J Garcia, Moreman Moore & Company, Inc.

Life / Health / Pension / Employee Benefits 

started his career handling Life Insurance in 1976 with Prudential. In 2000 he moved over to Moreman Moore & Company. In true fashion, he wanted to share some positive news with you! Luckily, there have been some ObamaCare Successes he’s aware of:

  • Health insurance policies with low deductibles are now available to cover maternity. This helped bailout some people that would have been in a difficult situation other wise.
  • Another positive: He’s seeing that small businesses aren’t all having to stay grandfathered. He’s runquotes on many ended up saving them several thousand dollars this year alone!
  • Unisex pricing has gone away which means women’s rates are down but men’s have gone up. Goodnews for those with predominantly female census!
  • The 50 or more employee mandate has been pushed off until 2015!
  • Rates are based on age, where you live and your tobacco status. However, for group policies, smokingisn’t an issue, unlike in the past!ACA Fact: Individual mandate started January 1st of this year. You either have to have insurance by March 31st or face a penalty. More on this topic @ our March 28th breakfast meeting.

Life Insurance

  • Term Life is the most popular and the goal is that you need enough to take care of the things you want to take care of after you’re gone. It has a Death benefit only and little cash value.
  • Whole Life provides coverage forever and builds a cash value. Some have guaranteed cash value. If you start borrowing against it, you can take dividends and never have to pay back. If borrow from the cash value then you have to pay it back and are charged interest.
  • Universal Life was born in the 80s when interest rates were low. It is an interest sensitive product. J ad- vises to be very careful with those. If it runs out of cash value, it ends. On the upside, it is less expensive per thousand than whole life.
  • Lastly, there is Variable Universal Life in which funds are invested in mutual fund type scenario.

If you own a business and your business partner is not your spouse, you need a BUY-SELL agreement in- surance policy.
If you have high level key employees that will directly impact your business if they die, recommends a Key Man policy.

Another recommendation is to offer a Whole Life product (the Golden handcuff) on other key employ- ees. This is an additional benefit to your employees and builds cash value.
Corporate Asset (Bonding) is also a good idea for business owners.

also offers Long Term Care Insurance which is a product he highly recommends everyone consider. Give him a call to make sure you are comfortable with what you currently have, possible want to alter or increase your coverages or have him discuss the many group offerings available.