It’s a fact that estate planning offers stability in stressful economic times like these. So, then why is it that according to a 2007 survey (source www.lawyers.com) of adult residents of the United States found:

• 55% don’t have a will
• 52% of Anglos have wills, compared with 32 percent of blacks and 26 percent of Hispanics
• 41% of people have living wills — 10 percent more than in 2004
• 38% have designated someone as their health-care power of attorney, compared with 27 percent in 2004
• 10% say they haven’t created an estate plan because they don’t want to think about dying or becoming incapacitated
  • 9% say it’s because they don’t know whom to talk to about estate planning
  • 24% say they don’t have the assets to warrant it.

Just think about it, if you were to die today, how would your family do in today’s tough economic climate? Now is the time to look at your estate plan, create a will, buy term life insurance and do what it takes to protect your family.

How realistic is it to think that you can call or walk into a bank and argue for a better rate? According to Bankrate, it turns out that even if you’re an accomplished negotiator you may fare better by buying a high-yield CD.

In fact, in a recent article, they say they called 30 institutions covering a wide swath of the banking industry. The main parameter they used for selecting companies to be polled was deposits. They talked to the 10 largest banks and thrifts by deposits, and the 10 largest credit unions. They then surveyed community-size banks with under $4 billion in deposits.

As a whole, less than 25 percent of the institutions said they would consider negotiating. Some institutions flat out don’t negotiate as part of their policy. Others say they have in the past but that the current economy doesn’t give them much leeway. None of the 10 credit unions surveyed would bargain with a member when it comes to CD rates. Far and away, community banks were the most willing to negotiate.

Well, I guess I kind of understand.  It’s not like you can negotiate your term life insurance rates either.  It is what it is. But like with banks, you can shop around for a life insurance company that offers you the best life insurance rate to fit your budget.

March 27, 2009

Reviewing your life insurance policy

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Once you have purchased life insurance, it’s tempting to file your policy away and forget about it. But it’s important to review your policy on a regular basis – especially as the circumstances of your life change. And, because life insurance rates have come down so much, it might make sense to ditch your old, expensive policy and take out a new one.  In this podcast, Byron Udell, a life insurance and annuity industry expert, is offers you tips to determine if your life insurance coverage is still appropriate for your situation.

Size: 3.92 MB

Length: 4:17

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When you buy life insurance, you want a cheap life insurance policy that fits your needs. Before you begin your search for quotes, there are a few things to think about:

1. Decide how much you need
2. Determine how much you can afford to pay
3. Think about the kind of policy you want

Once you’ve answered these three important questions, you’re ready to begin researching costs.  A good life insurance agent or company will be able and willing to help you with each of these shopping steps. For a free life insurance quote in just 5 minutes, visit AccuQuote.

Once your kids are out of the house and on their own, you may feel that life insurance is no longer a necessity. However, as you come closer to retirement, you don’t have as much time as you once did to recover from unexpected setbacks. So, be sure to take additional steps to protect what you have. And remember, term life insurance can be an important part of a retirement savings program.

Let’s say you have 10 or 20 more years before you retire. What would happen if you died suddenly? Your spouse could be forced to drastically cut back on his or her retirement plans. Life insurance proceeds could provide your spouse a stream of income for several decades. It will also ensure that he/she is not burdened with debts if you should die prematurely.

Be safe, plan wisely – reassess your life insurance needs by reviewing the different types of life insurance policies available for you.

Owning a business can be rewarding. But it also means you have a lot more responsibilities – to your business, your employees and most importantly, your family.

Here are some questions you should be considering to make sure you’ve adequately planned for the responsibilities:

1. What will happen to my business if I die
2. What will happen if I become disabled
3. What will happen when I retire?
4. What will happen if certain key employees die?
5. How can I ensure my business will be able to weather through unforeseen financial hardships?

Life insurance not only protects your family, it also protects your business. Take for instance, what happens if a key member of your company dies?  You can protect your business in such cases through “key person life insurance“, which provides the owners with the financial flexibility required to either hire a replacement or work out an alternative arrangement.  Individual life insurance can protect your family by providing funds to cover debts, ongoing living expenses and future plans in the event that something happens to you.
If you have a partner, a buy-sell agreement is an agreement between owners to buy out a deceased owner’s share of the business in the event of the co-owner’s retirement, disability or death.

These are just a few of the types of life insurance you should take into consideration when opening your own business. For a more detailed evaluation of your needs, contact us at 800-442-9899.

TTI, Inc., designed a new program that targets high-risk drivers by placing “How’s My Driving?” bumper stickers on their cars. The program encourages MVA, judges and insurance carriers to require How’s My Driving? monitoring for “high-risk” drivers, because in their mind, the solution is accountability.

Much like Neighborhood Watch programs have done for street crimes, TTI, Inc. plans to use citizen advocacy to enforce our highways to reduce car crashes and save lives.

Insurance companies have been studying this for years and the studies are conclusive. How’s My Driving? programs save lives and money. They show that fleet drivers that know they can be reported drive safer and are more responsible.

According to TTI, this unique program does not require reporting a number on a sign but uses the vehicle’s license plate as the identifying number. It, therefore, allows any driver to report any other unsafe driver. Knowing this, changes the attitude of unsafe drivers.

TTI estimates that if every state implemented “How’s My Driving? For Everyone” the annual benefits would exceed 57 billion dollars per year and save over 14,000 lives.

What are your thoughts?  Is this an invasion of privacy? What’s next?  DNA testing for pre-existing conditions when applying for health or term life insurance.

Taking multiple over-the-counter drugs can lead to overdoses if you inadvertently buy two or more drugs with different brand names-such as Advil for colds and Aleve for pain relief-but the same type of ingredients. In a recent Consumer Reports survey, only 69 percent of respondents said they always or nearly always carefully follow instructions on the labels on OTC pain relievers. Read labels carefully, and check with your doctor if you aren’t sure. You can also ask to your pharmacist about any confusing label instructions.

Get more tips on avoiding misuse of prescription and OTC drugs, and watch the Consumer Reports  video on the risks of overusing OTC pain relievers.

March 20, 2009

Price Versus Value

Description:

If you’re in the market for a life insurance policy, finding a cheap life insurance rate is quick and easy when you shop online.  However, finding the best value takes some time and effort. Byron Udell, a life insurance and annuity industry expert, will provide you with tips on how to go about finding the best values in life insurance.

Size: 6.11 MB

Length: 6:41

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On average, a smoker will pay up to 3 times as much for life insurance per year than that of a non-smoker.  Take for example a 40 year old man.  He would pay just $335 per year for a 20-year level term life insurance policy with a death benefit of $500,000.  If that same guy was a smoker, he’d pay $1385 for that same exact policy.

Why? Because people who smoke have an increased risk of heart disease, breathing disorders and certain cancers, to name but a few illnesses.

So if you’re thinking of giving up smoking, here’s another reason for doing so.