bankruptcyIt’s no secret that the United States is home to one of the most expensive healthcare systems in the world, and with these costs come some consequences. Hearing about someone having to file for bankruptcy can bring some assumptions that they mismanaged their finances, lived beyond their means, or made some bad decisions regarding investments. While all of those theories are possible, chances are the person had some unexpected medical bills that they could not afford to pay. So hear in lies the question, “Do I receive medical attention and risk my entire savings account, or do I make a financial decision that is less risky?”

For Example…

Here in the U.S. a visit to the Emergency Room can cost thousands of dollars, there is even a story that has been circulating of a mother who accidentally cut her one-year-old daughter’s finger while clipping her nails. Since her daughter was so young, they decided to be extra careful and took her to the ER in case she needed stiches or any other special treatment. Turns out she only needed a band aid, however the trip to the ER totaled almost $700! While medical bills may be the leading cause of bankruptcies in the U.S., many of those that file for bankruptcy actually could have avoided doing so had they taken the proper steps and precautions. Education is key to knowing what financial impact you may face before seeking medical treatment.

I’m sure we all know someone who has had to battle health issues and conditions, however there’s a good chance we don’t get to see the struggle that person has to deal with financially, only the struggle of them fighting to get better.

Use a Broker

Using an insurance broker may give you an advantage because brokers work for you, not the insurance company. Many times they will assist you in filing claims and dealing with paperwork that you aren’t familiar with and they can often guide you toward minimizing your out of pocket costs.

Find Someone You Can Trust

While using a broker can help you in finding the best insurance coverage for your budget, it also helps to find someone you can trust. You are relying on this person or company to fully protect you, so trust is important.

Change Your Mindset

Nowadays many people tend to think of health insurance as something that the government is forcing you to purchase, however you should try to think of it as an investment into your health. The cornerstone of insurance is to protect you financially; wouldn’t you rather pay a monthly premium than having to clear out your savings account if you get sick? Instead of thinking of insurance as buyer beware. Think of medical expenses as buyer beware.

MHG is here to help and provide assistance with all of your insurance needs. Whether you are looking for marine crew insurance, health insurance, life insurance, travel insurance, expatriate insurance or insurance for your business, we have the experience and knowledge to help you find the right policy. To hear some insurance advice from some of our employees, read our previous blog, “If You Could Give One Piece of Advice to Your Clients, What Would it be?” Please contact us at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. Let our insurance specialists find you, your family, or group, the best insurance available for your budget.

Medical bills are one of the leading causes of bankruptcies in the United States. Read more.

2jpgChoosing insurance for your crew could be a more complicated job than you originally imagined. There is a lot of research to be done, quotes to be reviewed, and conversations to be had when deciding on what the best insurance options are for your crew. After all, crew insurance is not crew insurance, there is not one solution for all. That may not make much sense, but let me explain.

Having your yacht crew covered with proper insurance goes more in depth than having just one kind of insurance, or trying to pick the best option between two policies. There are several different policies that you should consider if you are the decision maker. Whether you are a yacht Owner, yacht Captain, or the person who has been delegated the responsibility of selecting the insurance for everyone on board, we are here to help!

Medical/Health Insurance

Medical insurance can speak for itself. Many of us are familiar with it because of the amount of times that we use it. However, there are many different aspects of a plan to consider. What’s the total deductible? Is there a co-pay? What about co-insurance? Does it include dental and vision? If you feel overwhelmed, please feel free to contact us for assistance and guidance on what plan would fit your yacht crew best.

Life insurance

While having life insurance is a personal option, there are yachts that include life insurance coverage as part of their benefits package. Offering coverage for your crew may give them some assurance that if anything happens to them while they are at sea, their loved ones will be more able to cope financially back home. Typically, the coverage amount is fixed in increments of $10,000, up to $100,000.

Accidental Death and Dismemberment

Accidental death and dismemberment, also known as AD&D, is very similar to life insurance. The difference is that there is only a benefit from an accidental death, or significant dismembering injury. This type of insurance typically provides coverage 24/7, not just while at work.

Personal Accident

Personal accident is a crucial insurance policy for your crew members. Often times referred to as PA cover, personal accident insurance will pay out a sum of money for permanent injury (and sometimes permanent illness). It is often confused with medical insurance, however it doesn’t provide coverage for any medical bills or doctors’ appointments, it simply provides a one-time payment after experiencing a permanent injury.

Disability Insurance

Disability insurance is a great way to offer coverage for your crew in the event they get hurt and can’t work for a short period of time. Having this policy will cover a percentage of the person’s wages if they are unable to perform their occupation and can last for up to two years or more due to an injury or illness. If the disabling event becomes permanent, the personal accident (if purchased as above) may kick-in and pay a lump sum. 

Hospital Indemnity

Hospital indemnity insurance at first glance would make you think that it covers hospital visits, however that is not the case. Think of this type of insurance as a poor man’s disability insurance. Depending on the policy, it provides a benefit each day your crew member is in the hospital. For example, if someone was hurt on the job and had to go to the hospital, the insurance would pay that person $100 per day that they are admitted in the hospital. This doesn’t cover their hospital bills, it just provides the person with an added benefit.

Features That Are Not Features

While the above list is not exhaustive of every option and feature, one thing to note is that some insurance providers tout features that do not hold true. For example, there is no such thing as a Maritime Labour Convention (MLC) compliant yacht crew insurance. It sounds good, but it means nothing. Another thing to be wary of is a plan that says ‘unlimited coverage’. Almost always with international policies, there are restrictions and limitations on the benefits such that the ‘unlimited’ part is actually quite ‘limited’.

Having proper insurance is important whether you are at sea, or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online atmhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “Yacht Crew Insurance Terms 101”.

Whether you are a yacht Owner, yacht Captain, or the person who has been delegated the responsibility of selecting the insurance for everyone on board, we are here to help!

risk managementIn many cases, business owners and decision makers see insurance as something they need only because a law makes it mandatory for them to remain in business. However, that couldn’t be further from the truth. Insurance is here to protect your business, it’s employees, the equipment, etc. We have also found that some aren’t aware what insurance is protecting them from, and don’t know what their exposures are. While recognizing certain buzzwords such as general liability, and workers’ compensation is great, we want people to understand why they have to have these insurance policies. After all, accidents happen, but there is no need for an accident to ruin your business.

Workers’ Compensation

A workers’ compensation insurance policy provides wages, medical treatment, disability, and if necessary a death benefit to employees who are injured on the job. While workers’ comp makes up a large portion of many businesses expenses, it is necessary because without it, businesses would liable for any injuries an employee experiences while working. It also protects the business from any lawsuits that could be filed by the injured employee.

General Liability

Commercial general liability policies protect businesses in a lot of ways. Typically, it provides coverage for bodily injury, property damage, and personal and advertising injury which protects the insured from slander and false advertising. General liability may also cover fire damage that is caused by the negligence of the insured.

Marine General Liability

Marine general liability policies are similar to general liability policies except they are designed specifically for those who work at sea, as general liability insurance will not cover those who work near or on the water. These policies include coverage for marine contractors and others who work on or near water.

Professional Liability (PLI or E&O)

Professional liability insurance, also known as errors and omissions (E&O), will cover your business if you provide advice, or provide a service. It will protect you against negligent claims and damages that are awarded from a lawsuit.

Employment Practices Liability Insurance (EPLI)

Employment practices liability insurance protects your business against claims made by your employees. It can protect you from claims alleging discrimination based on sex, race, age, or disability. It can also protect you from claims alleging wrongful termination, harassment, and many other employment-related issues.

United States Longshore and Harbor Workers’ Compensation Act (US L&H)

Thanks to the United States Longshore and Harbor Workers’ Compensation Act (LHWCA also known as USL&H), those who work in the maritime industry and fall into certain categories, will have coverage backed by the federal government, not just the state. The law ensures that workers’ comp benefits are provided to those who work in the maritime industry, which will protect your business from any lawsuits associated with a workplace injury.

Maritime Employers Liability (MEL)

This policy generally covers employees who are working onboard a vessel, whether owned by the company they work for or as a contractor. Think of workers’ compensation insurance for those who work at sea.

Having the necessary insurance policies isn’t all you should be doing to protect yourself. Practicing good risk management also includes taking precautions around your workplace to make it as safe as possible. Read our previous blog, “10 Tips on Creating a Safe Work Environment”, for help in deciding what steps you should take in order to further protect you and your employees. If you have any questions, or are interested in purchasing workers’ compensation insurance, USL&H or other types of business insurance, or group health insurance for your employees, please contact us at954-828-1819 or visit us online at mhginsurance.com. Our insurance specialists have the knowledge and experience to cover your company’s risks appropriately.

Accidents happen, but there is no need for an accident to ruin your business. Risk management is important to protect your business, but first you need to know why.

Getting ready to do my workoutSummer is upon us! Which means a couple things; people are ready to show off their summer body and will look to maintain their figure, and people will be taking summer vacations and traveling abroad over the next few months. Being healthy and traveling are two important aspects of life, however for some reason the two aren’t always synonymous. While traveling, many people may want to relax and kick their feet up, or eat delicious foods that may not be deemed “healthy”. Of course you could always go for a run or walk around the hotel grounds or the surrounding areas, or you could go for a swim in the hotel pool as swimming is one of the best exercises anyone can do. You could even do yoga to exercise the mind, body, and soul. But if you aren’t feeling any of those options, and there isn’t a gym in the hotel to work out in, try doing some non-weight exercises, or calisthenics, in your hotel room!

Calisthenics are a great way to get into or stay in shape. In fact, many people use calisthenics as their normal exercise routine and not just when in a hotel room. By using different exercises to target each muscle group, you can have a full body workout without leaving your hotel room in a short amount of time.

1. Upward and Downward Facing Dog- This is a common yoga exercise and is a great way to get your body warmed up before a work out or cooled down following one. Lay flat on the ground face down. Take a deep breath, push your hands against the ground to push your chest up while keeping your legs flat on the ground. Hold the pose for several breathes. On the last exhale, lift your bottom up to form a 90-degree angle with your body while keeping your feet and hands flat on the ground and your head between your arms. Stay in that pose for several breathes. On the last exhale, bend your knees to the floor so that your knees are under your hips and your hands are under your shoulders.

2. Planks- Planks are one of the best exercises you can do to work out your core. Lay face down on the floor. Prop yourself up with your forearms and keep your elbows directly below your shoulder. Remember to keep your body straight. For beginners, try using a straight arm with your hands directly underneath your shoulders.

3. Wall Sits- This is a great way to focus on your lower body as well as your core. Find a wall, then squat down into a sitting position with your back against the wall and your legs in 90 degree angles.

4. Mountain Climbers- Ready to get your heart rate pumping? Mountain climbers are a unique exercise that can get your heart rate up and work out your entire body without needing machinery or a large space to move around. Start in a push-up position and alternate bringing your knees to your chest.

5. Push-ups- This classic exercise focuses on your upper body strength and your core. To work out different muscles doing this exercise, try doing them on an incline and decline as well.

6. Sit-ups/ Crunches- This is another classic exercise that targets your abdominals. To increase difficulty try doing them with your legs up at a 90-degree angle. Or you could try air bike crunches where you alternate touching opposite elbows to knees.

7. Squats- This exercise really targets your thighs and your gluteal muscles. Remember to keep your feet shoulder width apart, and keep your heels flat on the ground when squatting.

8. Leg Lifts- As you may have already noticed, many of these workouts focus on your core, and leg lifts are one of the best ones you can do. Lay flat on your back and lift your feet 6 inches off the ground. For a change you could also try switching your feet from opened to closed every 10 seconds.

9. Lunges- Step forward with one leg lowering your hips until both legs are bend at 90 degree angles. Make sure your front knee is directly above your ankle and your back knee doesn’t touch the floor. Rotate legs.

10. Tables- Sit down with your hands and feet on the floor. With your arms behind you, prop yourself up by lifting your hips as high as you can, and squeezing your glutes and shoulder blades as hard as you can.

There are several different ways to approach these exercises, you could try doing each one until exhaustion, breaking them up into different repetitions and sets, or a mixture of both. There are a ton of other non-weight exercises you can do, however everyone is different and some may find other exercises more successful than others. Try looking up other exercises and make a work out guide that fits you and your needs best.

For more help when traveling overseas, read our previous blog, “Tips for Traveling Abroad.” We wish you safe travels along your journey. If you are interested in purchasing travel insurance, or have any questions or concerns, please contact us at +1 954 828 1819 or +44 (0)1624 678668 or visit us at mhginsurance.com. It is important to have proper travel insurance coverage in case of an unexpected emergency while traveling abroad. Our insurance brokers have the experience to assist you in selecting the right plan for you, with the best value.

Being healthy and traveling are two important aspects of life, however for some reason the two aren’t always synonymous.

iStock_000086916863_LargeDo you have a trip planned this summer? Are you traveling to the tropics to kick your feet up on a beach somewhere with an umbrella in your drink?

Nothing beats a relaxing summer vacation to recharge you for the second half of the year. Depending on where you are going, there are some things that you need to be aware regarding the Zika Virus. The Zika Virus is a mosquito borne illness that is making headlines in the news all over the world. Since mosquitoes are most prevalent in warm tropical areas, you should be prepared and take any necessary precautions if you are traveling to or live in ones of the areas. It should also be noted, this virus is a mosquito borne illness but just because mosquitoes are in warmer areas, doesn’t mean those who live far away from the tropics can’t be at risk too.

The CDC has issued an alert for those who are traveling to areas where the Zika virus is spreading. Click here for more information.

Prevention

Pack proper repellant! There are several different steps you can take to protect yourself from being bitten by a mosquito. Some steps include using insect repellant sprays, wearing long sleeves and pants, using bug screens on windows and doors, sleeping under a mosquito bed net, etc. There are even children’s clothes with bug repellant in them.

For those already infected, the virus can be found in the blood and can be passed onto mosquitos who aren’t carrying the virus.

The Zika Virus can also be spread during intercourse by an infected male to his partner(s). Practice safe sex, as it is not known how long the virus can stay in the semen of men who have had the virus, although it is known that it can stay longer than in blood.

Symptoms

Common symptoms of the Zika Virus include fever, rash, joint pain, and conjunctivitis. Symptoms tend to remain mild, lasting several days to a couple of weeks, which is a reason many may not realize they are infected with the virus. This is a problem because becoming infected with the disease while pregnant can lead to serious birth defects including microcephaly.

Treatment

There is no vaccine or specific treatment. Focus on treating the symptoms such as getting rest, prevent dehydration, and taking acetaminophen for fever and pain. Aspirin and non-steroidal anti-inflammatory drugs (NSAIDs) should not be taken due to risk of bleeding.

Don’t Leave Without Coverage

Getting sick or needing medical treatment while you are abroad is a situation which no one wants to find themselves. However, having travel insurance can alleviate any stress about costs, what steps to take, and what doctors you can trust. Our insurance specialists can assist you in finding the proper coverage you and your family may need for your trip.

For more help when traveling overseas, read our previous blog, “Tips for Traveling Abroad.” We wish you safe travels along your journey. If you are interested in purchasing travel insurance, or have any questions or concerns, please contact us at +1 954 828 1819 or +44 (0)1624 678668 or visit us at mhginsurance.com. Our insurance brokers have the experience to assist you in selecting the right plan for you, with the best value.

The CDC has issued an alert for those who are traveling to areas where the Zika virus is spreading. Read more.

PrintFORT LAUDERDALE, FLORIDA (May 3, 2016) - MHG Insurance Brokers, a full-service insurance brokerage serving the marine industry, businesses, and groups and individuals around the world, has been recognized as one of the Best Places to Work in South Florida by the South Florida Business Journal, a program that celebrates excellence and employee satisfaction in the workplace.

Results were based on a survey evaluating ten areas of engagement, including employee benefits and recognition, leadership, turnover, employee and leadership management and more. Results of the survey were submitted to Quantum Workplace for analysis. Employees were encouraged to answer freely as all answers remain anonymous.

“What an honor to be recognized as one of the Best Places to Work in South Florida!” said Andrew Dudzinski, Chairman and CEO of MHG Insurance Brokers. “John (Haagensen, President of MHG) and I have made the working culture of MHG a priority for a long time, so it’s very flattering to be recognized by such a prestigious publication with other top companies in our community.”

Many of the companies in attendance had similar benefits or characteristics that made them worthy of the honor of being a Best Places to Work in South Florida. Some characteristics that made MHG stand out are its family atmosphere, excellent benefits that are 100% funded by the company, flexibility, and MHG’s entrepreneurial spirit which encourages employees to present new opportunities and initiatives for the company.

About MHG Insurance Brokers

Since 1991, MHG Insurance Brokers has been committed to providing expert insurance advice and innovative solutions for the marine, aviation, energy and related industries. Today, with over two decades of experience and relationships with some of the world’s top insurance markets, MHG has established an enviable reputation for providing quality advice, products and service for groups, businesses and individuals around the world. Based in Fort Lauderdale, Florida MHG has insurance specialists worldwide, with offices in Houston, Isle of Man, the Cote d’Azur and Hamburg. For more information, please visit mhginsurance.com MHG Ocean Benefits Limited, trading as MHG Ocean Benefits, MHG Insurance Brokers and MHG Underwriting Services, is registered with the Isle of Man Financial Services Authority as an insurance intermediary in respect of General Business. Registered in the Isle of Man, company number: 120885C.

Since 1991, MHG Insurance Brokers has been committed to providing expert insurance advice and innovative solutions for the marine, aviation, energy and related industries.

IoMAre you looking for a change and considering becoming an expat? If the answer is yes, you should consider the Isle of Man. The Isle of Man has an ever growing number of expatriates. More and more people seem to be moving to the island to take advantage of the great benefits it provides its residents. This has caused the island to become somewhat of a melting pot of nationalities and cultures. Islanders are known as 'Manx' but classified (for passport purposes, for instance) as British. With roughly half the population being Manx-born, and the rest coming from the UK, Ireland, and an increasing mix of other nationalities, now is the time to make yourself part of the mix!

The Isle of Man economy has experienced steady growth since the 1970’s due to a combination of low taxation, political and fiscal stability, investment in infrastructure and government initiatives to stimulate economic activity. The island has had one of the fastest growing economies in Europe in recent years and is in its 26th year of continuous growth. This growing and sustainable economy has resulted in a low unemployment rate and a high quality of life. Are you ready to move yet?

Interesting Facts

The Isle of Man is part of the British Isles but not the United Kingdom. It is a Crown dependency, with its own parliament, Tynwald. Established by the Vikings, Tynwald is the oldest continuous parliament in Europe, having celebrated its millennium in 1979. The Island is 33 miles long, 13 miles wide and covers an area of 227 square miles. It has a population of more than 80,000.

What makes it Attractive?

Financially the Isle of Man is very attractive. There is no capital gains tax, no inheritance tax and no stamp duty. In the 2016 Budget the single persons tax free allowance was £10,500, the next £8,500 of income is taxed at 10% with the balance charged at 20% up to the cap. These amounts double for married couples and are fully transferable between husband and wife. Personal income tax is capped at £125,000 per individual. Residents enjoy many benefits including good housing, education and health services, accessible activities, room to move, and a relatively safe community.

Financial Services

To many people, the Isle of Man is known for its financial services partly because its government and tax laws make it an attractive destination for financial companies. In addition to low tax rates for individuals, there is a 0-10% corporate tax, with the banking sector paying 10% while the rest pay 0%.

Niche Businesses

Despite being best known for financial services, the Isle of Man has arguably the most diversified economic base in the world for areas of similar size and is developing a global reputation for a diverse array of niche, quality sectors including:

· High-tech manufacturing

· E-Business

· E-Gaming

· Ship and superyacht management

· Aircraft registration

· Film production

· Space commerce

· Entrepreneur/trading gateway

· Quality food producers and manufacturers

The island's e-gaming sector is now its largest employer, followed by insurance and financial services, although traditional sectors such as the manufacturing industry and agriculture still play a significant role. With a growing market of niche businesses, the Isle of Man is a great place to start a business or open an office.

Before relocating to another country, trying to find expatriate health insurance coverage on your own can be a daunting task. Not to mention the checklist you must complete before leaving. For help developing a checklist, read our previous blog, “Expat Checklist before the Big Move.”

Many of us at MHG are expats ourselves and we understand the global insurance needs of international businesses, and individuals and families living and working around the world. Our Insurance Specialists have the experience, knowledge, and access to multiple international insurance carriers to find you the most suitable plan based on your budget and future plans. Our commitment to your well-being does not end once you have purchased a plan; through our “Concierge Broker Service”, we will continue to assist you with questions about your policy and provide assistance throughout the claims process. Call us at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com for help finding expatriate insurance coverage for you, your family or business!

Looking for a change of scenery? Find out why the Isle of Man should be a top location for all expats!

iStock_000081460771_MediumEmployer based benefits can be hard to come by in today’s world. What used to be a given, has now turned into something should be cherished as so many companies have cut back on the benefits they provide to their employees. Benefits such as health insurance, 401k, disability insurance, and life insurance are things that employees must consider if not already provided by their employer. Even if these benefits are provided, there is a good chance that the coverage provided isn’t enough, especially life insurance.

While having employer sponsored life insurance is a great benefit, it may not be the best idea to fully rely on your employer to provide all of the life insurance coverage you need. There are several different scenarios that can put you and even your family in a tough position, or even leave gaps in your coverage.

Losing Your Job

Losing your job is one of the main reasons you should consider purchasing more life insurance coverage. One reason is because your life doesn’t stop if your job does, which means that your life shouldn’t stop being covered. Losing your job doesn’t take away your debts, and doesn’t provide your loved ones with financial coverage if something unexpected were to happen to you.

Employer Stops Benefits

The past several years have been tough on businesses. Decisions have had to be made about lay-offs, downsizing, and budget cuts. One area of the budget that may have been cut is employee benefits. Companies are required to provide its employees with a certain amount of benefits, depending on the size of the company. However in an effort to maximize profits, more and more companies are cutting back the amount of benefits they provide to their employees to the minimum required by law. In the event that your company decides to reduce your benefits, you may be left needing coverage!

Not Enough Coverage

Typically, if you are lucky enough to have a job that includes life insurance as one of the benefits, there is a good chance that the coverage it provides is not enough. Most cases, the company will provide a policy that worth double the employee’s salary. So if you earn a salary of $50,000, your life insurance policy would be $100,000. For some that would be enough coverage, depending on how many children the person has, or how much debt the person is in. Would a life insurance policy that was double your salary be enough to cover your mortgage, provide stability for your loved ones, and pay for a funeral?

No International Coverage

Do you like to travel? Who doesn’t day dream of seeing a different part of the world from time to time? It’s important for you to know that most life insurance policies to do not provide coverage internationally. So when seeking additional coverage, you may want to consider a policy that includes international coverage.

Are you interested in purchasing life insurance? Would you like some more information regarding options that are available to you? Would you like to ask some questions to an insurance expert? If the answer to any of these questions is yes, please contact us 954-828-1819 or visit us online at mhginsurance.com and talk to one of our insurance specialists for help in ensuring you and your loved ones have the protection you need at every stage of life. There are many things to take into consideration when making the decision of which type of policy is best for you, your family, or loved ones. For help trying to figure out which policy is best for you, read our previous blog, “What are My Life Insurance Options?”.

While having employer sponsored life insurance is a great benefit, it may not be the best idea to solely rely on it for the coverage you need.

1Having employer based benefits is important. Not all companies have them in today’s world, so if you are someone who’s fortunate enough to receive benefits offered by your employer, count your blessings. However, even if you receive benefits, you may not have sufficient coverage. There are several different scenarios where you can find yourself needing additional coverage.

While employer based benefits are important, it may not be the best idea to fully rely on your employer to provide all of the benefits and coverage you need. What if you were to lose your job? Or maybe your company is having to make some budget cuts, and happen to cut the amount of benefits you receive. One of those benefits is disability insurance. For those that don’t know, disability insurance is a great way for your employer to give you and your family the coverage you need in the event you develop an illness or sustain an injury and are unable to work.

Coverage Options

Different coverage options for disability insurance can range from the length of coverage, to the amount of coverage you may need. A short term plan will usually provide coverage for up to two years, while a long term plan should provide coverage from anywhere after two years until retirement age, depending on the plan.

Can’t Work Due to Injury

There are several reasons you should consider disability insurance coverage. One of the main scenarios that would call for an individual disability plan is in the event your employer doesn’t offer a plan. What if you were doing some gardening one weekend and hurt your back? If the injury keeps you from being able to do your job, your company may not be willing to pay your salary while you recover, leaving you without a wage. Having an individual disability plan would provide you with a way to receive a wage in order to pay your bills and support your family.

Employer Stops Benefits

It’s no secret that the past several years have been tough on businesses. The recession forced companies to make some tough decisions. Many people lost their jobs, and many that were fortunate to keep their jobs may have lost some of their benefits due to budget cuts. In the event that your company decides to reduce your benefits, you may be left needing coverage!

Not Enough Coverage

It’s important to know whether your employer offers a short-term or long-term disability insurance plan. If your company offers short-term disability insurance, you may want to think about purchasing a long-term disability insurance plan in case you are unable to work for two or more years. If your company offers long-term disability insurance, you may want to think about purchasing a short-term disability insurance plan to give yourself coverage until the long term coverage kicks in.

It’s also important to note that disability insurance often doesn’t fully match your existing wage. Typically, employer based disability insurance will provide you with 66% of your normal wage, while supplemental disability should cover the remaining percentage. So in order to fully cover your wage amount, you may want to obtain both.

Are you interested in purchasing disability insurance? Would you like some more information regarding options that are available to you? Would you like to ask some questions to an insurance expert? If the answer to any of these questions is yes, please contact us 954-828-1819 or visit us online at mhginsurance.com and talk to one of our insurance specialists for help in selecting disability insurance and other coverage to ensure that you and your loved ones have the protection you need at every stage of life. There are many things to take into consideration when making the decision of which type of policy is best for you, your family, or loved ones. For help trying to figure out which policy is best for you, read our previous blog, “What You Need to Know About Company Sponsored Insurance Benefits”.

What if you were doing some gardening one weekend and hurt your back, keeping you from being able to work?

Group of young people holding a world globeHaving life insurance should be a priority for everyone!

Life Insurance can be a topic that is difficult to plan for, and may be something you don’t want to think about. However, no matter what stage you are at in life, it should be a priority. If you are a young person just starting your career, now is the time to purchase a policy so you can lock in a lower premium. If you are a bit more established with children, what will happen to them if something happens to you? If you are about to retire and move to your dream house in the tropics, how will your spouse pay for the mortgage if the unexpected happens?

Questions to Ask Yourself

When purchasing a life insurance policy there are a plethora of things to consider; such as the amount of the benefit, the beneficiaries, and what actions are actually covered. One thing that may be assumed is that the coverage will be provided no matter where you are in the world. However, that is not always the case. For the most part, life insurance policies only provide coverage in the country they are purchased.

When purchasing life insurance, you should ask yourself questions such as:

  • “How much coverage do I need?”
  • “How long do I need coverage for?”
  • “What type of policy should I purchase?”
  • “Who should be my beneficiary?”

Many people don’t think to ask themselves:

  • “Do I have international coverage?”
  • “Do I need international coverage?”

That latter set of questions can be crucial if you are a person who travels a lot. Retirees traveling the world, yacht crew, and cruise ship workers are just a few of the people who may need international coverage. Typically, if you are in a foreign country for 3 or more months, your life insurance will not offer the coverage if something were to happen to you. So if you are a world traveler, or hope to move to a foreign country one day, or are an expat who looks to settle down back home when you are done with your career abroad, it may be smart to look at your policy and see if you are covered.

MHG Can Help!

If being away from home for long periods of time applies to you, then international life insurance should be a priority. Deciding if you need the extra coverage is the easy part, now comes what type of policy is right for you!

A large number of our clients work internationally, and could greatly benefit from having an international life insurance policy. In fact, many of our employees are expats themselves, and have personal and professional experience that can be used to assist you. It should also be noted that the price for international coverage policies are usually comparable to those that don’t have international coverage.

There are many things to take into consideration when making the decision of which type of policy is best for you, your family, or loved ones. For help trying to figure out which policy is best for you, read our previous blog, “What Are My Life Insurance Options?” Are you interested in purchasing Life Insurance or International Life Insurance? Would you like some more information regarding Life Insurance options that are available to you? Would you like to ask some questions to a Life Insurance expert? If the answer to any of these questions is yes, please contact us 954-828-1819 or visit us online at mhginsurance.com and talk to one of our insurance specialists for help in selecting Life Insurance and other coverage to ensure that you and your loved ones have the protection you need at every stage of life.

Did you know? Your life insurance may not cover you internationally! Read more.