Life Insurance

Protecting your most important asset can be a daunting task

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. Sometimes, the biggest challenge is finding an agent who is willing to work with you at the times that you’re available. Many of the people I work with are surprised when I respond to phone calls, emails and text messages after 5 p.m. and on the weekends. I know the schedules for students, residents and physicians can sometimes be challenging so I try my best to accommodate them.

A resident I recently worked with scheduled several meetings with me after 6 p.m. so we could discuss the different benefits available in the quotes I had shared, how they worked and the different costs. As we worked out the best benefits, the premium still came in a little high for his budget. The insurance provider I worked with offered an option to pay a lower premium in the beginning, then increase it over time with an option to level out the payments after he started his fellowship and increased his income. He was very thankful that we were able to get him the benefits that were important to him with payments that were affordable.

I once had a client tell me that I don’t act like an insurance agent because of the way I try to explain things. That was the best compliment I’ve ever gotten. I try to explain things in a way that I would want them explained to me.

Our goal is not just to sell you a policy, but to provide guidance in helping you find solutions for you for now and for the future. The greatest gift we have to offer is the gift of education.

Reach out to Lisa Koerner or the WisMed Assure team at insurance@wismedassure.org, complete this quick online form or call 608.442.3810 for help with your insurance needs.

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.

Should I convert my term life insurance policy?

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. Unlike term insurance which either disappears or substantially increases in cost at the end of each term, permanent life insurance provides you with the peace of mind of knowing that it will be there for as long as you pay the premiums.

As with so many of our clients, I am the trusted insurance advisor for Katie, John and their family (names changed to protect confidentiality). One day I received a call from Katie because John’s mother, Anna, had suffered a severe and debilitating stroke. Anna and her husband had purchased a $1,000,000 term life policy from an agent several years ago to provide protection for their family. Katie indicated that in doing research into Anna’s finances she discovered that the term policy was about to expire. She asked if I could look into the coverage to make sure it could be in place for Anna’s lifetime as she was now completely uninsurable. Upon doing so, I unfortunately discovered that the conversion option had expired a few years ago. Furthermore, the policy was not guaranteed renewable and was about to expire within a year. Anna passed away a couple of years later and rather than receiving the intended $1,000,000 income-tax-free benefit, they received nothing. Had the policy been converted to a permanent plan during the allowed timeframe, the insurance benefit would have been available as desired for the family.

This is just one example of why you should at least explore your term life conversion options. You can consider whole life, universal life or even index universal life coverage if offered by the insurance company. These policies will be more expensive but have a cash component that can be utilized if the need for protection diminishes in the future. So why else would you consider converting your policy?

Do you want to provide a legacy for your family and loved ones in the form of an income-tax-free benefit? Perhaps your estate planning needs include a life insurance policy or some charitable planning by leaving a legacy to a treasured institution, scholarship fund or community entity? This type of planning has the potential of also providing a significant tax benefit. No matter what your future holds, if your policy contains a current conversion privilege, you can make the change, regardless of our current health or health history.

Early in his career as a physician, Brad (pseudonym for privacy) had purchased an inexpensive term life policy in the amount of $5,000,000. Brad experienced a significant change in health and contacted me to determine what options may exist for life insurance protection, since leaving an income-tax-free gift to his family was extremely important to him. He was now uninsurable, however his term life insurance policy did contain a conversion option. We did extensive planning, and though we did reduce the life insurance amount somewhat, we were able to provide a whole life policy that would be paid up requiring no further premium payments at retirement. Brad is so thankful that the coverage will be guaranteed for his family as he had originally planned!

Now is the perfect time to research your life insurance coverage and your options. This is exactly what my team at WisMed Assure does! We are dedicated experts with our allegiance solely to you and your loved ones. Please reach out to us with no expectations or obligations and take care of your life insurance planning, especially to determine if converting your current term life policies makes sense in your life.

Contact 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.

Summer 2023 Issue

When and why to schedule a life and disability insurance policy review with your agent

Pins on a calendar

By Lisa Koerner, Insurance Advisor

Many people think that once they have a life insurance or disability policy in place, they can file it away and forget about it. However, as your life changes, your needs often change as well. The policies that you took out when you were young, single and starting your career may not still cover your needs after you get married, buy a house, have children and start your dream job. As your life changes, it’s a good idea to review your policies.

Read more…


The power of planning: a physician’s journey to financial wellness

Stone walkway in grass

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

With uncertainties and change a constant, financial planning stands as a beacon of security and peace of mind. Today, we bring you a remarkable story that sheds light on how a dedicated physician and her family reaped the rewards of a well-structured financial plan, proving that even the busiest of physicians can find stability and fulfillment through proper financial planning.

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Innovation and improvements

Employee benefits manual with stethoscope on it

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

June marked my eighteenth year in the insurance industry; my entire career has been focused on employee benefits and helping clients save money and improve employee confidence in benefits. When I was asked to join the WisMed Assure team, I was given the chance to be innovative and truly build something the way I felt it should be and that’s exactly what my team and I are doing!

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Workers Compensation rate decreases

By Brian Fowler, WisMed Assure Account Director

Starting October 1, 2023, for the eighth consecutive year, Workers’ Compensation rates in Wisconsin will drop. Work Comp rates in Wisconsin are set by the state and are the same for every insurance carrier. Overall, we’re seeing a decrease of 8.4% across all employee classifications. Physician rates remain low and competitive, with no change to the rates this year. Rates have decreased for physicians within hospital systems and hospital employees other than professional employees.

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You bet your life

Cropped shot of young woman hugging her grandmother & helping her with her finances on a laptop

By Mary Krueger, Medicare Specialist

Most of us don’t spend our time concerned about our life insurance because it’s “set up” already through our employer, parents, bank or other sources. Have you really investigated how life insurance works? Is term insurance the best purchase or should you look at long term cost averaging?

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You bet your life

By Mary Krueger, Medicare Specialist

Most of us don’t spend our time concerned about our life insurance because it’s “set up” already through our employer, parents, bank or other sources. Have you really investigated how life insurance works? Is term insurance the best purchase or should you look at long term cost averaging?

Over the years, I have watched clients who are over 60 years old try to figure out what to do now that their term insurance is coming to an end and want to “just extend it.” When the option of paying dramatically increasing premiums doesn’t look very good for the budget, what to do is a significant concern.

So, what are the options other than term insurance at a young age? Consider a universal life or whole life policy. The costs are averaged over your lifetime instead of just a specified number of years. This idea takes the surprises out of trying to find coverage at an older age or at a time when your health has changed and you’re not eligible for coverage any longer. Ideally, doing a combination of both a term and universal/whole life makes sense if you’re looking to save more money in the long run.

To discuss your options, contact Mary Krueger at 715.760.1350 or mary.krueger@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 decisions. Full disclaimer and contact information.

When and why to schedule a life and disability insurance policy review with your agent

By Lisa Koerner, Insurance Advisor

Many people think that once they have a life insurance or disability policy in place, they can file it away and forget about it. However, as your life changes, your needs often change as well. The policies that you took out when you were young, single and starting your career may not still cover your needs after you get married, buy a house, have children and start your dream job. As your life changes, it’s a good idea to review your policies.

One of the biggest changes that people often overlook throughout the years is updating the beneficiaries on their life insurance policies. When people are single, they often choose a parent or sibling as their beneficiary. It’s good to change your beneficiaries when you get married, get divorced or if your beneficiary passes away.

It’s also important to alert your insurance agent of contact information changes. If you move to a new home, city or state and don’t update your address you might miss important updates from your insurance company. I recently attempted to contact a client whose term life policy was coming to an end. The phone numbers we had on file were all unavailable, the email address was undeliverable and the letter I mailed to the address came back undeliverable.

The other thing to keep in mind is whether your Disability Policy is keeping up with your income. When you have a significant increase in income, it’s important to review your benefits to make sure you’re covered in the event of a serious injury or illness. If you only have enough disability insurance to cover half of your income, would you still be able to keep up with your bills and expenses if you’re not able to work for a long period of time?

Most people think that the only reason an insurance agent wants to talk to them is to sell them something, so they avoid scheduling a policy review. A good insurance agent will review with you where you are in your life and what your current needs are. When you’re younger, you may need to add coverage as you build your family and career. Meanwhile, you may need to reduce your insurance coverage as you move into retirement or change from term policies to permanent policies. As you approach retirement, it’s also a good time to start researching Medicare, long-term care and wealth transfer ideas. That’s what our Income Defense team at WisMed Assure is here to help you out with.

You may not feel that you need an insurance review every year, but don’t forget to review your policies when you have a significant change in your life.

Reach out to Lisa Koerner or the WisMed Assure team at insurance@wismedassure.org, complete this quick online form or call 608.442.3810 for help with your insurance needs.

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.

Spring 2023 Issue

Why purchase individual disability protection during residency

physician looking at forms

By Tom Strangstalien, Insurance Advisor

As a resident or fellow, your biggest asset is quickly becoming your ability to earn an income. Until you become independently wealthy and can sustain a loss of earning power without consequence, it is imperative that you have disability protection. But why do this as a resident or fellow, before the dramatic income increase of becoming an attending physician?

Read more…


Group disability insurance can coordinate with individual policies 

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

Planning for the unexpected is the only way to protect yourself, your family, your business and your finances. Unfortunately, the death of a loved one or becoming disabled are often unexpected. If you no longer had an income, how would you and your family fare?

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What’s in a financial plan?

piggy bank on pile of money

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

A financial plan is like a roadmap that helps you navigate through the twists and turns of life, whether you’re saving up for a new car or preparing for retirement. Think of it as your secret weapon to achieving your financial goals and living your best life.

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WisMed Assure can assist you with your Medicare decisions

Medicare keywords chart

By Mary Krueger, Medicare Specialist

Many Medicare eligible participants are familiar with Medicare, but the process is confusing to them so we’re here to assist you with those issues. Here are the answers to some common questions.

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Log in to the new IPFCF portal to ensure compliance

By The WisMed Assure Service Team

The Injured Patients and Families Compensation Fund (IPFCF) has implemented a new policy and administration system. The new system allows participants to review correspondence from IPFCF and pay their bill online.

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Winter 2023 Issue

Long-term care insurance – but what if I don’t need it?

By Tom Strangstalien, Insurance Advisor

We all know the risks of a long-term care event devastating our family’s finances as well as our mental and personal well-being. Roughly half of those who reach the age of 65 will require some form of long-term care assistance during their lifetime.

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Rising health insurance premiums

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

Health insurance premiums are constantly on the rise. According to the Centers for Medicare & Medicaid Services, “U.S. health care spending grew 2.7 percent in 2021, reaching $4.3 trillion or $12,914 per person.” Everyone from employees to employers are feeling the squeeze of high-cost premiums.

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Exercise your financial muscles to get financially fit

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

“Those who work their land will have abundant food, but those who chase fantasies have no sense.” This ancient advice from Proverbs illustrates the importance of financial fitness.

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Medicare questions to ask

By Mary Krueger, Medicare Specialist

Before enrolling in Medicare, there are several decisions Medicare recipients need to make regarding their existing coverages or changes in their health insurance needs.

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Small business claims that can be surprisingly expensive

By Society Insurance Human Resources, reposted with permission from Society Insurance

While running a small business, there’s a decent chance that throughout its course you’ll have to file some sort of insurance claim (often unexpectedly). Whether due to fire, theft, on-site injury or other incident, some experts estimate that 75% of small businesses faced an insurance-worthy incident just last year.

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Long-term care insurance – but what if I don’t need it?

Tom Strangstalien

By Tom Strangstalien, Insurance Advisor

We all know the risks of a long-term care event devastating our family’s finances as well as our mental and personal well-being. Roughly half of those who reach the age of 65 will require some form of long-term care assistance during their lifetime. What this means for a married couple is likely one of them will incur costs for long-term care. Because of the astronomical odds, the cost of long-term care insurance is certainly not inexpensive.

Despite the odds, the biggest objection that I receive when formulating a plan for one of our members when it comes to long-term protection is, “If I don’t use it all the money that I spent will be wasted.” Plus, we’re all invincible superheroes anyway, right? “It will never happen to me, so I’ll just save and invest the money and take my chances.” Thankfully, with the evolution of long-term care planning over the past few years, there is another alternative that makes a great deal of sense!

The life insurance industry has existed much longer than long-term care insurance. Actuaries, as it pertains to life insurance, have these statistics down to microscopic precision in calculating how long on average a person will live and what sums of monies will be paid out and when. When it comes to long-term care, this really isn’t the case, and is in part why the costs of protection are high. As consumers of life insurance, we also know that without a doubt the benefits will be paid out, and what we have paid for the benefits. In addition, we have the added benefit that the proceeds will likely be income tax free.

Are you aware that there are now policies where some or all of the life insurance benefits can now be utilized for costs incurred for long-term care while you are alive? And on a tax advantaged basis? All proceeds of the policy will be paid either in the form of long-term care protection or a life insurance benefit to named beneficiaries. If the policy is in force, the money is guaranteed to never be wasted!

These policies can also involve some dual planning, such as a charitable gift or estate planning scenarios if the proceeds are paid out in the form of a life insurance benefit. Lastly, these plans are priced attractively, as actuaries know exactly what benefits will be paid out and on average when.

I am a big advocate of this relatively new concept in planning for long-term care. If you haven’t addressed long-term care as part of your overall financial portrait, I would encourage you to promptly do so. You may be very pleasantly surprised by the cost to benefits ratio! At WisMed Assure, we are always here to help!

Reach out to me and my team at WisMed Assure at insurance@wismedassure.org, complete this quick online form or call 608.442.3810.

Summer 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.

Read more…


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.  

Read more


$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 608.442.3810 to explore upgrading your life insurance to the New Life Insurance.