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People often make the mistake of shopping for an individual disability insurance policy the same way they would for a term life, or car insurance policy. The concept seems simply enough, “If I get disabled, the insurance company should pay me.” Therefore many shoppers spend time comparing quotes from different disability insurance carriers, and trying to find the lowest price. The internet makes this task even easier when a shopper can simply search for disability insurance on Google, and request free quotes from the top ten search results.

According to statistics, 66% of the people who buy a disability insurance policy in this way will never have a problem because 66% of you will never become disabled for 90 days or longer before they retire. However, 33% of you will become disabled before you reach the age of 65, and therefore will need to understand how the individual disability insurance policy you purchased on-line will work. Buyer beware, not all disability insurance policies work (more...)

Studies have consistently shown that small businesses are much less likely to provide health insurance to their employees than larger companies. Indeed, the smaller the business, the less likely it is to offer health insurance benefits. As recently as 2003, about 50% of the uninsured in the United States were either self-employed or worked for companies with less than 26 employees.

The main reason for this disparity is cost. Health insurance for small businesses is typically more expensive than for larger companies (on a per employee basis) because it is more difficult for insurance companies to accurately predict the average cost of medical care for a small group. That is, risk is greater for insurance companies for small businesses since small businesses have fewer employees to spread the risk of health claims. It only takes one employee with significant health claims to have a significant impact on the overall costs for the group insurance. This is also the reason why small businesses do not sel (more...)