The Power of Voluntary Benefits

July 14, 2015

The Power of Life Insurance

Blog Talk Radio – Substance Abuse and Mental Illness on the Job

January 5, 2015


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:

Adding Value to Employee Benefits

August 6, 2014


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.


Green Monday Strategies for Sales

December 9, 2013


Business is booming on the Internet this year as shoppers utilize their iPads, Smart phones, PC’s, and tablets to purchase Christmas gifts for family and friends. Major retailers reported an increase of 30% in sales from Black Friday to Cyber Monday, which is the weekend following Thanksgiving.

Green Monday, which falls on the tenth day before Christmas is predicted to be another day where businesses can boost their profits. In the past, consumers in the United States spent $1.133 billion on merchandise. Consumers could well exceed that amount this year, as we have experienced record sales during the Black Friday, Black Saturday, and Cyber Monday. Pinterest received the biggest gains for on-line sales, but few business owners are using the site.

Bizrate has observed that there are advantages to using Pinterest, which include,

70% of online consumers surveyed utilize Pinterest to “get inspiration on what to buy”

67% use it “to keep up on the latest trends on things [they] like”

43% use it to “associate with retailers or brands with which [they] identify”

39% use it for “special offers from retailers, brands, or people that [they’ve] pinned/followed”

In addition to posting on Pinterest, business owners can advertise their products on sites such as Whofish. Here is a place where business owners can post advertisements for their products, services, and events, as well as list their businesses in their own communities, as well as other states. Business owners can gain followers on their listings, as well as send unlimited e-mail to friends and followers whenever their business listing or event is featured on the site. Therefore, if business owners have not yet advertised for Green Monday, this may be a place for them to advertise.

Sending e-mail to clients and prospects relative to the new deals you are offering with Christmas themes will attract many buyers, especially if products are priced to sell. Business owners could include their coupons in the e-mail to be used on-line or in the brick and mortar locations.

Accumulating Money for Retirement

December 5, 2013


Before we continue on in the discussion about protecting the assets, I would like to discuss how to accumulate them. As we have discussed in the past, we need to be disciplined in accumulating money for retirement or any other reason. We need to set aside money for ourselves on a weekly basis so that we can have an income when we retire. Unfortunately, many of us never learned the importance of saving, nor did we learn how to be disciplined. Social security alone is not enough to retire, but it could be a nice supplement to our retirement account.

We have learned from the many economic crises and depressions that we have experienced in the United States that we need to be more disciplined about saving, and we need to make more sacrifices if we are going to be able to save money for retirement. Because of this lack of discipline, many of the Baby Boomers do not have a retirement plan. Consequently, some will need to work to support themselves during their retirement.

Even so, we should still try to save money in the event of an emergency. The first thing to do is to accumulate an emergency fund in a savings account, approximately $2000 or $3000, in case the car, refrigerator, or washing machine break down, or we have to take an unexpected trip somewhere. Charles Farrell in his book, Your Money Ratios – 8 Simple Tools for Financial Security at Every Stage of Life, has developed ratios to determine how much money to save on an ongoing basis for retirement. He recommends saving 12% of you salary per year and accumulating twelve times you annual salary as a retirement fund. After setting aside the emergency fund, we can begin to accumulate retirement money.

A close examination of the budget will reveal where we are spending money and whether or not we need to adjust the budget in order to save twelve percent. By keeping track of money spent and deciding what we can eliminate from our spending, we will find the twelve per cent to move into a retirement pan. We can begin a plan at work, or if self- employed, we will have to begin a plan on our own, through a bank, or an insurance company.

Once the plan is in place, we should purchase a life insurance plan to cover other expenses, such as estate taxes, and final expense benefits, so that the spouse will not have to use the pension plan proceeds to pay for these expenses.

In conclusion, accumulating money for retirement, and protecting the income with life insurance are wise decisions for those who desire to live comfortably during retirement.


New Radio Show for Business Owners

December 4, 2013


Business owners need access to information about their businesses which will help them to make important decisions about their businesses.  One of those decisions involves providing protection for the business against financial ruin.

Since we work hard for the business to provide an income for our families, we would need to be able to keep abreast of all the changes which could affect the business, as well as to learn more about maintaining a cash flow for the business.

In response to that need, I will be hosting Dollars fro Business radio show beginning on Wednesday, December 12, 2013 at 7:00 am on Blog Talk Radio.  I will be discussing ways to manage the business owner’s risk to exposure to loss of cash flow for the business through insurance plans, such as life, health, and disability insurance.

If you are preparing to go to work or driving on the way to work, tune into the show for the latest discussions on asset protection for the business.  Just click onto the above link and be ready with an open mind.

What are Supplemental Benefits?

November 3, 2013


Many questions have been raised about the new Health Care Reform and how the changes will affect each one of us. Some of the concerns are about prices for coverage and the amount of coverage that is going to be extended. Since thousands of people have never had health coverage, they will have to become knowledgeable about the health care services they will be receiving, and how they will be billed.

One of the issues consumer will face is the higher costs associated with the health care reform and how to adjust their budgets accordingly. In order to afford the health care premiums, most consumers will choose a plan with a high deductible. The deductible is the amount the consumer will have to pay, out of pocket, before the insurance company will pay for health services. Since Americans have not been able to save money over the years, very few will have an emergency account set aside to handle unexpected costs, such as deductibles. The average consumer has less than $4000.00 in their checking or savings account.

We have experienced an economic crisis and we still have not changed our spending and saving habits, five years later. That is the reason why many people will benefit from purchasing a low cost supplemental health insurance policy. This policy will pay the out of pocket costs that most health insurance policies will not cover.

For example, depending on the type of cancer, the average cost of cancer treatment can total over $500,000 and out of pocket cost could total $1000 per month, with co-payments for drugs as high as $20,000. Most people who have cancer may not be able to afford the out of pocket costs. Some have opted not to have the treatment, especially if death is inevitable. Some may seek natural or homeopathic remedies for cancer, if they are willing to do the research involved.

The solution to this is to purchase a health insurance supplemental program which would cover all or most of these out of pocket costs. A health insurance supplemental program would provide cash to cover losses as a result of catastrophic medical bills. The cash payments would allow the patient to continue pay for daily living expenses of food, clothing, utilities, and transportation, while they are receiving treatments.

This failure to plan for unexpected costs has led to financial ruin for many people, especially business owners, causing them to file for bankruptcy, and lose their homes and other assets. Business owners incur expenses for operating their businesses and must also earn money to run their households. When they are sick and need medical treatment for serious medical problems, it can strain the budget.

In conclusion, investing in health insurance supplemental insurance and a long term disability policy would be wise decisions which could help to lighten the burden of having to pay for out of pocket costs. This would include payments for other insurance which the patient is paying at the time of treatment, such as automobile insurance, life insurance, and disability insurance, which are necessary for the financial security of the families.


The Future of Health Care Plans

September 21, 2013


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.

Life Insurance Needs for Single People

June 24, 2013



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.

The Business of Women

June 7, 2013


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!