US Leads the Way with Income Protection Buyer Beware
Released on: June 25, 2008, 3:01 am
Press Release Author: Marc Benson
Industry: Financial
Press Release Summary: Lina, President of LMD Financial talks about the benefits of Guaranteed Renewable or Non-Cancellable insurance contract
Press Release Body: Recently I met with an Owner Operator who starting working with a U.S. based carrier that I have known for years. The Transport Carrier insisted he must purchase a plan that offers them benefits in the event of an accident benefits that may be payable under their fleet insurance : a form of re-insurance. This is simply to avoid their fleet insurance rates increasing. What will they think of next? This plan does NOT cover you for any income replacement but merely compensate you for any benefits may be payable as a result of accident you may have under their corporate fleet insurance policy. Corporate fleet policies are always generally cheaper than adhering to an individual policy for a tractor especially when they are negotiating on a volume basis and they have an excellent loss ratio that is spread over so many units. The cost of the plan was $104 a month; instead of course buying personal catastrophic coverage that covers you 24 hours a day at home, work or play for a minimum about of $122.00 which provides $2,000 in INJURY Only coverage, Accidental Death & Dismemberment for $300,000 and Long Term Disability to age 70. So buyers beware. As we had advocated for many years in the industry and within our column, majority of all claims are ILLNESS related. These illnesses may be as a result of a condition that first may have occurred as a result of an accident, later become a condition or disease that is NOT covered by the injury only portion of a contract. If you have WSIB coverage, to prove that the condition was work related is very difficult, it will take you years to finally establish that indeed it may have been as a result of an occupational injury. It is very hard to look at a condition when we all sit and stand to say that really my degenerative disc disease was not present until I started driving truck. The proper prescription is always looking at all your options. The best contracts for loss of income are either Guaranteed Renewable or Non-Cancellable contracts locking in pricing and providing either NO or very little limitations to high claims. All others are generally reduced in cost to meet your demand of cash flow. Remember all industries cater to the consumers wants, it is up to you and your advisor to exercise the utmost due diligence and give you a program that suits your needs today and tomorrow. For information on this and many other transportation benefit topics, please call us today at 1-800-2365810. Lina M. Demedeiros President
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