Life Insurance

Fall 2022 Issue

Do you have the old or the new life insurance?

By Tom Strangstalien, Insurance Advisor

September is Life Insurance Awareness Month and is the time when I urge all our members to take a moment to reflect on the life insurance protection they have in place. Not too long ago, life insurance (especially term life), was generally viewed as a commodity.

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Build your financial wisdom

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

Join us for online educational sessions presented by WisMed Financial exclusively for Wisconsin Medical Society members. Session topics include retirement planning, social security and tax planning.

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Open enrollment

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

We’re rapidly approaching autumn and it’s time to start thinking about your open enrollment. Many companies fail to properly do an open enrollment, or maybe it’s your first time.

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Workers’ Compensation rate changes & good news for health care professionals

By Brian Fowler, WisMed Assure Account Director

Starting October 1, 2022, Workers’ Compensation rates in Wisconsin will drop for the seventh year in a row. Unlike many other states, Work Comp rates in Wisconsin are set by the state and are the same for every insurance carrier. The decrease is 8.47% over all employee classifications.  

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$111,000 more from Social Security

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

With more than 2,700 rules and 567 separate filing strategies for Social Security, 96% of people fail to make the optimal claiming decision and miss out on $111,000 of benefits for the average household.

$111,000 – that’s a lot of money. Let’s look at some of the rules for Social Security so your decision is better informed.

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How to prevent floods from damaging your business

photo of cars on a flooded road

By Society Insurance Team, reposted with permission from Society Insurance

The continued impact of extreme weather events isn’t lost on businesses: according to one report, businesses can expect to see roughly $13 billion in flood damage in 2022. Tornados, derechos, and severe thunderstorms all threaten billions in damage, but with spring just ahead, let’s focus on how you can protect your business from the threat of flooding.

Businesses everywhere are susceptible to flood damage—so how can they prepare?

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Do you have the old or the new life insurance?

Tom Strangstalien

By Tom Strangstalien, Insurance Advisor

September is Life Insurance Awareness Month and is the time when I urge all our members to take a moment to reflect on the life insurance protection they have in place. Not too long ago, life insurance (especially term life), was generally viewed as a commodity. All policies were generally the same, so you simply bought the desired amount of coverage for the least expensive cost. Today’s New Life Insurance contains several bells and whistles well worth consideration and begs the question whether you should keep your old life insurance or upgrade to the new and improved model.

So, what are these new improvements that may benefit you and your family or your overall estate and financial plan? The major upgrades include protection for a critical illness, long term care protection and a living benefits or accelerated death benefit rider to the policy. All provide security that goes well beyond a payment to beneficiaries upon death.

If you elect a critical illness rider on your policy, the policy will pay either a lump sum payment or periodic payments upon sustaining a serious illness among a list of health conditions. These can include things like heart attack, coronary bypass events, cancer, kidney disease, stroke and various other neurological disorders. In other words, the life insurance proceeds can potentially be paid out while you’re living.

Another critical consideration when purchasing a life policy today is inclusion of long-term care protection. A long-term care event can devastate a financial plan. The premise is that since the life insurance amount will be paid out in the future (if the policy remains in force), and the amount of the proceeds is known, so why not allow the proceeds to also be paid for long-term care? It’s never too early to purchase long-term care protection! Placing a long-term care policy while young dramatically lowers the cost. So why not incorporate it into your life insurance policies? If you’re unable to perform a respective number of “activities of daily living,” you’re qualified to receive the life insurance benefits for payment of long-term care expenses. The life insurance amount will be paid out in the form of a payment to your beneficiaries or for costs associated with long-term care. It’s a win-win!

Lastly, many policies today include an accelerated death benefit provision, where if you would be unfortunately diagnosed by a physician to have a designated timeframe to live or are unable to perform activities of daily living, you qualify to receive benefits while you are living. How fortunate to be able to direct the life insurance proceeds as you see fit while you are alive! Many times, the cost of this benefit rider is zero.

As you can see, there are substantial benefits to upgrading to a policy containing the new available options. Please reach out to me and my team at WisMed Assure at insurance@wismedassure.org, complete this online form or call 866.442.3810 to explore upgrading your life insurance to the New Life Insurance.

BE AWARE AND CHANGE LIVES

By Tom Strangstalien

Insurance Advisor with WisMed Assure

September is Life Insurance Awareness Month. All month long, as I sat sipping my morning coffee, I reflected on how many times I’ve experienced the life changing impact of life insurance.

Even though I’ve been a life insurance agent for more than two decades, there are times when even I take for granted this life changing tool within our financial tool box. There are dozens of stories I can tell about how life insurance has truly been a difference maker in the lives of so many. Four of these stories stand out in particular because they had a direct personal impact on me.

Rene’s Home

Rene designed a plan, utilizing universal life insurance to potentially pay off the mortgage on her home early. The policy insured the lives of her and her husband jointly, and we funded the policy in such a way to grow the cash value quickly, yet be friendly to the family budget. 

One day, John mentioned to Rene that he had a lump on the back of his tongue which was bothering him. Being a nurse, Rene advised John, that he probably should get it checked out by their Doctor.  John battled cancer for the next four months. The family took care of him at home, until the day came when John passed away in his sleep.

 I received a call from Rene months later. Choking back tears, she told me because of the plan that was intended to pay the mortgage off early, the life insurance allowed her to remain in the home with her two daughters. She went on to tell me that she was going back to college to advance her status to a Registered Nurse. After much expression of gratitude and profuse thanks, she ended by telling me I helped the family change their life. Speechless at first, I finally said, “Yes, life insurance is a game changer.” 

Rene is debt free, cherishing her career as a registered nurse, while her two daughters attend college in Eau Claire.

Don’s Hockey Legacy

My son is a hockey player. Our small-town hockey rink was actually a make shift park shelter. I cherish the times that we set up the chiller to make the ice for the season, construct the walls, bring in the bleachers, and keep the rink maintained throughout the winter season. Our rink was viewed as a joke, and with a little bit of disdain by our fellow competitors throughout the state. 

However, we were really good. In fact, we took home many tournament trophies, state youth championship titles, and as a high school advanced to the state tournament on multiple occasions. How amazing would it be if we had a real rink? In discussing ideas with the parent committee on how to pursue such an aggressive endeavor, I suggested we approach community benefactors. 

I proposed an idea to Don, a very successful businessman in the community, that we fund a $5 million life insurance policy to someday create a community hockey arena and event center, bearing his family’s name. After deliberation with his tax accountant, he learned the charitable pursuit would provide a large benefit to him “tax wise”. His family stands proud of their patriarch, as they regularly witness the use of the family named facility. Don made a difference, and his legacy lives on.

Life Can Go On

Wayne would do anything for me, and pretty much for everyone. 

He helped me put up my tree stands for deer hunting every season. He taught me the ropes to hunt for ginseng in the fall and morel mushrooms in the spring. When the Brewers would play during the summer, I would frequently see Wayne and Carla’s truck pulling into our driveway, with their daughter Carlie in tow, to have a cold one, watch the Brewers, and do our best to discover the meaning of life. 

As with all of my friends, I encouraged Wayne to purchase a term life insurance policy. Their budget was tight, but we were able to formulate a significant amount of coverage with an affordable price. 

On a really soggy rainy day in the spring of 2016, Wayne, Carla, and Carlie ventured out to Carla’s mother’s land, located in Iowa. They would frequently take these trips, and while Carla visited with her mother, Wayne would maintain the family farm.

Shortly after crossing the bridge into Minnesota, and initiating the trip south to the Iowa border, Carla saw a tree give way on the bluff above. There was no time to react. The tree landed on the roof of the truck, killing Wayne instantly, breaking Carla’s neck, and leaving Carlie with head trauma and face lacerations. 

Carla was now a single parent, in a neck brace for months. Carlie recovered, cherishing the moments with her father and hero. I stood silent at the funeral, as the military salute and folding of the flag took place. Doing their best to emulate Wayne, the family stood tall, confident, and proud. Life would go on, and they would be “ok”. 

My Friend Randy

Randy was my best friend. We went to high school together, were college roommates for four years, and his brother married my sister. I recruited Randy to join our team in the “insurance business”. After some hesitation, Randy joined the team, and we spent many nights together learning the business. His on the job training involved writing a policy on himself (encouraged by me). 

I’ll never forget the call I received from my mother one beautiful April spring morning. She uttered, “Are you sitting down?” As I sipped my morning coffee at my kitchen table, I replied an affirmative yes. “I have some news. Your friend Randy woke up yesterday, and was going to read the morning paper, but he couldn’t. He was diagnosed with an inoperable brain tumor, and has about 6 months to live.” The words shook me to my core.

I took Randy shopping for his groceries one day. That was the last time I saw him. Six months from the date of the initial diagnosis, Randy was gone. He left behind two children, ages 5 and 7, and his wife Michelle who was a nurse. Michelle cried when she got the check for the life insurance. She was able to purchase a home for the family, continue her career in the medical field, and eventually put both boys through college.

Are You Aware?

Heaven forbid anything happens to you or your loved ones. But, wishing is not a plan. If you would like to explore and discover the very best possible options to fit your needs, I am always available. Please contact me with any questions or concerns you may have.

Tom Strangstalien

Insurance Advisor

WisMed Assure

Direct:  608-442-3730

Cell:  608-304-1579

tom.strangstalien@wismedassure.org