Why You Need an Insurance Safeguard</STRONG></P><P>DI provides a monetary stipend if a severe illness or injury hinders the policyholder from working. Not being able to work means losing a primary source of income for most folks, and with that comes the inability to pay bills. Banks also repossess properties all the time if there are delinquent payments of more than 120 days, even if the owner is unwell.</P><P>Getting a DI policy prevents the possibility of a personal financial crisis. It minimizes the risks of not being able to pay for your utilities, mortgage, auto loans, and even everyday living expenses.</P><P><STRONG>How Much Disability Benefit Can You Claim?</STRONG></P><P>The benefits can vary per plan, but it usually covers up to 60% of the insured’s gross income and is given monthly. In some cases, specific professions, like medical fellows, residents, and physicians, are given a more considerable amount of coverage at a higher cost or premium.</P><P><STRONG>When to File for a Claim</STRONG></P><P>You can file a disability claim if you experience an ailment or injury that completely prevents you from working. The insurance company will have to review your medical records and diagnosis to determine if you qualify.</P><P>Another factor to bear in mind is the elimination period, which is the time between the start of the disability and when the benefit payment begins. The insured must remain disabled during the elimination period that commonly lasts from 30 to 90 days.</P><P><STRONG>How Long Do the Benefits Last?</STRONG></P><P>Depending on the type of policy, the benefit period could last for 3 months, 5 years, or even up until you’re 65. One thing to remember is that the insurance premium costs go up as your benefit period extends.</P><P><STRONG>Invest in an Insurance Plan</STRONG></P><P>Midwest Employee Benefits provides customized insurance packages for both employers and individuals. Get in touch with us and get started with your insurance investments today.
Types of Life Insurance Fraud</STRONG></P><P>In getting insurance plans, there are many ways you might get scammed. This can be through a misleading ad that offers cheap coverage or through an agent trying to deceive you. Here are some common life insurance scams:</P><UL><LI><STRONG>Insurance Churning </STRONG>– This is the practice of selling or upselling an insurance policy for the sole purpose of earning an additional commission. Insurance churning not only puts you at risk for a policy that’s not entirely beneficial for your situation, but it may also require you to pay higher premiums.</LI><LI><STRONG>Identity Theft </STRONG>– Life insurance is one of the many ways you can become a victim of identity theft. Here, scammers will have access to your personal information and use them to open bank accounts or make purchases under your name.</LI></UL><P>This can happen when someone reaches out to inform you of issues with your insurance policy such as late payments. They may ask for vital information to “fix” it including credit card details or your social security number.</P><UL><LI><STRONG>Insurer Fraud </STRONG>– This occurs when an insurance agent deceives clients for their own benefit involving money. An example is when they offer higher premiums than the actual cost so they can keep the difference. Although some prefer to target the elderly, anyone can be a victim of insurance agent fraud.</LI></UL><P><STRONG>How To Prevent Insurance Scams</STRONG></P><P>While schemes like these can be out of your control, it’s still better to be prepared. Here are some ways you can prevent insurance fraud:</P><UL><LI><STRONG>Ask for referrals </STRONG>– Seek advice from a friend or a member of your family. Finding a trustworthy agent can be easier through their firsthand experience.</LI><LI><STRONG>Research on the company </STRONG>– There are several insurance companies on the market today. To make sure that you are dealing with a reputable agency, try to do some research and find reviews about their services.</LI><LI><STRONG>Revisit your policy </STRONG>– Forgetting the specifics of your policy can be unavoidable. If your agent offers any changes, you may revisit your documentation to ensure that nothing unusual happens.</LI><LI><STRONG>Be careful with your information – </STRONG>Do not give out information if you receive calls or emails about your policy from people other than your agent. If this happens, contact your insurance company right away.</LI></UL><P><STRONG>Get in Touch With Midwest Employee Benefits</STRONG></P><P>Keep your mind at ease from <A href="/products-services/life-insurance">life insurance fraud </A>by reaching out to a reputable insurance specialist. Call us at Midwest Employee Benefits in Sioux Falls to learn more about our life insurance plans.
