Brian Gruss Licensed Insurance Planner

Think Twice Before Buying Life Insurance Direct

When you are considering homeowner’s or auto insurance, you probably count on your insurance agent to assist you in understanding the many options available.  For instance, what deductible should you choose?  Should you pay for emergency road service or not?  Should your teenager have his or her own policy?  How much coverage do you need?  You value this relationship, but you are wondering if you might get a better deal on your life insurance if you buy direct and cut out the middleman.

While it is possible that you may attain better price, it is also likely that you may not.  More importantly, you may get what appears on the surface to be a better deal, but on closer examination is not as good as you originally thought.

If you call a life insurance company and apply over the telephone for the life insurance they quote you, you may be in for several surprises, either now or later.

First, cutting out your insurance professional does not always result in a lower life insurance premium.  It does, however, mean you will have to depend on an “800″ number and the person answering the phone.  As with any telemarketing organization, there is often high turnover in these positions, so you may never develop a relationship you can rely on.

Second, you should be warned that all “comparable” policies are not created equal.  Although insurance plans may appear the same on the surface, when you examine the details, there could be extensive differences.  The period where the premium stays the same (for term life) may vary; the guaranteed and current interest rates may vary (for universal life); the investment options may not meet your needs (for variable life); and the interest/dividend crediting may not be what you think (for whole life).  There are many riders, options, and other features that can make one plan more suited to your needs.  Unless you know about these options and can tell the voice at the other end of the phone exactly what you need and want, you may end up with the wrong insurance policy altogether.

Third, your trusted insurance professional knows you and understands your needs.  Someone you have never talked to before may not know about your disabled daughter, your planned pregnancy, or your need for spousal insurance.  If they don’t know you, how will they know to ask about these things?  An advisor who knows you and your family is in a much better position to make sure you obtain both the right type and right amount of life insurance.  They can also decrease the likelihood that you are surprised, after underwriting, with a much higher premium than you were originally quoted.

Fourth, you may have existing life insurance that can be adapted to meet your current needs.  This reduces or avoids underwriting and may save lots of money in new premiums.

Your financial situation is complex as well as ever-changing.  Working with Brian Gruss who knows you and can meet with you face-to-face can help you avoid problems, and may help prevent costly mistakes when you are buying life insurance.

Tags: Auto Insurance, Buying Life Insurance, Crediting, Current Interest Rates, Dividend, Emergency Road Service, Insurance Agent, Insurance Plans, Insurance Premium, Insurance Professional, Insurance Quote, Investment Options, Life Insurance Company, Middleman, Telemarketing, Term Life, Turnover, Universal Life, Variable Life, Whole Life

How Healthcare Reform Will Affect You

Just about everyone in the country is wondering how the passage of the health reform bill by Congress will affect him or her. According to Kaiser Health News, this historic legislation could “have an effect on almost every citizen.” People, even those who are unemployed, will be able to get medical care. But professionals who have been enjoying the best health coverage available may possibly see their benefits dwindle.

What Are the Immediate Changes?

There are certain things that will happen in the first 6 months after the bill is actually signed into law:

• Insurance companies will not be allowed to put lifetime limits on coverage. This means that people with chronic health conditions will never “use up” all of their insurance coverage.
• People with children on their company insurance plan can keep unmarried dependents enrolled until they turn 26. This is very important because of the number of college graduates who are unemployed.
• Insurance plans will be required to cover preventative health services like colonoscopies, osteoporosis screening, screening for things like high blood pressure, diabetes, and sexually transmitted diseases and quit-smoking counseling.
• Pre-existing serious health conditions can no longer prevent people from getting health insurance. They will be able to purchase coverage from a government-subsidized exchange. However, this coverage will not be available until 2014.

Health Insurance Will Be Required

Uninsured people will be required to purchase health insurance by 2014. Subsidies will be available that reduce the premiums subject to income limits.

Penalties will be imposed on people who do not purchase insurance that could be as much as 1% of their income.

Changes to Medicare

Tighter controls may be put on decisions for care that are considered too costly. The care provided to older people may even be restricted. Cancer screening could be denied for older citizens.

The Medicare system will see a huge hit because approximately one-half of the health reform costs for the next 10 years will come from the Medicare budget.

Pre-Existing Illnesses and Loss of Coverage

Starting this year, the health reform bill will ensure that insurers can’t deny coverage to any child based on existing health problems. In 2014, this will be expanded to include all applicants.

Within the first six months of the bill being signed into law, an insurer cannot drop policyholders except in cases of fraud.

Longer Wait Time to See Your Doctor

Millions more people will have access to health care but the number of healthcare workers will not grow quickly enough to keep up. You can expect to wait about twice as long to get in to see a doctor as it did in the past.

Changes to the Coverage You Get from Your Employer

Employers who offer high-value, ‘cadillac’ health plans will probably begin to cut back on those benefits. If they don’t do so by 2019, they could face fines from the government. This could possibly mean no more vision or dental coverage or going to a specialist without a referral from your family doctor.

Benefits for Women

With this new health bill, insurers will have to cover maternity care the same way they cover any other medical procedure, but not until 2014. Employers will also be required to allow break time for mothers who are nursing and a private place where they can use their breast pump.

Losing or Leaving Your Job

If someone quits or loses their job, the same exchanges that help lower income people purchase insurance will be available. This means when you leave your job, you don’t necessarily have to pay the high COBRA costs. This is very important for people with a pre-existing condition. You may even be able to get free health coverage under some circumstances.

Higher Taxes

In 2013, Medicare payroll tax will go up for incomes over $200,000 a year.

Tags: Best Health, Cancer Screening, Chronic Health Conditions, Company Insurance, Health Coverage, Health Reform, Healthcare Reform, High Blood Pressure, Income Changes, Insurance Coverage, Insurance Plan, Insurance Plans, Lifetime Limits, Medicare System, Number Of College Graduates, Osteoporosis Screening, Preventative Health Services, Purchase Insurance, Serious Health, Unemployed Insurance

Patriot Exchange Program
Cultural Exchange Student Insurance Plans

Patriot Exchange is designed for students studying abroad or participants of cultural exchange programs. Two plan options are available. The Basic Short-Term Travel Plan is an economical plan while the Standard Short-Term Travel Plan is designed to meet the U.S. visa travel insurance requirements. Plans are available in monthly increments and if a minimum of three months is purchased, coverage may be renewed (without break in coverage) for a total of two years.

Tags: Amp, Brochure, Cultural Exchange Programs, Economical Plan, Exchange Student, Increments, Insurance, Insurance Plans, International Student Insurance, Participants, Plan Options, Student Exchange, Term Travel, Three Months, Travel Insurance Requirements, Travel Plan, Visa Travel