Additional Benefits
Disability Insurance
Many individuals assume that disability insurance is unnecessary or prohibitively expensive. However, the likelihood of experiencing a disability before age 65 is greater than the likelihood of premature death. Your lifestyle—including housing, food, transportation, education funding, and retirement planning—is sustained by the income you earn.
An illness or injury that prevents you from working can significantly disrupt your ability to support yourself and your family. At Baker Insurance Group, we offer disability insurance solutions through multiple reputable carriers to help protect your income in the event of the unexpected.
Most people have taken steps to safeguard their assets by purchasing home, auto, and health insurance. Yet income protection is often overlooked. If you were unable to work due to a disabling condition, would you be able to meet your ongoing financial obligations?
According to data from the Disability Insurance Statistics Bank:
At age 40, the average worker faces a 14% chance of dying before age 65, compared to a 21% chance of experiencing a disability lasting 90 days or more (Insurance Information Institute).
Thirty percent of individuals entering the workforce today will experience a disability before retirement (Social Security Administration)
Forty-three percent of individuals age 40 will encounter a long-term disability before age 65 (JHA Disability Fact Book). Disability can occur at any stage of life. If the unexpected were to happen today, how long could you continue to pay your bills? We invite you to contact Baker Insurance Group to discuss how disability insurance can help protect your most valuable asset—your ability to earn an income.
Individual Life Insurance
Life insurance plays a vital role in securing the financial future of you and your family. While most individuals want to ensure their loved ones are adequately protected and financially secure, determining the appropriate level of coverage can be complex and time-consuming. Our experienced advisors are here to guide you through a comprehensive evaluation of your financial situation and the needs of your beneficiaries.
Once the appropriate coverage amount is identified, we assist in selecting the most suitable insurance carrier and support you throughout the application and approval process. As independent advisors, we have access to a wide range of leading insurance carriers, allowing us to identify coverage options that best align with our clients’ individual needs and goals. Please contact us to discuss your options or to schedule a complimentary consultation with one of our licensed advisors.
Voluntary Benefits
With the increasing cost of employer-sponsored benefits, many organizations choose to offer core coverage such as medical, dental, and vision insurance. Employers seeking to enhance their benefits packages have a variety of additional options available. Many of these supplemental benefits can be offered on a voluntary basis, with premiums paid by participating employees.
Short-Term Disability Insurance:
Short-term disability insurance provides income replacement for a portion of wages lost due to an injury or illness that temporarily prevents an employee from working. Benefits are payable for a defined period, as outlined in the plan, which may range from one week to 13, 26, or 52 weeks, or until long-term disability benefits begin.
Long-Term Disability Insurance:
Long-term disability insurance replaces a portion of an employee’s income when an injury or illness results in an extended inability to work. Benefits typically begin after a specified elimination or waiting period and may continue for the duration defined by the plan, such as until the employee reaches a designated age.
Long Term Care Insurance
Who May Need Long Term Care Insurance?
Predicting who will require long-term care—and for how long—is difficult without certainty. However, statistical data provides valuable insight into populations that are more likely to need long-term care services.
A study published in The New England Journal of Medicine (1991) reported that of the approximately 2.2 million individuals who turned age 65 in 1990, more than 900,000 (43%) were expected to enter a nursing home at least once during their lifetime. The same study indicated that among individuals who reach age 65, approximately one in four will spend one year or more in a nursing home.
Research shows that the likelihood of requiring nursing home care increases with age. Among individuals who live to advanced ages, the probability of institutional care is comparable for both men and women. Approximately 62% of severely impaired women age 85 and older reside in nursing homes, compared to 58% of severely impaired men in the same age group.
Women are statistically more likely than men to require nursing home care for extended periods. Studies project that 13% of women will spend five or more years in a nursing home, compared to only 4% of men.
Overall, the risk of needing nursing home care continues to rise as individuals age.
It is important to note that individuals who already have certain medical conditions that are likely to require long-term care—such as Alzheimer’s disease or Parkinson’s disease—may not qualify for coverage. Insurance carriers apply medical underwriting standards to help maintain affordability and manage risk. Without such standards, many individuals might delay purchasing coverage until care is needed, significantly increasing costs across the market.