in voluntary benefit plans Heather Bantle and Dale Forsythe - - PowerPoint PPT Presentation

A Short Course in voluntary benefit plans

Heather Bantle and Dale Forsythe Foster Klima and Company

Voluntary Employee Benefits for Veterinarians

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.

Which of these is your greatest asset? Which of these is currently uninsured? What do we insure?

What’s Your Income Worth?

The Guardian Life Insurance Company of America New York, NY 10004

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

Potential earnings to age 65*

*Assumes 3% annual increases

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

Injuries Musculoskeletal Nervous system Cardiovascular Cancer Mental disorders Other

Leading Causes of Disability

SOURCE: Council for Disability Awareness 2014 Disability Claims Survey

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

Group LTD and STD

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?

Insurance Protection For:

• Routine overhead expenses
• Business loan obligations
• Buy-sell agreements
• Retirement plan contributions

If You Own a Business

Discount plans available

You Depend on Your Income

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 2nd 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