by L.A.S.
The following is a list of companies that offer 401k plans. It is up to date as of Fall 2009, but we cannot guarantee that it is an all-inclusive list. Please consult with your certified financial planner regarding specific features of plans that will best fit your needs. Providing this list does NOT imply endorsement, and none should be assumed. You must determine which company's plans best suit you.
All allow tax-free loans from your plan EXCEPT Redwood Administrators, and Underwriters Marketing Service. All provide 401K rollover and consolidation EXCEPT Best 401K Inc., and Omega Recordkeeping.
ADP Retirement Services: adp401k.com; 973-712-2000
Advanced Benefits Consulting: 314-539-0836
Alliance Benefit Group: abgnational.com; 800-242-2356
American Pension Services LLC: americanpension.net; 813-281-0707 x110
American United Life Insurance Co: oneamerica.com; 866-313-7355
The Best 401K Inc.:thebest401k.com; 800-430-8054
CBIZ Retirement Consulting Inc.: cbiz.com/retirement; 407-475-1765
Charles Schwab: scrs.schwab.com; 877-456-0777
CPI Qualified Plan Consultants Inc.: cpiqpc.com; 800-279-9916 x765
Daily Access Corp.: dailyaccess.com; 888-535-4322
Elite Marketing Insurance Designers of Houston: elitemktg.net; 800-477-3548
Expert Plan Inc.: expertplan.com; 609-918-2500
Future Benefits of America: fb401k.com; 901-843-7799
Gradient Investments: gradientinvestments.com; 888-824-3525
Great-West Retirement Services: gwrs.com; 800-537-2033
Guardian Insurance & Annuity Co. Inc.: guardianlife.com or guardianretirement.com; 866-390-7268
Harbor Insurance Marketing Inc.: harborins.com; 866-424-2167
ING: ingretirementplans.com; 888-639-2798
Ingham Retirement Group: ingham.com; 305-671-2200
Lafayette Life Insurance Co.: lafayettelife.com; 765-477-7411
Lincoln Trust Co.: LincolnTrustCo.com; 303-658-3000
Managed Resources: mgdresources.com; 208-773-6924
MBM Advisors Inc.: mbm-inc.com; 713-221-3117
McCready and Keene: mcak.com; 804-639-1395
Mercer: mercer.com; 857-362-2000
Mutual of Omaha: getretirementright.com; 877-401-7253
MVP Plan Administrators Inc.: mvpplanadmin.com; 866-687-6877
Noble-Davis Consulting Inc.: noblepension.com; 440-498-8408
Omega Recordkeeping Group: onlineretirement.org; 864-699-6900
The Online 401K: theonline401k.com; 877-775-4015
Paychex Inc.: paychex.com; 800-322-7292
Principal Financial Group: principal.com; 800-986-3343
Putnam Investments: putnam.com/401k; 800-719-9914
Redwood Administrators Inc.: redwoodadmin.com; 866-724-7770
The Retirement Advantage Inc.: tra401k.com; 888-872-2364
The Revzon Consulting Group: revzonconsulting.com; 877-254-7085
Securian Financial Group Inc.: securian.com; 877-876-4015
The Standard: standard.com; 877-805-1127
Transamerica Retirement Services: ta-retirement.com; 888-401-5826
Underwriters Marketing Service Inc.: callums.com; 856-727-1900
USI Consulting Group: usicg.com; 860-633-5283
Vaughan & Associates Inc.: retirementplansolutions.com; 864-271-1298
Wells Fargo: wellsfargo.com; 800-368-1225
Wellth Counselors: inthesafe.com; 970-744-4626
Best wishes!
Showing posts with label policy. Show all posts
Showing posts with label policy. Show all posts
Sunday, September 20, 2009
Friday, November 21, 2008
What features should you look for in a Long-Term Care insurance policy?
You have finally decided to bite the bullet and check around for a long-term care policy for yourself or a loved one. But where do you begin? What features should be included in a plan?
You do not have to re-invent the wheel when seeking a LTC policy. The folks at the National Association of Insurance Commissioners (NAIC, found online at NAIC.org) have kindly provided a mini checklist for your benefit. The list includes:
On the other hand, my own grandmother only spent about six months in a skilled care facility before she died. But you have to play the odds here, the reasonable odds. And most likely, three years of nursing home care is all that one can reasonably be expected to afford premiums for.
My other recommendation, as a past professional in the area of senior products, is that IF you cannot get a long-term care policy due to health history or whatever, then increase your life insurance coverage to the most you can reasonably afford. Most life insurance policies are 1) cheaper than LTC policies, 2) easier to get than a LTC policy, and 3) have acceleration of benefit provisions so that if you are diagnosed with a terminal illness or have to go into a nursing home, you can draw upon the policy limits. At the very least, you can put up the life insurance policy as a form of collateral on the final bill from the nursing home.
SEE ALSO:
America's Health Insurance Plans (AHIP) – online at AHIP.org; they have an office in Washington, DC.
American Health Care Assn. -- 1201 I (as in Illinois) Street NW, Washington, DC 20005, 202-842-4444, or online at ahca.org.
National Assn. Of Insurance Commissioners (NAIC) – 2301 McGee Street, Suite 800, Kansas City, MO 64108, 816-842-3600, or online at NAIC.org.
National Council on the Aging – 300 D Street SW, Suite 801, Washington, DC 20024, 202-479-1200, or online at NCOA.org.
Area Agency on Aging – 1-800-677-1116 to find a local office.
You do not have to re-invent the wheel when seeking a LTC policy. The folks at the National Association of Insurance Commissioners (NAIC, found online at NAIC.org) have kindly provided a mini checklist for your benefit. The list includes:
At least one year of nursing home or custodial care, and should also include intermediate care.
You probably want home health care included, too. Home health should not be limited to skilled care (meaning a registered nurse). You will probably need to call in unskilled help to assist with household chores, to help bathe and feed your loved one, or any of the myriad things that need to be done.
Coverage for Alzheimer's disease, if the policyholder develops the illness after the policy is issued.
Inflation protection option. No one knows just how expensive it will be ten years from now to keep someone in a decent nursing home; prices have risen sharply over the past ten years for all health care. It will cost you more to have this rider or option.
The insurance carrier is obligated to provide you with a free copy of the “long-term care insurance shopper's guide”. They prefer to hand this out after you have signed on the dotted line for an application, but you are NOT obligated to buy or express an interest in buying, in order to get this booklet.
A guarantee that the policy cannot be canceled, nonrenewed, or otherwise terminated because you get older or develop a chronic illness/serious disease.
You have the right to a 30-day period – known as a 'free look' – in which to examine the policy and return it if it does not seem to be what you wanted. The insurer will return your check. This is a standard provision, not a gift from each insurer, but do mention it anyway.
There should not be any requirement such as the following: that the policyholder first be hospitalized before admission to a nursing home in order to be covered; that the policyholder first receive skilled nursing home care before entering an intermediate or custodial nursing home; or that the policyholder first receive nursing home care before receiving benefits for home health care. Why are these important? Because most people prefer to keep a loved one at home for as long as possible before finally transferring him or her into a nursing home. These provisions we have listed all are intended to keep someone in a healthcare facility of some kind rather than at home.
In addition, you might see a 'waiver of premium' rider. This allows you to stop paying premiums during the time you are receiving benefits. Read closely to find what restrictions there are on this rider. Commonly, you will have to be in a nursing home for 90 days before the waiver goes into effect.
Pre-existing conditions. Insurers usually say in the policy that pre-existing conditions are excluded for 6 months or a year. However, often they will simply not write a policy for someone with certain diagnoses. For example, I once tried to get a long-term care policy for a lady who was 72, in great shape – but underwriting turned her down because she had diabetes. Even though her condition was controlled and her weight was in the normal range, they felt her disease was progressing enough so that they did not want the risk. Also, some diseases may be quite common in your state and some insurers will not cover it. In Minnesota, multiple sclerosis is quite common (statistically speaking) and so it is excluded from dread disease policies. (In other words, if you have a family history of this disease, move to another state if you want to buy a dread disease policy.)
What exclusions are in the policy? It is common that injuries or illnesses that result from self-inflicted causes are excluded. But you may be surprised that those who have a history of drug or alcohol abuse will also be excluded from coverage if their condition is deemed related to that history. (Example: liver disease, brain damage from a drug overdose, etc.)
Possible return of premium. Some policies allow you to get a healthy refund of premiums paid if you do not use the insurance provisions or decide to cancel. You will not get 100 percent of your premiums back. You will however pay more for this rider. Why would you want this rider? If at some point you can no longer afford the premiums, or some other option opens up for you that will replace the coverages of this policy, you could decide to cash it in, so to speak, and use the cash to buy into another coverage.
People generally buy far too much long-term care insurance. From the statistics that I have seen, most people only spend one, two, or three years in a nursing home. And yet people are terrified of the possible expenses of spending twenty years in such a facility.
On the other hand, my own grandmother only spent about six months in a skilled care facility before she died. But you have to play the odds here, the reasonable odds. And most likely, three years of nursing home care is all that one can reasonably be expected to afford premiums for.
My other recommendation, as a past professional in the area of senior products, is that IF you cannot get a long-term care policy due to health history or whatever, then increase your life insurance coverage to the most you can reasonably afford. Most life insurance policies are 1) cheaper than LTC policies, 2) easier to get than a LTC policy, and 3) have acceleration of benefit provisions so that if you are diagnosed with a terminal illness or have to go into a nursing home, you can draw upon the policy limits. At the very least, you can put up the life insurance policy as a form of collateral on the final bill from the nursing home.
SEE ALSO:
America's Health Insurance Plans (AHIP) – online at AHIP.org; they have an office in Washington, DC.
American Health Care Assn. -- 1201 I (as in Illinois) Street NW, Washington, DC 20005, 202-842-4444, or online at ahca.org.
National Assn. Of Insurance Commissioners (NAIC) – 2301 McGee Street, Suite 800, Kansas City, MO 64108, 816-842-3600, or online at NAIC.org.
National Council on the Aging – 300 D Street SW, Suite 801, Washington, DC 20024, 202-479-1200, or online at NCOA.org.
Area Agency on Aging – 1-800-677-1116 to find a local office.
Thursday, June 26, 2008
STANDARD EXCLUSIONS
STANDARD EXCLUSIONS
1) Suicide Exclusion - If the insured commits suicide within two years of the policy issue date, the death benefits will not be paid. Instead, the beneficiary will receive the refunded premiums.
2) War Exclusion - If the insured dies as a direct result of war, the death benefit will not be paid. Instead, the beneficiary will receive the refunded premiums plus interest.
3) Aviation Exclusion - If the insured is a private pilot or member of the crew, the death benefit will not be paid if the insured dies in an air accident. Instead, the beneficiary will receive the premiums with interest. You might purchase an aviation rider which will remove this exclusion.
1) Suicide Exclusion - If the insured commits suicide within two years of the policy issue date, the death benefits will not be paid. Instead, the beneficiary will receive the refunded premiums.
2) War Exclusion - If the insured dies as a direct result of war, the death benefit will not be paid. Instead, the beneficiary will receive the refunded premiums plus interest.
3) Aviation Exclusion - If the insured is a private pilot or member of the crew, the death benefit will not be paid if the insured dies in an air accident. Instead, the beneficiary will receive the premiums with interest. You might purchase an aviation rider which will remove this exclusion.
Standard Policy Provisions on Life Policies
LIFE INSURANCE POLICY PROVISIONS, RIDERS, RIGHTS
Standard Policy Provisions on Life Policies
1) Ownership Clause - The policy owner has ALL contractual rights in the policy while the insured is still alive. The policy owner has the right to name the beneficiary or beneficiaries, borrow against cash value, or select dividend options.
2) Assignment Clause - The policy owner may designate a new owner by filling an appropriate form. The assignee then becomes the new owner of the policy. This is commonly done when a parent bought a life policy for a newborn, and wishes to transfer it to the now-adult child. This is also an option if you do not need a given policy anymore, and it is paid up. You may wish to assign it as a gift to your church or alma mater or other charity. I might add that using the policy as collateral on a loan is an example of temporary assignment.
3) Entire Contract - Just like with the health insurance policy, this states that the whole of the policy is contained in the application, the policy itself, and any riders.
4) Free Look - You have the right to examine the policy and decide whether you want to keep it; you can cancel it and owe nothing if within the stated period of time. Usually this is 10 to 20 days, depending on your state, or 30 days for senior products. The count begins from the date the policy is delivered to your hands.
5) Grace Period - The policy owner has 31 days in which he or she may pay the premium late without the policy lapsing. It lapses on the 32nd day after the due date. IF THE INSURED DIES during the grace period, the policy does not lapse! The face amount is paid, minus the premium.
6) Reinstatement Period - This is very different from the rules for a health policy, so look sharp. Your LIFE policy may be reinstated up to three years after the last premium due date. To reinstate, you need to fill out the reinstatement form, prove insurability (which usually involves a new physical exam), and pay all back premiums with interest. You will have to wait thru a new incontestability period (2 years) - but NOT a new suicide exclusion. However, if there was no cash value when the policy lapsed, then coverage ends and you cannot reinstate. Ex: A term policy may lapse permanently because it has no cash value. Also, you may have the option with a whole life policy to convert it to an extended term life policy. This is what happens if your policy has an automatic non-lapse option.
7) Incontestability Clause - The insurer can’t contest a claim after two full years on the basis of misrepresentation or concealment. The only cases of fraud that can be contested after two years are impersonation, no insurable interest, and intent to murder. Impersonation is pretending to be the insured when buying the policy or forging their signature on an application. Intent to murder should be pretty self-explanatory as I am sure all of us have watched enough crime shows understand how that works. Insurable interest is having a plausible interest in the life of the insured. We all have unlimited interest in our own life, or in the life of a spouse or other family member. We also have an insurable interest in a business partner or a company’s key employee.
8) Misstatement of age or gender - These are essential to arriving at a correct
premium for the policy you purchase. As with the health policies, if the misstatement in age results in a lower premium, you will be refunded the excess premium. If it results in a higher premium, you will receive a reduced death benefit; the amount is the one that your premium would have bought with accurate information. This provision is NOT subject to the incontestability provision.
9) Consideration Clause - The policy owner promises to pay all premiums due and swears all the statements on the application are true.
10) Insuring Clause - This states the policy benefits, the perils (risks) covered, and the beneficiary.
11) Payment of Claims Clause - The death benefit of the policy must be paid within two months (60 days) after the insurer receives proof of death. Unless, of course, they suspect any sort of major fraud in the purchase or irregularity in the death.
Standard Policy Provisions on Life Policies
1) Ownership Clause - The policy owner has ALL contractual rights in the policy while the insured is still alive. The policy owner has the right to name the beneficiary or beneficiaries, borrow against cash value, or select dividend options.
2) Assignment Clause - The policy owner may designate a new owner by filling an appropriate form. The assignee then becomes the new owner of the policy. This is commonly done when a parent bought a life policy for a newborn, and wishes to transfer it to the now-adult child. This is also an option if you do not need a given policy anymore, and it is paid up. You may wish to assign it as a gift to your church or alma mater or other charity. I might add that using the policy as collateral on a loan is an example of temporary assignment.
3) Entire Contract - Just like with the health insurance policy, this states that the whole of the policy is contained in the application, the policy itself, and any riders.
4) Free Look - You have the right to examine the policy and decide whether you want to keep it; you can cancel it and owe nothing if within the stated period of time. Usually this is 10 to 20 days, depending on your state, or 30 days for senior products. The count begins from the date the policy is delivered to your hands.
5) Grace Period - The policy owner has 31 days in which he or she may pay the premium late without the policy lapsing. It lapses on the 32nd day after the due date. IF THE INSURED DIES during the grace period, the policy does not lapse! The face amount is paid, minus the premium.
6) Reinstatement Period - This is very different from the rules for a health policy, so look sharp. Your LIFE policy may be reinstated up to three years after the last premium due date. To reinstate, you need to fill out the reinstatement form, prove insurability (which usually involves a new physical exam), and pay all back premiums with interest. You will have to wait thru a new incontestability period (2 years) - but NOT a new suicide exclusion. However, if there was no cash value when the policy lapsed, then coverage ends and you cannot reinstate. Ex: A term policy may lapse permanently because it has no cash value. Also, you may have the option with a whole life policy to convert it to an extended term life policy. This is what happens if your policy has an automatic non-lapse option.
7) Incontestability Clause - The insurer can’t contest a claim after two full years on the basis of misrepresentation or concealment. The only cases of fraud that can be contested after two years are impersonation, no insurable interest, and intent to murder. Impersonation is pretending to be the insured when buying the policy or forging their signature on an application. Intent to murder should be pretty self-explanatory as I am sure all of us have watched enough crime shows understand how that works. Insurable interest is having a plausible interest in the life of the insured. We all have unlimited interest in our own life, or in the life of a spouse or other family member. We also have an insurable interest in a business partner or a company’s key employee.
8) Misstatement of age or gender - These are essential to arriving at a correct
premium for the policy you purchase. As with the health policies, if the misstatement in age results in a lower premium, you will be refunded the excess premium. If it results in a higher premium, you will receive a reduced death benefit; the amount is the one that your premium would have bought with accurate information. This provision is NOT subject to the incontestability provision.
9) Consideration Clause - The policy owner promises to pay all premiums due and swears all the statements on the application are true.
10) Insuring Clause - This states the policy benefits, the perils (risks) covered, and the beneficiary.
11) Payment of Claims Clause - The death benefit of the policy must be paid within two months (60 days) after the insurer receives proof of death. Unless, of course, they suspect any sort of major fraud in the purchase or irregularity in the death.
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