What not to do when buying disability insurance

Don't forget to ask about riders. Riders for cost-of-living adjustments or a future purchase option can allow you to increase coverage as they earn more money without taking another physical or referencing your medical records.

Don't buy a policy before checking the insurer's financial strength. Major credit-rating agencies such as Standard & Poor's and A.M. Best offer company reports.

Don't just accept the insurance company's decision on coverage limits. Those with more variable income may be surprised at premiums and level of coverage, however particular occupations and risks are covered uniformly. More than three years of business records should clear up any questions about income levels and variability.

Short- vs. long-term makes a difference.

Short-term disability, also known as sick leave, starts as soon as you're unable to work due to illness, injury or the birth of a child. Forty-seven percent of U.S. employers offer short-term coverage and 40% provide long-term disability, according to industry trade group LIMRA. Some states, such as New York and California, require a minimum level of short-term benefits. You can read buying tips and ways to compare policies here and here.

Protect Your Business From The Start

Protect Your Business
For the small business owner, when you're disabled and your income is drastically reduced or stopped, you still have to face your continuing overhead expenses—rent, bills, salaries, and more. In order for your practice or business to stay open, you must continue to pay for these ongoing expenses. Should a key employee become disabled, you may experience a loss in profits or have an additional cost associated with finding a replacement.  If a total disability gradually forces one of the owners to stop working a disability buy-out agreement could reimburse the buyers of a business for the cost of purchasing the disabled Insured's interest in the business.

Disability Insurance 
Disability Income insurance replaces a portion of earned income lost due to a total or partial disability.

Interim Term Disability Insurance 
Interim Term Disability Insurance provides temporary coverage until an employee qualifies for employer-sponsored disability coverage.

Disability Overhead Expense
Disability Overhead Expense reimburses a business owner for covered overhead expenses of his or her business that continue during a period of partial or total disability.

Key-Person Protection
Key-Person Disability coverage provides a benefit to the business in the event the key employee is disabled.

Disability Buy-Out Coverage
Disability Buy-Out Coverage helps fund a disability buy-out agreement with installment or lump-sum payments

Guide for the future

Whether you are concerned for your own personal needs or your business, A Guide to the Future, will help you record your intentions to protect your family or business.

The guide gives you space to record important information. It includes sections to record personal financial items such as:

• Wills and Trusts
• Bank Accounts, Mutual Funds and Annuities
• Savings Bonds and Stocks
• Life Insurance, Health Insurance, Property/Casualty Insurance
• 401(k), Retirement and Pension Plan information
• Business Ownership
• Final Wishes

It will also help you identify those areas of importance in your personal documents that you may have overlooked.

Fill in the areas of the guide that pertain to your individual situation, use the TAB key to move between fields, and print the document. Please feel free to contact me to review your needs and discuss the best alternatives.

Process of Financial Goals

The best way to achieve your financial goals is to identify your current financial picture with your future financial goals. By listing your goals and objectives, identifying your assets and liabilities, and comparing what you have to what you want, I will work with you to define your vision of a secure financial future, focus on providing solutions in line with that vision, and work towards achieving results. This helps me understand your needs, so that I can focus on meeting them. I rely not only on my own experience and expertise, but also on the knowledge and strength of a team of professionals available to me through Northwestern Mutual Financial Network. Together, we can provide the guidance you need to start yourself on the path to financial security.

Combinations of Life Insurance

Key Policy Features: Moderate premium and death benefit flexibility. Dividends replace any term insurance with paid-up traditional insurance, but are not guaranteed. Depending on the policy design, coverage for life may be subject to premium increases. Underlying values are invested in Northwestern Mutual’s general account. When to Use: When you want to be eligible for Northwestern Mutual dividends.  Dividends are not guaranteed and are subject to change by the Board of Trustees. When you want to have the option to change your policy to “paid-up.” When you want premium and/or cash value guarantees.* When you need some policy flexibility.

Life Insurance

Your insurance needs are unique. The solutions you choose should feel like a good fit, not a compromise.

Having a better understanding of your overall financial situation is a key step in determining what type(s) of life insurance would best meet your needs.

A solid financial foundation is comprised of assets that provide protection and savings. Choosing these assets requires disciplined and thoughtful consideration including what role life insurance should play in helping you build a solid financial foundation.

When you’re choosing a life insurance policy, it pays to consider your needs and the length of time you’ll need coverage. A financial representative can help you analyze your needs and help you decide if single or joint life insurance is appropriate for your planning goals, which type of policy is best for your budget, and which type of insurance best fits your needs: term, traditional portfolio-based, a blend of term and traditional portfolio-based, or variable life. A combination of policies may also be appropriate.