May is Disability Awareness Month

May is Disability Awareness Month!

A recent study by the American Council for Life Insurers indicates that over 50 million households in the United States are without individual disability insurance. This is why every financial/estate plan must address the impact of a long term disability. Especially when you consider that you are four times more likely to suffer a disability than die prior to age 67. Without a plan in place, many families and individuals face severe financial difficulty.

The four most common reasons for a long term disability:

    • 1. Musculoskeletal disorders (29%)
    • 2. Cancer (15%)
    • 3. Pregnancy (9.4%)
    • 4. Mental health issues (9.1%)

The consequences of a long term disability can be alarming. A 2014 study of bankruptcy filings showed the primary causes as medical bills, lost job and illness, comprising over 60% of the filings.

Workers’ compensation and Social Security do not provide a significant benefit. In 2016, only 1% of American workers missed work because of a work-related injury or illness. Also, from 2006 through 2015, only 34% of claims submitted to Social Security claims approved. And the average social security benefit was $1,197/month.

Lastly, many are covered by a group disability policy through work. This is a valuable benefit but the benefit is taxable and most with higher incomes are not adequately covered. If you or someone you know is concerned about their disability program, please contact us for a review.

May is Disability Awareness Month – Become aware of what you have.

Best regards,
Greenberg, Wexler & Eig, LLC

Freedman Risk Management Joins Greenberg, Wexler & Eig as an Affiliate Partner

Greenberg, Wexler & Eig would like to welcome their new affiliate partner, Mitchell Freedman and Freedman Risk Management, LLC. FRM provides an exhaustive array of personal lines insurance and risk management solutions for the affluent household.

Coverages and services provided by FRM include:

  • Homeowners (Domestic, Second Home, International Property)
  • Automobile (private passenger, collectables, motorcycles)
  • Watercraft/Aircraft (yacht, mega-yacht, personal boats, single engine, etc.)
  • Liability (Excess limits available up to $100 million)
  • Valuable Articles (fine art, jewelry, wine, etc.)
  • High Limit Umbrella

Mitch Freedman began his insurance career with Aon Corporation in 1999 in their commercial healthcare practice, providing risk management solutions to large integrated delivery systems and managed care organizations. In 2002, he launched, developed and managed the personal insurance brokerage operation for Aon Private Risk Management in Washington, DC. Starting in 2005, he launched, developed and managed the DC-area operation for NFP P&C Private Client Group (formerly Lane McVicker, LLC).

Since 2012, Mitch has been recognized by Washingtonian magazine as one of the area’s top insurance advisors and by Northern Virginia magazine as one of the areas most trusted risk managers as voted on by industry peers. He has also authored a number of articles on personal risk management over the years on topics such as high-valued home insurance, adequate personal liability insurance, and valuables coverage for wine and other collectibles. Mitch resides in Leesburg, VA with his wife, Audrey, and stepson William. He is an avid golfer, a fan of European football, and a proud supporter of Arsenal Football Club. Mitch is also an active Board Member of Loudoun Junior Golf Association, currently serving as Vice President. We look forward to Mitch joining us and providing exceptional advice and service to our clients.