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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 – https://www.youtube.com/watch?time_continue=105&v=t89a1rdcUr0
Samuel Waxman, CFP, CLU, CHS

Managing Partner and Financial Advisor, Millennial Financial Group

416.817.8897

What Can A Recruiter Do For You in Corporate Optometry?

Being active in your search for the right job in corporate optometry is imperative to landing the best job in the first place, but what can a recruiter do for to help you in that search? Recruiters often work with hiring managers or specific companies to find the perfect person to fit an open position. Let’s consider four ways they do.

1. Recruiters want to help you get the job. They are consistently looking for someone that fits the position and what you want to do is present yourself in a way that is complete. Talk to the optical manager of that location or even the past OD. Discussing the opportunity with the regional manager can help as well , to make sure that all the information you’re being relayed is straight forward.

2. They know the company’s interests. The recruiters know exactly what the company is looking for and can offer your valuable insight on how to market yourself. Recruiters can help you understand what is happening within the company’s culture and what a day in the workplace might be like. Ask about how many days a week are best for availability and what the flexibility is for that. Understand that they do work for the corporation, so they have guidelines that they have to follow. If its an outside company recruiter, then they have different options. If the location has been dark for a long time, then your chances of getting what you want from that company are better than a location that has three or four candidates looking at it.

3. The recruiter can’t tell you everything, but they can guide you. One thing you can do is ask the recruiter if they can share any feedback. Recruiters are a great resource for information that you don’t know about. You can ask them what you can do for your resume could stand out, or what you can add to your resume to be able to take over a profitable sublease location or employment position. Many young ODs may not have all the answers, but the recruiters are able to guide you. Just remember that it is your responsibility to do your homework. Talk to doctors within your area about what your starting point salary should be because that is one thing a recruiter can’t tell you about. Take advantage of their suggestions. If they recommend a resume change, this will help you in your search for the right position. Get some insight from them.

4. A recruiter can help you get what you want. If you are clear and honest with your recruiter, they can help you get the flexibility and pay that you are looking for. In the same way you need to be clear about what you don’t want. If you’re looking for certain days, hours, or earnings the recruiter can work with you. They can discuss your compensation and relay your requests to the employer. They also know job openings before those positions are posted.

Podcast

Academics and Teaching Optometry in Ireland.

Corporate Optometry Nation partners with Primary Eye Eyes to talk about academics in Ireland. Featured guest is Dr Catriona Barrett.