Disability Insurance Reflexology
While listening to a coach extol the athletic virtues of a prized athlete, he used a descriptive cliché, “Homer is always in the right place at the right time. He has instincts as to where the ball is going to be”.
This belief has been debunked. Homer cannot read the minds of his teammates. He is simply conditioned to the patterns of the game. This conditioning is built into a reflex pattern that usually works to his advantage. It is a technique used by the great ones. He does not have to wait and see where the ball or the push is going. His repetitive experiences have been mentally catalogued and developed into reflexes that eliminate the time required to think.
If reflexology works with athletes why can’t it work with sales persons? We suspect that it can and so we put together clues and patterns that will enable a producer to:
- Remember all products and all uses of those products
- Instinctively respond to the key words, or motions of the client, and always be on top of his game (sales).
PERSONAL DISABILITY PLANS
ADEQUATE NET SPENDABLE INCOME A MUST FOR EVERY CLIENT
- 65% – 75% of normal income cash flow is needed according to experts
CONCERNS ABOUT GROUP DISABILITY INSURANCE
- Usual issue amount is 60% of salary not to exceed $ xxxxxx per month
- Does not cover bonus – – – only salary
- Benefits subject to taxation
- Reverse discrimination of highly compensated persons because of capitation
- Not transportable. Coverage ends when employment ends
BUSINESS DISABILITY USES
SALARY CONTINUATION and QUALIFIED SICK PAY
- Check for adequacy and tax aspects
- Plans must be formal, in writing and communicated to employees
BUSINESS OVERHEAD EXPENSE
- Adequacy of amount. Age of certain owners may prematurely terminate the plan
BUY / SELL FUNDING
- Adequacy of amounts
- Age concerns (i.e., reduces at 60 and terminates at 65, even though a business owners continues to be active in the firm and is strapped with the obligation to buy the disabled owners percent of the business)
- Indemnifies the investor(s) if a Key Person becomes disabled
- Indemnifies the firm for loss of Key Person’s abilities
- Group Disability ceases when employment ceases. If agreement includes continuation of salary and benefits, then disability insurance for the dismissed employee must quickly be found, or the firm will have to carry the liability on it’s financial statements.
- *Relieves employer or sponsor should insured contractor be unable to complete project due to disability.
OCCUPATIONS frequently deemed uninsurable
- Offshore oilrig workers
- Pilots and crewmembers
- U. S. Persons traveling or on foreign assignment
· Foreign Nationals visiting or assigned to work in the U.S.
· Also – International Major Medical and International Life is available
- Kidnap / Ransom
- Event Cancellation
- Employment Practices Liability
As always if you would prefer not to receive our Communicator click here type “remove” in the subject line and send.