Interview Series: JW - Blog (611x408) - Navigating Mental Health at Sea: A Guide for Seafarers

One of the most crucial aspects of preparing for your journey as cruise ship guest entertainers is securing the right health insurance. To shed light on this important topic, we sat down with JW Haagensen, a seasoned expert from MHG who has been specializing in health insurance for maritime professionals since 2003. JW's extensive experience and deep knowledge make him the perfect guide to help us understand the ins and outs of health insurance for cruise ship guest entertainers.

Q: What insurance do I need to satisfy the cruise line's health insurance requirements?

It's essential to check your agreement with the cruise line first. Generally, cruise lines require a Travel Medical policy with a $1M policy limit. This policy should include coverage for emergency medical evacuation, repatriation, and Covid-19. We can assist you in selecting the right policy to meet these requirements.

Q: What is Travel Medical insurance, and what does it cover?

Travel Medical insurance covers accidents and illnesses while you're abroad, whether on the ship or ashore. For instance, if you wake up with an upset stomach and need to see the ship's doctor, the policy would cover that. It also covers accidents like a broken arm or fractured ankle while you're enjoying your free time ashore. However, it does not cover routine doctor visits, checkups, or coverage in your home country or territories.

Q: How much does this insurance typically cost?

One of the great things about Travel Medical insurance is its affordability. The cost can vary based on factors such as your age and the length of coverage you need. For short-term coverage, plans can start as low as $10, plus applicable taxes and fees.

Q: Is it better to purchase an annual travel medical plan or a single-trip plan?

It depends on how often you work on board throughout the year. Taking multiple guest entertainer contracts might make an annual policy more convenient and cost-effective. Annual policies start at $280, plus taxes and fees, and they cover all international travel, including vacations.

Q: Which destination do I select as my primary destination since the ship is visiting multiple destinations?

You can select the ship's first destination as your primary destination.

Q: How do I file a claim if I get sick or injured?

Typically, you'll need to pay for your treatment upfront and then file a claim online through the insurance company's customer portal. You'll need to upload all supporting documents, such as medical records, invoices, and receipts. For serious cases requiring hospitalization, efforts will be made to set up direct billing with the facility.

Q: Can this coverage be extended or can I change my dates?

Yes, individual trip coverage can be extended up to a maximum number of days, ensuring you remain protected if your plans change. You can also adjust your start date if you haven't yet departed. If you need to shorten your trip, you can reduce the number of covered days, but typically, refunds for unused days aren't provided. Flexibility is a key feature of Travel Medical insurance, designed to accommodate the dynamic schedules of cruise ship entertainers.

Q: Does this Travel Medical policy cover pre-existing conditions?

Coverage for pre-existing conditions is available only if you experience a sudden and unexpected recurrence of a life-threatening condition or require immediate medical treatment.

Navigating the complexities of health insurance as a cruise ship guest entertainer can be daunting, but you don't have to do it alone. At MHG, we're committed to providing you with the expert guidance and tailored insurance solutions you need to stay protected while you pursue your passion on the high seas.

Ready to find the perfect health insurance plan for your next contract? Contact us today to speak with one of our experienced advisors, like JW. Whether you need help understanding your policy options or filing a claim, we're here to support you every step of the way.

Unlock the secrets to hassle-free health insurance for cruise ship guest entertainers! Get expert tips from JW Haagensen and sail with peace of mind.

Interview Series: Tom - Blog (611x408) - Navigating Mental Health at Sea: A Guide for Seafarers

In the ever-changing landscape of employee benefits, Tom Nickerson, the Employee Benefits Manager at MHG, offers a wealth of insight. With over 30 years of experience, Tom has seen firsthand how the realm of group benefits has evolved, from shifting attitudes to new regulations and the rise and fall of insurance providers.

We chatted with Tom about the current state of employee benefits and where he sees employee benefits going in the future.

Q: What types of benefits do employees value the most?

Employees value comprehensive medical plans that cover essential needs such as doctor visits, urgent care, prescription costs, mental health services, telehealth visits, and maternity care. Additionally, dental and vision benefits are increasingly sought after, whether provided by the employer or offered voluntarily.

Q: How can companies stay ahead of the curve in offering competitive benefits?

Companies should actively listen to their employees and consider their feedback when designing benefits packages to remain competitive. This approach ensures the current team's needs are met and attracts potential employees who value comprehensive benefits.

Q: What advice would you give to companies looking to revamp their benefits packages?

For companies looking to refresh their benefits offerings, I recommend consulting with your current insurance broker or agent. Reviewing and enhancing your benefits package is best done 60 to 90 days before renewal to allow time for obtaining and evaluating new quotes.

Q: In your experience, what is the biggest mistake companies make with their benefits programs?

One of the biggest mistakes companies make with their benefits programs is limiting their offerings to just a basic medical plan. Today's employees expect a more diverse range of benefits, including options for their dependents. By not providing a variety of benefits, companies risk employee dissatisfaction and potential turnover.

Q: How are companies balancing the need for comprehensive benefits with rising costs?

Companies need to collaborate closely with their insurance brokers to balance cost and value. Proactively adjusting plans before renewal and exploring all available options can help manage costs while maintaining a competitive benefits package.

Q: What are the current trends in employee benefits that employers should be aware of?

There's a trend towards 100% employer-sponsored medical coverage, with some employers also covering dental and vision benefits fully. This comprehensive approach encourages greater enrollment, including dependents, which can otherwise be a deterrent if employees have to bear part of the cost themselves.

Q: How are companies using benefits to attract and retain top talent in today's job market?

In today's competitive job market, a robust benefits package can be a significant draw for talent. A comprehensive suite including Medical, Dental, Vision, Life, Disability, Supplemental benefits, and a 401(k) can set a company apart and help retain valued employees.

Q: What do you think is the most underrated employee benefit, and why?

Dental insurance is often undervalued. As dental costs have surged, having a strong dental plan can save employees thousands in out-of-pocket expenses. Fortunately, there are excellent group dental plans available, and brokers can help identify the best options.

Q: How has the landscape of employee benefits changed in the last five years?

The impact of COVID-19 has increased demand for telehealth services and enhanced mental health benefits. There has also been a shift towards high-deductible plans and gap coverage due to rising costs. The market has seen some insurers withdraw or reduce offerings, affecting pricing and plan options. Additionally, employees now expect a comprehensive benefits package as part of their overall compensation.

Q: What do you predict will be the biggest changes in employee benefits in the next few years?

Looking ahead, we anticipate that costs will continue to rise, requiring employers to stay flexible and innovative with their benefits offerings. To address these challenges, insurance companies may introduce new benefit options, similar to past innovations like self-funded plans.

Tom Nickerson's extensive experience and observations provide a valuable perspective on the dynamic world of employee benefits. As companies navigate these changes, his insights can help shape effective strategies for attracting and retaining talent while managing costs.

At MHG, we're committed to delivering tailored insurance solutions that meet your unique needs and exceed expectations. Whether you're looking to revamp your benefits package, explore comprehensive options, or navigate the complexities of insurance regulations, our team of experts guides you every step of the way. Learn more about our insurance offerings at www.mhginsurance.com/Insurance today!

Discover Tom Nickerson's expert insights on evolving employee benefits, from balancing costs to trends like 100% employer-sponsored coverage. Dive in now!

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The internet is full of budget travel enthusiasts touting the latest deal or craze. These travelers appear to be skilled at maximizing resources to savor the world's marvels. While budget travel is rewarding and enriching, travel can still be risky, and having a travel medical policy should never be overlooked. Let's delve into why every budget-conscious adventurer should prioritize Travel Medical Insurance while they’re traveling abroad and explore some optional coverage that is available to enhance your policy.

Medical Emergencies Know No Budget


Health emergencies can strike anyone. While budget travelers may opt for more economical accommodations and activities, they are not immune to illnesses or accidents. Picture yourself falling ill or getting injured in a foreign country without adequate insurance coverage. Depending on where you are, medical expenses can quickly become overwhelming. For example, while exploring the beautiful city of New Orleans, a simple visit to urgent care for a broken ankle could cost $1,000 or more, depending on the severity of your injuries! By having a basic Travel Medical plan, you can ensure that you can get emergency medical assistance without the fear of excessive bills.

How Much Does Travel Medical Insurance Cost?


Traveling on a budget means every expense counts, but it’s still important to budget for a Travel Medical policy when traveling abroad, including tourists coming into the United States, where medical expenses are higher than in any other country worldwide.

The cost of travel medical insurance varies, but plans are generally affordable. For instance, a French male national visiting the US for seven days can get a Travel Medical policy with $1M maximum coverage and a $0 deductible for just over $30, excluding taxes and fees. (This price is applicable in June 2024 and is subject to change.)

Optional Coverage Before and During Your Trip


Did you know that you can enhance your travel medical plan with optional coverage to protect both your health and your trip's financial investment? Customize your coverage to match the specific needs of your trip. Optional coverage can include:

  • Trip Cancellation, Trip Interruption and Travel Delays: Imagine this scenario: just 5 days before your trip, you come down with a severe case of the flu and have to cancel your much-anticipated vacation. With the right insurance plan, you don’t have to panic. Protect the financial investment in your trip with the Trip Cancellation, Interruption, and Travel Delay Rider. This valuable coverage offers protection if an unforeseen, covered reason prevents you from taking your trip or if your trip is cut short, and can reimburse you up to 100% of your non-refundable prepaid costs and deposits.
  • Adventure Sports: Travel Medical Insurance offers an optional Adventure Sports Rider that provides coverage for injuries resulting from high-risk activities that would normally be excluded from the policy. Whether it's skydiving in New Zealand or ziplining above the canopy in Costa Rica, knowing that insurance has your back in case you get injured allows travelers to fully immerse themselves in unforgettable experiences.
  • Mobile Device Protection: Our cell phones are an integral part of our everyday lives, especially when we’re traveling. We rely on our phones for everything: managing our schedules, storing tickets and confirmations, getting directions, capturing precious memories of the trip, and keeping in touch with family and friends back home. Mobile Device Protection coverage is a must-have add-on in the event your phone is lost, stolen, or accidentally damaged during your trip.

Building Responsible Habits for Budget Travelers


In today's interconnected world, responsible travel is more important than ever. Travel Medical Insurance plays a crucial role in promoting responsible travel habits by encouraging travelers to prioritize their health and preparedness. Budget travelers who invest in Travel Medical Insurance demonstrate their commitment to responsible travel practices, ensuring that their journeys contribute positively to local communities.

Partnering with Reliable Insurance Providers


Choosing the right Travel Medical Insurance provider is crucial for budget travelers. Partnering with reputable and reliable insurance companies ensures that travelers receive prompt assistance and comprehensive coverage when they need it most. Our insurance specialists work with leading Travel Medical Insurance providers and can pair you with the right plan based on your requirements. Contact us today to learn more about how we can help you travel smarter and safer. Let MHG be your trusted partner in creating worry-free travel experiences.

Budget travelers, don't skip on Travel Medical Insurance! Protect yourself from unexpected mishaps and medical emergencies. Explore with confidence and security.

Want to Join a Cruise Ship as a Guest Lecturer? Here's Everything You Need to Know. - Want to Join a Cruise Ship as a Guest Lecturer? Here's Everything You Need to Know.

Do you imagine combining your passion for education with the adventure of traveling and seeing the world? If the idea of sharing your expertise while sailing the high seas sounds appealing, then becoming a guest lecturer on a cruise ship might be the perfect career move for you. We've got your guide to exploring the exciting world of cruise ship lecturing, covering everything from the diverse opportunities, essential skills, application process, and the health insurance obligations.

Exploring the Vast Opportunities

Guest lecturers on cruise ships have the chance to explore a variety of opportunities, catering to diverse interests and expertise. One such opportunity is to offer academic lectures and share your knowledge in your field of expertise, whether history, science, literature, or any other subject. Cruise ship passengers often appreciate intellectually stimulating content and are eager to learn from experts.

Another way to engage passengers is to offer lectures on special interest topics such as photography, culinary arts, or wellness. These can provide a unique and enriching experience for guests with specific interests. It's a great way to cater to niche markets and ensure passengers have a memorable and enjoyable onboard experience.

Beyond traditional lectures, cruise lines may offer interactive workshops or class opportunities. This format allows guests to participate and learn hands-on skills actively. Workshops and classes could include anything from arts and crafts classes to cooking demonstrations, dance lessons, or fitness classes. It's a great way to provide guests with a diverse range of activities and ensure that they are engaged throughout the duration of the cruise.

Finally, guest lecturers can embrace the chance to immerse passengers in the local culture of each port of call. By sharing insights into the history, traditions, and customs of the destinations visited during the cruise, guest lecturers can provide passengers with a more meaningful and authentic experience. This can include guided tours, cultural demonstrations, or even language lessons.

If this sounds like you, read on to learn about the skills you will need to be a successful guest lecturer and the following steps to take to get you onboard!

Essential Skills

Successfully delivering educational content on a cruise ship requires a unique set of skills. Beyond your academic qualifications, consider the following:

  • Dynamic Presentation Skills: Cruise ship audiences consist of individuals from various backgrounds and age groups. It is crucial to present your material in an engaging, accessible, and entertaining manner.

  • Adaptability: Cruise ship schedules can change due to weather or other unforeseen circumstances. Flexibility and the ability to adapt to unexpected changes are essential traits for a guest speaker.

  • Interpersonal Skills: Building a connection with your audience is vital. A friendly and approachable demeanor will enhance the overall experience for passengers.

  • Tech Savvy: Familiarize yourself with the audiovisual equipment available on cruise ships. Being comfortable with technology ensures smooth presentations and minimizes technical hiccups.

Setting Sail on Your Guest Lecturer Journey

Before embarking on your journey as a guest lecturer, it's crucial to understand the application process. Cruise lines typically partner with agencies specializing in educational and entertainment programs. These agencies act as intermediaries, connecting skilled professionals with cruise ship opportunities.

Start the process by researching reputable enrichment agencies that work with the cruise lines you want to work with. These agencies can provide information on how to apply for guest speaker positions and connect you with the relevant cruise lines.

Once you've identified an agency to work with, it's essential to prepare a compelling resume or portfolio highlighting your educational background, expertise, and any relevant experience in public speaking or teaching. Ensure you emphasize your ability to engage and captivate an audience, which is crucial for success as a guest lecturer on a cruise ship.

In addition to a strong resume or portfolio, you'll also need to develop a riveting presentation proposal. Cruise lines are interested in unique and engaging topics that will captivate their diverse audience. While zoology or history seem to be obvious topics, you might be surprised by some other topics, including photography,

cooking, astronomy, and art. Tailor your presentation proposal to appeal to cruise ship passengers seeking education and entertainment.

Navigating the Insurance Waters

Before you can set sail, it's crucial to understand the cruise line’s health insurance requirements in your contract. Some cruise lines may provide coverage for you to buy while others may require you to purchase coverage from an approved provider. While coverage requirements vary across the cruise industry, many of the cruise lines require their guest lecturers to have at least $1M in coverage and coverage for emergency medical evacuation, repatriation, and Covid-19. Review your specific agreement for details.

At MHG Insurance, we specialize in health insurance plans for the marine industry. We would be happy to help you understand your health insurance requirements and find you the right plan for your specific situation. Plans typically include coverage for accidents and illnesses occurring on and off the ship, do not include work exclusions, and can be purchased online in just a few steps. If you have questions, or would like to get a health insurance quote, get in touch with us: https://mhginsurance.com/Contact

Get ready to embark on an exhilarating voyage as a guest lecturer on a luxurious cruise ship! Learn about how to apply, create captivating presentations, and the logistics ensure a seamless experience. Find your guide to a rewarding and exciting career here!

The Resurgence of Travel Agents - The Resurgence of Travel Agents

In an age where technology has made booking flights and accommodations as easy as a few clicks, the resurgence of travel agents might seem surprising. However, the ability to include additional excursions and visits to multiple places in one vacation brings value to travel agents' personalized touch and expertise. This revival is not just about convenience but a comprehensive and seamless travel experience. Let's delve into the advantages of travel agents and the reasons behind their renewed popularity.

Personalized Service in a Digital World

As the travel industry embraces technology, it may seem like the human touch is diminishing. However, travelers realize that technology can't replace the insights and personalized service travel agents offer. Travel agents are coming back because they understand that each traveler is unique, with distinct preferences and requirements.

From crafting personalized itineraries to recommending hidden gems that algorithms might overlook, travel agents are becoming the go-to resource for those seeking a tailor-made travel experience. This personal touch creates a level of trust and comfort, especially when navigating the uncertainties of travel in a post-pandemic world.

Time-Saving Convenience

While the digital age has allowed us to book flights and accommodations online, it has also resulted in an overwhelming amount of information. Vacationers often spend hours researching options, reading reviews, and comparing prices. With their insider knowledge and industry connections, travel agents streamline this process. They can quickly narrow down choices based on the traveler's preferences and budget, saving valuable time and ensuring that every aspect of the trip aligns with the client's desires.

Navigating the Complexity of Travel Regulations

The travel landscape has become increasingly complex, with ever-changing regulations, entry requirements, and health protocols. Travelers are now faced with a myriad of considerations, from visa entry requirements and travel advisories. Navigating this maze of information is overwhelming, so travel agents are an easy way to stay ahead and ensure you have everything covered.

Travel agents also stay updated on the latest travel advisories and entry requirements, ensuring their clients have the most accurate and current information. This level of expertise has become invaluable, particularly for those who want to avoid last-minute hiccups and disruptions to their travel plans.

Negotiating Better Deals and Added Value

People in the industry often have access to exclusive deals, promotions, and packages that are not readily available to the general public. Due to their ongoing relationships with suppliers such as hotels, airlines, and tour operators, travel agents can negotiate better prices and secure additional perks for their clients. In addition, travel agents know the best insurance providers to work with to make sure your vacation is covered in the case of a cancellation or even an accident or illness while you are traveling. Travelers benefit not only from cost savings but also from added value that enhances the overall travel experience.

The Inside Scoop on How to Protect Your Trip

Travel agents are experts in making travel go smoothly, but if the unanticipated happens, they offer the best guidance on preparing for and dealing with it. They also have connections to insurance providers who are there to protect you and your trip and can get you the best coverage the industry has to offer.

MHG Insurance provides comprehensive travel insurance solutions that go beyond traditional coverage. From trip cancellation protection to emergency medical coverage, MHG Insurance understands the diverse needs of today's travelers. Travel agents appreciate the flexibility and customization options that MHG Insurance offers, allowing them to tailor insurance plans to meet their client's specific requirements.

Peace of Mind in Unpredictable Times

In an era marked by uncertainty, having reliable travel insurance is non-negotiable. MHG Insurance provides a safety net for travelers, offering coverage for unforeseen events such as trip cancellations, medical emergencies, and travel delays. This level of protection is a crucial factor for travelers who want peace of mind and assurance that their investment in a trip is safeguarded.

When unforeseen events disrupt travel plans, the human touch becomes even more critical. In times of crisis, having a dedicated professional who can guide and assist is invaluable. The combination of expert guidance from travel agents and the reliable support of MHG Insurance creates a safety net that extends far beyond the booking process.

In a world where uncertainties abound, travelers are seeking reassurance and reliability. The comprehensive coverage and personalized service offered by MHG Insurance, coupled with the expertise of travel agents, create a harmonious partnership that ensures clients can embark on their journeys with confidence and peace of mind.

To learn more about our world-class travel insurance, visit www.mhginsurance.com/Insurance/Travel-Insurance.

In an age where technology has made booking flights and accommodations as easy as a few clicks, the resurgence of travel agents might seem surprising. Let's delve into the advantages of travel agents and the reasons behind their renewed popularity.

What's in Your Wallet? - 2

As you embark on exciting travel adventures, your wallet is one of the most crucial things to organize. It should contain all the essential items needed to ensure a smooth journey and address any unexpected situations that may arise during your trip. Here's your guide to everything you need in your wallet for a successful trip!

Credit Cards (and Backups)

At the top of your list of what you need in your wallet is how you'll pay for things on your trip. Ensure you carry a credit card from a major credit company. Even better, take a backup card from a different provider in case of loss, theft, or any issues with one card. If you're unsure of what bank to choose, get a card from an international bank with a branch at your destination, as you can often receive more favorable exchange rates when taking out cash. Before you leave, you should notify your credit card company about your travel plans to prevent any potential fraud alerts that could freeze your card.

Cash

While credit cards are essential, having some cash on hand is equally vital. Even though most destinations are equipped with contactless or card-reading technology, cash is often required for public restrooms or tipping. In addition to a small amount of local bills, carry a mix of local currency and USD or Euros, as they are widely accepted in many destinations. If you need to withdraw more cash, ensure you choose a reputable ATM to avoid unnecessary fees and keep it safe in a hidden compartment in your wallet. You can usually find an ATM at the airport when you arrive.

Driver's License

Many people forget to bring a driver's license as a form of ID if they don't plan on driving in their destination. Even if you have a passport as your main form of ID, a driver's license can be helpful in various situations like renting equipment or age verification for certain activities. Make a photocopy of your driver's license (and passport) and keep it separate from your original in case you lose it.

Tickets

Whether traveling by plane, train, or bus, keeping your tickets handy is a must. Even if you rely on digital tickets, it's wise to print out extra copies as a backup to keep in your wallet if you run into issues with your device. For physical tickets, like boarding passes, use a dedicated slot in your wallet or a ticket holder to keep them organized and easily accessible.

Travel Itinerary

Having a printed and digital copy of your travel itinerary is essential for staying organized during your trip. Include details about your flight information, hotel reservations, tour bookings, and contact numbers. This will help you keep track of your schedule and provide valuable information if you encounter any unexpected situations or need to show proof of your plans.

Travel Medical Insurance Cards

Traveling without medical insurance is risky, as accidents and unexpected illnesses can happen anytime. Carry your travel medical insurance cards in your wallet and any necessary contact information for the insurance provider. Before you travel, familiarize yourself with the coverage details, how to get help in an emergency, and the claims process, so you can act promptly if needed.

It can also be helpful to print any allergies or medications taken on a card in your native language and the language of your destination to keep handy in case you lose anything vital.


The best vacations are the ones where you are well-prepared and protected. Visit www.mhginsurance.com/travel-insurance for travel health insurance for a relaxing trip.


"What's in your wallet?" is a registered trademark of Capital One Financial Corporation.

When organizing a vacation, your suitcase shouldn't be all you're thinking about packing. Your wallet can make or break a trip- here's your guide to everything you need in your wallet for a relaxing and well-protected vacation.

What Does Travel Medical Insurance Cover?    

It’s almost that time of year. Summer is around the corner, which means school’s out, and vacations are happening!

Before the fun is had, it’s important to take care of some “housekeeping” items, so that you can relax and enjoy your time without worry. Especially if you are planning on taking any international trips. Don’t leave without travel medical insurance! And don’t buy a travel medical insurance policy without first learning exactly why you need it.

Travel Medical Insurance is an insurance policy that acts as your health insurance while you are abroad. People are often surprised that their existing health insurance policy does not cover them when they leave the U.S, which is why it is important to get a travel medical policy whenever traveling internationally. After all, medical emergencies can happen anywhere, even when traveling for business or vacations. Coverage can include medical bills associated with car accidents, injuries, food poisoning, illness, etc.

What is the Difference Between Travel Medical Insurance and Trip Cancellation Insurance?

Trip Cancellation Insurance is an insurance policy that protects your investment when your trip is cancelled or interrupted for various reasons. Typically, this type of policy also includes medical coverage for accidents and illnesses. It differs from travel medical insurance, which provides international medical insurance coverage for when you are traveling abroad, outside of your home country. These two very different types of insurance are often mistaken for each other, as they can be referred to as travel insurance (travel medical insurance) and trip insurance (trip cancellation insurance).

What Affects the Cost of Travel Medical Insurance?

The main factors that affect the cost of a travel medical insurance plan are:

  • The amount of coverage
  • The length of the trip
  • Your age
  • Primary destination

There are other factors that can affect the cost of travel medical insurance; however, these factors are typically what will be the greatest influence on cost. First off, the amount of coverage will always be an indicator of price. As you get more or better coverage, the price will go up, as you get less coverage, it will go down. The length of the trip impacts cost because the more time you need insurance, the more opportunity there will be for insurance to be used. Age is a factor because as people get older, they are deemed to be a greater risk. And finally, depending on where you’re traveling can also impact the cost of your policy. If you’re traveling to the US, the policy will be more expensive as the cost of healthcare is higher. Don’t let any of these factors deter you. Travel medical policies are relatively inexpensive, and the application process can be completed in just a few steps!

If you have any questions about travel medical insurance , or are interested in purchasing a travel medical insurance plan for your next business or leisure trip abroad, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. Safe travels!

Traveling abroad? Learn more about travel medical insurance for accidents and illnesses while traveling abroad.

an asian chinese family moving into new house admiring their houseLife insurance is not always a topic that people want to discuss for obvious reasons, however, given the state of the world, it needs to be at the forefront of everyone’s minds when it comes to your future plans. According to Bankrate, “54% of Americans had life insurance coverage in 2020.” As we’ve seen over the past year, anything can happen, and it is always better to be prepared and not need, than to need and not be prepared.

What does Term Life Insurance mean?

Term life insurance refers to a type of life insurance policy that offers coverage in the event of a tragedy for a specific amount of time, or a "term". Depending on how long you need coverage for, and the amount of coverage you need, term policies can protect your loved ones from 5-30 years with a death benefit anywhere from $100,000, to possibly as much as 25 times your salary.

Why Term Life Insurance over Whole Life Insurance?

There are essentially two basic options when it comes to life insurance:

  • Term Life, also known as temporary life insurance.
  • Whole Life, also known as permanent life insurance.

Term life insurance may benefit you from several standpoints. Most importantly, it is more affordable than whole life insurance, given an equal coverage amount. That is because the coverage is only for a limited time, rather than for the rest of your life, so there is no guaranteed payout which means less risk for the insurance company. The additional money left in your pocket can be used to invest and build assets for when your term is completed.

When to buy Term Life Insurance?

As you now know, term life insurance covers you for a temporary amount of time. One of the biggest factors in determining when to buy a term life policy and is anticipating when and how long others may be dependent on your income.

  • Did you just have a child?
  • Did you recently get married?
  • Do you have a mortgage?

These are 3 of the most common reason people elect to purchase a term life insurance policy. Coverage until your child is grown, to cover your spouse until sufficient assets are acquired, or until your debt is paid off.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Have further questions about life insurance? Give us a call! Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Term life insurance refers to a type of life insurance policy that offers coverage in the event of a tragedy for a specific amount of time, or a "term". Read more!

Shot of a young man going over his finances at homeIt’s everyone’s favorite time of the year, tax season! Filing taxes can be a real pain, but if you are one of the lucky ones who are due to receive a nice check from the IRS, this can be a rewarding time. While having the latest iPad is great, you may come to regret that decision later. Instead of spending your tax return on a new gadget or vacation, try paying yourself. Sometimes bills seem like they are never ending, but one bill that you may come to enjoy paying are those that will pay you down the road. Catch my drift?

Be Forward Thinking

Whether you are established in your career or you are just starting out, you should be thinking about your retirement. Sometimes it can be difficult to put yourself in situations later in life, partly because life can be so unexpected. It just happens. But what some people don’t consider is that when you retire, you won’t have the same income to support your lifestyle. One way to fix that is by saving your money! If you are forward thinking and sacrifice the right amount of money now, what you enjoy now you can enjoy later too!

Get a Jump Start

Is it me or do paychecks seem like they are never enough? While there is a lot more to life than earning a wage, the amount you earn is still important because it determines what you can afford. Having a family is important to a lot of people, however a family can be very expensive. Also waiting until you have a family can feel like it is too late to start, or that you missed your chance to begin planning for retirement. While there is a prime age to begin saving for retirement, don’t ever think it is too late to start if you haven’t. Remember, better late than never.

So if you don’t think you have the funds to save for your future and your retirement, using your tax return to do so may be a smart idea! Another thing to note, once you save your tax return, you may feel more motivated and inclined to continue to do so throughout the year.

What Should I Buy?

· Life Insurance – There are several types of life insurance policies that can set you up nicely later in life. Policies such as Whole Life and Universal Life are ones you should consider.

· Annuity – Depending on the person, an annuity may make more sense than a life insurance policy.

· Combination – The best way may be to do a combination of life insurance and an annuity. Ever hear the saying, “Never put all your eggs in one basket”?

Benefits

The obvious benefit of investing in your future is that you will have income later in life when you decide to “hang them up”. But one benefit that should be considered is one that may be provided by purchasing life insurance. Did you know that if you develop a serious or terminal illness, you could have some of the death benefit value available to you to use while you are still alive for medical bills or whatever you choose. Also, you may have the opportunity to take loans from yourself. Wouldn’t you rather owe yourself money than owe the bank?

It is important to note that MHG Insurance Brokers does not provide tax advice. Speak with a tax advisor if you have any questions regarding your tax filings. Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

It's that time of the year, tax season! Instead of using your tax return for the latest fad purchase, use it toward something that will protect your loved ones, life insurance!

tourist in luxury beach hotel near luxurious swimming pool at sunset, tropical exotic holidays vacation, tourism and travelMany people don’t consider buying a life insurance policy until a major life event such as getting married, buying a house, having a kid. While all of those are great reasons to purchase a life insurance policy, you should actually have a policy before any of those things happen. Yes, even if you’re single, with no dependents or assets to your name. 

1. Investment

One reason to get a life insurance policy when you are single is because it can be used as a long-term investment. Purchasing a Whole Life insurance policy can give you many options on what to do, such as being able to withdraw from the cash value of your policy much like a bank loan. Also, depending on the whole life policy you purchase, it can act as a savings vehicle. So, after a certain amount of time, your cash value will be higher than the amount you have paid, depending on where it has been invested. 

2. Funeral

Here’s a question that many may not want to ask or try to answer. Who is going to pay for your funeral? Funerals are expensive, and unfortunately, it is an expense that many don’t prepare for. Having life insurance that will include your funeral costs into the amount of your policy is a very smart thing to do. Caskets themselves can be thousands of dollars, and funeral total costs can easily exceed $20,000. 

3. Personal debts

If you should pass, who is going to pay for your debts? When you die, if you have any co-signed loans, the full responsibility of paying off the loan will be left to the person who co-signed that loan with you. Which in many cases could be your parents, spouse, kids, etc. It may be tough on them to worry about their debts and in the event of a tragedy all of a sudden have to worry about your debts as well, all while still mourning your loss. Having a life insurance policy can be used to pay off your medical bills, mortgage, credit cards, etc. 

4. Leave a legacy

It can be a good idea to purchase life insurance in order to leave a legacy. For example, if you are passionate about a charity, church, or group, you can leave them as the beneficiary of your policy, which I’m sure they will greatly appreciate and never forget. Also, you can do this if there is someone close to you that you would like to help out. Maybe a friend who is struggling and would refuse to accept any help from you. 

5. Cheaper to get a policy when you are young

If you plan on getting life insurance later in life or waiting until a life event such as the ones stated before, it may make more sense to go ahead and purchase a policy now. Waiting for one of these events can take years and years, and by the time you go to purchase a policy, the premium could be as much as two times as high as if you would purchase it now. That is because the younger you are, the less expensive the premium is, because you are not viewed as a high risk. Also, another great thing is that your premium should be locked in at that price for the length of the term or for your life depending on the type of policy you get. So, in essence, you could be saving yourself money in the long run, by spending a little extra now. 

If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Yes, even if you’re single, with no dependents or assets to your name, you should still have a life insurance policy. Read more.