As families become more stressed due to the struggles of a single parent trying to maintain a household and a full-time job, heads of households become more at risk for mental illnesses and substance abuse.
Many employers are discovering the benefits of addressing the issues of mental illness and substance abuse on the job by offering assistance through the Employee Assistance Programs. Find out more about this program which airs tomorrow and sign-up to receive notices of more programs below:
Employees who take advantage of the benefits package that their employees offer tend to be more devoted to their employers, display more job satisfaction, and are more conscientious about their work. The cost of health insurance may have increased for many workers due to the recent enactment of changes in health care through the Obama administration. Therefore, many employers are offering supplemental benefits to help offset the costs of out-of-pocket expenses for the employees.
One of the most popular supplemental benefit is the Accidental Death Indemnity policy or the Accidental Death and Dismemberment Benefit Rider. This benefit offers an additional amount equal to the face amount of the policy or the life insurance policy, if purchased as a rider. If death to the named insured ensues resulting from an accident on a common carrier, such as a train, bus, or airplane, the beneficiary on the policy would receive an additional amount as specified in the policy.
To derive the maximum benefit from the policy, anyone who travels quite frequently during the year on trips, whose work includes driving frequently to appointments, or who operates machinery or other vehicles during the course of their employment, should seriously consider purchasing this policy or adding a rider to their life insurance policy.
Another factor to consider in adding the rider or purchasing an accidental death indemnity policy, is the increase in accidents due to cell phone use. People who use cell phones while driving are four times more likely to have an accident. Teens and sales professionals have been using cell phones while driving in recent years, causing many fatal accidents. Because of the catastrophic losses sustained in legal battles with the victim’s families, some major corporations have undertaken a policy to prohibit their sales professionals from using cell phones while driving. Teens have been responsible for approximately twelve percent of all automobile accidents.
An employee could purchase the policy on himself/herself and add riders to cover a spouse and children. The additional amount of protection would be advantageous to the beneficiaries at the time of loss. As with all other life insurance policies, there are exclusions under the policy which would place limitations on whether the beneficiary could collect a benefit in certain types of accidents.
In conclusion, anyone who earns a living while driving a vehicle or who frequently travels by common carrier should consider purchasing an accidental death and dismemberment policy or adding the rider to their supplemental benefits policy or personal life insurance policy.
We are in the midst of transitioning to a new Health Care Reform where employees are going to have to choose a health care provider, if they currently do not have one. As with any new procedure, there are going to be new decisions that have to be made about their health care.
By October 1, employers are now responsible for education their current employees about their health care choices and the availability of health coverage on the exchanges, if the employer opts not to provide health benefits to the employees. Then they must post legal notices on the premises for new employees.
The employees must then visit the exchanges on-line and shop around for an insurance plan. Each state has their own website. For most employees this task could be overwhelming, as there are sixteen different plans available in the state of Rhode Island. Some will not understand the different insurance terms and some may not have the patience to shop for coverage themselves.
The state has a staff available to answer questions and the site is very user friendly. Employees have three months to choose a plan which would be effective on January 1, 2013. Employees are expected to choose a lower priced plan with high deductibles and co-payments, rather than a plan with a low deductible and co-payments.
This may put a strain on the budge when utilizing the services. However, there are other plans available outside of the exchanges, at affordable prices, which would enable the employees to pay most if not all of their medical bills.
For anyone who wants more of an explanation on the details of the health care reform and the responsibilities of the employees and the employers, there will be workshop sponsored by the Chambers of Commerce and other organizations. For a complete schedule of the locations, go to the Health Source RI website.
Many single people are under the impression that they do not need life insurance, however, even though they do not have dependents, they may have someone in their life who is dependent on them for support.
For instance, some single people may have purchased a piece of property jointly with someone else, Often, people who co-habitate may decide to buy a house together. In this instance, if both are contributing to the mortgage payment, and if one dies, the other would have difficulty making the payments on their own. In this instance, each would need life insurance on the other, naming each other as beneficiaries. This would enable the survivor to continue paying the mortgage, pay final expenses for burial, and living the life style he/she was accustomed to living before the death of the partner.
Life insurance is less expensive in the early years, and therefore, it would be beneficial for single people to purchase life insurance before a decision to marry or have children. If they are helping to support a family member, that family member will miss the support, if the single person were to die.
A single person may not want to leave the family with large debts upon an untimely death, especially if they saw another family member experience hardship as a result of the loss. Therefore, if they are have outstanding college loans or mortgage payments, and want to leave the family with enough to pay their final expense benefits, they can purchase enough life insurance to cover these debts if they die prematurely.
Finally, life insurance is another way to save money on a tax deferred basis. After three years, the whole life policy would have cash value that the single person could use to begin a retirement plan or college fund. With variable life insurance, they could accumulate higher amounts of cash value.
There will be a seminar for women on June 15, 2013 from 9:00 am – to 3:00 pm at the Mainstay/Best Western Inn, 15 Admiral Kalbfus Road in Newport, Rhode Island sponsored by Gail Cavanaugh’s Financial Solutions. RSVP 401-380-7850.
The seminar will cover some of the business and financial issues that women struggle with in their businesses. They will also learn how to protect and plan for their financial security through life insurance and annuities.
As more and more households in the U.S. are headed by women, their incomes are not adequately protected, leaving their families at risk for financial calamity. We will discuss ways to ensure that the families are protected and that women take steps to plan for their financial futures.
For more information and to register for this event, please visit the website, The Business of Women. Fee: $65.00.
Please note that this event has been postponed. Feel free to visit the site and join as a member to get on the mailing list. Book to be published shortly!