News - General News

Weekly Market Summary

The U.S. Treasury sold 10-year and 30-year bonds last week, and both saw strong demand at auction. The yield on the 10-year was as low as 1.78 percent early Monday morning, and the 30-year yield was below 3 percent for the first time since January. Read more now.

We're Honored to Receive a 2012 Governor's Award for Business Excellence

Allen Insurance and Financial has been named a 2012 winner of the Maine Governor's Award for Business Excellence.

This award honors businesses that go above and beyond typical community service, which in turn has a far-reaching positive effect on employees and communities.

We are grateful to all our clients and business partners for inspiring us to excellence every day.

From left, Gov. Paul LePage; Mike Pierce, President of Allen Insurance and Financial; George Gervais, Maine Commissioner of Economic and Community Development, and Mike Reed, President of Fairpoint Communications in Maine.

Why Disability Insurance is an Important Aspect of Your Financial Plan

Each year, approximately one in eight people becomes disabled. Unfortunately, many of them have to worry not only about their health, but also about replacing their salary. Disability insurance can make a difficult time financially manageable. Most people are provided disability insurance through their employers, but the self-employed, the professional, and the new business owner are challenged with finding adequate disability coverage in the type and amounts they need.

Disability income insurance pays benefits that generally replace 50 percent to 70 percent of your earned income when you can’t work due to illness or an accident. While the government provides a base coverage to all workers, it’s the most difficult to qualify for. And while your employer may provide you with comprehensive short- and long-term coverage, even that may not be sufficient for your needs.

So, who needs disability insurance? Individuals whose salary represents their family’s sole (or primary) source of income are ideal candidates, as are individuals who could not afford to maintain their lifestyle if their occupational income were interrupted. Admittedly, this definition includes most people, but there are many who should not consider disability insurance: the retired, certain government workers who are explicitly covered under state or federal law, part-time workers who are not relying on their income as a principle source of wealth, and those who are wealthy enough that their investment income is sufficient to live off of.

The next question is somewhat more difficult: how much insurance do you need, and what sort of policy? Determining how much insurance you need requires that we conduct a thorough analysis of your cash flow, other income sources, and future income needs. As we evaluate what sort of policy best suits your situation, we will focus on the definition of disabled that each policy specifies.

In order to be considered disabled, you must be unable to work and earn an income. But, depending on the policy, this may require that you be unable to work in another occupation. There are four distinct definitions of disability and four types of coverage.

• Pure own occupation coverage means that you are unable to perform the usual and customary duties of your own occupation. This is the most liberal definition of disability because, even if you work in another occupation, you will still receive the benefits of the policy. Due to the relative ease with which you can qualify for benefits, insurance companies only issue coverage to the best candidates with the least risk—and charge the most for this type of coverage.
• Any occupation coverage means that you are unable to perform the duties of any occupation. This is the most restrictive definition because, in order to receive benefits, you have to be unable to work in any gainful occupation, not just your own. Often, the wording is modified to take into consideration your earnings level, education, training, and experience.
• Split definition coverage combines both definitions of disability to provide pure own occupation coverage for a limited time before converting to an any occupation policy after that period expires.
• Presumptive disability coverage protects you in the event of a catastrophic ailment that is utterly disabling. Benefits will be paid even if you are able to earn a living. Catastrophic ailments include the loss of sight in both eyes, hearing in both ears, ability to speak, use of both hands or feet, and/or use of one hand and one foot.

When purchasing a disability income insurance policy, it is critical to ensure that the policy cannot be changed or canceled without your permission. In addition, the benefits you receive from disability insurance may or may not be taxable, depending on whether the premiums were paid with after-tax or pretax dollars and the types of benefits you are receiving.

Disability insurance is difficult to purchase. Your job responsibilities, the time you’ve spent in your present occupation, your earnings history, and your health are considered. Conditions such as prior back strains, depression episodes, and other health history can restrict your benefits and you may not be able to qualify for any coverage, at any price. Working with an experienced financial professional can help you prepare your financial situation in the event you cannot buy disability coverage.

Disability insurance is an integral part of risk management and a product that we always consider when developing a financial plan. We want to make sure that you know your options and that you feel safe, no matter what tomorrow brings.

Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

J. Michael Pierce Recognized as a Top Financial Advisor by Commonwealth Financial Network

J. Michael Pierce, an independent financial advisor affiliated with Commonwealth Financial Network® and president of Allen Insurance and Financial, was recently named to Commonwealth's President's Club. This distinction recognizes successful financial advisors, based on a ranking of annual production among Commonwealth's network of 1,400 financial advisors.

"We are pleased to award Mike with this impressive recognition," said Wayne Bloom, CEO of Commonwealth, the nation's largest, privately held independent broker.  "He is among the most respected financial advisors in our industry and is a trusted partner to the clients he serves. Achieving President's Club status is a testament to his commitment to outstanding customer service and relentless worth ethic."

About Allen Insurance and Financial
Allen Insurance and Financial is an employee-owned insurance, employee benefits, and financial services company with offices in Camden, Rockland and Southwest Harbor. Call 800-439-4311. Located at 31 Chestnut St., Camden, the advisors of Allen Insurance and Financial pride themselves on crafting unique strategies for each client. For more information, please visit www.allenfg.com. Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA, SIPC, a Registered Investment Adviser. Fixed insurance products and services offered by Allen Insurance and Financial are separate and unrelated to Commonwealth.

About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, and a registered investment adviser, is the nation's largest, privately held independent broker/dealer, with headquarters in Waltham, Mass., and San Diego, Calif. The firm supports more than 1,400 independent registered representatives nationwide and makes avail able a comprehensive array of financial products and services. For more information, please visit http:///www.commonwealth.com.

Welcoming Bonnie Lewis

Bonnie Lewis of Southwest Harbor has joined L.S. Robinson Co. as a commercial insurance accounts manager.

Bonnie has a dozen years of insurance experience and enjoys working with the customers in and around her hometown of Southwest Harbor. She is a graduate of Mt. Desert Island High Schooland attended the University of Maine. She and her husband own Mount Desert Granite and Brick in Bar Harbor.

Outside of work, Bonnie enjoys hiking and boating. She and her husband have three daughters and one granddaughter. 

Call Bonnie Lewis at 244-7246 or email her at blewis@LSRIns.com.

Since 1932, L.S. Robinson Co. has served the insurance needs of the people of Mt .Desert Island from offices on Main Street in Southwest Harbor. L.S. Robinson is employee-owned and a division of the Allen Insurance and Financial, the insurance, employee benefits, and financial services company with additional offices in Camden and Rockland. 

Richard Crossman Honored by Certified Risk Managers International

Richard P. Crossman of Allen Insurance and Financial was recently honored by Certified Risk Managers International for leadership and professionalism in the field of risk management.

Crossman was recognized for 10 consecutive years of active affiliation with CRM International. The CRM designation requires an annual continuing education update in order to maintain the designation.

Crossman was one of the first in Maine to obtain this designation. In the insurance business since 1979, Crossman has worked with a number of Maine's leading businesses in a variety of industries. With Allen Insurance and Financial since 2008, he helped create the company's Marine and Energy Division, focused on bringing insurance and risk management services to those industry segments.

"Having and applying up-to-date technical knowledge is what distinguishes the most successful risk management practitioners," said Michael Pierce, president of Allen Insurance and Financial. "Dedication to advanced knowledge and professional development like Dick's is one of the hallmarks of our staff."

In addition to the CRM designation, Crossman is a Certified Insurance Counselor, another designation requiring continuing education in the insurance field.

He is a native of Vinalhaven and a graduate of the University of Maine in Orono. He lives in Camden. Read his bio on this website (new window).

Cindy Norton Retiring After a 47-Year Career

On a Thursday in the spring of 1964, Cindy Norton graduated from Rockland District High School. The following Tuesday she started working for a local insurance agency for $1 an hour. At the end of 2011, after 47 years on the job, Cindy is retiring.

In the early days, it was typewriters, carbon paper and hand-penciled ledgers. Today, Allen Insurance and Financial runs a paperless office system, with three computer screens on everyone's desk. Keeping up with technology has been just one part of the job, Cindy says.

"If you change with the times, you don't have to give it much thought," she says. "It's kept me young. I always said I wasn't going to let the young ones get too far ahead of me."

The single most important constant over the years is the relationships – the ones she's built with co-workers and with the insurance clients with whom she works.

"It's easy to say Cindy is an institution, and that's a true compliment," says Gilbert Fifield, the company president. "She's been a great help to many of us here at Allen Insurance and Financial as well as to some of the area's most successful businesses."

Now that she's 65, it's time to give up her desk job and trade an office to-do list for one she makes with her husband. That's likely to involve reading, walking, 'floating on Pitcher Pond,' and maybe some traveling. And there are always the things at home that are long-delayed because she had to go to the office every day.

Cindy, who is the company's Rockland office manager and a customer service representative, doesn't like goodbyes. She prefers "see you later." And when Cindy says "you can call me if you need me," she means it.

Award of Excellence for Joella Rossignol

For the second consecutive year, Joella Rossignol, a personal insurance specialist at Allen Insurance and Financial has been honored with the Award of Excellence for her superior underwriting skills and long-term commitment to Safeco® Insurance, member of Liberty Mutual Group.

In 2011, this award was given to only two personal insurance specialists in Maine.

"Joella understands, with extraordinary attention to detail, both the needs of her clients and the needs of the insurance company she is working with," said Joanne Van Vactor, senior personal insurance underwriter at Safeco. "This award is a recognition of extraordinary skills."

Joella Rossignol, personal insurance specialist, Allen Insurance and Financial and
Stephanie Davis, right, territory manager for Safeco Insurance.

The Award of Excellence celebrates those individuals with superior underwriting skills who have developed a solid underwriting partnership with Safeco and have qualified for membership in

Safeco’s H.K. Dent Society, the company’s elite agency recognition program. Agents who earn this prestigious designation will have the ability to make selected underwriting decisions, attend an awards ceremony and receive a recognition gift.

Rossignol joined Allen Insurance and Financial in 1999. A native of Island Falls, she grew up in Belfast and now lives in Monroe. She is a Certified Insurance Counselor (CIC), a designation showing commitment to continuing education in her field.

About Safeco
In business since 1923 and based in Seattle, Washington, Safeco sells insurance to drivers and homeowners through a network of independent agents and brokers in eight regions throughout the United States.

Safeco is part of Liberty Mutual Agency Markets, a business unit of Liberty Mutual Group, consisting of property and casualty and specialty insurance carriers that distribute their products and services primarily through independent agents and brokers.