The good news is...

we are living longer.

The earlier you consider long-term care coverage, the cheaper it will be.

What if

You become disabled and unable to work?

What would you and your family do for income?

Are you ready for retirement?

Preparing for your future is vital.

Most people have not sufficiently saved or planned for their lives in retirement.

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Annuities

With Americans living longer, and fewer employers offering pension plans, annuities have become increasingly popular. An annuity can be a great investment for your future.

Planning

Financial goals may include both saving for retirement and saving for a specific purpose. Some investments can be long-term. Others perhaps need to be more liquid.

Specialty Insurance

Whether your employer gives you a choice of plans or you need to purchase your own coverage, it is crucial that you understand your health insurance choices.

Many people obtain certain kinds of insurance through their employment, particularly health and disability coverage. Larger businesses may also offer retirement benefits, such as a 401(k) account. When changing jobs, rearranging coverage and finding out which accounts are portable becomes very important. A new job can also mean a change in lifestyle, which can also have an impact on insurance.

Life

A new job may mean a salary increase. The more you make, the more your family depends on that income, and the more important it becomes to protect it. Remember, the primary purpose for life insurance is to provide lost income if a wage earner dies. You should also be aware of the type of policy you have. If you participated in a group life insurance program with your former employer, that life insurance coverage will probably end when you leave the job, particularly if your employer purchased it. In some cases, you may be able to convert this to an individual policy, for example, when retiring. On the other hand, if you purchased insurance through a group insurance program and you paid for it through payroll deduction, for example, those policies are generally portable and can be taken with you. You would continue to pay on your own.

Health

If you’re changing jobs, one of your first concerns might be maintaining your health care coverage. Under the Consolidated Omnibus Budget Reconciliation or COBRA Act, the federal government requires employers with 20 or more employees to provide healthcare coverage for up to 18 months after a person leaves the job. Dependents are also included in the coverage. To continue receiving this group health insurance, you must inform your employer within 60 days. You continue to pay the full premium and administrative fees. If you do not qualify for COBRA, you may be able to convert your group policy to an individual policy. There are also interim or short-term options that provide medical insurance on a temporary basis, usually a few months. You can only renew this coverage once. The short term policy provides coverage for hospitalization, services such as X-rays and laboratory test, intensive care and surgical needs.

Disability

Disability insurance usually pays up to 70 percent of your income if you are unable to work temporarily or permanently because of an illness or injury. It provides for work-related and non-work related injuries. Ask about disability insurance when discussing benefits with your new employer. The availability of this coverage will vary from one employer to the next. Some employers may allow you to carry disability insurance to your new job, but it’s not guaranteed. Even if your employer offers this coverage, it may be beneficial for you to obtain additional coverage through a private disability insurance policy. If you pay some or all of the cost of this coverage, when you are injured and require this benefit, the portion that you purchased will be tax deductible. If your employer pays for the coverage, it is considered a benefit and is fully taxable.

Long-Term Care

Long term care provides coverage for nursing home care. Some policies cover in home care, but not all. In order to qualify for long-term care, you must lose at least two of the functions of daily activity, such as the ability to dress yourself, or cognitive ability in order to trigger the coverage. You should be able to take your policy with you by converting to an individual policy. A premium increase is likely to accompany a conversion.

Financial Planning

When changing jobs, in most cases, the major question is what to do with your 401(k) account. There are basically three options:

  1. Leave it where it is;

  2. Roll it into your new employer’s plan; or

  3. Convert your 401(k) into an Individual Retirement Account (IRA).

There is nothing wrong with leaving your 401(k) where it is. If you have more than $5,000, you can keep the money in the existing plan until you retire. Consider how your existing plan fit with your changing employment and economic needs. Another thing to consider is the relative financial health of your former employer. If you are leaving because you think your current employer is financially unsteady, take your 401(k) with you, particularly if much of the plan is invested in company stock. Many people have lost their retirement savings when firms filed for bankruptcy. Rolling your existing 401(k) into your new employer’s plan makes sense, particularly if it offers more options. The process is simple, but make sure it’s done properly so that excess charges are avoided. Finally, consider rolling your 401(k) into an IRA. This is the most flexible option because you get to decide how to invest the money. In the typical 401(k), you choose among a limited number of investment options. An IRA becomes a good choice if your new company doesn’t have a retirement plan, or if they don’t accept rollovers. This plan also allows you more control over your retirement plan.

retirement planning

Retirement Planning

By the time you retire, your accumulated wealth is probably at its height. The challenge now is to manage your assets so that they last as long as you do. Insurance still plays an important role at this stage of your life.

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financial planning

Financial Planning

Establishing a solid financial foundation should be a priority, including insurance in the mix. It’s important to understand what affects the cost and availability of insurance.

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College Funding

A major issue for families with children is how to best prepare to send the kids to college. The cost of tuition and room and board for four years now approaches $40,000 for public universities and exceeds $73,000 for private schools.

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domestic partners

Domestic Partners

It makes sense to consult with a financial advisor who is experienced in domestic partnerships. Most individual retirement accounts require you to specify a beneficiary. The last thing you want is a family feud over your estate after you are gone.

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employment change

Employment Change

Many people obtain certain kinds of insurance through their employment, particularly health and disability coverage. Larger businesses may also offer retirement benefits, such as a 401(k) account. When changing jobs, rearranging coverage and finding out which accounts are portable becomes very important.

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Life Stages

Single

Single

You are part of the work force and...

Married

Married

The joining together of two lives i...

Domestic Partners

Domestic Partners

Since insurance and domestic partne...

Raising Children

Raising Children

Children are the future. We need to...

Students

Students

When a teenager gets a license, it’...

Employment Change

Employment Change

Many people obtain certain kinds of...

Senior Years

Senior Years

By the time you retire, your accumu...

Divorced

Divorced

Since nearly half of all marriages...