Financial Management | Healthcare and Insurance Management Resources

Your Life Insurance Policy & Life Settlements

Your Life Insurance Policy and Life Settlements In tough economic times, life settlements can be on the rise. What is a life settlement, you may ask. A life settlement is when someone sells their life insurance policy to a third party for a fee. If your financial circumstances change, maybe a job loss or a divorce for example life settlements may be considered as a source of funds. If you can no longer afford the premiums you are paying on your life insurance policy but you want something back from that policy, a life settlement may be an option. Ask your life ...

Compare Car Insurance

Compare Car Insurance If you want piece of mind when you compare car insurance companies and auto insurance rates - know the reputation of your car insurance company. If you ever have to negotiate an insurance settlement due to a claim, a reliable insurance company will make the claim process seamless. A reputable car insurance company generally retains good, reliable insurance agents. The value of a good agent is their advice. Your personal insurance needs and thus insurance coverages will vary during the different stages of your life. And a good insurance agent will guide you accordingly When you are single you will ...

Health Insurance Online

When insurance sales agents talk to you about budget insurance, ask if they are referring to health insurance online, short term health insurance or temporary health insurance. Budget insurance can be any one of those health insurance plans. Temporary health insurance, short term health insurance and health insurance online can usually offered at discounted premiums, which is why they can be considered as a budget insurance. Budget insurance policies generally do not have a personal, direct agent that you work with, but instead an individual licensed to sell insurance through a toll free phone number. The advantage of that is they are ...

Direct Insurance or Group Health Insurance

Direct insurance or direct purchase is a type of individual health insurance vs a type of employer or government insurance plan. Individual health insurance is purchased by an individual from some private insurance company, vs received from ones employer or a government program. Individual health insurance is usually purchased by the self employed, or someone who works part time and is not covered by employer benefits. Sometimes someone who retires before they are eligible for medicare purchases direct insurance. When purchased through ones employer or union, health insurance plans are referred to as a private health insurance or group health insurance. These ...

Classic Car Insurance or Van Insurance

Classic car insurance Van insurance insurance Whether you have auto insurance, motorcycle insurance, van insurance or classic car insurance - the purpose of your insurance policy is the same. That purpose is to pay for accidents that may occur. How each policy goes about paying your accident claim may be different, but the purpose of the policy is the same. A very basic auto insurence policy includes comprehensive, collision, medical and liability. However, specialty auto insurance products, such as, motorcycle insurance, van insurance and classic car insurance sometimes need different coverages than the basic insurance policy coverages. The reason for this is ...

My Car Insurance

If you own and drive an automobile, having current car ins on that auto is required by law. The law requires that you carry minimum liability limits. One way to meet that requirement at the lowest cost is through a discount car insurance company. Although just carrying minimum insurance limits is not advisable; if you cannot afford full coverage, a discount car insurance policy can help keep your premiums down. There are numerous discount car insurance providers available in the market place. You need to compare auto insurance companies prices, coverages and deductibles. Full coverage is always recommended. When you do ...

Specialty Insurances Long Term Care & Credit Insurance

An insurance broker can sell specialty insurances. Examples of specialty insurances include long term care insurance, credit insurance and blue cross insurance. These are considered specialty insurance products because they are usually purchased only for unique or special needs. Long Term Care Insurance A long term care insurance policy is purchased for needs not covered by a health insurance policy. The needs covered include basic daily living activities, such as, bathing, dressing, eating, toileting, walking and getting out of bed. Credit Insurance A credit insurance policy is commonly purchased by individuals when they take out a loan. The insurance is to protect the lender ...

Your Financial Foundation

To have a solid financial foundation, when building that foundation, insurance brokers should advise you to include life insurance, annuities, disability and health insurance. Life Insurance Everyone should start their financial foundation with life insurance. If you die, the life insurance will help your loved ones. If you live, any cash value built up with in the policy can be used to pay for your retirement. When you get your life insurance quotes, the premiums will vary depending upon your age, your health and the face value of the policy. Annuities Annuities is the second layer within your financial foundation. Annuity insurance can ...

Health Insurance Brokers or Online

Obtaining health insurance quotes is a fairly simple process. You can work through health insurance brokers or get a health insurance online quote. When you work with a quote online, you may become confused about the insurance terms that are used. Or you may not know which insurance product best fulfills your insurance needs, in which case you may want a health insurance broker. At any point while working the quote online, you can engage a health insurance agent or broker to work with you. Simple contact the agent listed in the contact information on the site with the quote information. What ...

House or Fire or Homeowners Insurance

House insurance is sometimes referred to as fire insurance or homeowners insurance. In addition to covering claims for home fires, most house insurance policies also cover claims filed for wind, lightening, hail, smoke, explosion and vandalism. Check your personal policy. Most fire insurance policies do not cover for flooding. Flooding is generally excluded from a fire insurance policy because floods can only be covered under a flood insurance policy purchased from the federal government. Check the government’s website for additional flood information. Water backup is different from flooding though. If your policy carries the proper coverages water backup can be covered under ...

Insurances

Insurances are not all the same - insurance agents are not all the same either. Some insurance agents specialize in property casualty insurance, while others specialize in health insurance. Property casualty insurance agents sell auto and home insurance; RV insurance and umbrella insurance. Agents who specialize in health insurance, sell group, personal health insurance and supplemental health insurance. Since their expertise is different, their training and licensing requirements are different. Personal health insurance and supplemental health insurance both ask medical questions, so the agent has to be trained accordingly. But when you buy RV insurance or umbrella insurance you are not ...

Car Insurance Rating

When you shop for car insurance, you should look beyond just the insurance premiums being charges. Be sure to also look at the insurance company’s financial strength. But how do you determine an insurance company’s financial strength? One way is to look at the car insurance rating. Rating companies have websites available for you to analyze insurance companies across the country. These companies rate car insurance, home insurance and life insurance companies. A good sign that an insurance company will be around to pay your claims is their car insurance rating. Premiums are important, but financial strength can sometimes be just as important. You can pay very low premiums, but if the ... Read More...

Health Insurance, Critical Illness Insurance

In today’s market place health insurance brokers do not offer just one kind of a medical insurance quote - but a variety, including specialty health insurance policies. One specialty health insurance sold by brokers is critical illness insurance. Critical illness insurance can be invaluable at the time of an illness. Without insurance a critical illness can sometimes lead to personal bankruptcy due to the loss or decrease of your income when you are sick. The best time to ask your health insurance broker for a critical illness insurance quote is when you are healthy. If you purchase critical illness insurance or any other type of health insurance when you are in good ... Read More...

401k Contribution Limit

Why invest in 401k’s in this economy - - - because the 401k benefits outweigh the negatives. For example: 401k investments can lower your taxable income. If your employer matches your 401k investments, you are receiving free money. Your 401k contribution limit is greater than an ira contribution limit. In a financial crisis, you can make a 401k withdraw if necessary. In a financial crisis, you can also take a 401k loan, if your employer has that option set up within the 401k plan. You will have to check with your employer on loan capabilities. Everyone's financial situation is unique. Talk with your 401k advisor about your best 401k investments, contribution limits and loan capabilities. Good ... Read More...

40k1 Advice & 401k Transfer

401k advice should include a review of what you invest in plus where you invest. For example, when you leave a job, is it best to make a 401k rollover to ira transaction or a 401k transfer to another 401k account? Well that all depends upon how much control you want over your investments. Sometimes retirement assets in an ira are easier for you to personally manage than if those assets remain in a 401k plan from a previous employer. Advantages of an ira account: A ira account may offer more investment choices than a 401k account. An ira account is more mobile than a 401k. In other words it is ... Read More...

IRA Investment, IRA Withdrawals

Before you make an ira investment, plan ahead. Plan when you will need the money from that investment and if you need a tax deduction. Will you need to make any ira withdrawals before retirement age? If so, it may be best to invest in a roth ira vs a traditional ira. With a roth ira account you can make a tax free withdrawal from it before retirement age, after the account is 5+ years old. Ira withdrawals from a traditional ira account before retirement age are generally taxable and you may also incur withdrawal penalties. An ira deduction can generally be made on your taxes if you make your ira contribution ... Read More...

401k Investing

When 401k investing is new to you, it can be a bit overwhelming. To help ease your uncertainties, use your employer’s 401k pension manual as a reference tool. That manual should explain in great detail what rules & regulations you as a 401k employee must follow. The 401k manual should detail the rules for 401k loans, 401k withdrawals, 401k taxes and basic 401k law. Sometimes your employer may even have online 401k information that you can also refer to. 401k investing is a continual learning process, not a one time reading. With that in mind, use every reference tool available to you through out the process. You can also ask your employer ... Read More...

Business 401k Plan Options

In today’s market place, there are several types of 401k plan options available to businesses - roth 401 k, self directed 401k, safe harbor 401k, business 401k or a small business 401k. More businesses today are offering a roth 401 k because of the tax advantages. Similar to an individual roth ira, the assets within a roth 401 k account grow tax deferred because your contributions are made with after tax dollars. Plus there are no withdrawal requirements with a roth 401 k. Traditionally, in a business 401k - (ie) a safe harbor 401k - participants are offered a core group of mutual funds to invest in. In a self directed 401k there ... Read More...

401k Laws, 401k Loans

401k laws are regulated by the federal government. These laws state the rules that are followed for 401k loans, 401k distributions (often referred to as 401k withdrawals) and also cashing out 401k rules. A 401k law protects both employees and employers by stating the regulations both must follow or face fines and penalties. If 401k loans are not repaid, the IRS considers it a withdrawal and 401k withdrawals are taxable. 401k distributions or withdrawals are taxed differently at different ages. 401k distributions are also taxed differently if the distribution is rolled over. Cashing out 401k rules apply if the money is not rolled over at the time of the cash out. Because ... Read More...

Individual Retirement Accounts

Individual retirement accounts can be "packaged" in many different ways. You can "package" it as a stretch ira, an ira trust and a custodian ira. Each type is for a different purpose. A stretch ira is sometimes called an inherited ira because it is set up to defer taxes- and the deferral can be indefinitely. A stretch ira can benefit multiple generations, if set up properly. It is a specialty and not all financial institutions may have the knowledge. So be sure to ask your financial institution about their experience with stretch iras before you commit to work with them - - it could effect future generations. An ira trust is when ... Read More...

Ira Rollovers & Ira Withdrawals

Traditional ira rollovers in some cases are taxable and in other cases tax free. Whether a rollover is tax free or not is determined by rules established by the IRS and Finra, not the bank or financial institution that you work with. Traditional ira rollovers and a 401k ira rollover turns into a taxable ira if you as the account holder personally take possession of the rollover money during the rollover process. However, if the trustees transfer the money directly between themselves, the rollover is tax free because you, the account holder, never touch or see it. If the ira rollover is made from a traditional ira to a roth ira, that ... Read More...

Financial Stability in Your 50’s

Topics: Financial, Recommendations Added on: Monday, March 8th, 2010

Case Study on James and Anne, both are 57, married with 3 children. Annual Household Income of $120,000. Mortgage: $20,000. College tuition expense: $15,000 a year for 6 more years. They have 8 more years until they retire. If your are like James and Anne you would want to pay down your debt as quickly as possible so that you can invest as much as possible into your retirement accounts over the next 8 years. In your 50's you are in your final working years. You are close to the next stage of your life which is your retirement years. These are the years you should increase your savings substantially and reduce your debt to near nothing. The more you are able to save before your retirement years, the more compounding will work to your advantage. Going into retirement financially strong can make the difference between an average retirement and a great retirement. Have you decided is you will you work part-time or work on a hobby in your retirement years? If so, will that need to be financed? Have you included that ... Leave a Comment Read More...

Financial Habits in Your 50’s

Topics: Financial, Recommendations Added on: Monday, March 8th, 2010

Case Study on Randy and Frances who are married and are both 59 years old. They are retired and have 6 grandchildren. They have no mortgage debt, credit card or car loan debt. Their personal monthly expenses are $2200. Their monthly expenses for spoiling their grandchildren are $1500.　 If you are lucky enough like Randy and Frances to have 6 grandchildren and the financial resources to spoil them, you are in a great position. So they are actually in a teaching position. They can teach their grandchildren financial spending habits. The best way to teach is by example. Good financial habits is what put Randy and Frances in the position that they are in. It is not what you make but what you keep that counts. Financial habits involve saving and spending. Children do not understand money and finances at a young age, but can be taught. Set up a savings account at your bank to help the children learn the basics. Have them deposit into the account any money they receive as gifts so they can see the account grow. Buying stock is ... Leave a Comment Read More...

Financial Management in Your 50’s

Topics: Financial, Recommendations Added on: Monday, March 8th, 2010

Case Study on Edward and Dorothy who are married and in their late 50's. They have 3 grown children and 2 grand children. Annual Household Income: $160,000 Mortgage Debt: $25,000 Monthly Household Expenses: $3,000. If you are at Ed and Dotty’s age you are close to retirement. Your late 50's are your final working years. At this stage of your life things should be settling down. Now would be a good time to start looking more closely at your investments and debt. You may consider talking with a financial advisor. An advisor can give you some clarity. An advisor can analyze your debt to income ratios and determine when you may be able to retire comfortably. Now would be a great time to increase your retirement account investing. Now may be a good time to consider changing your investment strategy to a more conservative model. You may consider investments with lower risk. At this age you should avoid taking on additional debt. Avoid a new home purchase at this late in the game so that you are not carrying large mortgage debt. Talk with your ... Leave a Comment Read More...

Financial Planning in Your 40’s

Topics: Financial, Recommendations Added on: Monday, March 8th, 2010

Case Study on Chuck who is a divorced Dad with 3 children. Chuck is 45, the children are ages 10, 13 and 15. Chuck makes a good living so is not worried about taking care of the basics for his children; he is concerned about supporting the children through college. If you are a divorced parent trying to support yourself and your children on one income there is a lot of help available; you just need to reach out. College planning should start when the children are very young; but it is never too late to start. Contact the financial aid offices of your local colleges. There are many grants, scholarship and loan opportunities available. The colleges offer financial counselors because they know that parents can be overwhelmed with getting their children on the right track. Once your children reach an age where they can start working, have them look into getting a part time job to help. Part time jobs do not pay young people a lot, but maybe their pay check can help pay for their books or any little extras. ... Leave a Comment Read More...

Financial Advice in Your 40’s

Topics: Financial, Recommendations Added on: Monday, March 8th, 2010

Case study on Albert and Suzanne. They are married in their mid 40's, with 3 children. Annual Household Income: $115,000 Mortgage: $156,000 Monthly Household Expenses: $10,000. They have projected some large upcoming family expenses and are not sure how to handle them. Life has many moving parts. In your 40's all of the parts are moving at the same time putting great demands on your financial resources. Your child may need braces at the same time that your parents may need to consider moving to an assisted living facility. If you have limited financial resources, whom do you help first, your child or your parent? You should not have to choose. Juggling your finances to meet all of those demands that are put on you can become a touch challenge. To help you ease that pressure, you may consider meeting with your financial planner. If you do not have a planner, ask your insurance agent or attorney for a referral to one. A financial planner can help you refocus your financial priorities. A planner can help you visualize. Since they are looking from ... Leave a Comment Read More...

Financially Prepared in Your 40’s

Topics: Financial, Recommendations Added on: Monday, March 8th, 2010

Case Study on Diana and Marcus. Married, early 40's, 2 children. Annual Household Income: $100,000 Mortgage: $145,000 Credit Card Debt: $12,000. Diana and Marcus want to have another child. They have great insurance at work but are unsure about the other added expenses of adding another child to the family.. If your situation is similar to Diana and Marcus’s you are in your 40's, established in your career, but may be unprepared for some of life’s other financial challenges? Are you prepared financially for relocation if it improves your opportunities for advancement in your career? Are you prepared for more children? Are you prepared for marriage or divorce? All of these situations come at a cost. Are you prepared for more expenses? Are you prepared for unexpected expenses? You can be prepared for anything - - if you plan ahead. Start slowly. Start by opening a rainy day fund. The money you save in this rainy day account is to be used for unexpected expenses only, nothing else. It is never too late to start your rainy day fund. It requires planning and discipline. ... Leave a Comment Read More...

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Your Life Insurance Policy & Life Settlements

Compare Car Insurance

Health Insurance Online

Direct Insurance or Group Health Insurance

Classic Car Insurance or Van Insurance

My Car Insurance

Specialty Insurances Long Term Care & Credit Insurance

Your Financial Foundation

Health Insurance Brokers or Online

House or Fire or Homeowners Insurance

Insurances

What Others Are Reading About

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