Fundamentals & Insurance Flashcards
Types of Social Security Benefits
Retirement
Disability
Death
Survivors’
Medicare
Important Social Security Beneficiaries
- Disabled insured worker under 65
- Retired insured worker 62 or older
- Spouse of retired or disabled worker who is at least 62
- Spouse of retired or disabled worker caring for a child under 16 or disabled
- Divorced spouse of retired or disabled worker who is 62 and married to worker for at least
10 years & did not remarry by 60
Social Security Disability Benefit Definition
- Disability expected to las 12 months
- Disability will result AND can’t perform ANY OCCUPATION duties
- Severe physical and mental impairment preventing working for 1 year or result in death
- Depends on credits earned and when disabled
*Being Blind is NOT a SS disability
Medicare Definition
- 65 Years OR disabled for 2 Years
Medicare Part B - Does Not Cover
- Dental care, dentures
- Cosmetic surgery
- Hearing aids
- Eye Exams
- Routine physical exams
Personal Property & Liability Insurance - BASIC Named Perils
1 - Fire
2 - Vehicles
3 - Lightning
4 - Smoke
5 - Windstorm
6 - Vandalism
7 - Hail
8 - Explosion
9 - Riot
10 - Theft
11 - Aircraft
12 - Volcano
Personal Property & Liability Insurance - BROAD Named Perils
- Includes all BASIC Named Perils, Plus:
13 - Falling Objects
14 - Weight of ice, snow, sleet
15 - Accidental overflow of water (NOT FLOOD)
16 - Sudden bursting of appliances
17 - Freezing of system or appliance
18 - Damage from electrical current
Financial Advice Requires 7 Elements
1 - Description
2 - Pay
3 - Compensation
4 - Bankruptcies/ Regulator Events
5 - Conflicts of Interest
6 - Economic Benefits of Referrals
7 - Other Material Information
Risk Benchmarks
Life Insurance
10 - 16 x Gross Income
Risk Benchmarks
Health Insurance
At Least $1M Lifetime Cap
Risk Benchmarks
Disability Insurance
60 - 70% of Gross Income
Risk Benchmarks
Property Insurance
FMV Policy
Risk Benchmarks
Long-Term Care Insurance
Provide Daily Benefit with Inflation Protections
Risk Benchmarks
Personal Liability Umbrella Policy (PLUP)
$1M - $3M in Liability Protection
Legacy Benchmarks
NEED ALL THREE BELOW OR CONSIDERED A WEAKNESS:
- Will
- Durable POA for Healthcare
- Advanced Medical Directive