What is the "Free Look" period for insurance in MN and WI?

Consumers are protected against just about anything pertaining to insurance. Today I will speak a bit about the “Free Look” period that most insurance products offer.

Because over the years that the insurance industry has been in existence, situations have occurred in which consumers have misunderstood things and situations in which insurance agents unfortunately cared more about their commissions over the client and misconstrued things. Many times it is only a matter of communication but complaints are filed so more and more “safeguards” have been set up to protect the consumer. I think you’ll find that most insurance professionals value the time and effort it took to get licensed and do not want to jeopardize losing it or getting a large fine from the state commissioner of insurance, so they are very, very careful to treat consumers well.

The Free Look Period

There are many consumers who really want to be insured and have themselves and their loved ones protected but are truly afraid of speaking with an agent because they think that they may be forced to buy something they don’t want or need. Again, I assure you (if you feel this way) that you needn't feel this way.

Sometimes a client may ask while they are signing up for insurance if they can cancel their insurance. Of course I say, you can cancel your insurance, you can quit your job, you can get a divorce, you can get off the merry go round; you have choices and you can always say “no”. Going into the purchase of insurance with the attitude of cancelling is like going into marriage with the intent to get a divorce someday. But this is the point I want to make about consumers being protected…  many policies offer what is called a “free look” period that starts after the policy is delivered (and/or put in force; when it becomes active) and lasts from 7 to 30 days. If the client wishes not to keep the insurance, all premiums paid are reimbursed. 

I don’t get this “can I cancel” question often because when my clients purchase life insurance or any other, they truly want it and their intent is to keep it. I, like I’m sure most insurance agents, am very busy and do not work with “tire kickers”. Why would any professional work hard and take all of the time to get the best insurance product for the client knowing that the client will not keep the business on the books? Sometimes I will ask the client more questions about why they are having apprehension; sometimes they just need to know more and have their questions answered. Time is the only thing that cannot be replaced and if someone is not serious about being a client, I have to move on and work with someone who is.

CAUTION: Not everyone qualifies for life insurance.

You may qualify for insurance today (at the time of application), and literally have something happen to you the very next day that could disqualify you, perhaps for a lower premium, or make you ineligible for the insurance all together. (I’m not talking about “healthcare insurance” here;that pays the doctors and other healthcare professionals; I’m referring to insurance products that pay you or your beneficiaries).

TO MY READER: 

Since I have nothing to gain (because I’m most likely not your insurance adviser) I would encourage everyone reading this to feel safe knowing that if for some reason if you have to cancel coverage, you certainly may by having the free look period provision. But since no one knows what tomorrow may bring, it’s better to “think about it” but to be covered while you think about it. 

I’m writing a book and could use your help.

I am writing a new book and could use help from my FB friends. What questions would you want answered about life and health insurance but don't want to ask an agent because you don't want to buy insurance "right now" so you don't want to meet with an agent? Title of book will be: 10 Things you want to know about Insurance but didn’t want to (set an appointment with an insurance agent) to ask! Leave your comments at: www.terscott.com/contact and I'll email you the published eBook FREE! Thanks.

Terry L Scott

Insurance Agent

Are you a monkey when it comes to your insurance portfolio?

ARE YOU "MONKEYING AROUND" WITH YOUR INSURANCE? 

In Tony Robbins book, MONEY, Master the Game, he speaks about how people do not like to save because they think that they are actually giving it up instead of setting it aside for their future self. He tells us about monkeys who are elated when given one apple and really overly exhilarated when given two apples. Makes sense right? But guess what happens when the monkeys who were given two apples had one taken away. Even though they were excited to have one apple, they forgot all of that and when one was taken away (and remember, they still had the one) they, as Tony says in scientific terms, “They were mad as hell!”

Are we also like this monkey? Or can we set one apple aside for our future? I know this is hard and I will tell you that I’ve struggled with setting aside the apples of my finances for years. My my insurance readers, please be patient because I will get to saving "apples" applies to insurance in a moment. For now, please ask yourself whether you’ve saved apples for your future, saved enough apples, or continue with saving apples on a continual and consistent basis. Tony explains that when we think we are losing an apple (like the monkey) we won’t do it! But here’s a solution that Shlomo Benartzi of ULCA Anderson School of Management and Richard Thaler of the University of Chicago came up with that they call: Save More Tomorrow.

I remember challenging my uncle when I was a young teenager when he went for seconds on my mother's apple pie. I said, "I thought you were on a diet?" He said to me, "Oh, I'll start again tomorrow" and he was totally serious! So I know this thought pattern is out there and this Save More Tomorrow could really work. 

The Save More Tomorrow (SMarT) is a program that agrees with people that they can “save more tomorrow, so don’t bother me today; but OK, I can squeeze let’s say, 3% of what I earn and put it away for my future” and “Sure, I’ll increase this (in the future) when I get raises, get a bonus, a gift or money, etc., but not today”. So people set aside a very small amount and to their amazement, over just several years these people are saving a whopping 19% of their income. (Actually they are not saving in the low paying interest savings accounts at their local bank or credit union, but higher payout options, but even starting with deposits in a savings account would be a positive but I don’t have time to address that here). 

The point is that people feel that when they put money aside, they are "losing it" so they don’t want to, but agree that 3% is so little that they won’t miss it "losing it", so they do it and over time they reap the rewards of  a larger amount of money set aside, (still not feeling any negative aspects) and actually realizing some amazing compound interest!

So, now let me talk to my insurance friends. All of the above is great in one’s realm of finances and saving, right? But let’s apply this to another part of finances which is one’s area of insurance; that of insuring one’s life, legacy and health. Who wants to set aside money for something they may not use like health insurance or something they themselves may not be around to experience themselves (life insurance)? Why should I give up this apple today for these results that I may or may not see tomorrow?

Using the exact same premise in Tony's information above, why not set something aside today in such a small amount that you won’t notice it and then increase it later in the future? Start small with your insurance portfolio, but start with something, no matter what age you are. We know that we need to get our exposures covered but that we’ll get to it someday, but unfortunately sometimes  “someday” gets to us first. 

The hardest part of most things is taking the first step and starting something. Jack Canfield in his book, The Success Principles, states that we all have what he calls "attention units". These are things that are always on our mind, things that we want to get to but don’t and so they take up real estate in our head. When we are thinking of things like this, since we can only think of one thing at a time, these attention units take the place of more fun and positive things that we could be thinking! My advice (that I also continually tell myself) is to get rid of these attention units. I say that when we have too many attention units, that we truly have an attention deficit!

ACTION POINT: Why not see how much just a little life insurance would be and start today, then increase it in the future when you can? Find out how much it would be to protect your “money machine” which is you, and your ability to create an income. When you get sick your health insurance pays the doctors but who pays you? Protect yourself and your ability to make an income so your house, car and other necessities are taken care of while you are forced away from making income while recuperating.

You may be surprised just how affordable it is to set that apple aside for your future protection. Why  monkey around with your insurance needs? Do something small with your insurance portfolio today and increase it in the future; but at least start.

My name is Terry L.Scott and I’m glad to be in the Life and Legacy business; finally insurance really is affordable! 

This is NOT insurance, but it is a great savings on HealthCare... Check it out!

I am an insurance agent and love what I do. Sometimes my clients cannot qualify for certain products. Check this site out; it might really help you and your family; everyone qualifies!

Just click on the pic:

Terry Scott Insurance Agent shares What Businesses and Individuals Need to Know with the ACA

Since I'm an insurance agent and on this side of the business, it's my duty to stay abreast on the trends in the industry. And because I'm not the typical insurance agent, I don't keep this to myself, I share it with my clients and anyone who reads this blog (I know other agents in the industry read this and I welcome and invite them to do so). Finally before I share today's article, as always I'll let you know that I have my hands full with my commitment to assisting clients in MN and WI (I usually have 3 to 4 face to face appointments and 10 phone calls to take care of every day minimum  because my business has been built on referrals) however, it you are in any other state and have questions, I will do my best to answer them and/or I will refer you to another reputable agent in your area!

Here's a link to an informative article about business people insuring their employees now with the ACA in place. Please take a moment to read it; it may be the most important thing you'll read about to protect your business today!

ARTICLE: Next year (2015; this was published December 2014) will be the first year that small businesses face penalties under the Affordable Care Act if they don’t provide health insurance coverage for employees. Those with 100 or more full-time employees will have to provide insurance to at least 70% of them; in 2016 that threshold drops to 50 or more full-time employees and coverage extends to 95%. Although this “employer mandate” is the law, small business health insurance is also a way to attract top talent and keep them from jumping ship. Businesses spend about one-fifth an employee’s annual salary to replace them.
READ MORE HERE. 

Make it a great day!
Terry Scott
Insurance Agent

Terry Scott with HealthMarkets (Duluth MN/Superior WI) talks Insurance

WHO IS THIS GUY (Terry L Scott) AND

WHY SHOULD HE BE YOUR INSURANCE PROFESSIONAL?

Q. How would you answer that question?

A. With a question. If you were going to have brain surgery done, you would want the best doctor doing the surgery right? Just as if you are the best in your field, such as real estate, plumbing, teaching or doctoring, I would want you and you service. So my question is, why “settle for” less than the best when it comes to your money, your future well-being of yourself and your family? You can have the best; I’m the best.

Q. That’s quite a statement, can you back it up?

A. (Chuckle) Sure; I’ll try. I know that sounds a bit conceited and boastful but I truly am the best, and every day I get up early to continue to stay on top of things and remain “the best”. Am I saying that I know it all, that someone else can’t offer similar products, or that I don’t make mistakes? No. However, I know my passion is to help others and to do right by them and for them. Insurance can be confusing so I’ve taken the training and obtained the license to be an agent, but I do more. I do my own continual learning so I continue “being” the best. Also, I surround myself with other professionals, who are also “the best”, if I don’t have the answer, I get it.

Q. How did you get started in the industry?

A. Over 10 years ago I worked for a couple of insurance companies and I got turned off because it was more about the agent making the sale and not about helping the client; at least that’s what I got out of it. I let my license lapse thinking that I would never, ever, do that again. Then “life happened”.

Q. What do you mean?

A. I had a close friend whose mother had retired and had a condition and she certainly would have been made more comfortable if she had some things (insurance wise) in place. She went through all of her savings, and everything had to go to her end of life needs when she could have used more money and options during this time.

Also, in other cases, I saw how those turning 65 really need help in making insurance choices.

Q. Choices?

A. Yes, many people think that when they turn 65 that everything is “taken care of” but it’s like going back to school again. They get numerous phone calls from agents every day. They get bombarded with mail from Medicare and all of the insurance companies who want to help. This goes on for months. It’s overwhelming and confusing. And it’s scary; making the wrong choice during this window of enrollment can adversely affect the rest of one’s life in how and what they can do.

Q. So you got into the industry years ago, got out, had these recent experiences and…

A. Yes, I got back involved with insurance. Either the industry changed (which I know it has) or I have, or both. I was working full time but would get up very early every morning and took hours and hours of tests online. When I was done and thinking that I was “finished” another module and test would “appear”; it seemed to go on forever! But I was determined to continue. I passed and obtained my license in Life and Health for both Wisconsin and Minnesota. (I definitely will keep renewing them because I don’t ever want to start from scratch again!)

Terry Scott is an Agent and Broker for ACA as shown above. 

Q. What would you want the “person on the street” to know about insurance?

A. There is an organization called LIMRA which offers statistics concerning insurance. A few things that stand out to me is that most people think insurance costs about 3 times more than it actually does, and more people would buy insurance if someone approached them! Plus, I’d like to let everyone know too that there are laws and regulations that safeguard and protect the consumer of insurance products so there is no real reason why someone should be apprehensive to sit down and visit with an insurance professional to get an assessment (picture) of their situation. Believe me, with all it takes to get licensed and with all of the laws that protect the consumer, agents are very, very careful to do what’s right for the consumer!

Q. Anything else that you’d like to add?

A. In my time as an agent, I’ve been privileged to work with several companies and have seen how most operate. There is probably not a bad company out there. I think most agents and the companies they represent have the consumer’s best interest in mind. However, I know that I’m in the right place and I’m glad now to represent HealthMarkets. It offers many products from many different companies so I am not biased to any one, and can really create the right customized and affordable “corporate style” benefits package for a client using products from any of these fine companies; I like that.

Terry Scott is an agent with HealthMarkets. See his site at: www.HealthMarkets.com/Terry.Scott.  

Health Insurance Innovations offers Deductible and Gap Protection Plans for the ACA.

I wanted to share this press release with my readers. This happens to be a company that I represent but I understand that my readers are all over the country. If you are in MN or WI let me know and I will gladly assist you in answering any questions you may have; or I can recommend someone in your area. I highlighted a few points that I am always "preaching" to my clients. We fill the "gaps". Remember that health insurance pays the doctors and supplemental insurance pays you!

Here is the press release. Terry Scott - Insurance Agent

December 10, 2014

Health Insurance Innovations, Inc. Announces ACA Supplement -- Deductible and Gap Protection Plans to Help Americans With High Deductible Health Plans

TAMPA, Fla., Dec. 10, 2014 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc., "HII" (Nasdaq:HIIQ), a leading developer and virtual administrator of affordable health insurance plans, ancillary products, and research-driven consumer health insurance plan shopping tools, today announced the launch of ACA Supplement Deductible and Gap Protection Plans to help customers with accident expenses their ACA metal plans may not cover until full deductibles are met, as well as healthcare services not included in ACA coverage.

Across the nation, Americans are choosing individual and family health plan coverage for 2015. Many are choosing on-exchange Bronze and Silver plans. These plans could leave some families responsible for as much as $13,200 in out-of-pocket expenses according to the Healthcare.gov website.

"Many of the people who choose these Bronze and Silver plans are not in a financial position to absorb large out-of-pocket expenses. They may need access to care well before they've met their deductibles and could simply choose to remain untreated. That is why these deductible and gap protection plans are so important," explained Mike Kosloske, CEO of Health Insurance Innovations.

HII's ACA Supplement Deductible and Gap Protection Plans were developed as a supplement to ACA health plans, not as a primary health plan. Alongside enhanced out-of-pocket protections in the case of accidents, these plans include coverage for several categories of medical expenses often not covered in ACA plans including adult dental and vision care, chiropractic care, as well as 24/7 access to U.S. board-certified physicians who can help resolve medical issues via phone.

The ACA Supplement Deductible and Gap Protection Plans can be purchased now from the over sixteen thousand licensed insurance agents who are part of the Health Insurance Innovations distributor network at hiiquote.com.

About Health Insurance Innovations, Inc.

Health Insurance Innovations, Inc. (HII) develops affordable, high-quality health insurance products through partnerships with best-in-class insurance carriers, distributed through licensed insurance agents as plan configurations customized for the individual consumer. These transactions take place via the industry's first virtual administrator, an entirely cloud-based proprietary process —Quote-Buy-Print— providing proof-of-coverage to insured in minutes rather than weeks. HII is a data-driven digital business informed by its consumer division. HII's consumer division includes HealthPocket.com's Research & Databusiness, the largest repository (of any kind) of health insurance information and HealthPocket.com, the only online resource that offers consumers one-click access to unbiased rankings of all available health-insurance plans. Additional information about HII can be found at hiiquote.com.

CONTACT: MEDIA CONTACT:

         Mia Erichson

         Health Insurance Innovations

         813.569.6825

         merichson@hiiquote.com



         INVESTOR CONTACT

         Susan Noonan

         S.A. Noonan Communications, LLC

         212.966.3650

         susan@sanoonan.com

Source: Health Insurance Innovations

News Provided by Acquire Media

ACA Health Insurance Duluth MN, Superior WI

Need Health and/or Life Insurance in the Duluth MN/Superior WI area?
I can help. Do you live in another state? I will be glad to recommend someone in your area.