Insurance Coverage for a Working Professional

I am a working professional looking to attain insurance coverage, where do I begin?
The first place to begin is to find a qualified insurance advisor who can help guide you in protecting your future. The three main types of insurance are:
  • Life Insurance
  • Critical Illness Insurance
  • Disability Insurance
Life insurance is meant to protect your loved ones upon your passing when you can no longer provide financial support to them. Critical Illness Insurance acts as a living benefit that provides a lump sum amount of chosen coverage upon 30 days of survival after the diagnosis of any of the covered conditions.
For the purpose of this post, the focus is on Disability Insurance.
What – Disability Insurance is meant to replace a portion of your income if you are unable to work due to injury or illness.
Who – In order to qualify, you must be a working individual who has attained proof of two years income
Where – Make sure you applying with an insurance company who has a full suite of disability insurance services that include all of the different options, such as Future Income Option, Cost of Living, Own Occupation, Residual Income, Return of Premiums, etc.
When – The best time to apply is as soon as you begin working. As your income increases, you have the ability to increase coverage to be in line within you new income.
Why – The main purpose of attaining coverage is to make sure you can pay your bills and not go broke in the chance you were to become disabled and unable to work and make an income.
How – In order to apply, you must complete an application with a registered insurance company and pass a medical examination. At that time and upon approval, you will be offered a contract based on your applied for plan.
How Much – The maximum amount of disability insurance a person can attain is 66 and 2/3rds of their annual salary.
The above points apply to anyone who is either employed or self employed looking to attain disability insurance. Please keep in mind, if you are employed, there is a chance you already have coverage through your employer and can thus only add coverage as a top up due to the maximum amount requirements. A few other important differences between employed and self-employed individuals are:
  • Contact definitions
    • Employee benefit disability insurance plans have an Own Occupation rider for the first two years and then switches to Any Occupation.
    • An individual disability insurance plan does not switch definitions through the contract.
  • Future Increase Options
    • Employee benefit disability insurance plans will only allow your coverage to increase to certain maximums with out medicals
    • An individual disability insurance plan that has a Future Income Option built in does not restrict you as much
  • Leaving your employer
    • Employee benefit disability insurance plans end when you leave your employer. Some can be carried forward but as very high premiums.
    • An individual disability insurance plan does not end when you leave your employer.
For more information, please watch this video –
Samuel Waxman, CFP, CLU, CHS

Managing Partner and Financial Advisor, Millennial Financial Group


A Different Approach on How to Compete with Online Retailers

E-commerce business has grown tremendously over the years and will continue to innovate and revolutionize how our patients seek knowledge, choose providers and purchase health care products. Emotional branding could be a different approach on how optometrists can compete with online retailers. It can be a way to provide the best customer service as consumer trends change and seek more of an experience than price orientated as focused on by the baby boomer generation.

Understanding what might trigger a patient emotionally to buy products or seek services from your office can be a way to combat online retailers and create loyalty and retention.   Tapping into the emotions of your patients from the first interaction to promote your service or products is called Emotional Branding.   Your brand image is very powerful. It triggers your patients to engage with you. Once you have them engaging with you, emotional branding builds those lasting relationships that creates patient retention, loyalty and trust.


Call to Action Plan on Emotional Branding.


  1. Storytelling– The patient brand experience depends on it.  The way you create emotional engagement is critical to getting the results that you want whether it is making a sale, creating patient retention or building a reputation. Create a story of you! Let your patients or potential patients know who you are. A Parent, animal lover or sports fan whatever it is promote it in the office, via eblasts or social media to create a personalized approach to your brand strategy. Engage your patients and learn what has attracted them to you. Understand the lifestyle of your patients and promote products or services that your patients will benefit from. You want to know what triggers them to choose your office. Promoting yourself through storytelling is a powerful way to get patients talking about your office and referring others. Storytelling creates a  brand story that educates patients, inspires them or makes them feel something. Those feelings create lastly impressions that keep people coming back and not going to your competitor. Let your patients know about your volunteer work as an optometrist, your struggles and accomplishments, provide a “human effect” that online retailers can’t compete with. Your goal is to make them feel or experience something during the interaction.
  2. Emotional Drivers– Once you have successfully promoted your brand through storytelling and understand what your patients want. You can determine which emotional drivers influence your patients.  Some emotional drivers in your optometry office include being healthy, improving appearance and self confidence. Knowledgeable ODs can use these drivers to cultivate personalized approach to the treatment plan, recommendation of products and ultimately a defensive strategy to online retailers.
  3. Consistency – People don’t like change if they are comfortable and happy with your services. They are used to a certain experience and value. Develop a brand specific strategy that is inviting to your patients. Whether it be that your services are provided on a timely manner or a friendly environment for families, being consistent will differentiate your office from online retailers. The value and emotional experience that your patients feel outweighs e-commerce pricing. When returning patients ask about your vacation or children you have successfully accomplished the art of emotional branding.