Recent trends show an increasing number of employees rely on their employer for benefits such as life and disability insurance. Moreover, dental insurance continues to be a very popular benefit among employees.

Foster Financial Group will work diligently to provide you with the most value from your benefit dollars. Additionally we will be directly involved in the communication of these benefits and the on-going administration that is associated with each coverage.

Many insurance companies will offer discounts for the bundling of different policy coverage’s. Foster Financial Group has also been instrumental in developing ancillary products with pricing that reflects the buying power of all of our clients as opposed to underwriting each client separately.

Even though coverage such as life insurance can seem simplistic, Foster Financial Group strives to make sure your employees receive the latest in benefits available while maintaining low cost. As we review these types of plans for our clients we will perform the following steps;

Dental Insurance:    Still considered one of the most popular benefits by most employee surveys. It is also one of the most heavily utilized benefit offerings. We pay strict attention to the plan design and consult with the client on potential savings that may not impact the majority of employees or their covered family members.  Many plans will offer the ability for annual increases in benefits maximums if the covered individual meets certain criteria. We make sure the client is fully aware of the various options available.

Life Insurance:   Our first measurement is to make sure the benefit amount is adequate. We  review the employer paid portion and then build the voluntary buy-up amounts for the employees that desire more coverage than the employer paid amount. We also want to make sure that the policies include more than just the traditional death benefit and accidental death and dismemberment. Does the policy include the ability to receive benefits in advance of death for terminally ill employees?  Can we add a benefit that pays in the event of a loss of activities of daily living? We pursue these types of plans and more to ensure that you are receiving the best life insurance benefits possible for your employees.

Disability Insurance:     While anyone would be devastated by the loss of a family member due to death, the loss of the ability to earn a paycheck due to an accident or illness can sometimes be even greater. Financial demands are many times too great to rely on family or government to support our needs. Short term and long term disability gives us the ability to insure the loss of a paycheck. We study the demographics of each group for benefit adequacy. Perhaps the higher paid executive group needs additional coverage to meet individual needs. Moreover, we will investigate potential alternatives to premium funding as opposed to traditional insurance company means.

Vision Insurance:    This plan has been found to be widely popular by most of our clients. We developed a plan specifically for Foster Financial Group clients with a large national insurance company and network vision provider. This allows us to provide a benefit at a lower cost and participation requirement than a standalone provider.

Long Term Care:   Rapidly growing in market penetration, long term care insurance is a mechanism to help prevent a catastrophic financial calamity when someone needs care in their home or a facility. While these are available on an individual basis, more companies are beginning to offer these on a group basis to their employees. Not only are they available to the employee, they are also available to other family members such as parents.

Critical Illness:   A relative newcomer to group purchasing abilities, critical illness policies pay the insured a lump sum of money once the insured is diagnosed with a specified critical illness. These types of policies can be purchased on a group basis and have become more popular as out of pocket amounts have increased for many of the medical plans available today.

All of these coverage’s can be purchased with various benefit levels and funded by either the employer or employee.