April 11th The Date That Changed the Conway Family Forever


April 11th The Date That Changed the Conway Family Forever

For most individuals birthdates and anniversaries are memorable dates that are marked on a calendar. They are memorable because they represent a number of positive changes that impacted our lives. The Conway Family has those types of dates marked on a calendar, but they also have the date April 11 mentally marked.

People die in car accidents every day. Be sure your family has life insurance to protect them.
People die in car accidents every day. Be sure your family has life insurance to protect them.

April 11th is a particularly memorable date for The Conway Family because that is the date their lives changed dramatically.

The Conway Family was a friendly, loving family. The father, James, worked full-time at the local factory, while S andy, the mother, stayed at home to raise their two children, Peter age 6 and Gina age 10. S andy was extremely active in the school’s PTA, children’s sporting events, and other organizations throughout the community. That was the general picture of The Conway Family until April 11.

One evening while James was on his way home from a late night shift the unfortunate happened. A drunk driver failed to stop at a red light and slammed into James’s car. The impact killed James instantly and forever changed the lives of The Conway Family.

After the initial shock of the incident wore off, S andy was left with a tremendous task of piecing everything together. There were bills to pay, mortgages to h andle, and food to purchase; all of which were usually purchased with the money James brought home.

James had always been the main bread winner of the family and while S andy knew the truth was she would eventually find a job; the task seemed extremely difficult with 2 children and the money needed to come in right now. Luckily, James made one very important and potentially family lifesaving decision – he purchased life insurance.

James purchased a decent life insurance policy that allowed S andy to collect a considerable amount as part of the policy’s death benefit. This single decision helped The Conway Family considerably. It allowed S andy to pay the mortgage bills that allowed her to save the house and keep a roof over the family’s head. It allowed her to purchase food and clothing, and it even allowed her to set up a small college fund for the children.

That single decision on James’s part to purchase life insurance was a true lifesaver. It prevented his family from being fatherless, homeless, and husb andless in the event of his untimely passing.

Long Term Care insurance will save me a fortune someday

As a person gets older they begin to realize that it is expensive to get the health care they need. There is coming a time when you will need the care to help you stay healthy and to care for your every day needs. Here are some facts about long term care and how it could save you money.

Talk to us about obtaining Long Term Care Insurance. We offer California Partnership plans!
Talk to us about obtaining Long Term Care Insurance. We offer California Partnership plans!

Fast Facts About Long Term Care

  • The policy is usually for people who have become disabled, have reached a certain age or needs help with at least two daily activities.
  • A premium is paid on a monthly basis in order to own a policy.
  • Health care costs are going up and a long term care policy will help you save money in the future as it pays out.
  • Long term care pays longer that short term care insurance does. Short term care is usually for a stated amount of time. Once the time is expired you lose the benefits of care.

Every person will have to see a doctor at some point in their life.The difference will be how much one person pays and how much the other person saves because of the type of insurance they have. Go ahead and research your options regarding long term care insurance and see how much you can save in the future.

Life Insurance is Magic

I think life insurance is pure magic. I bought life insurance for myself several years ago so I could better protect my family in the event that I should die. Some life insurances do not have an accumulation of cash benefit and others do. I have been paying into my life insurance policy for some time now, and when I need extra money, there it is, just like magic.

I knew that after I have had the policy for a while, I could make a loan against this life insurance policy. The money from my life insurance policy is there when I need it. I do have to pay back the funds I borrow or I will get less when I really need the policy.

• Funds for a new home

• Funds for home repairs

• Funds for the kids for college

• Funds for emergency medical bills

• Funds to pay off the home

• Funds for a trip

Life Insurance is like magic.  One minute there is no money the next there can be a TON of it!
Life Insurance is like magic. One minute there is no money the next there can be a TON of it!

The extra funds from my life insurance policy show up just like magic to take care of immediate needs. Life insurance policies are not just for the end of life. A life insurance policy can protect you when you need extra cash.

Just like magic, it is there to pay for the end of life expenses.

Do I have enough money in savings to live off?

The short answer to the title’s question is: probably not. If you’re an average Jane or Joe American, then you only have about $3,800 in your savings account. That’s about enough to last you about a month, maybe–if you’re just sticking with basics, you know, things like shelter, food, water, electricity and a car.

But what happens when you suddenly become disabled and aren’t able to work for six months or a year? What will you do when the money in your savings account does run dry? Ask good old Uncle Sam? Sure, you can try. But he can only help to an extent, and these days that extent is quite small. If you’ve got a partner who is bringing in an income, that’s great, but how much of their income goes to your household’s regular spending? Again, for the average person, most of it is "spoken for" the moment the direct deposit enters hits the bank account.

One of the best investments that you can make–even today–is to buy a disability insurance policy. If you become disabled, it will give you a percentage of your previous salary so that you can continue to live as you are today. Some companies provide these policies for employees, but most don’t, so if you’re not hurt on the job–thereby being covered by workers comp–you’re out of luck when it comes finding a way to put food on the table. Disability policies aren’t cost prohibitive , and are worth the sacrifice of cutting a few cable channels in order to buy a policy for yourself and, if you have one, your partner.

Who Needs Disability Insurance?

Any insurance policy is designed to protect the policy owner from suffering financial loss when their life is changed by a disastrous event. But what happens when life is changed because of an injury or illness  and you have to stop working in order to recover? The answer is without a disability insurance policy the injured will lose money and will not be able to pay their bills.

Disability insurance is a product that is designed to protect people from life changing disasters and financial destruction. If you end up getting hurt or sick and can’t work,  you will end up with some pretty serious medical bills and a loss of income. The person who got hurt may feel that the source of the injury should be the one who pays for their injuries. While that may be true that the responsible party should care for the expenses of the injury the truth is it will take a long time for the issue to be settled in court. While you are waiting for the settlement your bills will continue to pile up. If you had purchased a disability insurance policy, you would have an income to meet the expenses of everyday life.

The benefits of a disability policy are fairly simple.

  • The protection that it gives to the policy owner is priceless. The policy helps by keeping the st andard of living close to what it was before the injury. It pays wages that would otherwise be lost because of lost hours..
  • The money the policy pays is allowed to be used for the expenses of everyday life. It can be used to pay for food, overdue bills or any other expense that you may have.
  • Depending on the policy it can also cover rehabilitation needs of the injured.
  • The coverage amounts can continue as long as the individual is still under medical care. The coverage usually ends when the policy owner can return to work or is released by the doctor.
  • The policy pays for the medical bills of the injured. It will pay for all the scans and test that are needed to help the person get well.

This type of policy should also be purchased by anybody who works and has the potential to get injured or ill, which is, well everybody!  No one should lose their income and way of life because of an injury or serious illness.  Talk to one of our agents today.

Karl Susman, Susman Insurance Agency

Disability Income Protection—Are Your Bases Covered?

Like most people, you may have life insurance to help protect your family against the financial impact of your unexpected death. You may also insure your home, car, and other personal possessions against financial loss resulting from fire, theft, or damage. However, you may have overlooked insuring one of the more important aspects of your financial life—the ability to earn an income.

Thinking the Unthinkable

Have you ever contemplated how long the combined resources of you and your spouse might last if you were suddenly out of work due to a disability? What long-term impact would exhausting your savings during a disability have on your ability to provide for your family and even yourself during your retirement years? If those resources provide less than your monthly expenses, including taxes and regular savings, or if exhausting them would significantly impact your ability to provide for yourself and your family on a long-term basis, you may need disability income insurance. Whether you need an individually owned policy depends on the extent of your liquid assets, your spouse’s income, and other potential sources of disability income, such as employer-sponsored group disability insurance, Social Security, and veterans or union benefits.

Depending on your income and the risk level of your occupation, the maximum coverage you can buy will generally replace 45% to 75% of your pre-disability earnings. The higher your income, the lower the percentage of replacement benefit may be. Typically, premiums will depend on your age, your health, the risk level of your occupation, and the type of coverage.

Examine Policy Provisions

To make sure your disability income insurance offers the protection that you and your family need, your policy should include the following:

  • A definition of total disability that is consistent with the risk of your occupation. You may also want to look for a policy that pays some benefits in the event you are not totally disabled, but you suffer a “loss of income” due to a disability. Often these provisions are called partial or residual disability provisions.
  • A non-cancelable clause that states the insurance company cannot cancel the policy or increase the premium until a certain age (as specified in the policy).
  • Benefits that are payable for the maximum amount of time for which you are eligible based on your occupation and health. Most often, you can find policies that provide benefit eligibility for two years, five years, or all the way until you reach age 65, or even payments beyond 65 for the rest of your life.
  • A waiting period that is consistent with your overall financial resources. The waiting period is the amount of time you must be disabled before becoming eligible for disability benefits. The longer the waiting period you choose, the lower the premium on your policy will be. Typically, you may purchase coverage that provides eligibility for benefits after 30 days of disability or for as long as after two years of disability.

Act Now

Now is the time to investigate the relative benefits and costs of disability income insurance to determine how much you need to spend to attain adequate protection. In addition, it is important to review the particular details and provisions of the policy you are considering with a qualified professional to help ensure your financial needs will be met.

Copyright ã 2010 Liberty Publishing, Inc. All rights reserved.

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This article appears courtesy of Karl Susman. Karl Susman is a representative of the New Engl and Life Insurance Company. He focuses on meeting the individual insurance and financial services needs of people on the West Coast. You can reach Karl at the office at (424) 785-4337. New Engl and Life Insurance Company, 501 Boylston Street, Boston, MA 02116