disability insurance

Don’t Wait for Disability Protection: A True Story

By Tom Strangstalien, Insurance Advisor

When you’re in your twenties and thirties, you can feel invincible. Despite the extraordinary odds of a disability, you might think, “why not wait until later in my career when my income increases?” After all, disability insurance can be expensive and impact your budget. Avoid the mistake of taking your health for granted – as resident and fellow physicians, you witness this every single day. To put it simply, life happens!

Did you know that you can get disability protection with an increasing benefit for as little as $25 to $50 per month? Put disability protection in place as early on in residency or fellowship as you can at as much as your budget allows. Also include a “future increase benefit” that allows you to increase your coverage as your income increases with no medical underwriting to protect your income throughout your entire career. Doing so protects you from the risk of financial ruin.

At WisMed Assure we are experts at designing these plans and work with physicians every single day to place this valuable protection for them. With permission, I’m sharing a story from one of our resident physicians verbatim.

“Hi Tom – this is quite a delay in my response, but I’ve unfortunately had some medical issues pop up in the past few months. I’m still very interested in disability insurance, but these medical things might have changed my situation, and I’ll let you be the judge. I’ll outline the events below. Please feel free to use my story as an example of why residents should do this as soon as possible during residency.

I woke up on a Sunday in mid-April with significant hearing loss in my right ear. I was diagnosed by an ENT provider with sudden-onset sensorineural hearing loss due to a viral infection. I took steroids for two weeks, and my hearing has returned to normal. From a long-term standpoint, there isn’t any increased risk of long-term hearing loss as a result of the condition, and I’m doing well!

As a part of the medical work-up, however, we obtained a brain MRI to ensure that an acoustic neuroma wasn’t causing my symptoms. Thankfully, that wasn’t seen. However, the MRI did find two incidental white matter lesions in my deep right parietal lobe. I don’t have any neurological symptoms and am feeling fine. I just saw a neuroimmunologist at Froedtert in late July, and thankfully, it isn’t likely to be anything clinically significant. These types of spots are typically associated with dementia in elderly patients, but they’re being found in younger patients (as MRI scans are being used more frequently in younger populations) and aren’t associated with any long-term issues. We will get a repeat MRI in one year to make sure it’s stable, and then I won’t require any additional monitoring.

So, QUITE a change in my health status. I’m feeling fine, and I’m not taking any medications at the moment. I also didn’t miss any time with these conditions. Otherwise, my answers to your initial list of questions haven’t changed. It wouldn’t take a genius to guess this would increase my monthly cost for disability insurance. Do you have any other insights or recommendations? Could you get some quotes again?”

Life truly does happen, and we don’t know what our future holds. I encourage all of you to obtain individual disability protection as soon as possible. Do not wait until it’s too late. My team and I are here to help and will passionately search for you and design a plan that is suitable for you. We exist for your benefit and it’s what we do.

For help with your insurance planning, contact Tom Strangstalien at 608.442.3730 or the WisMed Assure team at insurance@wismedassure.org, or call 608.442.3810.

Picture of Tom Strangstalien

Tom Strangstalien

Insurance Advisor

Reach out to me to learn more. You can contact me at tom.strangstalien@wismedassure.org or 608.442.3730.

Send me an email!
Picture of Tom Strangstalien

Tom Strangstalien

Insurance Advisor

Reach out to me to learn more. You can contact me at tom.strangstalien@wismedassure.org or 608.442.3730.

Send me an email!

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisionsFull disclaimer and contact information.

2024 Volume 4

Don’t Wait for Disability Protection: A True Story

By Tom Strangstalien, Insurance Advisor

MRI Brain Scan of head

When you’re in your twenties and thirties, you can feel invincible. Despite the extraordinary odds of a disability, you might think, “why not wait until later in my career when my income increases?” After all, disability insurance can be expensive and impact your budget. Avoid the mistake of taking your health for granted – as resident and fellow physicians, you witness this every single day. To put it simply, life happens!

Read more…


PAYE & ICR Plans Reopening for Student Loan Borrowers

Pay As You Earn Repayment PAYE Plan paperwork

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

The Pay As You Earn (PAYE) and Income Contingent Repayment (ICR) plans will reopen in mid-December under an Interim Final Rule. For borrowers forced into forbearance under the Saving on a Valuable Education (SAVE) repayment plan, should you switch plans? Let’s find out.

Read more…


Common Moonlighting Scenarios – What’s Covered by Your Malpractice Insurance?

Free Medical Clinic sign

By Jensen Peck, Business and Professional Insurance Executive

As the insurance agency for the Wisconsin Medical Society, we receive calls often from members and client physicians who are considering supplemental employment (side gigs) outside of their regular scope of practice. They are often told to “not to worry about” the liability because it’s either covered by the employer or “minimal exposure.” Fortunately, most physicians recognize this may not be true and it’s best to receive input from an insurance agency that specializes in health care liability. Let’s review a few of the more common scenarios and important questions that need to be answered to confirm potential malpractice exposures are covered.

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Dental Benefits with Medicare Advantage

Dentist or dental hygienist in operation with patient.

By Martin Hurst, Insurance Service Representative

Medicare provides essential health care coverage for individuals over 65, but it does not cover routine dental services such as cleanings, exams, fillings, or dentures. For those in need of dental care, there are a couple options to enhance your Medicare coverage. You can consider Medicare Advantage plans that include dental benefits or opt for a standalone dental insurance plan.

Read more…


Residual Disability Rider Provides Financial Protection

By Martin Hurst, Insurance Service Representative

Martin Hurst

The Residual Disability Rider is an essential addition to a physician’s disability insurance policy. It provides financial protection in the event of a disability that limits your ability to work at full capacity. Unlike standard policies that only pay out when the policyholder is completely unable to work, this rider ensures partial benefits if a physician can still perform some duties but earns less due to reduced hours, fewer patients, or other limitations. By covering the income gap during partial disability, it offers crucial financial stability and flexibility throughout a physician’s career, even during recovery periods.

I worked with a physician who injured his wrist while playing tennis. Although he could still see patients for office visits, his ability to perform procedures – which was critical to his practice – was significantly impacted. Thankfully, he had chosen a Residual Disability Rider as part of his disability insurance policy. This rider provided partial benefits, helping to offset the income lost due to his reduced capacity to work. With this coverage, he was able to stay financially stable, cover his expenses, and focus on his recovery.

For physicians, whose income often depends heavily on their ability to perform specific tasks or maintain a certain patient load, the Residual Disability Rider provides a critical safety net. It offers peace of mind, ensuring that a partial loss of ability won’t lead to a total loss of income and helps maintain financial stability during challenging times.

To learn more about your disability insurance options, please contact Martin Hurst at martin.hurst@wismedassure.org or call 608.442.3728.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

2024 Volume 3

Worker’s Compensation Rates Drop

By Brian Fowler, WisMed Assure Account Director

Workers compensation program word concepts banner. Protection employer legal right. Infographics with linear icons on dark green background.

Starting October 1, 2024, for the ninth consecutive year, Worker’s Compensation rates in Wisconsin will drop. Work Comp rates in Wisconsin are set by the state and are the same for every insurance carrier.

Read more…


Residual Disability Rider Provides Financial Protection

red umbrellas over a bag of cash

By Martin Hurst, Insurance Service Representative

The Residual Disability Rider is an essential addition to a physician’s disability insurance policy. It provides financial protection in the event of a disability that limits your ability to work at full capacity.

Read more…


Investing in Private Equity: A Pre-IPO Opportunity

Businessperson working on laptop with PRIVATE EQUITY inscription

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Private equity offers a unique opportunity to invest in promising companies before they go public. Unlike publicly traded stocks, which are bought and sold on stock exchanges, private equity investments are made in privately held companies.

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Open Enrollment

Open Enrollment concept. White lightbox on a gray office desk

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Now is a good time to start thinking about your open enrollment. Many companies fail to properly do an open enrollment, or maybe it’s your first time. We had our HR OnDemand professional create this checklist to help you make sure you don’t miss anything. 

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Lifetime Term Life Insurance. Does It Exist?

Question mark and life planning images

By Tom Strangstalien, Insurance Advisor

Last month was life insurance awareness month, but we should be aware of the value of life insurance and the opportunities it offers all year round. A relatively new concept in life insurance is guaranteed no-lapse universal life.

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New Rules Regarding Overtime Pay

Overtime law book and calculator in an office.

By Fine Point Consulting HR Professional

The Department of Labor announced a final overtime rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees, on April 23, 2024. The rule revised the regulations issued under the Fair Labor Standards Act (FLSA) that implement the exemptions from minimum wage and overtime pay requirements.

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An Invaluable Secret for Residents and Fellows

By Tom Strangstalien, Insurance Advisor

I recently spoke with a physician regarding an eye condition that he has developed. He doesn’t know his prognosis, but there’s a strong possibility that it could be debilitating and threaten his ability to practice medicine in his specialty. He inquired if there’s any way to increase his disability insurance coverage as his current limits are significantly below his income.

Upon investigation, we discovered that the relatively small amount of monthly benefit protection included in the contract he purchased as a resident included a Future Increase Option. This allowed us to increase his disability protection with no medical underwriting! The uncertainty of his eye condition was of no consequence, and we were able to increase his monthly benefit amount to a level much more suitable to his current income.

We understand that as residents and fellows your income and budget are limited. You are far from the income you’ll receive as an attending physician in your intended specialty. You need disability protection and the earlier you purchase this protection, the less expensive it will be throughout your career. However, with your current budget, you may think you just can’t afford it at this point. This is not necessarily true. But how do you get affordable disability insurance?

As referenced above, the key here is the Future Increase Option. Insurance companies vary their name and definition of the benefit. It may be referred to as a “Future Purchase Option,” a “Maximize Your Benefit” option, or other terms. The purpose of the option remains the same; it allows you to increase your disability monthly benefits in the future without the worry of medical underwriting! But what about your budget concerns?

I’ve worked with several physicians this week whose budget was a concern, so we applied for a relatively small amount of disability monthly benefits coverage. For example, $2,000 or $3,000 per month, well short of what you will need as an attending physician. However, we included the Future Increase Option in the contract to allow you to adjust it once you’re earning more. In each case, our client is paying less than a $100 per month for this essential coverage! My advice for every resident and fellow is to put at least a base amount of coverage in place with the future increase option included. As your income increases and your budget allows, we can easily increase your coverage.

You help your patients manage their health conditions every single day. Will you ever experience any of these conditions? Your ability to earn an income is your most valuable financial asset, so protect it now. At WisMed Assure, our allegiance is to you and to serving your financial needs. We are here to provide you with quotes for this protection at any time, at your convenience, with absolutely no obligation. As always, thanks for all that you do!

For help with your insurance planning, contact Tom Strangstalien at 608.442.3730 or the WisMed Assure team at insurance@wismedassure.org, complete this quick online form or call 608.442.3810.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisionsFull disclaimer and contact information.

2024 Volume 2

Med Mal 101 Refresher for All Physicians

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Graphic explaining Claims-Made and Occurrence Med Mal

The WisMed Assure team spends a lot of time the first half of the year doing Medical Student and Resident education on topics especially important to those who are completing their education and heading off to their first jobs. Part of that education is Medical Professional Liability (Med Mal) 101.

Read more…


An Invaluable Secret for Residents and Fellows

Disability Insurance

By Tom Strangstalien, Insurance Advisor

I recently spoke with a physician regarding an eye condition that he has developed. He doesn’t know his prognosis, but there’s a strong possibility that it could be debilitating and threaten his ability to practice medicine in his specialty. He inquired if there’s any way to increase his disability insurance coverage as his current limits are significantly below his income.

Read more…


WisMed Assure clients benefit from access to Zywave solutions

Vector illustration of an abstract scheme, which contains people icons.

By Martin Hurst, Insurance Service Representative

At WisMed Assure, we are committed to providing more than just insurance solutions; we are dedicated to fostering the success and prosperity of our valued customers. That’s why we proudly provide our customers access to Zywave free of charge, as a testament to our unwavering commitment to your organization’s success. Zywave provides HR solutions that assist with employee benefits management, compliance tracking, and HR administration.

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Essential Estate Planning Documents in Wisconsin

Information about Estate planning and old glasses.

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Planning your estate isn’t just about paperwork; it’s about giving your loved ones peace of mind. Here’s a breakdown of key documents in a Wisconsin estate plan.

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Practice managers: join us for virtual discussions!

Virtual meeting with laptop and notebook on table.

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

In the constantly changing field of health care management, it is crucial to collaborate and share insights to achieve success. With this in mind, we are pleased to announce that we will be hosting virtual discussions for practice managers.

Read More…


Artificial Intelligence (AI)-Generated Healthcare Content; Understanding the Limitations

Futuristic AI icon processing data

by Kaelin O’Reilly, ProAssurance communications specialist

Artificial intelligence (AI), including chatbot tools like the popular ChatGPT, has made possible many useful applications in the healthcare sphere. ChatGPT’s ability to generate human-like responses to natural language inputs has made it an attractive tool for professional and student writers. The application can help develop quality and informative content in the form of articles, reports, blogs, tweets, and emails.

Read More…


Disability and Life Insurance Taxation

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Chris Noffke

Taxation of benefits is a unique and important topic. Many groups I work with want to make sure their employees are not taxed for an employer paid life insurance benefit and other clients want to ensure that if an employee becomes disabled, they do not have to pay taxes on their already reduced income. Making sure these benefits are set up correctly, both by the insurance carriers and in your payroll service, is vital to tax-free benefits for employees.

Life insurance

Life insurance is the easier of the benefits to establish correctly. If an employer provides up to a $50,000 benefit to each employee, then this benefit and premiums paid for it can be excluded from an insured employee’s taxable wages. If you offer coverage to employees for a benefit over $50,000 and it is employer paid, you are required to tax premiums for the amount above $50,000.  

Disability insurance

A bigger discussion happens regarding disability insurances (both Long-term and Short-term). When an employee or owner/partner is out of work due to a disability, they will receive only a fraction of their pre-disability earnings, the average benefit being 60% of pre-disability earnings. If an employer is paying 100% of the disability premiums, the employer can decide to offer these benefits as a “gross-up” to employees. A gross-up is structuring the premiums paid by the employer to be a taxable benefit on the employee payroll. The benefits received by the disabled employee (disability income) will then be tax deferred. The rule is direct, if employees are paying payroll taxes on the premiums that the employer is paying, the benefit will be tax free – however – it is very important that the payroll taxes begin prior to the benefits being received.

When premiums are split between the employer and employee, we need to make sure there are a few rules followed. If a benefit has a premium contribution of 50% paid by the employer and 50% paid by the employee, the setup will determine if the benefit is partially or fully taxable. If in this situation the employee pays their premiums pre-tax and there is no gross-up for the amount the employer pays, this full benefit will be taxable income. Another example is if the employer pays 50% of the benefit (not grossed-up) and the employee is paying for 50% of the benefit with post-tax dollars, then when the employee receives this disability income benefit, 50% of the benefit will be taxable. So, to make the full benefit tax deferred, you need to have the employer premiums paid be grossed-up and the employee portion needs to be paid with post-tax deductions.

This can get a bit confusing, and I would love to talk if you have any questions. Please email me at chris.noffke@wismedassure.org or call 608.442.3734.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

2024 Volume 1

Don’t Let Taxes Take a Bite Out of Your Finances: Common Errors to Avoid

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Crumpled tax form with money, calculator and notepad on the table.

Investing is a smart way to grow your wealth, and keeping more of it from taxes is even smarter.  Let’s explore some common tax mistakes investors make and how to avoid them.

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Change Healthcare™ Attack Highlights Often Overlooked Cyber Insurance Coverage

illustration of umbrella protecting computer screen from an attack

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Many health care practices rely on a third party for access to their EMR and for billing. This creates a “contingent” or “dependent” risk. The February 21 cyberattack on Change Healthcare changed the world for many patients and health care providers.

Read more…


Disability and Life Insurance Taxation

Tax payment concept. State Government taxation, calculation of tax return. Blank tax form, calendar, magnifier, money, notebook, calculator, coins, glasses, watches, documents, computer.

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Taxation of benefits is a unique and important topic. Many groups I work with want to make sure their employees are not taxed for an employer paid life insurance benefit and other clients want to ensure that if an employee becomes disabled, they do not have to pay taxes on their already reduced income.

Read more…


Tornadoes Can Strike in Seconds. Are You Ready?

photo of tornado

By The Hartford

Tornado season is upon us and could bring more storms in the months ahead. In fact, the U.S. experiences the most tornadoes of anywhere in the world.

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Tax Treatment of Long-term Care Insurance a Game Changer

Nurses, doctor and caregivers in nursing home take care of old men and women. Volunteers help aged people at home and hospital.

By Tom Strangstalien, Insurance Advisor

We put my dad into a nursing home on Monday. My mom had been his caretaker since he was diagnosed with a somewhat rare neurological disorder. My mom has been superwoman, a real- life example of a family member caring for a loved one.

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Your Medicare Update

Open Enrollment concept.

By Mary Krueger, Medicare Specialist

It’s early 2024 and its already time to explore Medicare options for 2025. Many Medicare enrollees want to look at what is suitable for their needs in the Medicare market. If you have started looking for yourself or someone else, there are many different ways to procure coverage.

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Life, Death and Taxes

Photo of a grandfather and his granddaughter loving autumn. Throwing leaves in the air.

By Lisa Koerner, Insurance Advisor

If you are looking for some creative ways to avoid paying taxes, don’t overlook the benefits of Life Insurance. There are several different types of life insurance policies to serve several different objectives, the greatest being a tax-free death benefit for your beneficiaries.

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Peace of mind this holiday season

By Martin Hurst, Insurance Service Representative

The agents here at WisMed Assure do not focus solely on revenue, our agents go that extra mile to address individual and specific concerns and provide coverage within each customer’s budgetary needs. By putting clients’ needs first, our agents demonstrate their commitment to providing excellent service and building trust with physicians. Their expertise and attention to detail enables them to guide physicians through the complex world of insurance, explaining terms, conditions and benefits clearly and transparently. Ultimately, our agents strive to empower physicians with the knowledge and coverage necessary to protect their health and peace of mind.

As I navigate my first year here at WisMed Assure, the agency has prioritized providing me with direct training with our agents. Tom Strangstalien is one of the agents I have had the opportunity to sit down with to discuss Life and Disability policies. Recently, Tom and I reviewed disability quotes for a physician. Tom carefully considered the physician’s lifestyle, occupational practice and potential risks to tailor the policy to their unique needs.

Additionally, he broke down the various policy options, highlighting the specific benefits and limitations of each. He focused on the importance of comprehensive coverage that would provide adequate support if the physician ever faced a disability, without worry of the financial burden. After reviewing the quotes for this physician, he noted that the physician was concerned the monthly premium was exceeding their budget. This was to be expected as their initial meeting was to create the “ideal policy” without worrying about the premium cost. With this concern in mind Tom navigated to the riders page with the cost for each listed next to the rider and asked what I would keep or remove from the policy to reduce the overall cost. We went back and forth on keeping or removing certain riders, we looked at 90- or 180-day elimination periods, possibly decreasing the time covered in relation to retirement age of 65 or 67, to see the impact this would have on premiums. At the end of our meeting, we were able to give this physician several options that had the potential of saving them $4,000 in monthly premiums. This is an example of what each agent does here daily and is the reason I am grateful to work alongside so many unique and caring individuals.

As you’ll see in this edition of the Antidote, the WisMed Assure and WisMed Financial team is focused on building and maintaining relationships with clients, and always keeping the best interest of the client at the center of all we do. These real client stories help illustrate the WisMed difference. Contact us at 608.442.3810 or insurance@wismedassure.org.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisionsFull disclaimer and contact information.

Fall 2023 Issue

Peace of mind this holiday season

By Martin Hurst, Insurance Service Representative

desk covered in policies to compare

The agents here at WisMed Assure do not focus solely on revenue, our agents go that extra mile to address individual and specific concerns and provide coverage within each customer’s budgetary needs. By putting clients’ needs first, our agents demonstrate their commitment to providing excellent service and building trust with physicians.

Read more…


Helping clients with strategies, not just quotes

photo of calculator and stethoscope on top of graphs

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Managing the costs of employee benefits while still providing robust resources for your employees can be a challenge. If your insurance agent just gives you a few quotes to compare, you might not be getting the best plans for your team.

Read more…


Consolidation leads to $600,000 student loan forgiveness – a case study

'Case Study' written on chalkboard

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Good financial planners do much more than help with investments. They look at the entire financial picture, which includes debts too. Today’s case study shows how a unique rule, available until December 31, is facilitating more than $600,000 in student loan forgiveness.

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Nightmare before Christmas success story: cyber hacker stopped

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Message from IT Manager: “Unusual activity has been detected on your exchange and our files cannot be backed up.”

This is not how any clinic administrator or managing partner wants to start their Monday morning, but exactly what happened to a long-time WisMed Assure client last December. This highly experienced, professional administrator of a 15-physician independent clinic with over 50,000 patient records was facing a situation she had never experienced before.

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Finding insurance and financial advisors I trust

By Tim Bartholow, MD

I have several connections to our Wisconsin Medical Society, and I’d like to share some good and bad  experiences with on the street financial advising and insurance advising, and how  WisMed Financial and WisMed Assure cut through market confusion.

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Should I convert my term life insurance policy?

photo of a young family looking out the window at fresh snow

By Tom Strangstalien, Insurance Advisor

As we celebrate the holiday season, we’re especially thankful for our loved ones. It’s the most popular time of year to reflect on our life insurance needs to determine whether we have the right coverage and enough coverage to protect our loved ones. The most common form of life insurance protection is term life, and a planning tool that often gets overlooked is the potential to convert your term life insurance coverage to some form of permanent life insurance, without any medical underwriting requirement.

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Protecting your most important asset can be a daunting task

Calendar full of appointments

By Lisa Koerner, Insurance Advisor

What is your most important asset? It’s your ability to earn an income. When choosing disability programs to protect your income, there are a number of different companies and benefits. It’s often a task that takes time and research, along with several discussions with an insurance agent.

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Making Part D of Medicare brighter

photo of an elderly man looking at medications with his physician

By Mary Krueger, Medicare Specialist

As many of you on Medicare know, October 15 to December 7 is the Annual Election Period for Medicare Part D and Medicare Part C (Medicare Advantage). This often coincides with a flurry of research needed and concerns expressed by client recipients and this year was no exception.

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