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 ...

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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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Run Your Family Finances Like A Business

When we opened oXYGen Financial back in 2008, we introduced two very important financial planning concepts.   Number one; in order to be successful with your personal wealth you need to take ownership as the CEO of your family’s finances.   Number two; all successful CEO’s surround themselves with an effective CFO to help run the company, which is why oXYGen Financial pioneered and trademarked the term Private CFO®.    Between the combination of an effective CEO and CFO, you can focus on the key performance indicators in your “business” to help you reach your goals.   I was most intrigued this week when almost five years after our founding, the Wall Street Journal finally ran an article called Family, Inc. (http://on.wsj.com/12YfX8z), which is a really interesting article and can help articulate what families will need to consider as they manage their finances in the future.  Here are my smart money move tips on how to run your family like a business: Get one ...

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