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Jamie Fleischner, President of Set for Life Insurance was recently featured in Insurance News Magazine. Congratulations! The article can be read here:
http://www.insurancenewsnetmagazine.com/article/dr-insurance-3650#.XK95KJhKhnK

The post Jamie Fleischner Featured In Insurance Magazine appeared first on Set for Life.

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Disability insurance claims

Recently a potential client contacted me and asked me if I could help assist them in the future if they encountered a disability insurance claim. I explained to them how it worked. Brokers can listen to their clients and direct them to the company to initiate a claim. However, a broker is not actively involved in the claims process. The potential client told me that another broker told them that they are “the best in assisting clients with claims and you should buy from us!”

This is completely false. Brokers do not make claims decisions nor can they influence a company about whether a claim should be paid. Claims decisions are made directly with the client and the broker is not involved whatsoever. If a broker tells you that they assist you in the claims process, this is false. As it turns out, this mentioned broker was in the business for less than a year and most likely had never encountered a claim.

Here is how brokers can assist clients when it comes to claims:
  • Clients come to us when they are sick or injured and explain their situation. We listen and help direct them to the company to further the process.
  • Insurance Brokers can provide claims forms and company contact information.
  • Brokers can assist clients by informing them what is covered with their policy, definition of disability and amount of benefit.
  • Insurance Brokers can help communicate with the company on behalf of the client if they are having difficulty reaching a claims person.

For more information about disability insurance claims or to request a quote, contact Set for Life Insurance today!

The post Can A Disability Insurance Broker Help Me with My Claim? appeared first on Set for Life.

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Disability insurance can be the most difficult type of insurance to acquire. This is directly related to the fact that there is a 1 in 3 chance that people will be come disabled and can’t work at some point in their career. Furthermore, disability insurance policies require you go through the underwriting process once and not at a later time. As a result, underwriting standards can be tough.

According to LIMRA, only 60% of policies submitted to underwriting are approved as applied. The other 40% are either declined, rated or come back with some type of exclusion.

Common exclusions include:

  • Mental nervous limitation/exclusions–exclusions for addiction or psychological illnesses.
  • Back exclusions
  • Neck exclusions
  • Knee exclusions
  • Shoulder exclusions
  • Pregnancy exclusions
  • Asthma exclusions

An exclusion is different than a decline. An exclusion means that they will offer a policy but will not cover that specific pre-existing condition.  Sometimes the company will let you know when they will reconsider the exclusion. For example, if you apply while pregnant, they will likely add a pregnancy exclusion on the policy and you can request to remove the exclusion after you deliver your baby and return to work.

Another option the company has is to come back with a modified offer. These modifications can include:

  • Reduced benefit period such as 5 years or 10 years.
  • Additional premium such as 25% or 50%.
  • Combination of both

If your condition is more severe or the company deems it a high risk, they may fully decline an offer. This means they are not willing to offer you a policy.

If you have been declined for a policy, here are your options:

  • Try to sign up for your benefits through your employer. Employer policies are available for all employees and they cannot turn you down due to a pre-existing condition.
  • Contest. Sometimes there is confusion and the underwriter did not understand your condition completely. Or, there may be something you are unaware of in your medical records. I recently had an applicant get an exclusion for hearing. She had joked with her doctor that her husband thinks she need her ears checked since she doesn’t listen! We requested a letter of clarification from her doctor and resolved the issue.
  • Look for another company. Some companies specialize in higher risk situations and they may be able to offer a policy for you.

For more information about disability insurance, to request a quote, or what do do if you have been declined, contact Set for Life Insurance today!

The post What Happens When I Get Declined for Disability Insurance? appeared first on Set for Life.

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People often ask if they can obtain individual disability insurance if they are pregnant. The answer is YES! Here are a few things to keep in mind:

  1. Some companies may not offer coverage if you are in your 3rd trimester. If you apply while in you 3rd trimester, you may need to put your application on hold and resume the process after you have given birth.
  2. If you apply in your first or second trimester, most companies will be able to offer coverage but will most likely add a pregnancy exclusion on the policy. If your policy comes back with an exclusion, you can request for the exclusion to be removed once you have given birth and are back to work.

If you are not pregnant when you apply, they will not add a pregnancy exclusion on the policy unless you are receiving fertility treatments. Fertility treatments usually cause an exclusion.

If you are freezing your eggs, they may add an exclusion on your policy for pregnancy with the anticipation of a future pregnancy. I had a client going through this process while applying for coverage. Although she insisted that she was not ever planning to get pregnant, the company would not budge.

Pregnancy is covered by most policies the same as any other kind of medical condition. If you have risky pregnancy that precludes you from being able to work (ex: bed rest), you would be covered under the policy the same as any other medical condition. You would need to satisfy the elimination period before the benefits were paid.

Maternity leave would not be covered under a disability policy unless your leave was medically necessary.

For more information about disability insurance or to request a quote, contact Set for Life today!

The post Can I Get Disability Insurance if I’m Pregnant? appeared first on Set for Life.

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By Dr. X, client of Set for Life Insurance.

I wish to remain anonymous as I write this as it is a very personal story. However, I thought it was important to share with others as I may be able to help others through what I experienced.

My life seemed to take a pretty normal path. After I graduated from undergrad I went to med school, residency and moved back to my hometown. I married a fellow physician I met in residency and we settled down. We bought a house, had twin babies and life was busy and full. I purchased a large life insurance policy to protect my family.

A few years later, the stress of the family and work got the best of my marriage and we ended up in a terrible divorce. My attorneys required me to name my ex as beneficiary of my life insurance.

After the dust settled, I met my new wife and we got married and had a child. This time my wife was a stay at home mom and we eventually had 3 kids. At this time, we decided that I ought to get more life insurance to cover my income and to protect her in case I passed away. I kept putting off the application process. I was busy working, having my older kids every other week and focusing on my new family. Eventually, my wife insisted that I get that life insurance policy!

I finally got around to filling out the paperwork (thanks for the persistence Set for Life!) and submitted it to the company.  An examiner came over to complete my paramed exam (blood and urine test). They gave me the bar code and a few days later I downloaded the results. My first reaction was that something was wrong. My levels were completely off. This must have been a mistake. As I started thinking, I realized I didn’t even have a primary care doctor and I hadn’t had any blood work done in years. The insurance company contacted me and said that because the levels were off, they either needed a new test or I needed to see a doctor.

Like most doctors, I didn’t even have a doctor. I set up an appointment right away and they fit me in the next week. Long story short, the blood work detected that I had cancer. This really threw me for a loop. I was only 44 at the time and in my earning prime. I immediately started treatment and went through the whole process.

I’m happy to report that I am now two years treatment-free of cancer. For now, my employer sponsored life insurance policy will have to suffice for my family. In the meantime, had I not applied for life insurance, I may not have caught the cancer in the first place. Here I thought I was purchasing life insurance to protect my family and in the meantime, purchasing life insurance saved my life.

The post How Purchasing Life Insurance Saved My Life appeared first on Set for Life.

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When you apply for disability insurance, they discern your risk of having a claim. If you are considered overweight, you may receive a rating, an additional premium assessed to your policy. Here is a scale showing the height weight chart. keep in mind that companies vary slightly but this is a good guideline.

HEIGHT AND WEIGHT GUIDELINES FOR LIFE AND DISABILITY INSURANCE

Height/Weight Chart

MALE

Height

Preferred
Plus

Pref NT & Pref T

Standard
Plus

Std
NT

Std
T

Feet

In

Low

High

Low

High

Low

High

4

8

83

126

82

137

81

150

>150

>137

4

9

85

131

84

142

83

155

>155

>142

4

10

88

136

87

147

86

160

>160

>147

4

11

92

141

91

153

90

166

>166

>153

5

0

96

146

95

158

94

171

>171

>158

5

1

99

150

98

163

97

177

>177

>163

5

2

103

155

102

168

101

182

>182

>168

5

3

107

160

106

173

105

188

>188

>173

5

4

110

164

109

178

108

193

>193

>178

5

5

114

169

112

183

111

199

>199

>183

5

6

117

174

116

188

114

205

>205

>188

5

7

121

179

119

193

118

211

>211

>193

5

8

123

184

122

199

120

216

>216

>199

5

9

128

189

126

204

125

222

>222

>204

5

10

130

195

129

210

127

228

>228

>210

5

11

134

200

132

215

131

234

>234

>215

6

0

137

205

136

221

134

240

>240

>221

6

1

142

211

140

227

137

246

>246

>227

6

2

145

217

144

234

142

253

>253

>234

6

3

149

222

147

240

145

260

>260

>240

6

4

152

228

151

246

149

266

>266

>246

6

5

157

234

155

253

153

273

>273

>253

6

6

161

240

159

260

157

280

>280

>260

6

7

165

245

164

266

162

287

>287

>266

6

8

169

250

168

272

167

294

>294

>272

6

9

174

255

173

278

172

301

>301

>278

FEMALE

Height

Preferred
Plus

Pref NT & Pref T

Standard
Plus

Std
NT

Std
T

Feet

In

Low

High

Low

High

Low

High

4

8

82

123

81

134

80

146

>146

>134

4

9

84

127

84

139

83

151

>151

>139

4

10

87

132

86

144

85

156

>156

>144

4

11

90

137

89

149

88

162

>162

>149

5

0

92

142

91

154

90

167

>167

>154

5

1

94

147

93

159

92

172

>172

>159

5

2

97

151

96

163

95

178

>178

>163

5

3

99

156

97

168

96

183

>183

>168

5

4

101

161

100

173

99

188

>188

>173

5

5

103

165

102

178

101

194

>194

>178

5

6

106

170

104

183

103

200

>200

>183

5

7

107

175

106

188

105

205

>205

>188

5

8

111

180

110

194

108

211

>211

>194

5

9

114

185

112

199

111

216

>216

>199

5

10

117

190

116

205

114

222

>222

>205

5

11

120

195

118

210

117

227

>227

>210

6

0

122

200

121

216

120

233

>233

>216

6

1

126

206

124

222

123

239

>239

>222

6

2

128

211

127

229

126

245

>245

>229

6

3

132

217

131

235

129

251

>251

>235

6

4

136

223

134

242

132

258

>258

>242

6

5

139

229

137

248

136

264

>264

>248

6

6

143

235

141

255

139

270

>270

>255

If you purchase a policy and are rated, the company may allow you to try again after a year to reduce your rate. They like you to not only be within the normal weight range but to keep the weight off for at least 12 months.
For more information about weight and life or disability insurance or to request a quote, contact Set for Life Insurance today!

The post Can I Get Life or Disability Insurance If I’m Overweight? appeared first on Set for Life.

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Lately I have been very busy reading, participating and partnering with some fantastic blogs. I wanted to share them with you as you may be able to benefit from them as much as I have. Some are clients of mine, some are partners with us and some I just simply find interesting. Please check them out and let me know what you think! The blogs heavily feature and focus on physicians. However, their messages are transferable to most professionals.

http://whitecoatinvestor.com/ White Coat Investor. This is one of the most popular physician blogs on the internet and for good reason. There are daily articles and forums. About White Coat Investor: “My name is Jim Dahle.  I am a practicing board-certified emergency physician a little more than a decade out of residency.  Although I’ve always been interested in personal finance and investing, I really started diving into the field as a resident when I finally got sick of financial professionals ripping me off.  In fact, most of my first few encounters with financial professionals ended badly for me.”

http://www.physicianonfire.com/ Physician on Fire. Now a partner with White Coat Investor, Physician on Fire offers outstanding articles and is very active on Twitter. He writes a Sunday Best article summarizing the best articles each week. His articles are thorough and motivating. Physician on FIRE is a personal finance website created to inform and inspire both physicians and our patients with insightful writing from a physician who has attained financial independence and the ability to retire early. The site has a triple aim to leave visitors enlightened, educated, and entertained. “You can call me PoF, the Physician on FIRE.  I’m an anesthesiologist, family man, and supposed outdoors enthusiast who spends way too much time indoors. I have a lovely wife, 2 lively young boys, and 1 lucky dog. In addition to working and writing, I enjoy photography, moderate exercise, background music, craft beer and homebrewing (also in moderation, of course). I attained financial independence (the F.I.) at age 39, meaning I could afford to retire comfortably after a 9-year career.  I continue to work for various reasons, and I mostly enjoy my job, but do plan to retire early (the R.E.)  To learn more about me, please navigate to  My Story or My Path to FI.”

http://www.docsotb.com/ Docs Outside the Box. This was started by a Set for Life client Dr. Nii Daarko. He provides great podcasts about doctors who have interesting lives outside of practicing medicine. The people he interviews are interesting and inspiring. They are positive and motivating. I was honored to be part of his podcast here: http://www.docsotb.com/?s=jamie+fleischner

www.doctormoneymatters.com. This blog was started by Set for Life client Dr. Tarang Patel. I was honored to be his first podcast! You can hear it at https://itunes.apple.com/us/podcast/doctor-money-matters/id1215169117

About Doctor Money Matters: The costs of attending medical and dental school continue to rise and leave new graduates with ever increasing amounts of debt. Meanwhile the financial benefits (though still great) are decreasing and continue to be the targets of health care reformers. These are just two factors of many that make it important to learn to invest wisely and inexpensively and to save money where you can. The cost of paying others to do so is just too great for very little (if any) increased performance. A little bit about me: I am a hospital employed radiologist (The opinions on this website and podcast and associated social media sites do not necessarily reflect those of my employer). Prior to this position, I served as a physician in the US Air Force. Ever since college, I have been interested in finance, though I really just dabbled in the stock market. In the last 5 years, I have really spent a lot of time trying to understand personal finance and am continually amazed by how few of my colleagues do. While this site will be geared towards personal finance initially, I would also like to explore professional financial topics such as contract negotiation, salary and employment trends, what to expect if starting a practice. I will try to make blog posts, and podcast interviews relating to these different topics. I would also like to explore investment options such as roboadvisors, peer to peer lending, crowd funded real estate, etc. I will share my experiences with these types of investments.

http://futureproofmd.com/ Future Proof Money MD. This blog is gaining a lot of momentum. Look for his blogs called “Future Proof MD Shares.” He interviews a lot of successful people who provide different perspectives when it comes to financial planning.  About Futureproofmd: “I am a radiology resident with an interest in personal finance.  Throughout my medical education, I’ve noticed a surprising lack of personal finance knowledge among young medical professionals, many of whom are extremely bright and talented.  Hence the creation of this blog.  The goal is to serve up small portions of personal finance information that you can digest in a short time (e.g. between patient encounters)>”

http://passiveincomemd.com/ Passive Income MD. This is a relatively new blog that has a different angle. It discusses how to create passive income to help you retire earlier.  About Passive Income MD: I’m an anesthesiologist living on the West Coast, trying to make it in one of the most expensive cities in the world. I’m also the guy who will pretty much try anything if I think it will make a positive impact on my life. I have a family consisting of a wife, kids, and multiple dogs. Trying to balance my time spent with them while also having an interesting career that can support all of us financially is an end goal. To find out more, please see my blog post on Why I Became Passive Income M.D.

The post Financial Blogs Worth Reading appeared first on Set for Life.

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https://itunes.apple.com/us/podcast/doctor-money-matters/id1215169117

The post Jamie Fleischner Podcast on www.doctormoneymatters.com appeared first on Set for Life.

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Here is a great article written for Life Happens.

6 Reasons People Don’t Buy Life Insurance (and Why They’re Wrong)
 | Helen Mosher | 10 chat

Let’s face it. Most people put off buying life insurance for any number of reasons—if they even understand it Take a look at this list—do any of them sound like you?

1. It’s too expensive. In the ever-burgeoning budget of a young family, things like day care and car payments and possibly student loans eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. But two things: life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café, and well, if money’s tight now, what if something happens to you?

2. That’s that stuff for babies and old people, right? People of a certain age remember Ed McMahon telling them their grandparents couldn’t be turned down for any reason and figure that’s the target demographic for life insurance. Or, you might have been offered a small permanent insurance policy for your newborn, attractively presented with a cherubic infant on the envelope. The truth of the matter is that these are very specific insurance products—just as there are many insurance products for adults in their working years.

3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor indestructible. It’s not even that something could happen to you – though it could – so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.

4. I have life insurance through my job. Many people are offered life insurance as part of their employee benefit coverage –and often, it’s the first time they encounter life insurance and have no idea that a $50,000 policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money, until you figure that it has to cover some or all the expenses for your loved ones in your absence. Plus, if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.

5. I don’t have kids. Sure, kids are a big reason why some people get life insurance. But that’s not the only litmus for needing protection. If there is anyone in your life who would suffer financially from your loss—your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still OK even if something happens to you.

6. Life insurance—it’s on my list … eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”

The post Why People Don’t Buy Life Insurance and Why They Should appeared first on Set for Life.

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