Report From Walter R. Maestas: Secretary-Treasurer July 2012
Group Benefit Insurance
Now through Allstate Ins. which includes insurance for Accident & Disability Income, Cancer, Critical & Life. Click Here to view the flyer and Click Here to view the Letter from Local 492.
Through the years Teamsters Local Union # 492 members have had the opportunity to obtain different types of insurance such as disability, life and others through their being a member of Teamsters Local Union # 492. The majority of those years this opportunity was through Southwest Union Benefits and Jake Kettenacker. It is now through Sharon Orona an Insurance & Benefits Consultant, as you have seen in a recent mail out. The following is a possible wake up call to some ongoing issues that you may or possibly may encounter with regards to your insurance. Once again this is not an endorsement from your Local Union, other than your ability to seek these opportunities due to being a member of Local # 492.
WHAT DOES YOUR LIFE INSURANCE LOOK LIKE? Are You Sure?
The economy has brought many changes and the life insurance industry has changed dramatically over the last decade. Products are now more complex, competitive and creative; many life insurance companies have become divisions of large financial service conglomerates.
You may have purchased term or permanent life insurance sometime in the past few years. Term life insurance is coverage over a specified period of time and usually at a lower monthly cost. Permanent life insurance comes in several types; the premiums usually start out higher than term but are usually more consistent throughout the life of the policy and may have some additional cash accumulation.
It has come to our attention that some of our members may not be completely up to date or knowledgeable how the changes have, are or will be affecting them.
The important issues now are several and you may need to ask yourself some of the following questions and then evaluate if you still have the coverage you thought you bought, the coverage you truly need and what it is costing you. And that cost may not be just the premium you pay each month.
These are just a few questions you should be asking yourself. There are many more but start with these.
· Are you the primary household income provider?
· Is your insurance truly the kind of life insurance you thought? Is it a life insurance or an accident death insurance policy?
· Have the premiums been what you expected and will they remain the same or come to a date in time where they, in some cases, triple?
· Has your health status changed? Have you started smoking again?
· How would your family support themselves if you died?
· If you have group life insurance through your employer and you retire, can you convert the policy from a group policy to an individual policy and can you afford the new policy?
You owe it to yourself and your family to make sure you have the protection you desire and need. Take the time NOW and LOOK and LEARN. Click Here to view the flyer and Click Here to view the Letter from Local 492.
Disclaimer: Teamster’s Local 492 is providing this information as an educational piece and has no claim of responsibility for its content. This information has been provided by a local insurance agency.