The term financial services emerged in the 1990s as a result of legislation that allows companies that manage money to operate in more types of businesses. (Gramm-Leach-Bliley Act)
The result of this legislation has been more choices for consumers. On one hand, more choices can mean better products and prices. On the other hand, more choices can make it more complex to determine which products best suit your own situation.
As an independent agent, we thoroughly understand the financial products on the market today, and we represent numerous financial services companies offering a variety of product and price options.
Equally important, we listen. We take the time to understand your financial goals and help you put together a plan that works for you. As your life changes, we stay with you, helping you make adjustments so your plan stays relevant.
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Disability insurance replaces lost income when a covered individual is unable to work because of an accident or illness. Depending on the circumstances, the coverage supplements health insurance, workers compensation insurance, auto insurance, or, in some cases, even Social Security benefits.
There are two types of disability policies: short-term and long-term. Short-term policies have a waiting period of 14 days or less, with a maximum benefit period that is usually no longer than two years. Long-term policies have a longer waiting period, sometimes as much as several months. However, the maximum benefit period is much longer as well.
The cost of disability insurance is based on age, sex, medical history, and occupation, as well as the amount of potential lost income you are trying to protect. In general, the less risk involved in an occupation, the lower the premium.
Many employers offer some type of disability insurance. However, since laws vary from state to state, and some companies offer more generous plans than others, it is important for workers to know the coverage their company provides. Many group plans do not cover bonus or incentive compensation. Many have a monthly cap, and benefits are often taxable if the employer pays the premium. Group long-term disability is a good start, but might not meet individual needs.
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