Disability Insurance is a highly complicated product. It is not a one shoe fit’s all choice.  Thus it is vitally important to find a disability specialist, who understands the unique needs of your medical specialty. However, this can be a very difficult task given that everybody selling disability protection claims to be an unbiased expert.  In 26 years of providing high quality income protection the question has often been asked what is the difference between us and an agent who works directly for a particular company.  The answer comes down to the difference between two words: Agents and Brokers. When someone is searching for insurance protection it is important to understand the differences between each so that he/she can make an informed decision.

By definition an Agent is an individual who works directly for the insurance company, he/she is represents the company’s interests and is told what to say, what to sell and in many instances has quotas to fill for their employers. In other words it is the agent’s job to put the company first over the needs of the client. For this reason agents cannot claim to be unbiased. However, even more concerning they typically disappear when you need assistance the most, at claim time. Most of these individuals are recruited straight out of college, do not have life experience and typically have higher aspirations, thus they look at the job as a stepping stone. With that said it is understandable why the attrition or turnover rate over a 15 year period for these positions is roughly 50%. In other words when a physician places his/her trust and private information in the hands of a company man/woman, they are not assured that this person will be the one with whom they will be working with for the life of their policy.

In contrast with these captive agents, Brokers are typically self employed and work directly for the client not the insurance company.  These individuals can represent various companies with the ability to show the best available options to fulfill client’s insurance and financial planning needs.  Also unlike agents, the broker cannot be told to go away at claim time when you need them the most. Good brokers stick it out with their clients and make sure they are taken care of appropriately. I cannot emphasize enough Brokers DON’T WORK FOR INSURANCE COMPANIES and therefore are in the best position to advise you every step of the way to achieving your goals for your future.

The client’s needs should be the only concern of any advisor.  When deciding who to work with make sure you are getting an unbiased assessment of your situation so that you have the peace of mind insurance is meant to provide.

Aritcle by

Stacia L. Musleh – Co-Founder and VP

Income Protection Specialist.com

It’s that time of year again, College and NFL football are just around the corner, the smell of barbeque wafts through the air. We’re getting excited just thinking about it. But with the anticipation of tailgating season lurks a danger that many of us are unaware of. We all know drinking and driving is dangerous, not to mention illegal and should be avoided at all cost. However, there is another equally dangerous situation faced by even the safest of drivers; open container laws.

Open container laws are set by state governments with federal oversight through the department of transportation. This department requires states to discipline any driver of a vehicle with open alcoholic containers. This means in the eyes of the law it is driver who is responsible for the car, its contents and passengers. Thus, they pay the price when it comes to the offense even if he has not made contact with or consumed alcohol.  Recently, we had clients who had experienced this first hand, and in all cases the drivers/our clients were not drinking nor in the possession of the alcohol, it was the passenger. Regardless, they are all paying a price for their lack of knowledge, and trust us the cost is more than just a ticket.

The following are a few major repercussions that might be faced for allowing friend to have an open container in your vehicle:

Automobile Insurance- Will most likely be dropped/canceled by the insurer, forcing you into much higher rates with a Higher Risk Insurer.

Life Insurance- In the application process the company always reviews driving records. In which case, they can charge you premiums at least 300% up to 600% more than normal rates or even decline you all together.

Disability Insurance- If applying for disability insurance the company will most likely decline you if the occurrence happened within the past 5 years. If the offense happened between 5-10 years a limited benefit maybe offered but at much higher rates than normal.

Most insurance companies look at the charge as just short of drinking and driving itself, which is why the consequences are so severe. So please remember, having an open container in a car is a bad idea, and telling your friends to waste a little alcohol at the end of a tailgate can save you future headaches and cash.

Please feel free to pass this story on to friends, family, and especially students on campuses.  As stated the repercussions of just not saying no are vast and widespread and as always if you would liked this post check out the rest of our website Income Protection Specialist.com or visit our blog and read more.