http://www.prolawinsurance.com/index.php/site/index/ en stu@stupaul.net Copyright 2009 2009-12-23T06:08:03+00:00 http://www.prolawinsurance.com/index.php/site/group_life_insurance_products_for_law_firms/ http://www.prolawinsurance.com/index.php/site/group_life_insurance_products_for_law_firms/#When:06:08:03Z Group Life and Accidental Death & Dismemberment Insurance While many take their group provided life insurance for granted, we do not.  There are many variations that can be offered to a law firm in providing this important protection.  Plan variances include:                                 Flat amounts                 Multiple(s) of salary                 Basic with optional Buy-up                 Riders that a provide multiple(s) of benefit Programs include:                         Group Term Life & AD&D                 Mandatory alternative Life products                 Voluntary alternative Life products                 Buy/Sell Life insurance protection When designing and recommending group life insurance for a law firm, ProLawInsurance takes into account many factors, including, potentially complex taxability issues, the “highly compensated” and their considerations, portability, guaranteed issue amounts, demographics and their impact and numerous others. Group Life insurance can be a simple product.  But, when you consider all the elements that need to be considered in making a decision (not with whom to go, but with what to go), it becomes far more complex.  What you put in place will affect many for years, so make the best educated decision you can.  ProLawInsurance can and does provide a detailed road map of alternatives so your final decision is the best for you and your firm.   2009-12-23T06:08:03+00:00 http://www.prolawinsurance.com/index.php/site/contact_us/ http://www.prolawinsurance.com/index.php/site/contact_us/#When:03:18:10Z 1.877.583.4637 Washington DC 1333 New Hampshire Avenue, N.W. Washington, D.C. 20036 Judi Weltmann Phone: 1.202.416.5112 Fax: 1.202.403.3659 Cell: 1.202.374.9722 E-mail: Judi@ProLawInsurance.com Maryland Gary Weltmann Phone: 1.301.765.1999 Fax: 1.301.576.8679 Cell: 1.801.821.6422 E-mail: Gary@ProLawInsurance.com Denver Kristi Shahnazarian Phone: 1.303.750.3400 Fax: 1.720.221.0601 Cell: 1.801.673.6371 E-mail: Kristi@ProLawInsurance.com Salt Lake City 299 South Main, Suite 1300 Salt Lake City, UT 84111 Bill Lawrence Phone: 1.801.220.0362 Fax: 1.801.203.5986 Cell: 1.801.557.3848 E-mail: Bill@ProLawInsurance.com 2009-03-30T03:18:10+00:00 http://www.prolawinsurance.com/index.php/site/faqs/ http://www.prolawinsurance.com/index.php/site/faqs/#When:03:12:32Z Do rate guarantees lock our firm into long term commitments? No.  It is only the insurance company that is locked in.  Rate guarantees assure you that the rate for your benefits will not increase for a specified amount of time.  Most group disability and life insurance coverage can be canceled or transferred (with proper notice) to another carrier at the beginning of each month without any penalty.  This allows you to increase benefits and lower costs whenever market conditions or other situations are presented – even if you just took out a new contract a month, two months, a year, etc. ago.  When moving your coverage to another carrier, it is of significant importance not to have any gap in time between the cancellation date of your former coverage and the inception date of your new one. Can the plan design of our firm’s long term disability coverage be changed at any time? Yes.  Plan designs can be modified at any time subject to the underwriting approval of the current carrier.  Such modifications can cause certain rate changes that may result in higher or lower premiums.  One of our employees is being paid a claim by the long term disability carrier.  Does this mean we cannot change our plan design or even change carriers?  No.  All contracts we have seen specifically state that changes to plan design, or even cancellation of coverage with a particular carrier have no impact on current claims or benefits regardless of what stage in the process the claim is in past the date of disability. How does ProLawInsurance get compensated? ProLawInsurance is a broker agency which receives compensation in the form of commissions directly from the insurance company.  Some agencies accept volume bonuses from all their carriers, ProLawInsurance does not.  ProLawInsurance considers all highly rated carriers equally when determining which to recommend to your law firm.  ProLawInsurance’s first and only goal is to protect and maintain our integrity to you, our client. What is the “Perfect Storm and why is right now so important?” The “Perfect Storm” is here right now and is the time when several things are happening simultaneously to create a unique result.  As it relates to group disability insurance, the “Perfect Storm” is:  (i) The entry of more insurance companies into the law firm group disability market and offering (with the goal of attracting business) new and expanded benefits with lower rate levels. (ii) Some of the major group individual disability insurance carriers have lowered their rates and increased their participation percentages (iii) The fact that the state of the nation’s economy is hampering the needed growth capability of insurance companies.  (iv) Reports that claim incident rates have stabilized in many areas.  (v) The differences in the impact that market and economic factors fact have had on certain insurance and reinsurance carriers.  And finally, (vi) the fact that ProLawInsurance is now delivering its “advantage” to law firms directly as opposed to exclusively the carriers themselves – The “Perfect Storm.” Can a change in Broker of Record be effectuated for just one line of insurance? Yes.  You as the client/customer can recognize and authorize any appointed broker to handle any line of insurance you wish – or all lines of coverage.  Broker of Record letters must specify the lines of coverage you want your appointed broker to handle, the scope of authority the broker is to have and be signed by an authorized representative of your law firm. Why ProLawInsurance? ProLawInsurance was established as the consultant to insurance carriers to create and enhance their group disability offering to law firms.  We now represent you.  Our principals have spent decades in law firm administration and as consultants to group disability insurance carriers. This combination creates a unique intimate knowledge of both the buyers and sellers of these highly specialized insurance products. The nation’s leading insurance carriers came to us as a “first mover” in this niche because they recognized that our expertise enabled us to deliver to them the ability to address law firm insurance wants and needs.  As a result, we delivered the law firm community “first of their kind” solutions that are maximizing law firms’ returns on their insurance investments and enhancing their competitiveness in the marketplace. Does ProLawInsurance deal with just one carrier or many? Many.  Historically, the principals of ProLawInsurance had been the exclusive group disability insurance consultants for insurance carriers in the professional marketplace.  Significant recent changes in the insurance industry have made it difficult to recommend and support only one carrier; and caused us to reconsider who we represent in the future.  Those changes include numerous carriers making long term commitments to expand their benefits while reducing their premium rates.  As a result, we now bring to you each and every carrier that we represent and that is currently offering benefits to law firms.  Insurance carriers respond to competition and we drive that for your benefit and cost result.  ProLawInsurance’s allegiance is to you, our client.         What spread of pricing variation have you witnessed in the group LTD marketplace? The differences between carriers can be huge – another reason why we look at many.  Taking only the quality, top tier carriers which have strong contracts of coverage in their own right, we have seen rate variations of up to 50% for similar products.  These rate variations take into account not just proposals, but a comparison of actual in-force rates to those now proposed. Can plan designs have major impact on cost and yet not on protection? Yes.  Certain in-force plan designs can, on first look, appear to provide a greater protection level or benefit, but in reality they do not.  Therefore, many opportunities exist to modify a plan and obtain an immediate cost reduction while having no effect on the benefit – even if you do not change your carrier.  In addition to being able to change a plan design and obtain a lower premium cost for identical benefits, we oftentimes can modify a plan design and get greater benefits for equal or even lower cost.  Allowing ProLawInsurance to create a free, customized plan design for your specific situation can lead to the best of both worlds. Are higher and guaranteed issue limits available? Yes.  Guarantee Issue limits have increased in recent times.  When ProLawInsurance is designated as your broker of record and therefore given the opportunity to present your law firm properly to insurance carriers (possibly the first time), we will frequently see those insurance carriers offering higher maximum benefits to protect income properly and reflect the appropriate income replacement ratio. Have you ever said that your group disability plan is not the highest priority you have?  If you are like most, you have.  We agree that it is probably not the most important item on your desk, but we state that it is critically important and each firm must strive to get the greatest benefit for the most economical price – just what we do at ProLawInsurance. Are medical exams required? Very rarely.  A medical exam for any eligible participant in a group is rarely required.  Unlike with most individual disability insurance plans, group disability coverage, when reflecting group size and guarantee issue limits, does not require medical examinations.  In other situations, like when an individual within a group wants limits that are higher than those guaranteed, an Evidence of Insurability is usually required for that increased limit to be considered. We have Individual Insurance.  It is expensive.  Is Group the same price? No.  Group insurance rates are almost always significantly less than individual insurance rates.  No replacement of individual coverage should take place without an extensive evaluation. I already have Individual Disability Insurance.  Can I get more by participating in a Group Policy? Yes.  Many group carriers do not offset with the benefits of individual disability insurance and therefore you can have both the group and individual coverage.  This would allow for the total eligible benefit to be greater (the group benefit and the individual benefit added together).  Some carriers even offer “combination plans” that wrap together the group and individual disability protection. I have heard about Combination Plans.  What can they accomplish? Combining group Long Term Disability with group sponsored individual disability insurance (Combination Plan) can accomplish several things for the group and its employees.  The individual disability part will provide individuals with a much lower (up to 35%) rate than they can obtain on their own.  The same features and options can be added; just like when someone purchases their own separate policy.  Neither the premium nor the benefits can change while the policy is in effect.  This is a benefit for the individual as well as the group.  Disability losses on the individual policies do not impact the group long term disability experience, thereby potentially reducing a negative effect of experience rating (if applicable). The group individual side can also provide guaranteed standard issue – no medical examinations!  All that being said, a Combination Plan is yet another method to increase the total disability benefit available. 2009-03-30T03:12:32+00:00 http://www.prolawinsurance.com/index.php/site/events/ http://www.prolawinsurance.com/index.php/site/events/#When:03:00:38Z 2009-03-30T03:00:38+00:00 http://www.prolawinsurance.com/index.php/site/testimonials/ http://www.prolawinsurance.com/index.php/site/testimonials/#When:02:12:03Z ProLawInsurance’s client base is comprised of law firms of all sizes, specialties and locale.  Regardless of similarities, each client law firm is unique from one another.  Our plan designs are totally customized to the needs and wants of each law firm.  The client law firms listed below reflect the breadth of ProLawInsurance’s capabilities and specialization in group disability for law firms around the world. Winston & Strawn LLP Chicago, Illinois Steptoe & Johnson LLP Washington, DC Reilly & Pozner LLP Denver, Colorado Please feel free to contact us should you want to connect with any of these or other client law firms to discuss the capabilities of ProLawInsurance and how we might be able to help your law firm. 2009-03-30T02:12:03+00:00 http://www.prolawinsurance.com/index.php/site/forms/ http://www.prolawinsurance.com/index.php/site/forms/#When:02:07:25Z Census Form 2009-03-30T02:07:25+00:00 http://www.prolawinsurance.com/index.php/site/prolawinsurance_newsletter/ http://www.prolawinsurance.com/index.php/site/prolawinsurance_newsletter/#When:01:40:39Z Download the January 2011 Newsletter Download the October 2010 Newsletter Download the January 2010 Newsletter Download the October 2009 Newsletter Download the June 2009 Newsletter Download the March 2009 Newsletter 2009-03-30T01:40:39+00:00 http://www.prolawinsurance.com/index.php/site/benefit_optimization/ http://www.prolawinsurance.com/index.php/site/benefit_optimization/#When:01:29:12Z ProLawInsurance has hosted several national symposiums designed to enable the insurance industry to learn about issue that concern law firms and their administration – and specifically, what they require in order to optimize their benefits.  The leading administrators of nationally prominent large, medium and small law firms told us we were the first and only consultative benefit advisor to make the concerted effort to learn about your industry and understand how you operate.  While hearing this did not surprise us, it did enlighten the participants because they came to realize that only by having this knowledge can a broker truly understand industry needs and design an appropriate group disability insurance program which contemplates all the variable provisions, alternatives and options that can be used to enhance their benefits.  Our plans will look different from what you have now or what you have heard of previously.  Why?  Because our niche specialization affords us the time to keep on the cutting edge of al that exists in the law firm insurance industry and customize plan designs specific to your operation and risk.  Group disability is not a boilerplate, inflexible contract of coverage.  In fact, just the opposite.  Insurance carriers allow multiple modifications, adjustments and options to their basic contract – concepts non-specialists can’t understand.  ProLawInsurance has the “know how” to utilize those features to secure for you the greatest possible protection at the least available cost.  Our mastery of the hundreds of plan design combinations, options and alternatives available is paramount to optimizing benefits for the unique needs of your practice. 2009-03-30T01:29:12+00:00 http://www.prolawinsurance.com/index.php/site/cost_reduction/ http://www.prolawinsurance.com/index.php/site/cost_reduction/#When:01:24:02Z Obviously “more is better” does not apply when discussing cost.  Our charge from you will be to secure the greatest benefits at the lowest price.  This age-old charge has gotten lost over the past few years.  Most anyone can find a way to secure a lower rate – few can increase benefits while lowering premium at the same time.  We at ProLawInsurance take our intimate knowledge of the business of law firms, combine it with our unique and expert knowledge of the group disability contract, and put together concepts for making solutions you have probably not heard of or seen before.  Our strategies to “bring value” at reduce cost include:  developing creative and innovative plan designs, identifying provisions that do not apply to your law firm, making certain the underwriting of your law firm accurately reflects your exposure, ascertaining the carrier’s lowest permissible rate while taking advantage of any and all available discounts and proposing the carrier which has the best product and pricing fit for your needs.  These strategies allow us to help you grab the carrier offering the most for the least with the longest rate guarantee.  Just as insurance carriers and brokers have done in the past, put us next to anyone and you’ll instantly see the benefits we bring to you – all at a lower cost. 2009-03-30T01:24:02+00:00 http://www.prolawinsurance.com/index.php/site/plan_design_creation_alteration/ http://www.prolawinsurance.com/index.php/site/plan_design_creation_alteration/#When:01:18:56Z A group disability plan customized and designed by specialists in your business to the specific wants and needs of your law firm (every law firm has different wants and needs) and those individuals you seek to protect is paramount to your securing the best coverage at the absolute lowest cost. Time and time again we find ONE qualification in the plan design that, if changed, can reduce your costs dramatically, while maintaining your benefits exactly.  The number of variables contained in plan designs for law firm group disability products is staggering.  Understanding the benefit, claim and cost consequence of each variable is vital in presenting multiple plans that accomplish the goals at hand.  A small sampling of the variables to be reviewed are: Classes of employees/staff, etc. % plans fitted to your law firm Benefits needed Benefits not needed Alteration of “standard provisions” Layering of benefits and provisions Securing higher benefit limits by alternative methods It is nearly impossible for someone who does not specialize in the group disability for law firms niche to comprehend how best to tackle the design of the plan.  Because ProLawInsurance represents ONLY law firms and is constantly staying apprised of both insurance and law firm trends, products and changes, we can present and deliver to you the best and least costly solutions for today and long into the future. 2009-03-30T01:18:56+00:00