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Qualifying For Disability Insurance
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Find Your Balance, Boost Your Wealth
3
Continuing Health Insurance After Graduation
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Disability Insurance: What Kinds Can You Get?
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Bank of America is at it again!

Qualifying For Disability Insurance

If you’re shopping for your own disability coverage (rather than receiving disability insurance as an employer benefit), you’ll encounter a myriad of policy differences. You need to understand one of the most critical elements in any disability insurance policy: the definition of what a “disability” is.

The most desirable definition: Own-occupation Disability
If a policy defines disability as “own-occupation,” this usually means that you’re considered disabled if your condition prevents you from performing the “material and substantial duties” of your own occupation.  So if you are working in a job and become unable to do that job, a policy using …

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Find Your Balance, Boost Your Wealth

Congratulations to those who didn’t adjust their retirement accounts during the gloom of last year. Retirement accounts are long-term investment vehicles, and investors should stick to their investment strategy, during both the good times and bad. Some sold their equity positions as the market was down, and have now missed the rebound.

Find Your Balance, Build Your Wealth

However, it is likely you are not making an adjustment that should be made. Most investors do not rebalance their portfolios frequently enough. If you entered last year with a 60% stock/40% bond mix, your portfolio is likely now close to a 50%/50% split. Without rebalancing, your portfolio …

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Continuing Health Insurance After Graduation

Continuing Health Insurance after GraduationUsually college students are covered by their parents’ health insurance plan while they’re in school.  Parents need to check the specific provisions of their health care coverage to determine how the plan covers a child who graduates from college.  In some cases, the coverage will end on the date of graduation; in others, coverage may continue through the end of the year or there may be some other provision.

Several states require health insurers to cover dependent children after graduation.  For example, in Connecticut, in some cases a child can be covered under a parent’s group policy until age 26

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Disability Insurance: What Kinds Can You Get?

“Noncancelable” vs.”Guaranteed renewable”
I think the most mystifying insurance terms are those used to describe policy renewal provisions.  If you have a non-cancelable policy, the insurer cannot cancel your coverage unless you fail to pay the premium.  Your premiums and benefit terms cannot be changed without your permission.  These policies usually cost more than “guaranteed renewable” policies.

With a guaranteed renewable policy, the insurer can raise the premium if there’s a change in your status (e.g., you make a claim) or it can raise the premiums of an entire category of insured individuals.  You’re guaranteed to be able to renew …

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Bank of America is at it again!

006 - Bank of America Strike

A client recently called me and was shocked that the annual interest rate on the money market sweep account at Bank of America Investment Services is currently at 0% interest. Most other money markets are currently paying less than 1% interest.

Banks, and credit unions and mutual fund companies offer money market accounts.  These accounts consist of very short-term debt securities.  The investments are highly liquid and considered safe because of the short maturities of the underlining obligations. Last year there was some concern when some money markets held debt from companies in question such as Leman brothers. People and …

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