Review Category : Insurance Tips

Should I Leave My Kids A Million Dollars

Just the other week, I had one of the more interesting conversations with a client which sparked me to write this article. I’ve never been the kind of advisor that wants to ‘sell’ my clients insurance. I have always felt it to be best to implement risk management products for the best cost possible or utilize insurance vehicles in the best way to accumulate cash based upon each individual client situation. One of my clients called the other day and said they were considering buying a second to die policy. When I initially heard the request, I said, “Well, you don’t really have a need for more life insurance and we have really good accumulation strategies set up for your other goals.” As the conversation deepened, he told me that he wanted to be 100% certain that when he and his wife died that each child would get 2 million dollars no matter what happened with the rest of his ...

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How Life Insurance Made Jim Harbaugh, Not Nick Saban, the Highest Paid Coach in the NCAA

Most that follow collegiate athletics are familiar with Nick Saban, arguably the most successful head coach in NCAA history. Heck, even if you don’t follow college sports, Saban has become a figure that is well known throughout the country for his Alabama teams and their ferocious defenses. But did you know that despite his track record on the field, he is not the highest paid coach in the NCAA? That distinction belongs to Jim Harbaugh, head coach of the Michigan Wolverines. Despite not having reached the pinnacle of the sport yet in terms of national championships, Michigan made Harbaugh the highest paid head man in the country in August of 2016. The avenue in which Harbaugh and the University accomplished this is not commonly seen in professional or amateur sports. After his first season with the Wolverines, Harbaugh and the leaders at Michigan entered into a Split-Dollar Loan Agreement under which the University agreed to make seven loan advances, of ...

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VIDEO: Fantasy Football Insurance

Ok, I’ve heard it all now. I’m not a fantasy sports guy, but as a numbers person I can understand the attraction. More than $1 billion is spent each year on Fantasy Sports leagues. League fees can run from free to $1000. The more the 25 million people playing in paid leagues can pocket real money. Those that are spending money find it frustrating to draft a player who gets injured in real life and have to be sidelined on their fantasy team. An injury can ruin your fantasy lineup and your season could be over just as it is getting started. Industry studies show that the average fantasy player spends $467 annually on various sports leagues. Read Full Article at: https://shar.es/1xFXaK ...

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What Alabama And Clemson Football Players Need Insurance?

College football has become such a big business for the large colleges and universities across the United States.    People come out by the droves as their teams begin to embark this season on winning a college football championship, and we’ll know in about five months who emerges victorious.    With the importance of key stars on each of the teams, there is a new ‘tricky’ business of buying insurance on the superstars of these college football teams. Recently, it was revealed that top ranked Clemson quarterback DeShaun Watson took out two very important insurance policies against a career ending injury.  The first was a $5 million dollar total disability policy and the other was a $5 million loss of value policy. When it comes to total disability, think about this in the genre of you buying an own occupation disability policy.  When you buy disability insurance, you can purchase a policy to cover your own particular occupation or any occupation at ...

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Four Financial Moves To Make After You Are Hit By A Flood

With the recent devastation people have experienced in Louisiana by the floods, some new light is being shed on what financial moves you may need to make after you are hit by a Flood.    Over the prior weekends, I did a small piece on the Weather Channel to give some financial guidance for people in Louisiana who were hit by the flood.   With only 12% to 14% of the homeowners actually having flood insurance in an area that was not considered a flood plain, the big question is what money moves you should make after the flood comes through your neighborhood. Source (FEMA.gov) TIME TO MAKE AN INSURANCE CLAIM The first thing is you should try to go back and take photos, but be safe as water damage may make parts of your home extremely unsafe. One thing you should determine is whether or not you want to hire a licensed independent insurance adjuster to work as an advocate for ...

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Isn’t It Time To Refinance Your Life Insurance?

There’s a reason people love to shop at places including Costco and Wal-Mart. There’s the usual reasons that people like to get good deals, but more importantly if you are a smart money moves shopper buying in bulk can often get you the best deal on what you buy if you really need the item. For certain, one of the biggest item bought in bulk is bottled water, but hardly ever do people think about buying their life insurance in bulk. Why is that? The last five to six years, I’ve been amazed about how much people talk about the concept of refinancing their homes. If you do the math, if someone lives in a home long enough a refinance can absolutely make sense for their situation. If you have a $300,000 mortgage and go from a 4.5% interest rate down to a 4% interest rate, it can mean tens of thousands of dollars of saved interest over the life ...

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4 Money Moves To Make When You Turn 40

Generation X is classically defined as people born between the years 1965 and 1979.    This means for the next five years, the last batch of Gen X’ers are going to turn 40.   If life begins at 40, then it must be certain that making smart money moves should fold into that master plan.   Whether you are woefully behind on student debt, just getting married, or you are now starting to make some serious money, here are four smart money moves to consider when you turn the age of 40. Admit Your Mistakes . . . They Are Natural Financial Mistakes- If you are spending like a drunken sailor making sure you are seeing all the best concerts and trying the fanciest restaurants, don’t beat yourself up.  If you have piled up debt or lost money on a private investment deal, there is still time.  Just be true to yourself on those mistakes so you don’t continue to make them. Personal ...

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Why “Conditional Receipt” Is A Must When You Apply For Life Insurance

It’s never fun having a discussion as a family or with a financial professional to figure out how much life insurance you need. Most people dread this conversation as much as going to buy a new car because you are going to always feel like the insurance agents are ready to pounce on making a sale. As long as I’ve been doing this, I have still yet to hear a surviving spouse tell me that they bought too much life insurance. With many married couples, it is still usually one spouse who drives the conversation about how much life insurance the family needs. Usually it is the major breadwinner of the family. Recently, I heard yet again another sad story from a surviving spouse whose husband passed away way before his time. When I learned a little more about the situation, she revealed that he had been approved for a large sum of life insurance a few years back but ...

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Are You Paying Too Much For Your Group Term Life Insurance at Work?

It’s 11:00 P.M. the night before your open enrollment, and once again you have waited until the last minute to check the boxes for next year’s benefits. Every year, I help hundreds of clients review the corporate benefits they get from their company. As the booklets get larger and the benefits more complex, one of the biggest mistakes that I see employees make is not doing a shopping comparison with their voluntary group life insurance. Remember these upcoming bullet points when it comes to viewing your company life insurance. First, there is no free lunch. Although the company may give you some life insurance that you get for no cost, if the insurance is more than $50,000 you’ll get something on your pay stub called imputed income. You’ll notice this if you look at your next pay stub and see GTL (group term life) as income on your paycheck. Second, when it comes to voluntary term life insurance and you ...

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Be Careful About The Rules Around Saving For Healthcare

With so many changes happening with our tax code every year, it is really important that you sit down and review how this will affect your family finances. As 2015, approaches us, one tax issue that could affect your family center around the changes intertwined with Flexible Spending Accounts (FSA’s) and Health Savings Accounts (HSA’s). In many prior years, traditionally FSA’s were you use it or you lose it plans if the money is not spend by year-end. Since 2013, you were allowed to roll money over from the prior year and carry it forward into the current. However, going into 2015 there is a BIG twist that you should consider before the 2014 year is over. If you elect to carry forward the $500 in your FSA plan from 2014 into 2015, you will immediately become ineligible to participate in a Health Savings Account for 2015. This is true for the entire calendar year. So, if you opted to ...

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Obamacare: Open Enrollment What You Need To Know

It may be open enrollment season for many of you at work, but for millions of Americans it will be the official open enrollment for Obamacare coming up this Saturday.  Amidst the unknown of the upcoming Supreme Court case regarding federal subsidies, there is a plethora of information to digest for those of you who are considering the federal marketplace for your health insurance.  Here are my five smart money moves Q & A to help you get an initial start to understanding the open enrollment period beginning this week. Get Obamacare Help Here > Question 1:  When does open enrollment start/end and how many people are expected to sign up this year? Starts November 15, 2014 and ends February 15, 2015. You must apply by December 15th if you want your coverage to begin January 1st There are no other enrollment periods unless you qualify for a special enrollment for life events such as marriage, divorce, birth of new ...

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Why a Prenup Needs to Include Debt

My team is extremely fortunate to get to work with so many successful Generation Xers.  Many of them have done phenomenally well in their careers, and then begin considering marriage at a much later stage in life toward their late 30s to early 40s. This often brings up the question when we do financial planning with them about whether or not it is a good idea to get a prenuptial agreement. There are pros and cons to getting this type of agreement, but the one important item many couples do not remember to put in these agreements when they execute them is what will happen with the debt. Most couples remember to talk about the bank accounts, the retirement accounts, the family inheritances, the real estate, and the closely held businesses.  However, most people assume that all prenuptial agreements are only dealing with people who have significant wealth.  What happens when a couple gets married and you still have outstanding ...

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Don’t Forget To Protect The Golden Goose

I have delivered insurance checks in my career and nobody has ever told me they have too much life insurance after a loved one dies. It’s really ironic because there are many media pundits who beat up on having unnecessary life insurance, but those writers don’t have to pick up the pieces after a major breadwinner dies in a family. Recent studies still say that the odds of dying are 1 out of 1. LOL. Even though I think that most families are woefully underinsured when it comes to life insurance, the greatest gap I see amongst Generation X and Generation Y is an apathetic amount of disability insurance. Most people who work for companies believe that the amount of disability insurance they get through work will be adequate to cover their situation should they sustain a long term disability. The stark reality is that most Gen X’ers an Gen Y’ers don’t even read the benefits manual to understand the ...

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Do Ivy Leaguers Get Better Rates For Loans

As most of know, student debt is becoming the new silent killer for generation Y.   People in their 20’s and 30’s may need to find different alternatives on how to pay off their student debt or even how to refinance the debt.   Programs seem to be popping up all over the internet and I recently had the chance to interview Mike Cagney, CEO and Chairman of SoFi which is a company who can help with figuring out your student debt and more. If you need to refinance your student loans, SoFI (www.sofi.com) has some really cool programs: Fixed rates can start as low as 3.63% and variable rates even lower.  SoFi has its own specific underwriting process that allows them to be more selective with the types of students it loans to currently.   Think about it.  Better school, consistent job, etc. might mean you have a much better ability to pay back the lender. Unemployment protection is an excellent feature ...

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How Rich Do You Think You Are?

Wealth can be defined in many different ways, but classically it is measured through one’s net worth.  Your net worth is simply everything you own versus everything you owe.  The own part of the equation includes real estate, cash, stocks, bonds, 401(k)’s, IRA’s, businesses, and much more.   The owe part of the equation includes mortgage debt, student loan debt, car loans, credit cards, and more.  Once you subtract the liabilities from the assets, you can begin to determine just how rich you really are in today’s day and age. WHERE DO YOU RANK IN WEALTH (source: wsj.com) (If you have a household net worth of X … you rank in the Y percentile): $50,000 … 60th percentile $93,000 … 50th percentile $100,000 … 48th percentile $200,000 … 34th percentile $500,000 … 18th percentile $750,000 … 12th percentile $827,000 … 10th percentile $1 million … 8th percentile $1.4 million … 5th percentile $6 million … 1st percentile There is a really ...

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Fantasy Sports Insurance?

Ok, I’ve heard it all now.  I’m not a fantasy sports guy, but as a numbers person I can understand the attraction.  More than $1 billion is spent each year on Fantasy Sports leagues.  League fees can run from free to $1000.  The more the 25 million people playing in paid leagues can pocket real money.   Those that are spending money find it frustrating to draft a player who gets injured in real life and have to be sidelined on their fantasy team.  An injury can ruin your fantasy lineup and your season could be over just as it is getting started.  Industry studies show that the average fantasy player spends $467 annually on various sports leagues. Along comes a businessman to create FantasyPlayerProtect.com which provides insurance to reimburse league entry fees plus up to $250 for other expenses like subscriptions to research your players.  With their tag line being  ‘Injuries Happen – FantasyPlayerProtect has your back’, you are able ...

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Can the Government Inherit your Estate?

By: Patrick R. Norris* When a new couple comes to visit me to set up the base of their first estate plan, one of the common questions that I often receive is: “can the government really inherit [or take] my property if I don’t have a Will?”.  This is a question that always make me smile because while the technical answer is “yes”, a much more practical answer is “highly doubtful”. You see when someone does not have a Will, the laws of their State essentially make a Will for them.  State statutes place your relatives in an orderly line for inheriting your estate.  So long as they are living, the first person in line receives your property when it comes time to inherit.  If they are not living, the next person in line just steps up to inherit. If you do have a [valid] Will, the State Statutes are “trumped” and your Will (not State Law) dictates who inherits ...

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Don’t Forget the $150 Drivers Education Tax Credit

Who knew? The Driver School License Training Act actually exists.   This is why Your Smart Money Moves is a top ranked blog.  We stay on top of these things so you can improve your bottom line.   You’ll be filing taxes soon, and if you live in the State of Georgia and have a child who took drivers education you can be eligible for this nice little tax credit.   As long as you took courses from a private school, you’ll be eligible for this 2013 state tax deduction. O.C.G.A. 48-7-29.5 (2010) 48-7-29.5. Tax credit for private driver education courses of minors; required documentation; rules and regulations (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 with respect to the amount expended by such taxpayer for a completed course of driver education for a dependent minor child of such taxpayer at a private driver training school licensed by the Department of Driver Services under Chapter ...

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Snoop Dogg Gets Approved Preferred Rates For Life Insurance?

Sometimes it really pays to have an insurance agent who knows what they are doing.   As rules and regulations get more complicated, this is why you want someone like me on your side.   The truth is I don’t have the foggiest idea if Snoop Dogg got approved preferred rates for life insurance, but what I do know is that it has been alleged that Snoop Dogg, Lady GaGa, and Willie Nelson have all rolled a joint or two in their lives.   With more than 19 states now offering medical marijuana and several states have legalized the sale of the pot, are there important things for you to know about this when you apply for life insurance? Of course having written insurance policies for over 20 years, I’ve heard just about everything when I take an application.  Uhhh . . . Ted . . . will marijuana show up on blood test?  If yes, how long do you figure it will ...

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Five Insurance Policies Every Small Business Owner Needs

This is the weekend you finally decided it’s time to start your own business.    You’ve had enough of the corporate rat race and now you want to take matters into your own hands.   After you determine whether you want to set up as a sole proprietor, LLC, S-Corporation, or C-Corporation, there will be a litany of items to strike off the checklist to make sure the business is up and running.   One of the key areas that most small business owners ignore is getting the right type of insurance policies set up as they initiate their new businesses.   Even as the business gets established, business owners often ignore getting the right type of protection in place to insulate their business in case of unforeseen circumstances.   Here are five insurance policies every small business owner needs. Disability Insurance– The challenge that most new business owners don’t understand is that if you show no verifiable income, you’ll have no chance of getting ...

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Six Financial Moves To Make When You Lose A Spouse

Almost 25 years ago, my father passed away.   My mother was a 5th grade school teacher and we had one of those households where dad predominantly took care of the finances even though both of my parent’s held down full time jobs.   When my father died, it not only left my mother in a complete state of shock, but she also had no roadmap provided to her on what steps to take to get the financial house in order.   In many households, one spouse usually controls and manages 80% or more of the family finances.   Should you have a spouse pass away, here are six financial moves to make that can help you during this difficult transition. Handle Funeral Expenses– Funerals can end up becoming a very expensive proposition. Did you make arrangements and prepay burial expenses?  Were their specific instructions around burial in the will?  It’s important that those who are helping you with final and funeral expenses understand ...

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Four Lessons We Can Learn From Tony Soprano’s Estate

“You woke up this morning and got yourself a gun, Mama always said you’d be the chosen one.” Am I the only who sorely misses seeing the Soprano’s on an HBO Sunday night?  No matter what happened during the weekend, I could always count on a gripping hour of Drama and seeing the slicked back hair of Paulie Walnuts.   With the recent death of TV and movie superstar James Gandolfini, he will be sadly missed for some of his great work as Tony Soprano.    At times like this, there are always lessons to be learned.   Gandolfini did a few smart things with his estate, but he made some major mistakes that you can learn from so you don’t get capped down the road. Not making use of the unlimited marital deduction– Gandolfini left his $70 million dollars estate to his two sisters, his wife, and his daughter.  His son was the beneficiary of a life insurance policy not including in ...

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Will You Lose Your Home Mortgage Deduction In 2013?

Last Friday, I spent a chunk of my day at the Georgia Regional Financial Planning Association conference. I was a panelist at the event, but one of the reasons I attended was to see a friend of mine Michael Kitces speak on all of the tax law changes here in 2013. He is one of the best tax management advisors that I know of in the industry. As I have shared before in my blogs, tax management will be as important if not more important than asset management over the next decade. With all of the recent fiscal cliff changes, the tax law has become even more complicated and requires a close eye here in 2013 when income to tracking your gross income, capital gain sales, and potentially triggering out things like stock options or selling a piece of rental real estate. One of the main questions taxpayers will face this this year is whether or not their home mortgage ...

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Will The Internet Change Medical Prices?

There was a time that when it came to buying our electronic devices, we would simply go to our local electronics store.   Then, the onslaught of electronics superstores came at us like Best Buy, Circuit City, and Fry’s giving us a virtual cornucopia of electronic choices.    In the late 90’s and then into the early 2000’s, the internet changed the game with websites like Buy.com, Next Tag, and Amazon where we could price compare quickly as consumers.   Between the internet and smart phones today, information is at our fingertips to quickly compare and contrast the pricing on whatever electronic devices we are potentially going to purchase. As most of us know, the health care landscape has changed over the past several years and should change dramatically when we get into 2014.   When January 1st comes, the most popular part of health reform will be the concept of guaranteed issue.   This means irrespective of pre-existing conditions health plans must be available ...

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Life Insurance: Why Do You Think 1 Million Dollars Is A Lot Of Money?

I’m excited to take part in the life insurance movement with Good Financial Cents.  Having been a practitioner involved with life insurance over the past 21 years, I have unfortunately had to deliver my fair share of insurance checks.   When I met people who have lost a loved one and now have to build them a financial plan, never once did I hear them say, “Boy, I’m so angry my life insurance agent sold me too much insurance!”    Rather, I hear horror stories from widows who cannot understand why their husband didn’t take out more life insurance.   Or, they assured their spouse that they would be ‘well taken care of’ if anything happened to them.   This is the story for many families across America. In the last six months, I’ve seen both friends and family who are in the 40 to 45 year old range dealing with major medical issues.   I’m 42 and when people told me about 10 years ...

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Personal Finance 101: Generation X – You Just Turned 40: Last Time To Get Life Insurance?

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude. In the last six months, I’ve seen both friends and family who are in the 40 to 45 year old range dealing with major medical issues.   I’m 42 and when people told me about 10 years ago the aches in my joints would be just a little bit worse . . . well I hate to admit but they were correct.    Recently, I had three different people I know who drove themselves down to the emergency room thinking that they might be having a stroke or heart attack.    I know three different people who were diagnosed with some ...

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Pay As You Drive Car Insurance: A Good Idea?

Every six months you get a bill in the mail from your auto insurance company.   After your eyes glaze over 12 stapled pages of different line items of coverage and boiler plate language, you get all the way to the bottom to see your semi-annual premium.    Maybe if you are a really good driver according to the insurance company, you’ll get some sort of good driver discount which nobody can explain the math behind anyway.   Or, you can reduce your premium by buying more insurance through your auto carrier like your home insurance.   So you start to wonder . . . should there be a better way to come up with the correct premium on your auto insurance? Let’s face it, two people could each drive 5,000 miles during the year.   One person racked up their miles by sifting through the morning traffic to and from school dropping off and picking up their kids every day.  Bumper to bumper, they ...

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oXYGen Financial Hires Financial Advice Expert For Dentists To Lead Atmos Dental Advisors

(ATLANTA,GA) –September 23rd, 2011- Atlanta based oXYGen Financial, a growing leader in financial services for Generation X and Y individuals and business owners, has hired Chris Sands to pioneer a new business model focused on dental professionals called Atmos Dental Advisors.  This new venture will create a customized offering allowing dental students, residents, and practitioners across the country to gain access to a family office atmosphere catered specifically for the needs of dental professionals.   This is another addition to the growing brands of oXYGen, a cutting edge leader in the financial services industry. “Our family at oXYGen Financial keeps growing, and we are delighted to have Chris running our new venture specializing in dentists”, said Kile Lewis, co-CEO and founder of oXYGen Financial.   “Most financial firms are strictly pitching students and dental practitioners with insurance products or some basic tax services.   We believe that to help a dental professional truly succeed, you need a family office model that allows them ...

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Should you buy a ‘combined’ insurance policy?

As technology changes, we are always looking for the latest and best upgrades so we are on the cutting edge.  Just like the technology sector,  the world of insurance policy design and implementation is constantly changing.  One of the most recent designs to hit the market is buying something called a combined insurance policy.    This kind of insurance policy is typically a cash value type life insurance policy combined with a long-term care rider.    Is this a good idea to combine both into one policy, or should you be looking at two separate policies to cover these risk management needs within your financial plan? Families have always bought life insurance (term or permanent insurance) over the years to cover for the short and long term needs in the event of a premature death of one of the partners our spouses in a family unit.  The amount of insurance a family needs has been long debated, but it’s best to use ...

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Personal Finance 101 – Your Benefits Package At Work: Disability Insurance

One of the most overlooked parts of an overall financial plan is the benefits package you receive from your employer.   Last week I reviewed the areas of life insurance.    For younger employees, the area of income protection can often be far more important than the area of life insurance.   This week, I will cover how to analyze the group protection you have at work for disability insurance.  If your employer doesn’t offer this coverage currently, it should be at the top of your list to get yourself some individual disability insurance coverage.   Disability coverage can be some of the most confusing coverage to understand, and the real details about your policy are within the benefits manual you receive from your employer. You will generally have two types of coverage through your employer.   Your short term disability (STD) coverage will normally take effect somewhere from 0 to 14 days after your disability, and may last somewhere up to six months to ...

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Personal Finance 101 – Your Benefits Package At Work: Life Insurance

One of the most overlooked parts of an overall financial plan is the benefits package you receive from your employer.   Two weeks ago we talked about health insurance and the decisions that you should be thinking about within your overall benefits package.   Life insurance is an election that you will have to make every year within your employer’s benefits plan.   I have found that often people don’t ask themselves the tough questions when it comes to this election, nor do they understand what the coverage will take care of in the event of a premature death in the family. Remember, that your overall life insurance election will generally include individual group life insurance, spouse/partner life insurance, children life insurance, accidental death and dismemberment insurance, and sometimes a group universal life insurance option.   Understanding the nature of what these cover and their overall portability are a critical part of making sound financial decisions. How does my group term life insurance work? ...

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Do You Have Enough Life Insurance?

Here is the scenario.  Your husband is driving home that night on the local highway.  Out of nowhere a large truck sideswipes the car sending it reeling off the road.  After the car does a couple of flips and comes to a rest, emergency vehicles arrive on the scene only to realize that they are too late. Your husband is pronounced dead on arrival. As the chaos unveils, it is learned that the driver of the truck was heavily under the influence of alcohol at the time. He lost control of the truck driving at an excessive speed when he inadvertently hit your husband’s car sending him to an early death. As you learn more facts about the case, you decide that there is only one option.  That is to file a lawsuit against the trucking company. The big question then becomes . . . what amount do you sue for in court? Many times in the financial planning process ...

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Do I Need Pet Insurance?

A few years ago, my sister ran into a truly awful situation. She had to face the music that part her family might pass way. One of her cats was going in and out of the doctor’s office using every medical procedure possible to keep her cat alive. The bills piled up, and inevitably her cat died. I remember one year during open enrollment time that I saw a new benefit on the docket called Pet Insurance. I actually chuckled at first thinking was this some gimmick or trick for the insurance companies to make more money? Quite the contrary to my surprise as Americans spent $20 billion on veterinary bills in 2010 — an 8.5% increase from a year earlier and more than double the amount spent just a decade ago. (source: wsj.com) Owning a pet is a serious financial decision these days because beyond your pet’s regular care, you need to consider the best way to plan for ...

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Which Term Insurance Is Right For Me?

If you are in the market to buy life insurance, you need to remember that not all term insurance is created alike. Here are some key items to remember so you can make a smart money move. 1) Renewable Term – Most often this comes in the form of yearly renewable term which your premium starts out incredibly low and increases every year you get older.  Sometimes you can get this renewable term in a 5 year increment, but most often it is sold one year at a time. Depending on the company, you may not have prove your medical status yearly as long as you pay the premium. 2) Level Term – This is the most popular option today.  You can essentially get a fixed premium with a fixed death benefit for a fixed period of time. The premiums on these policies are level for the length of time you have the insurance policy, and generally cannot be cancelled ...

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Health Care Reform Details

I have been asked over the past few weeks on what the heath care reform will mean to you over the next number of years.  Here is a great chart put together by healthinsuranceproviders.com showing the details.  If you need a quote on health insurance, you can always go to oXYGen Financial Insurance Agency to get your FREE insurance quote. Related Insurance Articles – Life Insurance For My Children?, Do you need disability insurance?, Top 5 Insurance Policies To Avoid, Health Savings Account Limits For 2010, Be wary of “hypotheticals” in insurance policies! , Long Term Care Insurance . . How Does It Work? , Is a Health Savings Account the best medical plan option for you? oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.  Unless sources are noted, the information is the opinion of the author. Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS® ...

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Life Insurance For My Children?

Someone asked me the other day, “Ted, is it morbid to ask you whether I should buy life insurance on my children?”   It was an interesting question, and one we often get from parents.   The American Council of Life Insurers says that only about 15% of the people under the age of 18 have life insurance.  An average policy for people under 18 is around $5,000 with the primary purpose to cover funeral expenses and burial costs.  There are varying schools of thought on this subject in the financial community, and here are some considerations to think about around this subject. Remember that you as the parent are the real wage earner and the person that needs to be insured the most.   It is not recommended to buy life insurance on your children until you are adequately insured.   Since children for the large part don’t earn wages, any additional cost will be an extraneous expense to your budget. On the ...

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Do you need disability insurance?

There are many types of insurance programs to manage these days. Yet, one of the programs most misunderstood by employees of companies and small business owners is the need for disability insurance. Since there are so many nuances of disability insurance, here are some key questions to ask yourself regarding your personal situation. What percentage of my income will you replace if I become disabled? At most employer programs it will be between 50% and 66%.  Will you cover commissions or bonuses on top of a base salary? In most cases, your employer will only cover your base salary. If you have a large bonus program or work commissions, you need to really review the fine print of your group policy.  What about 401(k) or other retirement contributions? Generally, this is not covered. The big question then is how will you continue to fund your retirement goals? Can the payout go up as my income goes up in the future? ...

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Top 5 Insurance Policies To Avoid

Doesn’t it seem like there is always an insurance decision to make? Whether it is from a new purchase you make, a decision at work, or someone calling you to buy something over the phone, insurance decisions are being made every other month in our financial plans. It is often confusing to figure out which insurance programs make sense, and which is just a waste of money. While hindsight is 20/20, here are five insurance policies you want to avoid in the future. Mortgage Insurance– When you buy a new home, you will typically get a mailer to buy an insurance policy that will completely pay off the mortgage upon your death. If you are reasonably healthy, buying a level term insurance policy through any of the major insurance companies will often be much cheaper than buying this type of insurance. Wedding Insurance- Isn’t there a big problem if you are buying insurance in the event your wedding doesn’t happen? ...

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Be wary of “hypotheticals” in insurance policies!

Many people consider buying into permanent insurance policies. Almost always, I see an illustration when people bring it to me with a hypothetical illustration. On some policies these projected illustrations carry a hypothetical rate of return of 10% to project where cash value accounts will be over the next 20 to 25 years. ...

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Health Insurance- Where are we headed?

There has been a ton of press over the past few months regarding health insurance. Democrats slamming Republicans, and Republicans slamming back Democrats.I too have a political party. The party of the small business owner. We take all of our cash, put a business plan together, and work 70 to 80 hours per week creating the dream of building something that will live beyond our lifetime. However, with all that has gone on over the past year, where is the small business owner to turn when the policies from Washington, D.C. come to fruition. ...

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Long Term Care Insurance . . How Does It Work?

Understanding Long-Term Care Insurance- It's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care. One solution that is gaining in popularity is long-term care insurance (LTCI). ...

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Paying Too Much For Car Insurance?

How to Save Money on Your Auto InsuranceYou may have good reason to complain about the cost of your auto insurance, but have you tried to do anything about it? If you're resourceful and willing to do a little homework, there may be plenty of ways to lower your premium. And we're not necessarily talking chump change--a few simple steps can sometimes save you hundreds of dollars a year. ...

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My Beautiful Car and Its Insurance

Written By: Cristina Briboneria, CFP®, ADPA®, AWMA® Vice President, Private CFO® oXYGen Financial, Inc. Request a FREE consultation: www.oxygenfinancial.net Have you ever been in an accident? Do you have car insurance? Last Friday, I was in an accident in a Kroger’s Parking Lot. The driver was backing up in a one way drive and I was moving forward. As I honked my horn, hoping that she would stop—she ran right into my driver side front bumper. As I rushed out of my car and looked at the damage, I immediately asked for the driver’s insurance card, name, and phone number. The driver was frantic. I did not understand why she was—however, as I’m writing down her insurance information she tells me she has no driver’s license. The other driver had no car insurance. The name on the card was her brother’s name. Have you ever been in that situation? I called the police and they filed the report. They also ...

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Even the Orthodontist offers coupons!

When you start taking your child to the dentist, life is pretty good . . . until their teeth grow into their mouths. I know technology has made everything smaller today, but is it possible that they have made our kid’s mouths smaller? I have three kid’s and it turns out the dentist ‘recommends’ they all get braces in some way, shape, or form. ...

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Health Insurance by Arthur Benz

There are announcements almost every day of layoffs across the country. With roughly 10 percent unemployment across the United States people are concerned about their health insurance coverage. One of the things that we've been hearing is that people simply do not know whether to utilize COBRA coverage or purchase their own separate policies. written by Arthur Benz President, oXYGen Financial Insurance, Inc. Insurance Agency ...

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IF YOU CAN’T EXPLAIN IT ON ONE PAGE . . . DON’T DO IT!!

Over this past week, I've been watching many different proposals around health insurance in the United States. In one magazine, Investors Business Daily, they had a flow chart of what the health insurance plan would look like. It looked more like an electrical engineering chart of the Empire State Building than it did a health insurance plan. ...

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