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FAQs

What is the best way for a small business to understand their health insurance options?
The best way for a small business to compare the cost and benefits of different health insurance plans is through the use of a qualified health insurance broker. Studies show that when a small business uses a broker to help them choose a plan; they save more money and time, and are happier with their plan since they understand what they purchased and why.

Does it cost a small business more money to use a broker to help choose a health plan than doing it themselves?
Actually, it does not cost a small business owner any money to use the services of a broker. A broker is paid by the insurance company, similar to a travel agent, when he/she places business with the insurance company, the fee is not passed on to the small business. A small business could spend their valuable time comparing all the plans from all lthe different insurance companies or use the services of a qualified broker to do the work for them and the premiums would be exactly the same.

Why should a small business think about providing a comprehensive benefits package?
Although the economy is slower than in the recent past, there are signs that it is picking up speed. In the future there will be more competition for the quality employees that a small business will need in order to grow. After salary considerations, employees look to the benefits package to compare offers. If a small business is offering only health insurance, they may lose a great employee to the competition that is also offering a retirement plan, dental, disabilty, and life insurance. Studies have shown that employees want these benefits and find them valuable, and are more productive at work since they have more peace of mind. The good news for small business owners is that they are not required to pay 100% of the cost of these plans, many times employees are willing to contribute a percent of the cost or even the whole cost. This is when voluntary, employee-paid benefits can be added.

Are the proceeds of life insurance policy taxable?
Generally they aren't subject to income taxes. However, they may be subject to estate taxes such as inheritance tax if the proper planning is not done. Through the use of a life insurance trust the proceeds can be structured to avoid this tax completely.

How long after filing a life insurance claim do you receive the payment?
You should expect to receive forms and information in 5 to 10 days. Once the Death Certificate and forms have been returned, payment should be issued within the same time frame.

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