Worksite Benefits, sometimes called Voluntary Benefits, offer affordable coverage to your employees, do not require employer contributions, and minimize administrative expenses. Through comprehensive worksite benefits, employees are gaining access to supplemental or enhanced coverage that otherwise might not be available to them. The diversity of benefits offered by insurance companies is very large. The most common benefits include: a) short-term disability insurance, b) life insurance, c) hospital confinement indemnity insurance, d) accident indemnity insurance, e) specified disease (including cancer) insurance, f) individual and group dental plans and vision plans, and g) Section 125 or Administrative Services benefiting both employers and employees with potential tax savings.
Worksite Benefits may be the best answer to an employer’s need to reduce benefit costs while still maintaining and recruiting top talent.
Interested in more details? Please, contact us by phone at 305-665-4508 or by e-mail at ibpalicio@uwmanagers.com.
Archive for the ‘Insurance’ Category
Are You Offering Worksite Benefits To Your Employees?
Wednesday, December 9th, 2009
DISABILITY INSURANCE
Friday, August 28th, 2009Your income is often your largest asset. If you take what you earn today and multiply it by the number of years you expect to work, you have an idea of the financial security that would be compromised in the case of a disability.
Disability happens.
Disability income insurance replaces a portion of your income if you become disabled and are no longer able to work. Most of us insure our homes and vehicles against risks, but nevertheless, many of us do not insure ourselves against the risk that we might not be able to earn an income due to a an illness or accident.
Although some employers offer group disability income insurance, it should be supplemented with individual disability income insurance, since group policies are usually not portable, and bonus and pension benefits may not be covered.
We offer an individual disability income insurance that does not require medical or financial underwriting. This is a great product for a small business owner or self-employed individual who has the income and the need for the insurance, but cannot prove it on paper.
Interested, or have a friend or client who may be interested? Give us a call at 305-665-4508.
DISABILITY INSURANCE I
Thursday, August 27th, 2009Did you know??
Three in ten working Americans will experience a long-term disability during the working years. According to the 2002 U.S. Bureau of Census, more than 50 million Americans were classified as disabled.
Disabilities today are tending to last significantly longer than before. In 1981, a 40 year-old might be out of work with a disability for 4.3 years. In 2005, a 40 year-old’s disability could last 6.6 years.
Advances in medicine mean illnesses that used to result in death, now often result in disability. For example, while deaths from heart disease dropped 29%, disabilities from heart disease increased 36%.
Every 30 seconds someone files for bankruptcy in the wake of a serious illness.
TRAVEL MEDICAL INSURANCE
Sunday, August 16th, 2009The travel medical insurance that we make available to you offers the best possible protection if you have a sudden and unexpected illness or injury when traveling abroad. It covers you all year round on all your trips abroad, for up to a month per trip, for about $163, or less than 45 cents per day. If you travel less often, the cost starts at $48.45 plus $3.71 per travel day. We also offer optional trip cancellation and nonmedical benefits.
This travel medical insurance has an unlimited maximum cover per person per trip plus 100% coverage of:
● Hospitalization
● Outpatient treatment by a doctor/specialist
● Prescribed medicines
● Ambulance transportation
● Medical evacuation/repatriation
● Evacuation (think of hurricanes)
● Return trip
● Compassionate emergency visit
● Next-of-kin accompaniment
and much more.
Wouldn’t you like to enjoy peace of mind on all your trips abroad?
If you don’t travel abroad, but know someone who does, please do them a favor, give them a copy of this Chit Chats and have them call us.
Have questions? Call us at 305-665-4508 or visit the Travel Insurance section of our website at www.insurance-investments-uwm.com
Health Insurance Update
Tuesday, August 11th, 2009Reminder: August is open enrollment for all one man/woman groups for an effective date of October 1st, 2009. Call us for more information at 305-665-4508.
Consider a Roth IRA
Sunday, August 2nd, 2009What is a Roth IRA?
Roth IRAs offer a unique benefit that may not be available in other retirement accounts and that is tax-free distributions.
To qualify for the tax-free treatment, the Roth IRA account has to be funded with after-tax dollars and held for a minimum of five years or until age of 59 ½, whichever come last.
Unlike traditional IRAs, owners of Roth IRAs are not subject to lifetime Required Minimum Distributions (RMDs), a distribution requirement starting at age 70 ½ and you may also contribute to your Roth IRA for as long as you live, provided you qualify and have earned income.
Good news
As of 2010, two very important rules go into effect. 1) Roth IRA conversions are no longer subject to income limits and 2) if you convert your Traditional IRA or workplace plan to a Roth IRA in the year 2010, you may be able spread the tax liability generated by the conversion out over a two-year period (2011 and 2012).
Here is an idea for you
If you have lost your job and need to, or want to, move your 401K money, put it into a Traditional IRA and next year when the new rules go into effect, convert your Traditional IRA into a Roth IRA and get all the additional benefits.
Note: Income limits for opening or funding a Roth IRA have not been affected by the 2010 changes.
HEALTH INSURANCE FOR CORPORATIONS
Friday, May 8th, 2009Your employees are an indispensable part of your corporation and the care of their health has a substantial impact on the performance of your organization. In fact, statistics generated in the United States reveal that approximately 168 million of working days are lost annually in the United States due to illnesses.
The purpose of corporate health insurances is to offer your organization some guarantee of profitability by providing the assurance that if your employees get sick, they would have access to the best medical care and facilities when they need them.
The absence of corporate health insurance makes small businesses especially vulnerable. They stand the risk of losing their top employees; they may not be able to attract new talent; and in the case of long-term illnesses among key members of their staff, the firm loses a serious competitive advantage. When it comes to benefits in a small company, dropping health insurance can often be one of the worst areas to save money.
For more information on health insurance for corporations, please visit our website http://www.insurance-investments-uwm.com
KIDNAP, RANSOM AND EXTORTION INSURANCE
Thursday, May 7th, 2009It is no secret that kidnap and extortion are very real and growing trends in today’s world, but what most people do not know that well is that the list of potential objectives is not as small as most people believe. Even when the most vulnerable individuals continue to be company employees that reside permanently abroad or that travel overseas often, and sometimes with their families, people and organizations that have high profiles, handle large amounts of cash, or work with sensitive information or technologies are equally at risk.
Although the threat of kidnap receives more news coverage, extortion is increasing substantially not only abroad, but also in the United States of America. Examples include: bodily injury extortion, property damage extortion, pollution extortion, cyber extortion and intellectual property extortion.
For more information on kidnap, ransom and extortion insurance, please visit our website http://www.insurance-investments-uwm.com
HOW TO DETERMINE THE NECESSARY AMOUNT OF LIFE INSURANCE
Monday, May 4th, 20091) Determine the “reduced” monthly budget of the family excluding the mortgage payment and any amount that the family invests or saves to pay for children’s college. Assume it is $8,000. Multiply this by 12 to obtain the reduced annual family budget, or $96,000.
2) Let us assume that when the insured dies the family expenses are reduced by 20%. The reduced after-death annual family budget is $96,000 X (1 – 0.20) or $96,000 X 0.80, or $76,800.
3) Let us assume that the spouse annual salary is $26,800. The adjusted reduced after-death annual family budget shortfall is $76,800 - $26,800, or $50,000.
4) Let us assume that the surviving spouse is going to invest the death benefit proceeds in an account that earns an annual rate of return of 5% and the family is going to use only the interest generated by this account. The death benefit necessary to cover the adjusted reduced after-death annual family budget shortfall is $50,000 / 0.05, or $1,000,000.
5) If the insured already has other life insurance with a death benefit of, let’s say $300,000, the additional amount of necessary insurance (not counting mortgage, college education and final expenses) is $1,000,000 - $300,000, or $700,000.
6) Let us assume that the amount necessary to pay off the mortgage is $300,000, the amount necessary to pay the children’s college is $200,000 and the estimated final expenses are $50,000. The total amount of life insurance needed is $700,000 + $300,000 + $200,000 + $50,000, or $1,250,000.
7) If the insured cannot afford to pay for the $1,250,000 in universal life permanent insurance he or she should buy term insurance for those events that have a limited time duration like payment of the mortgage and college funding, or $300,000 + $200,000, or $500,000 in term insurance and the rest, or $750,000 in universal life permanent insurance.
For additional information on life insurance, please visit our website http://insurance-investments-uwm.com
AN EXCELLENT INTERNATIONAL HEALTH INSURANCE PLAN
Sunday, May 3rd, 2009By: Pedro A. Palicio, MBA, Ph.D.
Universal Wealth Managers LLC
This is one of the best international health insurance plans available in the market. Some of the features of this plan include:
Worldwide medical coverage.
Unlimited medical coverage per insured per policy year. This health insurance offers a range of annual deductible options to help you reduce the price you pay for cover: the higher the deductible, the lower the premium.
Guaranteed lifetime renewability.
Direct payment to any hospital in the world.
For additional information on this and many other international health insurance plans, please visit our website http://www.insurance-investments-uwm.com