September 2006

Making IEEE's Financial Advantage Program Work for You

By Gary Blank, Paul Kostek and Lynn Koblin

When assessing their IEEE membership, one of the frequent questions raised by members is: "What do I get out of it?" IEEE membership provides you with access to leading technical experts and information to help you with your career. Your membership provides you with the opportunity to network and identify opportunities to build your careers. Similarly, IEEE membership grants you access to subject matter experts and services that can assist you in your personal lives. More than ever, the IEEE is committed to helping engineering professionals obtain information, decision making tools and a choice of solutions to meet some of the most significant life needs: portable benefits in the areas of health care, education, financial planning, small business and retirement.

In today's evolving marketplace, it's easy to find yourself without personal benefits, and IEEE's benefits programs can help you access core products, such as disability insurance, life insurance and financial-planning assistance. While there can always be cheaper deals available elsewhere, the IEEE can be a great place to access portable coverage at competitive rates. This is especially important for members who are experiencing career transitions, such as becoming consultants, creating businesses, considering early retirement or temporarily unemployed.

One of the IEEE's initiatives is to assist members with financial education. A resource available to assist you in doing this is Grogan Advisory Services. Larry Grogan has partnered with the IEEE to provide his financial planning services to members at discounted rates, but he has volunteered his time to giving financial presentations at Section meetings and through webinars. Financial planning is the process of meeting life's goals by strategically managing your financial future. Your life goals could include planning for retirement, saving for your children's college education, protecting your family's future, minimizing taxes, or many other events. To learn more, visit www.efs529.com/ieeefinancial.

In addition to financial education, the IEEE Financial Advantage Program (FAP) offers five different types of IEEE endorsed credit cards and several types of group life insurance products. This year, the life insurance portfolio added a 20-year level term life product, which is the most popular type of coverage in the marketplace today. Members can qualify for insurance at their present age and health conditions, and lock in the rate and benefit for the next twenty years. FAP also offers dental coverage, disability insurance, professional liability insurance, moving van services, and car and home insurance, to name a few.

We all remember the devastation Hurricanes Katrina and Rita wrought last year and the challenges faced by individuals unable to return to their homes. FAP's latest offering, Ace Disaster Mortgage Protection®, can help victims of natural disaster meet their most basic financial obligations.

The extensive list of FAP programs islisted below:

Insurance Programs

• Auto/Homeowners Insurance

• Flood insurance and excess flood insurance

• Disaster Mortgage Insurance

• Cancer Expense Insurance

• Catastrophe Major Medical Insurance

• Catastrophic Disability Insurance

• Dental Plan

• Disability Income Insurance

• High-Limit Accident Insurance

• International Accident & Medical Insurance

• Life-Line Screening

• Long Term Care insurance

• Prescription Plan

• Professional Liability Insurance

• Small Employer Group Insurance

• Term Life Insurance

• 10-year Level Term Life Insurance

• 20-year Level Term Life Insurance

Financial Services

• Grogan Advisory Services

• IEEE Endorsed Credit Card

Business Services

• Office Supplies

• DHL Express Delivery Service

Home Services

• Moving Services

Additional Services

• Car Rental

• Travel Services

Student Services

• IEEE Credit Card for student members in United States

• IEEE Credit Card for student members in Canada

• IEEE Credit Card for student members in Puerto Rico

Your IEEE membership provides you with the latest technical information to manage your career, and it can also help you to plan your life. Today's Engineer will keep you abreast of benefits information with features on an areas of interest. But, don't wait — you can learn about FAP at: www.ieee.org/portal/pages/services/financial/fap.

Gary Blank is a past vice president of IEEE-USA's member activities. He is currently IEEE-USA's liaison to the IEEE's Individual Benefits and Services Committee, and a candidate for 2007-2008 IEEE-USA Member-at-Large.

Paul Kostek is a past president of IEEE-USA. He currently chairs IEEE-USA's Career and Workforce Policy Committee.

Lynn Koblin is manager of IEEE Member Benefits in Piscataway, N.J.

Comments may be submitted to todaysengineer@ieee.org.