The CBN Insurance Agency (formally the Camil G. Maroun, Jr. Insurance Agency) is now offering Allstate Life Insurance Workplace products in cooperation with the Tupper Lake Chamber of Commerce to all of its members.

 

 

Why offer these products through the Chamber of Commerce? 

 

Typically these group products are offered to workplaces with 10 or more employees.   Through the Tupper Lake Chamber of Commerce, we can offer these benefits to sole proprietors and smaller businesses who might not otherwise qualify.

 

 

The benefit plans below are designed to help protect your financial well-being.  These products will help pay your family’s bills if you are diagnosed with cancer, become disabled, or die.  They include: 

 

• Life Insurance : Term and Universal Life – add spouse and children
• Cancer Plan – individual and family
• Short Term Disability
• Accident Insurance – individual and family

 

 

 

Characteristics of these plans:

 

·        Voluntary benefits that employers of any size can offer employees; Employers and sole proprietors are also eligible themselves

·        Premiums are conveniently deducted from paychecks

·        Portable – these policies are owned by the employee and move with you if you change jobs or retire 

·        Weekly, affordable premiums with options to fit all needs

·        Simplified issue: underwriting requires no physicals

·        Backed by the financial strength of Allstate

Term Life Insurance Product – “Horizon” 20 Year Term

Term life is the most basic type of insurance. You buy protection for a certain amount of time. If you die before the term is over, your beneficiary is paid the death benefit stated in your policy.

·        Typically the least expensive form of life insurance

·        20 year term with level premium guaranteed for the first five years

·        This workplace product is convertible to universal life up to age 65 without evidence of insurability.

Why term?

Why would anyone buy term insurance when there are permanent life insurance policies? Term insurance provides protection when you need it most, for example, when your children are young or your family is still paying off a mortgage. As you get older, you may have fewer responsibilities and the type of life insurance you may need will change.

Term life insurance is usually more affordable than permanent life. People who are concerned about the price of permanent coverage can often find a term policy that fits their budgets. What’s more, they may be able to buy a much larger amount of coverage with a term policy than with a permanent policy but you may outlive term coverage. For this reason, some people with permanent life insurance policies also buy supplemental term coverage for the additional amount of protection.

 

Universal Life Insurance Product – “Competitor”

Universal life is a type of permanent life insurance that offers cash accumulation, competitive interest, and flexibility. 

• This workplace product can stay in effect until age 95 with paid premiums
• Cash value portion grows at 4.5% guaranteed 
• Easy applications for policies up to $100,000 and above
• Often used to supplement term insurance which eventually expires

 

 

Life Insurance Pricing:  age, tobacco use, and amount of coverage. 

 

Level premiums guaranteed for five years.  You may add coverage for children for one low price (covers all children).

 

Underwriting for Life Insurance:

YES or NO questions:

1.                  Is the proposed insured actively at work now and has he/she worked at least 25 hours each week performing all duties at his/her regular occupation at his/her regular place of employment for the last 3 months except for minor illness or injury of 1 week or less, or normal pregnancy?

 

2.                   Is any person to be insured now being treated, or have they ever been treated or diagnosed by a member of the medical profession for Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC)?

 

3.                   Has any person to be insured used tobacco in any form in the last 12 months?  If so, what type? ____________  (tobacco users have separate rates)

 

4.                  Simplified Issue Questions:

 

a.                        Within the last 3 years, has any person to be insured had a chronic disease (including but not limited to heart disorder, stroke, cancer, or diabetes?

b.                        Within the last 3 years, has any person to be insured been hospitalized?

c.                        Within the last 3 years, has any person to be insured seen a physician (other than for colds, flu, normal pregnancy, or a routine physical with no unfavorable results)?

d.                        Within the last 3 years, has any person to be insured been medically treated for or been medically advised to have treatment for alcohol or drug use or dependency?

e.                        Is any person to be insured currently under the care of a physician?

f.              Has any person to be insured ever been rated or declined for life insurance?

5.       Has any person to be insured engaged in or is any person contemplating engaging in: skydiving, hang gliding, underwater diving, organized racing events, rodeo, mountaineering, professional sports, or piloting a plane?  If yeas, circle the sport and provide details on application. 

 

6.                  Has any person to be insured in the last 3 years, had his or her driver’s license suspended or revoked; been convicted of driving under the influence of drugs or alcohol; been convicted of 3 or more moving violations; or been involved in 3 or more motor vehicle accidents?  If yes, provide that person’s driver’s license information on the application to include driver’s license number and state.

7.  Health History.  List any illness or medical attention, date and duration, name and address of doctor or hospital or clinic in response the questions above marked “YES.”

8.  Replacement.  Is this insurance to replace or change any existing life coverage?   NOTE: THESE POLICES ARE NOT DESIGNED TO REPLACE EXISTING COVERAGE YOU MAY HAVE.

9.  Existing Insurance.  Is there any other life insurance in force or applied for on any proposed insured including children?  If yes, list for each policy  the company name, policy number, year issued, type of coverage and amount of benefit. 

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Cancer Plan

Cancer insurance pays benefits when you are diagnosed with cancer. These benefits are paid in addition to benefits you may receive from other health insurance coverage and can be used to pay physician, hospital, prescription drug and other expenses associated with cancer treatment. You may also be able to use benefits to cover indirect costs of cancer including transportation, childcare and living expenses.

Cancer insurance is renewable for life and is available to individuals and families.

Allstate offers Cancer Insurance with features that include:

• Multiple benefit levels      
• Lump-sum payment with first occurrence of cancer      
• There are 24 treatments for which a benefit is paid.  They include inpatient and outpatient benefits, specific payments for bone marrow transplants, surgical procedures, prosthesis, radiation and chemotherapy      
• Renewable for life      
• Annual Wellness Benefit payments – pays you for getting routine cancer related check ups
• Benefit for transportation and lodging to other treatment facilities (including a family member)

 

Pricing for Cancer Plan:   age, individual or family, plan type (A, B or C)

 

Underwriting for Cancer Plan:

 

1.      Is the proposed insured actively at work now and has he/she worked at least 25 hours each week performing all duties at his/her regular occupation at his/her regular place of employment for the last 3 months except for minor illness or injury of 1 week or less, or normal pregnancy?

 

2.       Is any person to be insured now being treated, or have they ever been treated or diagnosed by a member of the medical profession for Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC)?

 

3.       Is any person to be insured now being treated for, or has any person ever been treated for cancer or any malignancy which includes: carcinoma, sarcoma, Hodgkin’s Disease, leukemia, or any malignant tumor?

 

4.  Health History.  List any illness or medical attention, date and duration, name and address of doctor or hospital or clinic in response the questions above marked “YES.”

5.  Replacement.  Is this insurance to replace or change any existing health coverage?  

6.  Existing Insurance.  Is there any other specific disease, disability, or accident insurance in force or applied for on any proposed insured including children?  If yes, list for each policy, the company name, policy number, year issued, type of coverage, number and types of specific diseases covered and benefit amounts. 

7.                  Does each person to be insured have either: (a) major medical insurance; or (b) basic hospital insurance and basic medical insurance?

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Short term Disability Insurance Products

Disability insurance provides income when you are unable to work (totally disabled) due to illness or injury.  Depending on the plan you choose, you may receive benefits for up to 40% of your regular income for periods of 3 to 24 months. Unlike some types of disability insurance, you can take this coverage with you when you leave your current job, assuming you continue to pay insurance premiums.

Allstate offers Disability Insurance with features that include:

• Benefit periods of 3,6,12, or 24 months
• Elimination periods of 7, 14, 30 , or 90 days
• Minimum benefit $400 / month.  Maximum benefit is 40% of gross income for wages up to $35,000 per year and up to 45% for wages greater than $35,000 per year
• Benefits reduced if receiving workers compensation benefits
• Spouses can be covered even if employee chooses not to   

 

Pricing for Short Term Disability: rating class (standard or preferred), monthly benefit amount, waiting period, length of benefit period

Preferred classes include administrative or office occupations.  Standard rates are more manually intensive jobs and are more expensive to cover than preferred classes.

Underwriting for Short Term Disability:

 

1.      Is the proposed insured actively at work now and has he/she worked at least 25 hours each week performing all duties at his/her regular occupation at his/her regular place of employment for the last 3 months except for minor illness or injury of 1 week or less, or normal pregnancy?

 

2.       Is any person to be insured now being treated, or have they ever been treated or diagnosed by a member of the medical profession for Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC)?

 

3.      Has the proposed insured within the last 2 years, had been treated for, or been told by a member of the medical profession that he or she has: diabetes, emphysema, asthma, hepatitis, mental or nervous illness, ulcers,  any disorder of the central nervous system, (to include muscular dystrophy or multiple sclerosis), lupus, rheumatoid arthritis, fibromyalgia, chronic fatigue syndrome, any disorder of the heart, kidneys, liver, lungs or back, cancer (except basil cell skin cancer), malignant tumor, leukemia, Hodgin’s Disease, high blood pressure not controlled by medication or stroke?

 

4.      Has the proposed insured within the last 2 years been treated for or counseled for alcohol or drug abuse?

 

5.      Has the proposed insured had any medical or surgical procedures advised or recommended by a doctor but not done at this time?

 

6.      Has any person to be insured engaged in or is any person contemplating engaging in: skydiving, hang gliding, underwater diving, organized racing events, rodeo, mountaineering, professional sports, or piloting a plane?  If yes, circle the sport and provide details on application. 

8.                  Has any person to be insured in the last 3 years, had his or her driver’s license suspended or revoked; been convicted of driving under the influence of drugs or alcohol; been convicted of 3 or more moving violations; or been involved in 3 or more motor vehicle accidents?  If yes, provide that person’s driver’s license information on the application to include driver’s license number and state.

9.  Health History.  List any illness or medical attention, date and duration, name and address of doctor or hospital or clinic in response the questions above marked “YES.”

10.  Replacement.  Is this insurance to replace or change any existing health coverage?  

11.  Existing Insurance.  Is there any other specific disease, disability, or accident insurance in force or applied for on any proposed insured including children?  If yes, list for each policy, the company name, policy number, year issued, type of coverage, number and types of specific diseases covered and benefit amounts. 

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Accident Insurance Products

Accident insurance pays benefits when you become injured as the result of an accident. Not only could an accident cause serious problems for you physically, but it could also threaten you financially. Benefits may be used to pay doctor, hospital and ambulance bills and cover living expenses while you recover from your accident. Unlike some accident or disability insurance offered through employers, this kind of coverage protects you even if you are injured outside of work.

Allstate offers Accident Insurance with features that include:

• Individual and family coverage        
• Lump-sum benefits paid to you or surviving family members (accidental death benefit)       
• Hospital confinement, intensive care, medical expenses, physical therapy and ambulance benefits        
• Benefits for dislocations, fractures, and loss of limb        
• Coverage for an unlimited number of accidents        
• Benefits for disability as a result of an injury and optional coverage for spouses 
• This is supplemental insurance- it pays in addition to other insurance you may have. 
• These payments may be used to fill gaps left by your other policies. Your benefits may be used to cover some of the things your health insurance doesn’t, such as transportation costs, over-the-counter medications and childcare.     

Do you need it?

You may not need accident insurance if you already have comprehensive health and disability coverage and adequate financial resources to pay for accident related injuries. However, you should consider purchasing accident insurance if:

• You can’t afford the extra bills associated with an injury.             
• You can’t afford time away from work and may not have enough in savings to keep up with mortgage, credit card, utilities and car related bills.             
• Your savings are earmarked for long-term goals.             
• You want coverage that’s not tied to an employer.             
• You are your family’s sole wage earner.             
• You don’t have any form of disability coverage.             
• You don’t have life insurance.

 

 

Accident Insurance Pricing:  individual or family plan, choice of plans 1, 2, or 3  (good, better, best) and optional accident disability rider for insured spouse.

 

Underwriting for Accident Insurance:

 

1.                  Is the proposed insured actively at work now and has he/she worked at least 25 hours each week performing all duties at his/her regular occupation at his/her regular place of employment for the last 3 months except for minor illness or injury of 1 week or less, or normal pregnancy?

 

2.                   Is any person to be insured now being treated, or have they ever been treated or diagnosed by a member of the medical profession for Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC)?

 

3.                  Has the proposed insured within the last 2 years, had been treated for, or been told by a member of the medical profession that he or she has: diabetes, emphysema, asthma, hepatitis, mental or nervous illness, ulcers,  any disorder of the central nervous system, (to include muscular dystrophy or multiple sclerosis), lupus, rheumatoid arthritis, fibromyalgia, chronic fatigue syndrome, any disorder of the heart, kidneys, liver, lungs or back, cancer (except basil cell skin cancer), malignant tumor, leukemia, Hodgin’s Disease, high blood pressure not controlled by medication or stroke?

 

4.                  Has the proposed insured within the last 2 years been treated for or counseled for alcohol or drug abuse?

 

5.                  Has the proposed insured had any medical or surgical procedures advised or recommended by a doctor but not done at this time?

 

6.                  Has any person to be insured engaged in or is any person contemplating engaging in: skydiving, hang gliding, underwater diving, organized racing events, rodeo, mountaineering, professional sports, or piloting a plane?  If yeas, circle the sport and provide details on application. 

 

7.          Has any person to be insured in the last 3 years, had his or her driver’s license suspended or revoked; been convicted of driving under the influence of drugs or alcohol; been convicted of 3 or more moving violations; or been involved in 3 or more motor vehicle accidents?  If yes, provide that person’s driver’s license information on the application to include driver’s license number and state.

 

8.  Health History.  List any illness or medical attention, date and duration, name and address of doctor or hospital or clinic in response the questions above marked “YES.”

9.  Replacement.  Is this insurance to replace or change any existing health coverage?  

10.  Existing Insurance.  Is there any other specific disease, disability, or accident insurance in force or applied for on any proposed insured including children?  If yes, list for each policy, the company name, policy number, year issued, type of coverage, number and types of specific diseases covered and benefit amounts. 

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