Have You Helped Your Client Check Their Term?
The Disconnects with Group or Association Term
- Often, it is more expensive because healthy employees are subsidizing the unhealthy employees and smokers.
- Limited total benefits available – Is it enough?
- Usually 1 x salary paid by employer
- Possibly an additional 5x to 8x salary at the employee’s cost, which may require underwriting anyway!
- Most people don’t realize that there are little or no guarantees–
- The employer can eliminate the plan for no reason, because of financial trouble etc.
- The carrier can change the rates based on group experience,
- Often banded in 5-year rate groups, so rates will likely increase every 5 years.
- Benefits may reduce at certain ages like age 65 or 70, or at certain events like retirement, when leaving the employer, or when becoming disabled – possibly at a time when the coverage is needed most and the employees health has declined!
- Lack of portability and Lack of conversion – may be Limited / Not competitive / Not available!
Need a Turn Key Program, to “Check Your Client’s Term Today”?