Professional Association Disability Insurance Programs and the Residual Disability Rider

Many professionals that purchase their own Individual Disability Insurance policies will at some point look to their Professional Association for guidance, support and available discount programs. Associations like the American Medical Association, American Bar Association, American Veterinary Medical Association, American Institute of CPAs and American Dental Association offer Disability insurance programs at a discounted premium. Consumers should be aware however that there are a few concerns to consider when it comes to Association Disability insurance. In many cases, these policies are inferior to those offered directly from insurance carriers.

The first concern is regarding the renewability provision included in Association programs vs. that which is available on an individual basis. Typically, Association programs are Guaranteed renewable but not Noncancellable, which means that the premiums are not technically guaranteed to remain level for the duration of the policy life. Although this is not the biggest concern since many of these associations have never increased their premiums in the past, having a guarantee creates a different and greater level of comfort.

The second concern is in regard to the definition of total disability. Most Association programs have limitations on the definition of disability they offer. Although some of them may have their own version of the True Own Occupation definition of disability, it is likely to be less favorable than that which is offered with individual contracts. Regardless of what occupation a person has, having Own-Occupation income protection is always better than not having it. Consumers should be cautious of sales professionals recommending that these more comprehensive definitions are not important. In reality no one knows which definition of disability is the necessary one until a debilitating injury or illness has already occurred. When it comes to protecting a person's income, family, future and livelihood, the more cautious route can never be a bad thing.

Perhaps the most important factor that professionals should be aware of with Association Disability insurance is the structure of the Residual Disability rider that is offered. Residual Disability benefits are meant to cover partial disability claims where a professional has incurred a 20% or greater loss of income due to an illness or injury. Considering that the vast majority of Long-Term Disability claims are due to illness and not injury, the structure of a policy's residual benefits can be very important.

Most illnesses do not just appear over night, instead they progressively worsen over time.

Strangely enough though, many Association Disability programs offer residual disability benefits which require the insured to experience a period of total Disability prior to benefits being payable. Unlike Association Disability policies, individual Disability policies do not require a person to experience a total disability before paying residual benefits. Although every claim can be different, the residual benefit design used by Association Disability programs could deprive a claimant of benefits that would otherwise be paid with an individual policy purchased directly from an insurance carrier.

Having Disability insurance is an important part of any wise financial plan, but is not something that should be rushed into. When purchasing Disability insurance, you should work with an expert in the field who can assist you in understanding the various options available to you. Do not purchase your income protection solely based on pricing as there are many fine policies that can be purchased at an affordable cost.

How Transportation Bonds Help Cover Your Valuables

Most of the time, if you have ever run into the term "transportation bond" it is something you are asked to vote for or against and it has to do with your local or state government wanting to fund some sort of transportation project such as a road or a rail line. There is, nonetheless, a different meaning. A bond may also be a guarantee of something, a specific insurance policy written to protect you from some type of wrong-doing by a company you have retained. It could in fact also cover some sort of breakdown on your part such as withholding payment or not paying punctually. But, in cases like this, this type of surety bond is designed for your protection.

From time to time, you might have need of having something transported by a professional company. These situations could be if you are moving to a different home, relocating out of state or even out of the country where you are insuring all your possessions in the event damage or loss takes place. This may be one situation where you would certainly want a transportation bond. This would give you some security in knowing that if the truck catches fire and everything burns up, if your possessions were to get stolen while enroute, or if the driver just never shows up with your possessions, you will be recompensed for the loss. It might not even be that serious. You would be paid out for example, if the movers damage a mirror or breaks your kitchen table. Of course, the moving company would very typically pay for these sorts of problems anyway. Even so, if the moving company is unable to act or it turns out that they just downright stole your things with no intention to deliver them, then in that case, this is how a bond would come in handy because the bond company would pay your claim and then try to get reimbursed by the moving company.

If you are having a car transported, this is another instance you might be glad to have a transportation bond. These situations pertain to relocating to another state and wanting the car expertly transported or purchasing an expensive car in Germany and you live in Tennessee. In this case, you would most likely want to get some sort of bond in case for whatever reason the company you contracted with failed to deliver. With a respected company this is not usually an issue as they normally pay for the damage or loss but you can never be too sure. Since unfortunately in today's world there are a lot of businesses that are extremely shady, it will ultimately be beneficial to you to insure your belongings in these situations so your not worrying whether or not you would be compensated should damage or theft occur. With a transportation surety bond, nevertheless, the bond company would likely investigate the situation and pay what is owed you. Not like any insurance you commonly pay for, bonds similar to this are totally different. This is something most professional businesses already have since it protects them, too. However, if you are looking into employing a company to do some sort of major transportation for you, then making sure that such a transportation surety bond is paid for and active would be a very important part of investigating them.

These kinds of transportation surety bonds nonetheless, only cover the goods you are having shipped to make sure you are protected up to a specific amount should the company refuse to pay in times of loss, damages or theft.

Things You Need To Know Before Acquiring Metairie Payroll Services

Like any other commodity, outsourced services have their upsides and downsides, depending on how well the consumer qualified his choices at the beginning. Bad decision-making often leads to grave consequences. So you have to make sure you do not fall for the common mistakes people make when it comes to acquiring Metairie payroll services. One of these is not knowing what they are buying in the first place. Yes, the concept is a giveaway. But unknown to a lot of folks, there are actually many layers to payroll servicing that needs to be acknowledge.

One of its intricacies is the fact that it has three categories. The first category is the PSPs or payroll service providers. And they generally just prepare the payroll tax returns using the employer’s Employer Identification Number. They do all the mathematical work but it is the client that signs and files the document. The second category is that of RAs or reporting agents. And these entities not only prepare payroll tax returns but also carry out the signing and the filing, under the name of the employer. The third category is that of PEOs or professional employer organizations. And what they do is actually act like the employer of a group of professionals in behalf of another company, prepare the payroll tax return with their own EIN, sign it and then file it. This information alone sheds light to a whole new side of the commodity that is often disregarded. Can you imagine how confusing it would be to have certain expectations and end up hiring the wrong kind of Metairie payroll services resource?

To add to the aforementioned, different payroll service companies employ different methods and tools to come up with the figures. Some of the work with QuickBooks; others apply Zero, GnuCash, Peachtree, inDinero, or FrontAccounting. The results and capacity usually vary. But the variety impacts your company in the sense that you might find yourself confused about how the reports are laid out for your review. And if there is some integration between in-house programs to that of the outsourcers, accounting may have a complicated time deciphering data given the unfamiliar software. This is why it is so important that you learn a lot about the skills and specialties of the payroll service professionals you contact and on a related note, know more about their unique attributes and functions.

As a final eye-opening tidbit about payroll services, you should know that not every one of the prospects you come across actually help you save on costs. There are payroll service companies that charge way more than what you would likely spend hiring your own staff and doing payroll accounts internally. With this, you need to extensively compare and contrast the options you are presented so you do not make the rookie error of assuming that just because outsourcing is the latest trend, it is applicable for your business. It really doesn’t make sense for you to acquire Metairie payroll services when you’re a home-based enterprise with a little over ten employee.

Do You Have The Knowledge To Buy The Right Life Insurance?

We'll start with the all-time dilemma; the question of whether you should purchase a Term Life Insurance or another type of Life Insurance that accumulates cash value. One way or another, everybody is aware of the main reason why this question constantly surfaces; monthly premiums! Term Insurance happens to be the least expensive, and most of the time people tend to purchase it just because of this reason.

Additionally, people get different answers from different insurance professionals; some advocate Buy-Term and Invest-The-Difference and some recommend Whole Life, Universal Life, Variable Life, or maybe combination of the two or more of them. In the end, choosing an insurance policy becomes a dilemma between the premiums and the suggestions that you hear from various insurance professionals.

So what is the answer to this question and how do you select the right insurance policy for yourself?

In reality, there is no cookie-cutter answer for purchasing either Term, Whole Life, or any other one for that matter. Everybody has different needs and one size hardly fits all. So in order to accommodate different situations and needs, Life Insurance has evolved into many different types. As a result, the right choice depends on your answers to the following questions:

o What is the very purpose of your life insurance?
o Why are you really buying it?

You should keep in mind that Life Insurance is indeed one of the most versatile products that you can purchase in the market. It can be used for many purposes such as;

o Retirement Supplement
o Pay off debt
o Estate Planning
o Pay off taxes
o Supplement for a college education
o Income replacement for your spouse
o And the list continues depending on your personal needs

Once you determine the purpose of your needs, you now have to identify the type of life insurance you should be purchasing. This actually creates another dilemma; now you need to have the proper knowledge of every type of policy so you can decide which one or maybe the combination of the ones to purchase. On this note, let's touch base with the main types of Life Insurance Policies in the market:

o Term Life
o Whole Life
o Universal Life
o Variable Life

It should be pointed out that these are only the main types of life insurance policies where there are also many others as well as the variations of these policies available in the market. Nevertheless, in order to decide which one of these policies is more suitable for your personal needs requires broad knowledge and here are just a few important topics that you need to be aware of; how these policies develop cash value, how dividends get distributed, the time period you have to pay into your policy, how premiums are calculated, any premium changes after a certain time period, is it participating or non-participating, etc.

Of course as a third step, you also have to calculate the amount of life insurance you need as well. This indeed is separate topic and the methods of calculations can be put in a nut shell as follows:

o Multiples of Income Approach
o Financial Needs Analysis Method
o Capital Needs Analysis Approach
o Some other methods that various insurance companies developed themselves

In summary, following is the list of the key steps of purchasing the right life insurance for your personal needs;

o Deciding why you are buying the policy. In other words, what's the purpose of your life policy?
o Knowing the type of policy that suits the best for your personal situation. Is it Term, Whole Life, Variable Life, Universal Life, or combination of any of these policies?
o Calculating the amount of your policy based on your purpose

One way or another, getting a life insurance is not just buying the least expensive policy, it is indeed a series of decisions and calculations that requires considerable amount of knowledge. The process can be quite tedious, depending on your situation, and it is best to consult an insurance professional to have it done right.

Optimizing PLI For Design Professionals

PLI stands for professional liability insurance. Professional liability insurance for engineers, architects and surveyors is often referred to as PLI for designers. PLI premiums are determined through a process involving the assessment of several factors over which designers (professional service type businesses) have some control. For example, design professionals can improve premiums by exploring the factors insurance carriers use in their quotation creation process for professional liability clients. Consequently the application process should be optimized for achieving the best possible outcome for the design firm or independent professional.

Design companies must make their business attractive to insurance carriers to obtain the best possible terms and pricing. The first step in this strategy is to identify the different risk factors and then present your design firm in the most positive way. While numerous factors determine the risk that a design firm poses to an insurance company, for the purpose of this discussion we will focus on the most critical areas. They include:

1. The location of the firm
2. The locations of design firm projects
3. Project types (traditional commercial projects such as offices, warehouse and retail are often more attractive to carriers than swimming pools and amusement parks).
4. Loss History

Project with high perceived risks are much less attractive to insurance carriers than projects with a nominal risk profile. Projects with emotional attachments or those which have a high loss exposure can be detrimental to design firm PLI. Though working within the genres is necessary, it is prudent to understand the exposures and manage the risk as much as possible.

Loss history is reviewed closely by insurance carriers. Design projects can results in significant claims. There also is the perception and statistical likelihood that past claims are a fair indicator of potential future claims activity. As a result, a design firm with some significant claims in their past generally pays a much higher rate than a similar firm with nominal past claims. Carriers can look as far back as ten years back when evaluating a larger firm's loss history.

If a firm has a history of claims it still possible to cast the exposure in a more positive light utilizing the appropriate approach and documentation. When carriers review the loss history of a design firm, the approach and documentation that the design firm utilizes will prove critical in the resulting PLI premiums. Ultimately, design firms along with their PLI broker must negotiate with insurance carriers to favorably characterize their firm and provide the mitigating information necessary to encourage the most competitive premium quotes.

Advantage Of Preserving Natural Product – The Gold

Natural products are present on earth in a very limited quantity and metals like silver, gold or platinum are some among them. The immense beauty of gold and its value has increased its demand. Due to all these factors gold has become a good option to invest and earn extra money. There are different ways available to invest in gold. You can make choice according to your need and demand. Gold and other metals are available in variant forms like gold coin, gold jewelry and gold bars. In NYC there are watch selling stores from where you can buy these precious items. Investing your money in any of these forms promise good return, also this is a well-known method to get cash for gold.

Investment choice in gold and security measures:

Various types of gold are available in market. Some of them are white gold, pink or red gold, metal alloys. You can invest your money according to your pocket earnings. Gold is measured in terms of karat and the best form of gold is considered as 24 karat. 22k, 18k, 14k, 10k gold is also available in market that has mixture of other elements. There are many ways to spend your money in gold; some of them are mutual funds, sensex, gold coins, gold scrap, gold accessories. Buying 24 karat gold from banks with different schemes are also in trend that ensures the highest purity of gold. From all these methods you can get good cash for gold.

But before buying or selling silver, gold, platinum or other metals it is important to know some best way and methods to get maximum benefits. Many pawn brokers are their in shops, it is important to know about the best one so that no pawn brokers get a chance to cheat. You should buy or sell from a registered shops that have a valid license. You must ensure that the price rate defined by the pawn broker and the current market rate should match because many shopkeepers try to take advantage of these things. Rate of gold is dependable on gold weight and on its colour and karat value. Like other products gold have hallmark that shows the originality of product. Certificate for the gold or metal purchased are also given by the shopkeeper for future record.

Preservation of these metals:

Preserving these natural products is an important issue. In New York, Canada and in London there are number of actives agencies that work for silver recycling and gold refining. It enhances the quality of gold and gives a better option to mold these metals in new design that increase the market value automatically. Today people has become more trendy and choosy. They do not prefer that heavy and old fashioned jewelries as they hardly seek attention and so they prefer to invest through gold and buy other equivalent metals like platinum, gold plated silver and others. This reason has made this valuable metal quite popular and a better option to get some cash for gold.

Video Email Applications for Insurance Professionals

Insurance professionals, like many others in direct sales, rely on strong relationships to not only maintain, but build their client base. The best way to keep relationships strong is with regular communication, but relying on expensive mailings or lengthy phone conversations is neither cost nor time effective. Video email on the other hand, offers a time-saving and economical way to personally reach clients and prospects. Below are applications insurance professionals can employ in prospecting and customer retention strategies. The focus is not on 'hard' selling, but on educating, demonstrating and personally connecting with consumers through a variety of messages that build trust and familiarity.

Create video emails for the following applications:

1. Highlight policy types offered (life, home, car, health, motorcycle, RV, etc.)

2. Respond to internet inquiries with a video introduction

3. Give price quotes, (attach document if required) compare prices with competitors

4. Explain how to file a claim- demystify the process for wary consumers

5. Give safety tips- For the home: smoke detectors, security systems, fire extinguishers, stair safety (gates and railings), preventing falls, CPR and First Aid training, etc. For vehicles: seat belts, drinking and driving, cell phones and driving, system checks (brakes, tire pressure, lights, fluid levels), following speed limits, watch for pedestrians (especially children), etc.

6. Remind clients of annual coverage review

7. Life changes and how they can effect coverage needs- marriage, births, new job, college, major purchases, retirement and death in family all present reasons to update insurance coverage

8. FAQs on subjects such as: Rates & Payments, Choosing an Agent, Understanding Coverages and Changing a Policy

9. Explain coverage terms- Take the confusion out of insurance terms with clear explanations that help consumers make better coverage choices

10. Special rate offers- Spread the word on discounts and rate reductions

11. Tax savings- An added benefit of saving for retirement

12. Testimonials- Nothing better than customers raving about service and price

13. Event notification and/or invitation

14. Career achievements, community efforts- Mention degrees, certifications and licenses related to the insurance business that underscore experience. Highlight community involvement, affiliations and charitable projects.

15. Non-policy products and services offered: Investments such as Mutual Funds, Brokerage Accounts, IRA Accounts

16. News releases- Discuss breaking news, trends, company press releases, industry challenges, green efforts, etc.

17. Retirement preparedness- Give top 10 ways to save for retirement, include links to calculators and attach a brochure with additional information

19. Updates on insurance legislation- What local, state and national insurance reforms are on lawmakers dockets?

20. Holiday and special occasion touches- Reach out to clients throughout the year to show them they're appreciated!

Each video email application leads to ideas for more uses! By taking the initiative, insurance professionals can transform the way they communicate!