Life throws many unexpected things at all of us. While we usually can't stop these things from occurring, we can opt to give our lives a bit of protection. Insurance is meant to give us some measure of protection, at least financially, should a disaster happen. There are numerous insurance options available and many financial experts tell us that we need to have these insurance policies in place. Yet, with so many options, it can be difficult to determine what insurance you really need. Purchasing the right insurance is always determined by your specific situation. Factors such as children, age, lifestyle and employment benefits are all points to consider when planning your insurance portfolio.
There are however, three insurances that most financial experts recommend that all of us have: life, health and long-term disability. Each one of these covers a specific aspect of your life and each one is very important to your financial future.
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover "ten times your yearly income." This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.
When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care and future college costs.
Oral health is closely linked to your overall health. Dental disease can contribute to cardiovascular disease, respiratory illness, diabetes and other health issues. With regular exams and cleanings, your dentist can help identify warning signs and symptoms of these diseases, before they become larger problems.
Most benefit programs, emphasize prevention and include incentives for receiving regular preventive care. It often costs less to prevent dental disease than to perform major restorative work later. Typically, individuals with a dental plan are more likely to visit their dentists more often, resulting in better oral health and lower treatment costs down the road.
A Dental plan works very similar to a medical insurance plan. You pay a specific monthly Premium, and are therefore entitled to certain benefits, including regular checkups, cleanings, x-rays, and certain services required to promote general dental health.
A recent Harvard study noted that statistically, "your family is just one serious illness away from bankruptcy." They also concluded that, "62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems and 78% of those filers had medical insurance at the start of their illness."
Those numbers alone should urge you to obtain health insurance, or increase your current coverage. The key to finding adequate coverage is shopping around. While the best option and the least expensive is participating in your employer's insurance program, many smaller businesses do not offer this benefit.
Even if you have perfect vision, proper preventative eye care is an essential practice towards ensuring the health of your vision in the years to come. The most important step is receiving routine examinations from a qualified eye care professional. Individuals between the ages of 20 to 40 are recommended an exam every 5 years or so, provided no visual changes or injury has occurred. Individuals over the age of 40 should have an exam every 2 years or so.
Plan features and benefits will vary depending on the provider, but features typically discounted include:
· Eye examinations
· Surgical procedures - including lasik procedures where available.
· Contact Lenses
· Non-prescription sunglasses
Professional Employer Organization (PEO)
A Professional Employer Organization, or PEO, is a firm that allows small and medium-sized companies to outsource most of their HR management responsibilities. PEOs deliver cost-effective, outsourced services for HR, payroll, benefits, and risk management. This lifts the burden of HR tasks off of a growing business. Having a PEO can come with a lot of benefits. Some of these services include: time and attendance, recruiting, employee training, and performance management.
HOW PEO WORKS:
In co-employment, the PEO becomes the employer of record for tax purposes, filing paperwork under its own tax identification numbers. The client company continues to direct the employees’ day-to-day activities. PEOs charge a service fee for taking over the human resources and payroll functions of the client company: typically, this is from 3 to 15% of total gross payroll. This fee is in addition to the normal employee overhead costs, such as the employer’s share of FICA, Medicare, and unemployment insurance withholding.
IS YOUR BUSINESS THE RIGHT FIT FOR A PEO?
-You have a minimum of three employees enrolling. Businesses generally need a high participation of enrollment for a more competitive quote.
-Small Business that needs assistance with HR. -If workers comp is too expensive.
PEOs typically offer the following:
- Payroll administration
- Workers compensation
- HR administration such as new hire and benefit enrollment, FMLA tracking, and other HR-related compliance functions
- Employee benefits including medical, dental, vision, life, disability, and 401(k) plans and administration
- COBRA and cafeteria plan administration
- Affordable Care Act (ACA) reporting
- Employment Practices Liability Insurance
Long-Term Disability Coverage
This is the one insurance most us think we will never need, as none of us assumes we will become disabled. Yet, statistics from the Social Security Administration show that three in 10 workers entering the workforce will become disabled and will be unable to work before they reach the age of retirement. Of the population, 12% are currently disabled in some form and nearly 50% of those workers are in their working years.
Even those workers that have great health insurance, a nice nest egg and a good life insurance policy never prepare for the day when they might not be able to work for weeks, months or may not ever be able to return to the job. While health insurance pays for your hospitalization and medical bills, where is money coming from to pay those daily expenses that your paycheck covers? Here are a few very sobering statistics regarding disability:
- Disability Causes Nearly 50% of all Mortgage Foreclosures, 2% are Caused by Death
- Close to 90% of Disabling Accidents and Illnesses Are not Work Related
- In the Last 10 Minutes, 498 Americans Became Disabled
If you are injured and off work for even three months, would you have enough in savings to cover your living expenses? Consider what you might face financially if you suffer a major medical condition such as cancer and was unable to work for over a year.
Call Cosmo Insurance we are a one stop shop for all your needs.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
GET A HEALTH INSURANCE QUOTE NOW
LEARN MORE ABOUT HEALTH INSURANCE
LEARN MORE ABOUT PEO
GET A PEO QUOTE NOW
GET A VISION INSURANCE QUOTE NOW
LEARN MORE ABOUT VISION INSURANCE
GET A DENTAL INSURANCE QUOTE
GET A LIFE INSURANCE QUOTE NOW
LEARN MORE ABOUT LIFE INSURANCE
source: https://www.investopedia.com/financial-edge/0212/4-types-of-insurance-everyone-needs.aspx & https://www.deltadentalcoversme.com/s/frequently-asked-questions & https://www.benefitspro.com/2011/08/22/top-10-reasons-why-people-need-good-dental-care/?slreturn=20190021114002