Insurance Analysis & Management
Specialized services, knowledge, evaluation and implementation.
G.R. Reid’s specialized insurance teams takes the time to meet with your management team, get to know your business, your unique needs and risks, and then develop and implement custom solutions. We will also performing a detailed review of your existing policies.
Group Health Benefits
We understand that the proper Group Health benefits represent a major key to business competitiveness.
Employee benefits programs represent a major opportunity for organizations to remain competitive. As your broker, G.R. Reid Healthcare & Benefit Services, LLC will provide a variety of solutions and plans to ensure you contain costs and remain within your budget such as:
- Employer provided Medical, Dental and Vision Plans
- Flexible & Cafeteria Plans
- Health Savings Accounts | HSAs, HRAs, FSAs, MSAs
- Fringe Benefits & Executive Perks
- Cobra & Termination Benefits
- Employer Provided Life Insurance & Disability Insurance
We also offer a wide range of Voluntary Benefits such as Dental, Long Term Disability, Accident and Sickness and Cancer Care policies that can improve your employee benefit package without increasing your cost as the employer. We provide you with a comprehensive analysis of your current Benefit Plan Design including analyzing and evaluating the design of your benefit programs and comparing plan designs and benefit programs with organizations in similar industries.
Our experienced staff will recommend changes in plan design to achieve your financial objectives while maintaining the greatest benefit possible for you and your staff. We will prepare and obtain cost estimates and propose plan changes at no cost to you.
Additional Employee Benefit Programs
- Advice on industry trends and new developments
- Evaluate and negotiate premium rates
- Conduct marketing studies to obtain proposals from alternative insurance companies
- Analyze claims experience
- Develop rate projections for upcoming renewals
- Reconcile insurance company’s year-end financial accounting
- Create employee contribution schedules to achieve corporate objectives
- Analyze and recommend alternate funding arrangements, when appropriate
Let us help you get back to your business
Our Account Management team has expertise in claims, billing and enrollment resolution.
- Assist with claims problems and declinations
- Interpret contractual provisions
- Review summary plan descriptions and contracts for accuracy and completeness
- Assist with premium discrepancies
- Employer provided Medical, Dental and Vision Plans
Commercial Insurance Services
We keep you informed of issues which will likely impact the cost, structure and tenor of your insurance program...
G.R. Reid Insurance Services, LLC has developed a comprehensive approach that focuses more on risk management than insurance. We take the time to meet with your management team, get to know your unique risks, and then develop and implement custom solutions which provide us with a template of your business prior to performing a detailed review of existing policies. Our comprehensive approach sets us apart, allowing us to evaluate risk, provide custom advice, and recommend appropriate and efficient ways to protect each company’s interests. We keep you informed of issues which will likely impact the cost, structure and tenor of your insurance program while addressing your risk management needs.
- General Liability
- Business Automobile
- Workers Compensation
- Umbrella & Excess Liability
- Product Liability
- Directors & Officers Liability
- Errors & Omissions
- Wrap up Administration
- Risk Management
We will help you select the most appropriate life insurance policy to ensure that your family’s needs will continue to be met in the event of your untimely death.
Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial strategy for you and your family. This step usually requires the purchase of a life insurance policy to ensure that your family’s needs will continue to be met in the event of your untimely death which may cut your earning potential short.
Let us help you pick the right policy for you.
- Term Life Insurance ››
- Universal Life Insurance ››
- Variable Universal Life ››
- Survivorship Life Insurance ››
- Whole life ››
Understanding Life Insurance
Term Life Insurance
Term Life Insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term.
You choose a coverage level, a term (usually 5, 10, 15, 20 & 30 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.
At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.
Term insurance can help you meet a number of personal and business needs and is often a good choice:
- When life insurance is essential but dollars are scarce
- For a well-defined period of time
- To protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
- To protect your business (benefits can ensure business continuation by helping to cover business expenses)
Universal Life Insurance
Universal life products give you the flexibility to choose the amount of protection that best suits your family or business. It allows you to increase or decrease coverage as insurance needs change. Increased coverage may be subject to underwriting requirements. You may not decrease your coverage below the required minimum. A decrease may result in a surrender charge being applied against the policy’s cash value. With universal life insurance, you control the amount and frequency of payments.
Looking towards the future? You have the option to increase the premium or make lump sum contributions, subject to limits as specified in the policy. The extra dollars grow tax-deferred, and may increase the cash and death benefit values. On the other hand, in a temporary cash crunch, you can pay less than the scheduled premium and let the policy’s accumulated cash value pay the remainder of the monthly charges. Universal life products can be customized with innovative policy features to fit your lifestyle.
Variable Universal Life
VUL offers permanent insurance protection, usually through age 95. Simply put, this means that as long as you meet the policy costs, you are guaranteed protection. Some term insurance products periodically require proof of insurability to continue coverage. While there are term products that can cover you for life without additional requirements, their rising costs can make them prohibitive.
Additionally, while all term insurance is purchased with after-tax dollars, VUL has the potential to satisfy its policy costs with pre-tax dollars (policy’s cash value accumulates on a tax-deferred basis), further strengthening the VUL strategy.
At first look, term insurance may seem attractive because you can purchase large amounts of coverage at a relatively inexpensive price. But, the cost should not be the only consideration that goes into your decision making process. For instance, consider the impact of becoming uninsurable at the end of the term period due to a health condition. You may save a few dollars today, but the eventual cost of un-insurability may be the death benefit your beneficiaries will never receive.
Permanent protection also offers a host of policy riders that can further enhance the effectiveness of your policy. Term insurance provides a much more limited range of riders.
Variable Universal Life has Cash Value Accumulation.
You can also allocate a portion of each VUL premium to one or several investment divisions, or a fixed-rate general account option. These investment divisions typically include stock, bond, balanced, international, and money-market portfolios. Earnings within the investment divisions will vary with market conditions and your principal may be at risk. Premium payments plus investment earnings, less policy fees and charges, serve as your policy’s cash value. Usually, you can allocate as little as 1% of the premium to any of the investment divisions in a VUL policy. It should be noted that a decrease in your policy’s cash value may decrease the overall amount of insurance coverage.
Term insurance has no cash value.
You do have the option of “investing the difference” in growth-oriented products, like mutual funds. The value of your mutual fund account will vary with market conditions. Your principal may be at risk and, in most instances, mutual fund earnings are taxable each year. This means that you have less money working towards achieving long term goals. Most mutual funds also require a minimum dollar amount to participate in a particular portfolio. Investing in vehicles like mutual funds is still a solid strategy to follow. But you have to have the discipline to carry this out. If you neglect to put money aside for the future, the “buy term and invest the difference” strategy collapses. Without the 'invest' portion, you are left with a term policy that is incapable of accumulating funds for the future.
VUL policies are sold by prospectus only.
Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. Both the product prospectus and the underlying fund prospectuses contain this and other information about the product and underlying investment options. You should read the prospectuses carefully before investing.
Survivorship Life Insurance
Under one arrangement, you may want to establish an irrevocable life insurance trust to purchase the insurance policy, with your heirs as beneficiaries. (This keeps the insurance proceeds out of your estate for tax purposes.) By means of a will, estate assets then pass to the surviving spouse at the first death. At the second death, the insurance death benefit is paid, with the policy proceeds passing directly to the named beneficiaries. They can then use the money to replace assets lost to taxes.
- Price. Since two lives are insured, premiums are generally lower than for two single-life policies.
- No second guessing. There is no need to plan based on who will die first.
Underwriting is generally more liberal than that for a single life policy, since two lives are insured and the benefit is paid at the death of the second. A proposed insured who may have been denied life insurance coverage by a single life insurance product, may be approved for coverage by a survivorship life insurance product. Keep in mind that not every person who has been declined for coverage for a single-life policy is necessarily eligible for coverage under a survivorship life insurance policy.
Survivorship can meet other needs as well, and is commonly used to benefit:
- Children with special needs. The insurance can provide guaranteed funding for a trust to provide for a child with disabilities after the death of the second parent.
- Charitable gifts. This coverage can help create a living legacy for a favorite charitable organization after both spouses needs have been provided for.
- You work hard to build up an estate over your lifetime – and you may end up a millionaire. While taxes may be inevitable, you can help counter the loss with a Survivorship Life Insurance policy.
Whole life is permanent life insurance protection that protects your family or business no matter what lies ahead, from the day you purchase the policy until you die, as long as you pay the premiums when due.
Whole life insurance can be a solid foundation upon which to build a long-term financial strategy because it guarantees a lifetime of protection for your family or business.
Generally, the death benefit can be used for:
- Survivor needs
- Mortgage protection
- Wealth transfer
- Charitable giving
- Business needs
Long Term Care Insurance
We are here to help people gain an understanding of long-term care and long-term care insurance and to help them make sound decisions about their future.
Most long-term care policies will pay a preset amount of an insured’s long-term care costs when the insured is certified by a licensed health care practitioner as a “chronically ill individual.” To be certified as a chronically ill individual the insured must either:
(1) require substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment and/or
(2) be unable to perform at least two or more activities of daily living (ADLs).
The activities of daily living are: transferring, bathing, toileting, dressing, eating and continence. Once a long-term insurance policy’s benefits are triggered, the policy will continue to pay benefits for a preset time period or until the insured no longer needs long-term care. Most, but not all, long-term care policies can help cover costs incurred during a nursing home stay, assisted living residency, in-home care, informal care, custodial care, care provided in Alzheimer’s facility and hospice care. Some insurance companies will even pay benefits for care provided by family.
Long-term care insurance can help pay for a variety of home and community-based care services, including: physical, speech, and occupational therapists; home health aides and visiting nurses; adult day care; hospice care. (Note: Generally, skilled care refers to round-the-clock treatment by a registered nurse under a doctor’s supervision. Intermediate care refers to occasional nursing and rehabilitative care under the supervision of skilled medical personnel. Custodial care primarily meets personal care needs in activities of daily living such as help in eating or bathing.)
The topic of long–term care seems to be getting more and more attention. Much of the discussion around long–term care is focused on the rising costs of long–term care services, the increasing size of America’s retired population, the dramatic increases in expected average life span and the impact the convergence of these factors may have on families and the health care industry.
Some of the most important benefits of long-term care insurance have been clouded by vague or confusing descriptions and some long-term care facts have been poorly explained. As a result, many people do not have a clear and accurate understanding of the issues surrounding long-term care and long-term care insurance. We are here to help people get around these obstacles and gain an understanding of long-term care and long-term care insurance that can help them make sound decisions about their future.
If you become disabled and cannot work, disability insurance can pay benefits up to 60% of your income in many cases.
What if something happened to you tomorrow? Would you want to protect your income-earning potential? What would happen to your family if you become disabled and were unable to work?
The risk of disability – as well as the potential cost – is simply too great to ignore. Disability insurance can provide peace of mind and remove the uncertainty in case of an accident or sickness that makes someone incapable of working.
If you become disabled, here are possible ways to manage financially:
- Tap into savings. How long will the funds last? You could use up in a few short months assets that took years to accumulate.
- Borrow. Who will lend you the money? Even family and friends can only help so much. This is a short-term and potentially short-sighted solution.
- Sell assets. If you have the assets to sell, what price will you get for them? Will you sell your home? Your cars?
- Count on Social Security. Will your claim be approved and, if so, how much will you receive?
- Transfer the risk to an insurance company. This can be more affordable and safer in the long run.
It’s good financial sense to protect yourself and consider disability insurance. If you become disabled and cannot work, disability insurance can pay benefits up to 60% of your income in many cases. This means you can continue meeting your financial obligations until you are back on your feet again.
Our portfolio of products includes:
- Short-term disability
- Long-term disability
- Disability income insurance for key business persons
- Group disability products