Pensacola, FL (Vocus) July 13, 2010

MEG Financial, a leading provider of key man insurance online explains the potential hidden value of unneeded key man life insurance policies.

Key man insurance, commonly referred to as key person insurance, is essentially life and/or disability insurance purchased by a business on the life of a key employee or business owner to offset financial losses that would arise from his or her death or extended illness. With many companies, this protection is essential to its continuation in the event that a key person is lost.

What happens when a key man insurance policy is no longer necessary?

While key man insurance is extremely valuable, circumstances constantly change and there are situations when key man insurance is no longer important. Common reasons why key man insurance policies are no longer required include changing company objectives, the key person retires or leaves the company for greener pastures, the business is sold, a loan is paid off or simply the original intent of the coverage has been fulfilled.

MEG Financial founder and CEO Michael E. Gray, Jr. states, “in the past, cases where key person coverage was acquired but was no longer needed, the only options for the business were to let the key man policy lapse or surrender the policy for its remaining cash value. If the company chose to lapse the policy, it became null and void with no value. If the policy was surrendered for its cash value, only a fraction of the policy’s face value is returned and in many cases the value received is far less than actual premiums paid into the policy.”

Life Settlements: The Secondary Market for Life Insurance

Over the last few years, a new opportunity has evolved, called a life settlement and has created a multi-billion dollar industry known as the life insurance “secondary market”. Similar to the secondary market for mortgages, the life settlement market provides an efficient system for evaluating unwanted life insurance policies so that they can be valued for the purpose of selling them to an investor at a fair market value. These investors are typically very large and recognized institutional funders and prominent investment banks. Consequently, billions of dollars are now being poured into the life settlement industry to purchase unwanted life insurance policies.

According to Gray, “for companies owning key man insurance policies that are no longer needed, a life settlement may present a unique opportunity to receive maximum policy value for a potentially unrecognized asset. Instead of lapsing for no value or surrendering the policy for its available cash, it can be appraised to determine its potential fair market value and may then be sold in the secondary market subject to certain conditions.” Bottom line, find out more about the potential for a life settlement before any key man insurance policy is lapsed or surrendered. “You may be very surprised to learn that your key man policy is more valuable than you think!”

What’s the Catch?

Obviously, not all life insurance policies have value in the secondary market. Life settlement providers, those that purchase unwanted life policies for the purposes of reselling them to institutional investors, will competitively bid on life insurance policies based on the age of the insured, their health status and the specifics of the actual life policy being sold. Since the policies are being purchased as investments and will be kept active until the death of the insured, age requirements are at minimum individuals over 65 with some degree of health history. Additionally, if the policy is term, it must be convertible to whole life or universal life.

About MEG Financial

MEG Financial, Inc. is a Florida based corporation that provides life insurance and financial services consulting to individuals and businesses in all 50 states and the District of Columbia and representing over 80 of the nation’s highest rated and most respected life and disability insurance companies. MEG’s primary areas of expertise include life insurance, life insurance settlements, insuring tough health issues, business insurance including business succession and key man life and disability insurance, as well as estate planning.

Contact

Michael E. Gray, Jr., Founder and CEO
MEG Financial, Inc.
196 East Nine Mile Road, Suite D
Pensacola FL 32534
Toll Free: (877) 583-3955
www.megfinancial.com
www.keypersoninsurance.com

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Greenwood Village, CO (PRWEB) May 1, 2010 — While most people don’t think twice about insuring their cars and homes, they often leave one of their most important assets unprotected – their income. Working Americans rely heavily on their income to support their families and to fund their everyday living expenses.

“We have recently witnessed the financial hardship that occurs to families when breadwinners lose their jobs due to layoffs caused by the recession. However, even in the best of economic times, people are still vulnerable to lose their income if they become too sick or injured to work. Most people don’t consider this risk, or take action to protect their income,” says Jamie K. Fleischner, CLU, ChFC, President of Set for Life Insurance in Greenwood Village, CO. “Your paycheck is clearly one of your most valuable assets. It is crucial to insure your ability to earn an income.”

A recent Life and Heath Insurance Foundation for Education (LIFE) survey found that nearly 50 percent of working Americans would not be able to cover their living expenses for one month after a disability that kept them out of work. More than one in four surveyed said they would face financial problems immediately.

While no one likes to think about the unpleasant prospect of becoming disabled, the odds of suffering a long-term disability are much higher than most people acknowledge. According to the consulting firm Milliman, Inc., U.S. workers have a three in 10 chance of becoming disabled for 90 days or more between age 35 and 65. “With risks this high, and most people’s lack of large cash savings, disability insurance is something every working professional needs to be thinking about,” says Fleischner.

Disability insurance is one of the most overlooked and misunderstood of the major forms of insurance. With May being Disability Insurance Awareness Month, Fleischner provides the following tips to help people assess their coverage needs:

Determine much disability insurance you need.
Calculate how much income you would need on a monthly basis to cover your expenses. Iindividual disability benefits are non-taxable as long as the premiums are paid with after tax dollars.

Work with an experienced independent broker.
Disability insurance can be complicated and it is important to work with someone who specializes in this area of insurance. Agents are employed by an insurance company and will typically show you only their company’s plan. In contrast, an independent broker works for the client and is contracted with multiple companies. “It is important to work with an experienced independent broker who can provide objective advice, and can help you find the best available disability insurance plan to suit your budget and needs,” says Fleischner.

Pay attention to the definition of disability.
“The most important part of a disability policy is the definition of disability. This is the clause that determines whether or not your claim will be paid,” says Fleischner. The most comprehensive definition is “own occupation” which pays benefits if you cannot work in your profession. If you are a physician or a dentist, this would cover you in your medical or dental specialty and pay you benefits even if you could earn an income elsewhere.

Compare your options.
Don’t settle on a one size fits all approach. Request a quote comparison of multiple policies and plans before you determine what is most suitable for you.

Look for Discounts.
Disability insurance can be expensive. Expect to pay between 1-3% of your income to protect about 75% of your take home pay. If you are a woman, the cost will be approximately 40% more due to higher risk. “Set for Life Insurance has discounts set up at multiple employers, hospitals and medical residency programs around the country that can help their clients save a significant amount (between 20 and 55%) on their premiums.”

About Disability Insurance Awareness Month.
Held each May, DIAM is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. This year’s theme is “Protect Your Paycheck.” Set for Life Insurance is a strong supporter of DIAM and has been featured in multiple industry publications.

About Set for Life Insurance
Set for Life Insurance is a nationally recognized life and disability insurance brokerage specializing in helping medical residents, physicians, dentists, business owners and high income professionals with their life and disability insurance need. Based in Greenwood Village, CO, they are licensed in all 50 states. Jamie K. Fleischner, CLU, ChFC, President of Set for Life Insurance is locally and nationally recognized for her professional accomplishments. She is a graduate of Washington University in St. Louis and is Past-President of NAIFA-Denver. For more information about Set for Life, disability insurance, or to request a quote comparison, please visit www.setforlifeinsurance.com.

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The arrangement would let the agency share any profits from an increase in the buyer’s stock after a takeover, said James Wigand, the FDIC’s deputy director of resolutions and receiverships. The regulator intends to ask more banks to share any gains, after receiving $23.3 million from New York Community Bancorp Inc. when the lender acquired assets of Cleveland-based AmTrust Bank.

“The market has been evolving to the point where these types of structures make more sense,” Wigand said today in a telephone interview. “But it won’t work for every transaction.”

Bank failures have reached 140 this year, the most since 1992, as soured commercial-real estate loans and mortgage defaults hurt U.S. lenders. The agency said Dec. 15 it was boosting its budget 56 percent to $4 billion for next year and increasing staff 23 percent to 8,653 to manage bank closings.

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Greenwood Village, CO (PRWEB) October 2, 2009 — Set for Life Insurance by KF Financial, Inc. proudly announces launch of its new website for disability insurance and life insurance quotes. The website is the first of its kind in the insurance industry. It is geared to both existing and new clients. It sets itself apart with its comprehensive information, an up to the minute blog and unique, custom cartoon artwork. It provides existing clients current important information and a chance for new visitors to request comprehensive disability insurance and life insurance quotes and comparisons.

A unique part of the website is the simple to use, yet comprehensive quote request form. The form asks various questions that allow Set for Life professionals to prepare a customized quote comparison from multiple companies based on the visitor’s criteria. Unlike most quote request sites, life insurance quotes according to the visitor’s personal needs and wishes.

Set for Life professionals pride themselves on being both high touch and high tech. They are continuously staying on top of the ever evolving insurance industry. The blog is a platform to keep their clients in the loop as things change.

Since 1993, Set for Life Insurance has specialized in helping medical residents, physicians, dentists and white collar professionals with their disability and life insurance planning. It is evident that they are passionate about life and disability insurance. To them it is more than a product. It is a way to genuinely help people protect their families and future. They work as independent brokers representing numerous insurance companies. They have a very loyal client base which can be seen throughout the website’s testimonials.

Set for Life Insurance by KF Financial, Inc. is owned by Jamie K. Fleischner, CLU, ChFC and Jeffrey C. Fleischner, JD. They have been locally and nationally recognized for their accomplishments. Based in Greenwood Village, CO, they are licensed in all 50 states.

Visit the website today for disability insurance and life insurance quotes and comparisons.

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For the original version on PRWeb visit: http://www.prweb.com/releases/disability_insurance/life_insurance_quotes/prweb2971444.htm

San Clemente, CA (PRWEB) September 26, 2009 — The sudden death of worldwide celebrity Michael Jackson earlier this year resulted in controversy over his estate because the only will he had was 5 pages and written in 2002. Jackson’s expansive estate, assets, and guardianship of his children had to be sorted out by executors and family members. If Jackson had an updated will, the entire process would no doubt have gone much smoother. Doctor Disability Insurance (http://www.doctordisability.com) suggests everyone, no matter the size of his or her estate, should secure a well-documented will.

Jackson’s outdated will has shed some light on the importance of wills for everyone, not just senior citizens or those with severe health problems. “Being prepared for unexpected events certainly prevents a greater burden on loved ones and family members,” said Charles Krugh, President of Doctor Disability Insurance. “The USA Today states that those who are younger than 50 and in good health can get by with a no-frills will that simply states your final wishes and the division of your assets.” Krugh also explains that another way to be prepared for crisis and accidents is disability insurance, which can provide an affordable security blanket and peace of mind should the unexpected occur.

Doctor Disability Insurance provides disability insurance quotes from many major insurance companies, including MetLife, Guardian, Principal and Standard and information on the likelihood of disabilities and the financial harm it can do to a family. “When doctors are educated about all the options they have regarding disability insurance, they will find the best option for themselves and their family.” Krugh went on to say, “The process of comparing different insurance policies will also help doctors realize how crucial it is to be prepared for the worst case scenario.” The Doctor Disability Insurance website can help doctors research insurance options, get a free quote, and find the answers to frequently asked questions.

Don’t leave your family picking up the pieces; secure a will and look into your disability insurance options today. For more information on your insurance options visit DoctorDisability.com or call 866-899-7318, before it’s too late.

About Doctor Disability
Doctor Disability Insurance is based out of San Clemente, California and has an “A+” rating by the Better Business Bureau. The company specializes in dentist and physicians disability insurance. Doctor Disability Insurance is run by President and CEO Charles Krugh, who is a Certified Financial Planner and a member of the National Association of Insurance and Financial Advisors. Visit DoctorDisability.com or call 866-899-7318 to discuss our options.

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For the original version on PRWeb visit: http://www.prweb.com/releases/disability/insurance/prweb2942734.htm

Shelton, CT (PRWEB) July 8, 2009 — SSC Disability (a Social Service Coordinators company) has announced a name change to Freedom Disability and has expanded its operations into a new corporate headquarters in Shelton, CT. The larger 22,000 square foot facility will accommodate the continued growth of the business, bringing hundreds of new jobs to the state.

“Freedom” was selected to represent the company’s mission to improve the lives of the disabled and provide them a sense of freedom that can come from receiving cash benefits through the Social Security Administration. These cash benefits pay for living expenses, transportation, medications and help put food on the table - eliminating many of the worries traditionally facing the medically disabled nationwide.

“We believe our new name, Freedom Disability, better represents our organizational goals and what we are trying to bring to those we serve,” says Jonathan Mayhew, President of Freedom Disability. “And the expansion to a new facility represents our commitment to the national Disability Services market, as well as our community here in Connecticut. We are pleased to be able to grow and offer new employment opportunities in an otherwise challenging economy. Not only will we be hiring in Shelton, but we will also be adding remote Disability Advocates across the country and in our regional offices in Florida and Arizona.”

Freedom Disability provides information and assistance throughout the country to those individuals living with a disability and seeking financial support through Social Security Disability Insurance (SSDI). SSDI is a disability insurance program administered by the Social Security Administration (SSA). Millions of Americans contribute to the program with each paycheck through their FICA taxes. Benefit eligibility and monthly payment amounts are determined by the applicants’ medical condition and past paycheck contributions. For more details on eligibility, see “Social Security Disability Eligibility” on http://www.FreedomDisability.com

“The move to Shelton will allow us to hire new employees from entry level, to management, to the professional Disability Advocates who will be representing our clients in court,” adds Mayhew.

Most applications do in fact end up in an appeals court. According to the SSA’s most recent published data, only 37% of applications for disability benefits through SSDI were successful in 2007. With low first-time success rates for those applying alone and an average 1.4 years waiting period for appeals, few can afford to risk the wait.

Mayhew concludes, “At Freedom Disability we are committed to providing first time SSDI applicants, as well as those appealing a denial by the SSA, with the professional representation they need to get the benefits they deserve. And since we are paid only when we are successful in winning a case, our clients can rest assured they will be getting the most thorough and diligent assistance possible.”

For more information on Social Security Disability Insurance (SSDI) benefits, see http://www.FreedomDisability.com

ABOUT FREEDOM DISABILITY
Freedom Disability is a leading national provider of non-attorney representative services to people with disabilities seeking Social Security Disability Insurance (SSDI) benefits.

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For the original version on PRWeb visit: http://www.prweb.com/releases/2009/07/prweb2601924.htm

San Clamente, CA (PRWEB) May 21, 2009 — In today’s tough economy, more people than ever are concerned about whether they have enough money saved to continue paying their bills in the event of a lay-off. Unfortunately, many of these people don’t realize that disability insurance is just as important, and perhaps more important, than a bit of money stashed in their savings accounts. Disability Insurance Awareness Month, sponsored by the non-profit organization the Life and Health Insurance Foundation for Education (LIFE).

Chuck Krugh, President of Doctor Disability, explained, “If you ask the average person on the street if they have enough insurance to protect their family financially in case something happens to them, most people will immediately think of life insurance. Almost everyone purchases insurance to take care of their loved ones if they die. This is an excellent idea, but it isn’t enough. According to LIFE, you are far more likely to become temporarily disabled than you are to die at a relatively young age.

Unfortunately, many people never think about until it’s too late. Almost one person in three will be disabled during their working years for at least three months. A savings account is a nice cushion, but you can go through your money very quickly when you’re disabled. You not only have to take care of your regular expenses, you’ll probably also have medical deductibles, prescriptions and a lot of other expenses that add to your financial burden.”

With the economy faltering across the country, more people than ever are having to dig into their savings to make ends meet. When the main breadwinner is a professional, a disability can mean financial disaster because their income is so vital to their family’s stability. For this reason, professionals such as doctors, lawyers and engineers should never go without disability insurance.

If a professional is disabled and his or her income is lost, there’s very little the family can do to retain their standard of living or pay for expenses, since it is unlikely other family members can earn the same income. Several disability insurance companies offer customized Disability Insurance for physicians and dentists. To compare policies, ask for at least three disability insurance quotes from respected companies specializing in this form of coverage.

“We want professionals to understand exactly what’s at stake,” continued Krugh. “They should sit down and work out their monthly budget and how long they could survive financially if they were suddenly injured or developed a serious illness. Most will be shocked by just how quickly they would run through what they have. For this reason, we’re encouraging all professionals to consult with an insurance specialist or go online to get disability insurance information during Disability Insurance awareness month. They should get a few quotes on Long Term disability insurance and determine the kind of coverage they need. It’s just too important to leave to chance.”

About Doctor Disability
Doctor Disability, based in San Clemente, California, specializes in providing quotes on a variety of physician’s disability insurance plans to consumers so that they can make an informed choice about disability coverage. The company provides free disability insurance quotes from leading providers, enabling doctors to compare plans from multiple providers. For more information, visit www.doctordisability.com.

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For the original version on PRWeb visit: http://www.prweb.com/releases/DisabilityInsurance/DisabilityInsuranceQuotes/prweb2440964.htm