As you work and approach the end of the year, take time to understand what benefits are offered at your employer in addition to your employer sponsored retirement plan.  If you’re a self employed individual, you are able to purchase the following benefits as a tax deductible benefit to your business while insuring yourself!  Consider the following benefits and how they can benefit you:

Employer Sponsored Life Insurance.  Even if you have other life insurance, this is the most inexpensive way to add protection for your family and your assets if you die.  These types of plans ‘group’ you with other employees so the premium cost is reduced. Sometimes these plans are portable if you leave your employer.  There may be stipulations on ‘aging out’; check  to see if you’re insured after age 65 (some plans drop you after this age).  A death is one of the events that causes early liquidation of assets if a family isn’t prepared with adequate life insurance If you’re self-employed, you’re able to deduct this benefit if paid for by your business bank account).

Employer Sponsored Disability Insurance.  Not being able to work will deplete financial assets if you’re not prepared.  Disability insurance replaces lost income that Social Security Disability benefits do not cover.  Because being on Social Security Disability insurance doesn’t replace 100% of your income, additional coverage is a good idea if you’re in your prime earning years.  Disability insurance is underwritten based on your profession, age, and possible risk of injury in relation to your work activity.  Many people are unaware that when taking Social Security Disability Benefits, your Social Security Retirement Benefits are reduced or eliminated in retirement.

Employer Sponsored Health Insurance Solutions.  Your company may provide you with health insurance that you are unable to modify based on your personal needs.  Ask your insurance provider if there are additional coverage options you may be able to add to your plan, such as vision, dental, wellness, or indemnity that may be more appropriate for you and other workers based on your needs.  Sometimes coverage can be customized, versus a ‘one size fits all’ plan under major medical, which can be costly.  If you’re self-employed, you have the ability to select a plan that fits your needs, and again deduct the cost from your business.

I may be able to provide you with additional coverage options, once I understand what your benefits are and if you’re utilizing them in the best way for your personal situation.


This update has been provided by Fresh Finance.