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Latest Episodes:

Back To School Insurance Tips - Frank Darras on Simply Money Aug 27, 2015

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Frank Darras join Nathan Bachrach and Ed Finke, hosts of 55KRC Cincinnati's Simply Money, to discuss insurance tips for college students and parents to keep in mind before the school year begins.

How Smart Homes Can Save You Money - Frank Darras on Simply Money Aug 03, 2015

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Frank Darras join Nathan Bachrach and Ed Finke, hosts of 55KRC Cincinnati's Simply Money, to discuss the latest trend of smart home appliances and whether these devices are a money saver or a security risk.

Auto Insurance Scams To Know And Avoid Jul 24, 2015

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Auto insurance fraud isn't something we think about often, but it's likely it could happen to you.

Auto insurance fraud incidents are believed to cost $20-30 billion nationally every year. This translates into $200-300 in additional insurance premiums each year for those affected.

California, Florida, Texas, New York and Maryland are the top five states for fishy auto insurance scams, but you're at risk no matter where you live.

In this episode, we discuss who conducts these scams, what the most common ones are and how you can avoid them.

How Social Media Endangers Your Insurance Claim Jul 10, 2015

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Social media can keep us connected, but what we post can also haunt us in unanticipated ways. This is especially true if you’ve filed an insurance claim, such as a disability insurance claim, a workers compensation claim, a personal injury claim or auto insurance claim.

In this episode, we discuss how social media can be used against you in these insurance claims and what you can do about it.

How Life Milestones Affect Your Car Insurance - Frank Darras on Simply Money Jul 01, 2015

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Frank Darras join Nathan Bachrach and Ed Finke, hosts of 55KRC Cincinnati's Simply Money, to share which life milestones may make you eligible for auto insurance savings.

Water Dangers: How To Stay Safe This Summer Jun 26, 2015

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Is there a better way to beat the summer heat than by spending your days in a pool, ocean, river or lake? Probably not.

Yet many water-related activities have hidden risks. In this episode, we'll discuss how you can stay safe while having fun and staying cool.

How To Save Big on Long Term Care Insurance Jun 12, 2015

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Did you know that someone turning 65 has almost a 70% chance of needing some type of long term care? Or that the average annual cost of an assisted living facility is $43,200, and the average length of stay is 3.7 years for women and 2.2 years for men?

Yet less than 8% of Americans have long term care insurance, and most who don't have it say it's too expensive.

In this episode, we discuss how you can save money on long term care insurance and still ensure you're covered in your later years.

Traffic Ticket Misconceptions - Frank Darras on Simply Money Jun 10, 2015

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Frank Darras join Nathan Bachrach and Ed Finke, hosts of 55KRC Cincinnati's Simply Money, to discuss common traffic ticket misconceptions and how they affect your insurance rates.

Disability Insurance 101 May 22, 2015

Show notes

50% of working Americans couldn't make it a month without their income before financial difficulties would kick in. Could you?

"You have a greater likelihood of becoming disabled than you do of dying before you retire, and yet more people understand the need for life insurance."

Why don't most Americans have disability insurance?

1. "It won't happen to me."

One in three women and one in four men will have a disability that keeps them out of work for 90+ days at some point during their working lifetime
70% of Americans have life insurance, while only approximately 40% of Americans have disability insurance
Injuries and freak accidents aren't typically the cause of disabilities - nearly 90% of disabilities are caused by illnesses

2. "My work will cover me."

Only 40% of employers offer short-term groupd disability insurance and only 33% offer long-term group disability insurance
Only California, Hawaii, New Jersey, New York, Rhode Island and Puerto Rico have mandated short-term disability coverage to be provided to workers either directly or through employers

What are your options?

1. Short term disability insurance

Designed to replace a percentage of your gross income for a short amount of time - may range from 60 to 180 days, depending on your policy
You need to wait for an "elimination period" before the coverage kicks in - the actual time period can vary depending on the policy
Employers often offer short-term disability insurance to their employees, and many subsidize that coverage - if they do, the benefits are taxable

2. Long term disability insurance

What happens if your short-term disability coverage runs out and you're still out of work? Long-term disability kicks in after you've been out of work for an extended period of time, such as 180 days.

Can be acquired through a private insurance company or through a company-sponsored plan
Long term disability insurance policies will typically pay between 40% to 60% of your pre-disability salary
These benefits are paid for a specific period of years or until age 65 - every policy is different, so pay attention to the fine print
There is an elimination period following the onset of disability to qualify for benefits - this can vary, but averages 180 days

Group vs. individual disability insurance policies

Group disability policies

Most people have a group LTD insurance policy - one they got through their employer or through a professional organization/association they're part of
Employer may pay the premiums or at least a portion of the premiums
Income replacement benefits paid under a group policy are taxable
More limitations than individual policies - limitations on duration of coverage, conditions that are covered, etc.

Individual disability policies

Can be purchased through private disability insurance companies
More customizable than your typical group LTD plan
They're portable - your policy will go with you if you leave your job
These policies have less limitations than group policies
Will require a medical exam when applying
Benefits are received income tax-free

Do you have questions about your disability insurance policy, or need help while shopping around for one? DarrasLaw offers free consultations on disability insurance matters, including free policy analysis.

Protecting Your Home From Severe Weather - Frank Darras on Simply Money May 15, 2015

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Frank Darras join Nathan Bachrach and Ed Finke, hosts of 55KRC Cincinnati's Simply Money, to discuss how to protect your family and your home from severe weather conditions, such as rainstorms and tornadoes.

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