Review Your Existing Life Insurance Policies Every 3 years

You’ve heard me remind you to review your estate planning documents every 3 years. Add a review of your life insurance as well. Have beneficiaries changed? Do they need to be updated?  Have people come and gone in your life and you’d like someone else to receive the funds? Also run in force illustrations for all of your life insurance policies. Life Insurance policies have different names today so they could have variations of the following words; Annual Renewable Term up to 30 Year Term, Universal Life (UL), Indexed Universal Life (IUL), Variable Universal Life (VUL), Whole Life (WL), Flexible Whole Life, Flexible Premium Whole Life, Variable Whole Life. And there are many other titles, descriptions, and acronyms to describe various life insurance policies. The main reason to review this is changing interest rates being credited to policies in the last 10 to 15 years. This impacts the dividends being paid as well, if the policy pays dividends. I met ...

Read More →

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 ...

Read More →

Does Your Business Need A Buy-Sell Agreement?

One of the questions I will ask a business owner in my interview process is “Do you have a business will?”  By this line of questioning, I am simply asking what happens to the business if you die.   Some businesses have one or multiple partners and others businesses are owned by a single individual.   Far too often, most owners after they have built a successful business don’t take the time to flesh through the details of what will happen with the business in the event of death, disability, retirement, etc. One of the most important discussions for any owner is how to install a buy-sell agreement.    The buy-sell agreement is typically between partners or co-owners, although it could work with an outside third party if there aren’t other owners in the business. Think about this almost as a premarital agreement between two parties about the value of the business and what will get paid out to the other owners family ...

Read More →

Who Did You Name As Beneficiary

There are a multitude of mistakes that people make when it comes to putting together their wills. These includes naming of executors and custodians, trying to write their own wills, and not considering items such as liquidity. One of the colossal failures in estate planning I witness when people make their wills is not coordinating the will with the overall beneficiary designations they have chosen. Most people believe that the written will supersedes their beneficiary designations which is extremely inaccurate. When you name a beneficiary on a life insurance policy, a 401(k) plan, or an IRA, it is essentially a contract of law. This means that you could attempt to write in your will to leave your IRA to your brother, for example, but the beneficiary designation on the IRA says that 100% is supposed to go to your sister. Despite your wishes in the will, the IRA will go to the named beneficiary. Most beneficiary designation forms today allow ...

Read More →

Do You Need Peyton Manning Insurance?

With the first official NFL Football game underneath our belts, the start of a new NFL season is now going to be the center of our TV rooms every Sunday.  For those of you who were lucky enough to draft Marshawn Lynch on your fantasy football team, your team had a head start going into opening weekend. What started out as something for people to just have fun following NFL Football has now turned into something far more serious than ever expected.  In fact, some people are questioning whether the new NFL rules enacted this year have something to do with the big business of fantasy football, in which the grand prize is $100,000 or more in some leagues.  The big question is ‘do you need fantasy sports insurance’? As people who deal with all types of insurance in our business, it’s pretty amazing to think that there could be such a thing as fantasy sports insurance (FSI).  However, in ...

Read More →

What Atlanta’s #Snowmageddon 2014 Taught Us From a Financial Standpoint

Review and shop out your car insurance coverage often. Typically, you can shop your rates out on a semiannual basis to see if you’re getting the best deal possible.  If you were someone who was sliding around in the snow and ice and had Comprehensive and Collision coverage then your insurance will pay to repair or replace your car if it is stolen or damaged in an accident, regardless of who is at fault. Depending on your car, amount of a balance you have left on your car note, distance you commute, and cash flow you can look at ways to increase your deductibles, reduce your coverage, or you can check out my other article about taking a defensive driving class(http://www.ajc.com/weblogs/atlanta-bargain-hunter/2013/dec/04/perks-driving-defensively/) to find ways to reduce your premium. Travel with a full tank of gas. Unfortunately, some friends needed to sleep in their cars overnight and had over 14-24 hour commutes home; some inevitably abandoned their cars because they ran ...

Read More →

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 ...

Read More →