Live Life Fully Covered

One of the best things you can do in life is to “Live Life Fully Covered.”

It’s time to just be honest and admit many bad things, gruesome tragedies and heart-rendering losses don’t always happen to “The Other Guy or The Other Woman.”

You Can Be “The Other Guy”

One day you could be “The Other Guy or The Other Woman” who;

  • Loses their husband or wife whose income helped meet mortgage payments, to cancer;
  • Suffers a life-changing heart attack which requires you to stay home to recuperate for six (6) months to a year or more;
  • During their prime working years finds themselves as the primary care-giver for a parent, other elderly relative, or even a sibling who lacks long-term care coverage;
  • Experiences the pain of  burying a child;
  • Watches as their house containing all their treasured belongings accumulated over a lifetime burns to the ground;
  • Comes home after a hard day at work to discover they’ve been burglarized;
  • Needs money to secure a new place to live while your home, co-op or condo is being rebuilt;
  • Gets sued by the cyclist, pedestrian or other driver who can prove you were at fault;
  • Gets sued by the cyclist, pedestrian or other driver who can’t prove you were at fault, but you must engage the services of an attorney to defend you against a baseless suit;
  •  Watches as their home is inundated by two (2) to ten feet of floodwaters even though you bought your home in a non-Special Flood Hazard Area (SFHA).
  • Owns the sweet and gentle nice old dog walking off the leash who rears up and mauls or takes a bite out of your neighbor’s child;
  • Wonders who stole their new car;
  • Never gets their wedding and bridesmaid dresses because the bridal shop went out of business unannounced, and the owners didn’t return your deposit.

It doesn’t always happen to “The Other Guy or The Other Woman.” It’s also amazing how these types of tragedies frequently happen yesterday, last night or while you were thinking about taking action to put the proper coverage in force.

Can Life’s Tragedies Be Stopped?

You can’t stop life’s tragedies. You can, however, take intelligent, adult steps to control their outcomes using;

  • Life Insurance
  • Disability Insurance
  • Long Term Care Insurance
  • Homeowners Insurance
  • Renters Insurance
  • Co-op Insurance
  • Condominium Insurance
  • Flood Insurance
  • Auto Insurance
  • Personal Umbrella Liability Insurance
  • Wedding Insurance

In over 37 years of helping my clients reach successful life outcomes using insurance and related financial services and products, I’ve realized for me it all comes down to one simple phrase:

“Live Life Fully Covered.”

I would be honored to help you reach your desired outcomes. Call me at 718-489-2218, or reach me by email at eustace@insuremeeg.com .

Let’s work together to make sure you “Live Life Fully Covered.”

Disability Insurance and Mack Trucks

“Now, there are two types of company-sponsored disability plans, short-term and long term. As the name implies, short-term disability insurance usually replaces all or a portion of your income for a short period of time, usually, six months. Long-term disability, if the company provides such a benefit, will usually kick in once the short-term plan ends.”

The Mack Truck that hits you doesn’t always kill you…

I recently met with a client to review his financial portfolio. When the subject of disability insurance came up he scoffed at any need for further review as he,  “…Got a great plan at work. I’m not sure of all the details, I just heard it’s a great plan.” Since he brought his company benefit booklet with him,  we took a few minutes to see just how terrific it really was.

How many types of company-sponsored disability insurance plans are there?

There are two types of company-sponsored disability plans, short-term and long-term. As the name implies, short-term disability insurance usually replaces all or a portion of your income for a short period, usually, six months. Long-term disability, if the company provides such a benefit, will usually kick in once the short-term plan ends.

Are there any benefit limitations with these company-sponsored disability insurance plans?

One of the major problems with these plans are the limitations placed on your monthly benefit once you exceed a certain monthly income. A common benefit limit is 60% of income, up to $2,500.00 each month. This means if you earn an annual income of $50,000, for example, your monthly income is $4,166.67. When we calculate 60% of $4,166.67, that equals exactly $2,500.00. Which is great if you earn $50,000.00 annually. The problem begins when your annual income exceeds $50,000. If, for example, you earn $100,000.00, your greatest benefit will stay at $2,500. Meaning you are digging a deep financial hole with every company-sponsored disability income check you receive.
My clients’ income hovers around $75,000 each year.
Also, keep in mind these are company-sponsored plans. Unless they are part of a collective bargaining or other contractual agreement, there are absolutely no guarantees the company will provide these plans forever. Due to current economic conditions, several companies have changed or even discontinued company-sponsored health, disability and even life insurance programs to save money and keep the company afloat. Even in those cases where the plans were not discontinued, employees are expected to pick up more of the cost, or accept changes such as higher deductibles, and in some cases, new providers. Several well-known firms took the step of freezing management pensions and offering those affected 401(k) plans.In the case of my client, we agreed to revisit the subject as soon as he and his bride took time to revisit their budget.You see, his company-sponsored plan provided only short-term disability insurance coverage, without a bit of long-term coverage.

And the Mack Truck doesn’t always kill you.

Make it an outstanding day.

Eustace

Eustace Greaves  Jr., LUTCF is the Owner and Principal of Greaves Financial Services and The Bridge Insurance Agency  in Brooklyn, NY. You can reach him by telephone at 718-783-2722, or by email at Eustace@insuremeeg.com .

Cruise Control |Brooklyn Covered

It Happened One Day

I happened to meet one of my clients on the street the other day. When she saw me she had the “Oh no” look so common with people who really don’t want to run into their financial representatives. Why? Because we seem to never forget what most people tend to – the disposition of  their financial affairs.

“Have you and your brother given any thought to talking with your mom about her insurance and planning needs should she require skilled nursing care either at home or in a nursing home?”

Before she could come up with an answer the old Greaves memory kicked in. “And what about the Renters, Life and Disability Insurance program we discussed at your last review? When would you like to get together to put your plans in place?”

She looked at me and said, “Listen, I really can’t worry about that stuff now. I’m getting ready to go on a cruise and I need a complete new wardrobe and I have to finish paying for my ticket…I’ll just take my chances. I’m sure nothing is going to happen and everything will be okay until I get around to it.”

Don’t ask me where my reply came from. “Be careful with the chances you take. You just might run out of luck.”

The Ships’ Company is Prepared

“You mentioned you’re going on a cruise, right? Well, think about this: The captain and each member of the crew of your cruise ship knows exactly how much food, fuel, fresh water and other supplies they need on board before the ship departs. They know to the minute when they’ll reach their first, second and last port of call. They know exactly how many meals will be served, who will sit at the captain’s table and when, how many songs the different bands need in their repertoires, the number of towels for the deck chairs and how many mints for the pillows. They’re ready for any shipboard emergencies because they constantly run simulated drills so they know how and what to do and when. They even know your name, date of birth, food allergies and maybe even your favorite color. All before you set foot on board that ship. And I’ll bet they have a pool on how many shipboard romances will end in broken hearts.”

Confused, she looked at me and asked “So what does that have to do with me? I’m just taking a vacation.”

I looked at her, took a deep breath and said, “They have a plan. You don’t. ”

I didn’t if she was going to laugh, cry or slap me upside the head. After a few seconds that seemed like an eternity, she quietly said, ” Well, if my luck holds out, I’ll see you when I return from the cruise.”

“Give me a date and time,” I said. “And before you can tell me you don’t know when we’ll meet to get your financial house in order, try telling me you don’t know the exact date, pier and time of departure for your cruise.”

I am looking forward to our upcoming appointment.

How Prepared Are You?

Take a moment and just think about your own financial house. A “Little Bit of Luck,” is cute in the New York State Lottery commercials, but how long will your luck hold out? I think you’ll sleep better if you just put yourself on “Cruise Control” so you can really enjoy all your life has to offer.

Just ‘a little’ food for thought.