Voluntary Employee Benefits for Veterinarians A Short Course in voluntary benefit plans Heather Bantle and Dale Forsythe Foster Klima and Company
Voluntary Benefit Options: • Disability Insurance (long term and short term) • Life Insurance • Dental Insurance • Worksite Offering (Cancer) • Health Insurance • Qualified Retirement Plans
Income is Foundation Your income is the foundation for your goals and aspirations.
What do we insure? Which of these is your greatest asset? Which of these is currently uninsured?
What’s Your Income Worth? Potential earnings to age 65 * Age $50,000 $75,000 $100,000 $150,000 $200,000 $250,000 30 $3,023,104 $4,534,656 $6,046,208 $9,069,312 $12,092,416 $15,115,520 35 $2,378,771 $3,568,156 $4,757,541 $7,136,312 $9,515,083 $11,893,853 40 $1,822,963 $2,734,444 $3,645,926 $5,468,889 $7,291,852 $9,114,816 45 $1,343,519 $2,015,278 $2,687,037 $4,030,556 $5,374,074 $6,717,593 *Assumes 3% annual increases The Guardian Life Insurance Company of America New York, NY 10004
How Would You Get By? What if illness or injury prevented you from working? • Personal savings/assets? • Borrowing? • Social Security? • Family or friends? • Employer benefits?
Injuries vs. Illnesses Leading Causes of Disability Injuries Musculoskeletal Nervous system Cardiovascular Cancer Mental disorders Other SOURCE: Council for Disability Awareness 2014 Disability Claims Survey
Group LTD and STD Typical Employer-Sponsored LTD Plan • Basic protection: 60% of income, subject to a cap • Benefit is offset by government programs • Coverage can be modified or cancelled • Costs are not guaranteed • You don’t own the coverage • Benefit is taxable if your employer pays for it
Individual Disability Income Insurance
Individual DI Individual Disability Income Insurance • Benefits: • Cannot be modified or cancelled • Are not offset by other sources • Are tax-free when paid for with after-tax dollars • Strong contract provisions • Broad array of options • Policy individually owned
Details to Consider Things to Consider • What is the definition of total disability? • How much would I get paid monthly? • How soon would benefits start? • How long do I want benefits to last? • What if I’m only partially disabled? • Will my benefit keep pace with inflation during a disability? • Do I want the policy to keep pace with earnings increases?
If You Own a Business Insurance Protection For: • Routine overhead expenses • Business loan obligations • Buy-sell agreements • Retirement plan contributions
You Depend on Your Income Discount plans available
Life Insurance Options • Group Life • Individual Life (permanent and term)
Dental Insurance • Group Only
Worksite Options • Cancer coverage • Accidental Death • Hospital
Questons? Heather Bantle, Financial Advisor Ofc. 612-746-2339 Cell: 952-270-1552 Dale Forsythe, Disability Specialist Ofc. 612-746-2206 Foster Klima & Co. 920 2 nd Avenue So, Suite 1100 Mpls., MN 55402
Individual disability income products underwritten and issued by the Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY or provided by Guardian. Product provisions and availability may vary by state. Optional riders are available for an additional premium. This presentation is provided for informational purposes only and should not be considered tax or legal advice. Please contact your tax or legal advisor regarding the tax treatment of the policy and policy benefits. You should consult with your own independent tax and legal advisors regarding your particular set of facts and circumstances. The information provided is not intended or written to be used, and cannot be relied upon, to avoid penalties imposed under the Internal Revenue Code or state and local tax law provisions. Pub3748BL-PPT (05/15) 2015-05295 (Exp. 05/17) The Guardian Life Insurance Company of America New York, NY 10004
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