My Learning About Benefits

Many years ago I was offered a job that included what I was told a generous benefit package.  Benefits is a broad word meant to let people know that they have opportunities to receive more for their work than just the pay that they receive.  For me at that time it just meant that there was a bunch of options to choose from.  These options would take away money that I was earning.  I was young, healthy, and naive as to what they really were to me.  As years have gone by and as I have studied benefits for years now I know that there are perfect options for businesses.

What I didn’t know

I didn’t know the terminology of the different parts of benefit packages.  From the basic health insurance to the complexity of choosing mutual funds for my retirement plan.

I didn’t know how the benefits could be used and how they could benefit me.  Again, all I saw was that these benefits would take money from my paycheck.

I didn’t know the resources I had that I could use to learn more about the benefits.  Most every company has places you can go or ways that you can get more information on the benefits.

What did I learn

Over the years I have come to learn the terminology for benefits.  It was mostly through trial and error that I have learned what i have.  I would also include some google mixed into my learning. I know now what a supplemental plan is for.  In learning I know that there can be easy choices for choosing insurances or for retirement.

I know much better how the benefit packages can help me and how to use them.

And I also know how to find resources and people to talk to about benefits that can guide me to use the benefits to their maximum potential.

I also know now that businesses don’t just put benefits in place to just say that they have them.  Rather that they want to cultivate and keep their employees.

What I do now

Now days I work with businesses to set up their benefit packages for their employees.  I also work with individuals to understand their financial situation. Helping individuals take advantage of every benefit offered.  Within the agreed amounts and keeping values in place.

I also take time to answer questions and teach about what I have learned. Within these articles you will begin to learn more about benefits and how you can use them.  Maybe even suggest a few to your own company.

In the end I have loved taking something that I knew very little about and changed it into a strength.  Through learning, research, and diligence I have become better.  Start your learning now by reading more articles.

 

Life Insurance Part 1 The Top 5 Myths Of Term Insurance

Term life insurance has many advantages. But understanding term life insurance and its benefits means sifting through the myths surrounding it; and there are many myths about it. These myths and misconceptions can result in too little coverage causing financial hardship for families suffering the loss of a loved one.

To avoid this from happening to you, we've taken a look at the most common misconceptions about life insurance to set the record straight. In this article we will explore myths around buying term and in other parts to this series we will explore permanent.

Myth #1: I don't work outside the home so I don't need life insurance.

False! Just because there's no paycheck to replace, doesn't mean life insurance is unnecessary. A policy that provides coverage for a stay-at-home parent isn’t so much about the money they bring into the household, but instead about the money they keep in the household.

In fact, have you ever considered how much it would cost to pay for childcare and housekeeping in the absence of a stay-at-home parent? Don’t underestimate how much this would require, child care is expensive and is a growing cost.

Myth #2: I'm young so odds are I won't need life insurance.

Some people are gamblers by nature and choose to take their chances by skipping out on life insurance completely. Although it is unlikely you'll die during your working years, you're not insuring for what's likely to happen but instead, for the worst-case scenario.

That's why term life is inexpensive for young, healthy people. Buying it now means you'll be providing financial security without spending a lot of money for it.

For example, online quotes show that a $250,000 10-year term policy for:

• a healthy 35-year old woman costs as little as $165 a year
• a healthy 35-year old man costs as little as $195 a year

What's more you may even be eligible for preferred life rates that mean the annual premiums are even less! Preferred rates are lower premiums - for the same coverage - offered by an insurer based on your health. The good news is that eligibility for preferred rates is common and could save you up to 30 per cent off the standard rate.

Myth #3: If it's really so cheap there must be a catch.

There's no catch to term life insurance. Your basic term life policy will offer you coverage so long as you pay your premium. You buy term insurance coverage for the duration of time you'll need life insurance, whether that's until the kids are out of school or until your mortgage is paid off. Learning the difference between term and permanent is in our other article "Life Insurance Basics".

Plus, your premiums are fixed for the length of the term. They won't increase even if the status of your health changes.

Myth #4: I don't need life insurance once my children are self-supporting and my mortgage is paid off.

Everybody's needs vary. But how would your spouse manage daily living expenses without your help? And what if your spouse outlived you by 10, even 20 years?

Even if your children are no longer living at home and you no longer have large debts, like a mortgage, there still are questions you should consider before deciding that life insurance is unneeded.

Myth #5: I have life insurance through my job. I don't need any more insurance coverage.

False. The truth is your life insurance coverage through your work may not be protecting yourself and your loved ones as much as you think. Review how much your employer-paid insurance provides and calculate whether this is enough to keep your family comfortable through the difficult times if you're not around.

What's more, when you leave your job for any reason, including retirement, your coverage usually stops.

Myth #6: It's such a hassle to get life insurance.

Thanks to the Internet, getting quotes is fast and easy. There are a number of online life quote services and usually, all you have to do is answer a few simple questions to get quotes. Sometimes, you can even buy a policy online.

Final Fact:

From the time you marry, buy your first home, start a family and enjoy retirement, having life insurance means you and your family have the security knowing you can reach the long-term financial goals you have set out.

Life policies provide you with customized coverage for your family's needs. Comparing quotes on the Internet can help you find affordable life insurance that will protect you and your family in the years to come.

Next week in part 2 we will talk about myths revolving around permanent insurance in "Life Insurance Myths Part 2".

Related articles across the web

Basics For Health Insurance

Health insurance, in this modern world of cancer, heart disease, AIDS, diabetes, asthma, ageing and other diseases and afflictions, it is essential to have some sort of health insurance. There are many levels of health insurance coverage available.  Like most things in life, you get what you pay for Which means good coverage can be very expensive.
Common Terms
The two most common terms in insurance are premium. The amount paid on a scheduled basis for your coverage. And deductible, which is your out-of-pocket expense before the insurance pays your provider. For instance, you might pay $300 premium per month for family coverage. Your deductible might be $250 per person. This means if you broke your ankle and went to the hospital emergency room, you would pay the first $250 of the bill. Two other terms that are part of health insurance are max-out-of-pocket and co-insurance.  Max-out-of-pocket limit is the maximum amount of money that you will spend on your health insurance.  Be careful some policies have a limit as to the amount of insurance you can use in one year.  Co-insurance is the percentage of cost you pay between the deductible and the max-out-of-pocket. Think of health insurance in these three parts, and your questions will be answered.  First, you pay all health care costs until you reach your deductible.  Second, you pay a percentage of your health care costs until you reach your max-out-of-pocket.  Third, you pay nothing for health care (unless your plan says otherwise).
Options
You can purchase very basic catastrophic coverage, which would carry a very high deductible and the premium would be less than comprehensive coverage which would have a higher premium and lower deductible. It pays to invest the time to investigate various insurance options, taking into consideration your age, your general health and the health of your family members. Employers can offer group health insurance. It is most likely the least expensive option for you, and usually the premium is deducted from your paycheck. Health insurance is a calculated risk; can you afford the premiums? Or, are you willing to risk paying less out of pocket for medical expenses in a year than the premiums would cost? Consider carefully.

Related articles across the web

Dental Insurance

Dental costs are becoming an increasingly significant health care expense. Protect yourself against these costs with a dental insurance policy. Dental insurance policies typically work in the same way as any other medical insurance policy. Paying your monthly premium and this will entitle you to specific dental care procedures such as checkups, cleaning and x-rays. You can be covered for other procedures that are deemed necessary to keep your teeth and gums in good health.

Comprehensive

Most insurance policies, will vary in what treatments they cover and how much they cost. There can be more expensive policies that will give you greater benefits and allow you access to a greater range of services, cheaper ones will be restricted in what they cover and you will be required to contribute to the cost of procedures you require. If you will need dental surgery, oral implants, or other more expensive forms of treatment, you will want to go for a more comprehensive policy. One main difference between medical and dental health care is that children generally require more treatment than adults do. This is true right up through your child’s teen years. This is when orthodontists’ bills can often be extremely expensive. You may wish to cover only your children with dental insurance. You should check with your insurer to see if insuring only your children is possible. While some insurance companies will allow children to have their own dental insurance policies, others will only insure them as part of an adult or family plan. If this is the case you will require to insure them with your own dental insurance provider and this may mean taking out dental insurance for yourself if you do not already have it.

Discounts

Another option offered by some insurance companies is to take a form of dental discount card. This is not dental insurance in the strict sense of the meaning but does provide you with discounts on dental treatment when you require using them. They can be a cheaper way of obtaining limited protection against dental costs. For this reason are growing in popularity. These dental plans are also called value plans with the insurers. Not all insurers will provide them so shop around and see what’s on offer. There are great differences in what you will be offered for your money. Considering that dental insurance can be a significant expense, it is wise to make sure you know what is available before you decide to opt for any policy.

Related articles across the web