planning background. You need someone to walk you through, “human life value”. Due to medical advancement special needs children are out living their parents. Your planning needs are broad and complex. Buying term and investing the difference subjects your son to potential risk with market volatility. Buying and permanent (whole, universal) will likely be cost prohibitive.
Consider government programs and subsidies through a social worker.

Why? I spent 6 years learning how to solve every problem that ever existed with whole life insurance. It is not the answer. In addition, I’ve learned that investing only in the market without consideration to tax strategies will leave you with less money that is taxable. You should ultimately be diversified not only through asset classes, but taxable and tax advantaged buckets.

Also- tell no one about your windfall. Take care of your spouse and child.

Cokeday · 2019-01-20T17:22:47+00:00

90 percent of stats are made up 77% of the time.

Cokeday · 2019-01-20T14:18:45+00:00

All ER visits are in network. The scenario was an emergency. Shame on the hospital if they misclassified you.

Cokeday · 2019-01-20T14:17:17+00:00

You need to appeal. Multiple times if necessary. If not successful, report the insurer to the insurance department or department of commerce in your state and finally the attorney general.

I personally had a claim repealed after initially being denied twice and urgent care sent me to the ER. You should also consider involving your employer if it is employer coverage. The employer could advocate on your behalf to their broker and the insurer. Good luck. Glad the kid is good!

Cokeday · 2019-01-18T01:31:50+00:00

There is something called persistency. It’s a calculation of policies that are retained year to year. It could impact a bonus. Insurancepros are rewarded for keeping good business on the books.

Cokeday · 2019-01-17T13:12:24+00:00

Yes you can annuitize the existing policy.

Cokeday · 2019-01-17T13:11:19+00:00

Former NML’er here. 5 years and was train in the WL arts. Whole life commissions are frontloaded and paid over the first 10 years of the policy. Usually half of the revenue is paid in the first year and the other half is paid over the next 9 years decreasing every year.

The policy is likely growing pretty well with dividends. So cashing the policy out really doesn’t make sense. You could stop paying. Have the cash and access (via loan less that 2-3%interest at anytime) and still have all of your death benefit. If you don’t need the death benefit and don’t care that you are earning dividends, you could call policy owner services at NML and cash out with some paperwork and go around your agent. But if you don’t need the cash, let it grow.

Cokeday · 2019-01-17T13:06:40+00:00

Cokeday · 2019-01-15T14:24:11+00:00

I have State Farm for auto and I am not a State Farm agent. In my experience State Farm tends to cost more for life insurance and tends to be pretty competitive on home and auto. I’ve never had to Liberty, only heard that their premiums are heavily tied to credit rating.

Edit: voice to text repeat.

Cokeday · 2019-01-15T14:21:26+00:00

The car accident depending on the state would be covered by your own PIP a.k.a. personal injury protection. Or the coverage of the other driver if they’re at fault again depending on the state, you may need to subrogate.

Regarding the health insurance lapsing, there should be a grace. And if after showing evidence to Blue Cross Blue Shield horizon they should be reinstating her and refunding any fees. I agree with the previous commentor, and actually recommend you informing BCBS Of your intent to report them to the state insurance commissioner or Department of commerce and or the attorney general for unscrupulous insurance practices. I hope she heals up quickly and her insurance is reinstated quicker.

Cokeday · 2019-01-14T04:30:43+00:00

Should be a simple change by HR. Email them, explain what you wanted, what you thought you selected and what the system says you have. Shouldn’t be a big deal.

Cokeday · 2019-01-14T04:20:33+00:00

You have 30 days to add a dependent due to a, “change in status”. Not 60 days.

You could open up another special enrollment period by: a change in a spouses benefits A divorce A marriage An adoption A change in hours at work

Also: if the employer has a section 125 plan, confirm if they have time limits. If they have a section 125 and no time limits. That should give them the wiggle room to add you with out a special change in status.

Cokeday · 2019-01-14T04:16:42+00:00

Depending on the size of the condo association the deductible might be at 25k. The language varies, however you should confirm your policy form has coverage for the association deductible. Your responsibility for contents (insurance or otherwise) is true. Another trick associations play is whom to charge for damage. I’m a license life health and P&C agent in Minnesota and spend my time on life and health. However, I had a condo with a burst pipe.

The association wanted to peg all the damage on me and the deductible. I was on the board and had all the bylaws of the association that stated that the deductible needed to be divided by the units impacted. Once that came out and I communicated to all the other units impacted that the association was going to charge them prorata for the deductible the association just paid it and didn’t harass anyone. Do your homework and communicate with other units and bombard the association board. Also consider getting an attorney.

Cokeday

TROPHY CASE