Insurance - Whole Hearted Way https://www.wholeheartedway.com Meditation instruction for those who cannot meditate Sat, 21 Jan 2012 00:46:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.4 https://i0.wp.com/www.wholeheartedway.com/wp-content/uploads/2021/07/cropped-Fern.jpg?fit=32%2C32&ssl=1 Insurance - Whole Hearted Way https://www.wholeheartedway.com 32 32 195550711 Black Death of a Financial Plan https://www.wholeheartedway.com/black-death-of-a-financial-plan/?utm_source=rss&utm_medium=rss&utm_campaign=black-death-of-a-financial-plan https://www.wholeheartedway.com/black-death-of-a-financial-plan/#comments Sat, 21 Jan 2012 00:46:27 +0000 http://wholeheartedway.com/blog/?p=80 Many baby boomers are finding themselves in the uncomfortable position of becoming parent to their parents. Research shows that caregivers caught off guard by an ailing parent may suffer almost as much vocationally and emotionally as they do financially. If you planned to withdraw 5% a year to support your lifestyle when you retire, and then have to increase that to care for an ailing parent, there goes your retirement plan. What can you do? Plan far ahead by having proactive family discussions. Invariably, one child takes on the bulk of the care giving responsibilities. This can cause tension and resentment that can be avoided by discussion. Target specific scenarios so that it is easy to discuss difficult subjects such as when Dad can no longer drive. Consider Late-in-life care such as long term care insurance and in-home care insurance. Children can end up writing a check for the premiums or sharing costs with parents. Joe Birkofer tackles the issue of negative inheritance in the Rice University financial planning class that he teaches. He asks a simple question: “What’s the Black Death for a financial plan?” The answer: “it’s your parents“. Coaching Question – How do you plan on taking care of your parents?

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]]> Many baby boomers are finding themselves in the uncomfortable position of becoming parent to their parents. Research shows that caregivers caught off guard by an ailing parent may suffer almost as much vocationally and emotionally as they do financially. If you planned to withdraw 5% a year to support your lifestyle when you retire, and then have to increase that to care for an ailing parent, there goes your retirement plan.

What can you do?

  • Plan far ahead by having proactive family discussions. Invariably, one child takes on the bulk of the care giving responsibilities. This can cause tension and resentment that can be avoided by discussion.
  • Target specific scenarios so that it is easy to discuss difficult subjects such as when Dad can no longer drive.
  • Consider Late-in-life care such as long term care insurance and in-home care insurance. Children can end up writing a check for the premiums or sharing costs with parents.

Joe Birkofer tackles the issue of negative inheritance in the Rice University financial planning class that he teaches. He asks a simple question: “What’s the Black Death for a financial plan?”

The answer: “it’s your parents“.

Coaching Question – How do you plan on taking care of your parents?

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]]> https://www.wholeheartedway.com/black-death-of-a-financial-plan/feed/ 2 80 Disability Insurance-The 7 Questions You Must Ask https://www.wholeheartedway.com/disability-insurance/?utm_source=rss&utm_medium=rss&utm_campaign=disability-insurance Mon, 09 Aug 2010 16:59:36 +0000 https://www.wholeheartedway.com/build-wealth/?p=785 Disability insurance – do you need it? How much? What kind? Is it better to pay for it individually or through a group disability plan. What are some of the common features? No one likes to think about needing disability insurance. We all think it is just for older people but statistics show that the younger people are affected.  It might be assumed that the aging of the workforce may be a factor in the increasing numbers of disabled workers. Disability, after all, rises with increased age. But the average age of disabled workers is actually falling. In 1970 the average age of a disabled worker was 52 years. In 2000 it had fallen to 49 years. A qualified person with a disability has a 1 out of 100 chance of getting a job when compared to people with similar qualifications. Note that only a minority of people with disabilities would actually qualify for SSI or SSDI (disability income) since “total disability” or inability to work is a requirement to qualify for such income. Hear this podcast by John Ryan CFP® to learn all about disability insurance. The 7 Questions You Must Ask Your  Regarding DI Insurance

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]]>

Disability insurance – do you need it? How much? What kind? Is it better to pay for it individually or through a group disability plan. What are some of the common features?

No one likes to think about needing disability insurance. We all think it is just for older people but statistics show that the younger people are affected.  It might be assumed that the aging of the workforce may be a factor in the increasing numbers of disabled workers. Disability, after all, rises with increased age. But the average age of disabled workers is actually falling. In 1970 the average age of a disabled worker was 52 years. In 2000 it had fallen to 49 years.

A qualified person with a disability has a 1 out of 100 chance of getting a job when compared to people with similar qualifications.

Note that only a minority of people with disabilities would actually qualify for SSI or SSDI (disability income) since “total disability” or inability to work is a requirement to qualify for such income.

Hear this podcast by John Ryan CFP® to learn all about disability insurance.

The 7 Questions You Must Ask Your  Regarding DI Insurance

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]]> 785 Long Term Care Insurance- It’s Not Just for Your Parents Anymore https://www.wholeheartedway.com/long-term-care-insurance/?utm_source=rss&utm_medium=rss&utm_campaign=long-term-care-insurance https://www.wholeheartedway.com/long-term-care-insurance/#comments Thu, 08 Jul 2010 01:31:10 +0000 https://www.wholeheartedway.com/?p=676 All of us now or at some time in our lives will have to take care of someone- a child who is ill, or a spouse who gets disabled or has a chronic illness- but most of the time it is a parent that is aging. We are all living longer. The heavy responsibility that goes along with taking care of a parent is enormous. 70% of people over age 65 will eventually need long term care either at home or in a nursing home. As a Financial Planner, I would either help plan for it (self-insure) or purchase long term care insurance for all or part of the risk. Now, with assets depleted, many people of all ages are starting to take a serious look at long term care insurance. Some of the concerns that I fielded from clients were: What if I never need it? Now I have lost all that money in premiums. What if I can’t buy enough of it? What will happen when the benefits run out? What if the insurance company keeps raising the premium? How will I afford it in the future when I am not working? Will the insurance company still be around to pay the benefits? What if I want more home care coverage than skilled nursing care? All that has been heard by the insurance companies and they have come out with some innovative features to address your concerns: Built-in premium on death feature which means that if the policy owner dies before 75 without making a claim, the surviving beneficiary will receive a percentage of the premiums. Tiered solution benefit that sets up parameters at different ages for the type of inflation protection a policy owner can get. Up to age 61, for instance, their benefits could inflate by 5%, from 61 to 76 they could inflate by 3% and after 76 they wouldn’t inflate at all. CPI based inflation features Shared coverage by couples to reduce premium Home care coverage and optional home health care riders Additional increase in coverage over time without health exam to a maximum of double the original policy. The number one reason someone buys long term care insurance is that they saw someone they love have a long term care event. Not having long term care insurance can rob a son or daughter of their career because of the burden of care giving for another. It protects them, and their inheritance as well as you. Many times the siblings will split the cost of long term care insurance for a parent but most of the time the burden of care will fall on only one sibling. Whether the purchase is for you or your parents, the focus should be on the features of the policy that means the most to you. Figure out what you want the monthly benefit to be and then prepare for inflation. Remember, too, that the average nursing home stay is 2.4 years. Good quality home health care can cost $12-$25 an hour depending on the area of the country you live in. It is hard to predict which company will still be around to pay out the benefits that you have invested for, so the younger you are, the better the company should be. That means the highest ratings at both AM Best and Weiss. I am embarrassed to say that I was under age 60 when faced with recovery from a car accident. If I had long term care insurance, my family could have saved over $55,000 in care-giving costs. So I know firsthand the benefits of having this type of insurance. Some of my valued sources for long term care risk management are: For independent consumer information on Long Term Care Topics: Phyllis Shelton of LTC Consultant in Nashville, Tenn. LTC Consultants For independent insurance product advice on Long-Term Care: John Ryan CFP® of Ryan Insurance Strategy Consultants john@ryan-insurance.net or call 1-800-796-0909 ext. 102 Ryan Insurance Strategy Consultants -Fern Alix LaRocca CFP® EA

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]]> All of us now or at some time in our lives will have to take care of someone- a child who is ill, or a spouse who gets disabled or has a chronic illness- but most of the time it is a parent that is aging. We are all living longer. The heavy responsibility that goes along with taking care of a parent is enormous. 70% of people over age 65 will eventually need long term care either at home or in a nursing home.
As a Financial Planner, I would either help plan for it (self-insure) or purchase long term care insurance for all or part of the risk. Now, with assets depleted, many people of all ages are starting to take a serious look at long term care insurance. Some of the concerns that I fielded from clients were:
What if I never need it? Now I have lost all that money in premiums. What if I can’t buy enough of it? What will happen when the benefits run out? What if the insurance company keeps raising the premium? How will I afford it in the future when I am not working? Will the insurance company still be around to pay the benefits? What if I want more home care coverage than skilled nursing care?
All that has been heard by the insurance companies and they have come out with some innovative features to address your concerns:
  • Built-in premium on death feature which means that if the policy owner dies before 75 without making a claim, the surviving beneficiary will receive a percentage of the premiums.
  • Tiered solution benefit that sets up parameters at different ages for the type of inflation protection a policy owner can get. Up to age 61, for instance, their benefits could inflate by 5%, from 61 to 76 they could inflate by 3% and after 76 they wouldn’t inflate at all.
  • CPI based inflation features
  • Shared coverage by couples to reduce premium
  • Home care coverage and optional home health care riders
  • Additional increase in coverage over time without health exam to a maximum of double the original policy.
The number one reason someone buys long term care insurance is that they saw someone they love have a long term care event. Not having long term care insurance can rob a son or daughter of their career because of the burden of care giving for another. It protects them, and their inheritance as well as you. Many times the siblings will split the cost of long term care insurance for a parent but most of the time the burden of care will fall on only one sibling.
Whether the purchase is for you or your parents, the focus should be on the features of the policy that means the most to you. Figure out what you want the monthly benefit to be and then prepare for inflation. Remember, too, that the average nursing home stay is 2.4 years. Good quality home health care can cost $12-$25 an hour depending on the area of the country you live in.
It is hard to predict which company will still be around to pay out the benefits that you have invested for, so the younger you are, the better the company should be. That means the highest ratings at both AM Best and Weiss.
I am embarrassed to say that I was under age 60 when faced with recovery from a car accident. If I had long term care insurance, my family could have saved over $55,000 in care-giving costs. So I know firsthand the benefits of having this type of insurance.
Some of my valued sources for long term care risk management are:
For independent consumer information on Long Term Care Topics:
Phyllis Shelton of LTC Consultant in Nashville, Tenn.
LTC Consultants
For independent insurance product advice on Long-Term Care:
John Ryan CFP® of Ryan Insurance Strategy Consultants
john@ryan-insurance.net or call 1-800-796-0909 ext. 102
Ryan Insurance Strategy Consultants
-Fern Alix LaRocca CFP® EA

The post Long Term Care Insurance- It’s Not Just for Your Parents Anymore first appeared on Whole Hearted Way.

]]> https://www.wholeheartedway.com/long-term-care-insurance/feed/ 1 676 Earthquake! Storms! Protect Your Home and Business with these 3 Tips https://www.wholeheartedway.com/protect-your-home-and-business/?utm_source=rss&utm_medium=rss&utm_campaign=protect-your-home-and-business https://www.wholeheartedway.com/protect-your-home-and-business/#comments Tue, 27 Apr 2010 17:00:54 +0000 https://www.wholeheartedway.com/?p=479 RiskManagement042810 With all the disasters happening out there, I had to let you know my favorite resource on the subject-Charles Wilson of Risk Smart Solutions. Charles is a fee-only insurance expert with whom I have personally used to review all of my risks-home, auto, business, rental properties, etc The link above is an interview I did  with him: “Earthquake! Storms! Protect Your Home and Business with these 3 Tips” What you will learn: 3 Tips to Prepare your home and business for a disaster What are the most overlooked ways to increase coverage and reduce costs. How you can get the best coverage, price and service before you sign anything. Failure to prepare is a preparation for disaster. Step #2 of your financial plan is risk management. Listen to this expert who doesn’t even sell insurance. Here is a  special report that Charles wrote on how to prepare for disaster.

The post Earthquake! Storms! Protect Your Home and Business with these 3 Tips first appeared on Whole Hearted Way.

]]> RiskManagement042810

With all the disasters happening out there, I had to let you know my favorite resource on the subject-Charles Wilson of Risk Smart Solutions. Charles is a fee-only insurance expert with whom I have personally used to review all of my risks-home, auto, business, rental properties, etc

The link above is an interview I did  with him:

“Earthquake! Storms! Protect Your Home and Business with these 3 Tips”

What you will learn:

  • 3 Tips to Prepare your home and business for a disaster
  • What are the most overlooked ways to increase coverage and reduce costs.
  • How you can get the best coverage, price and service before you sign anything.

Failure to prepare is a preparation for disaster. Step #2 of your financial plan is risk management.

Listen to this expert who doesn’t even sell insurance.

Here is a  special report that Charles wrote on how to prepare for disaster.

The post Earthquake! Storms! Protect Your Home and Business with these 3 Tips first appeared on Whole Hearted Way.

]]> https://www.wholeheartedway.com/protect-your-home-and-business/feed/ 2 479 Disaster Planning for Home & Business https://www.wholeheartedway.com/disaster-planning-for-home-business/?utm_source=rss&utm_medium=rss&utm_campaign=disaster-planning-for-home-business Tue, 27 Apr 2010 07:09:20 +0000 https://www.wholeheartedway.com/?p=491 Prepare Your Home and Business for Disaster Get serious about an Emergency Kit for you  home and office Your business will not survive without a Contingency Plan A Financial Plan is the essential last step Emergency Kit House or office may be dangerous or impossible to enter It is likely there will be NO outside help for 3 to 7 days Three to seven days of supplies are essential Water, food (no cooking) Clothes, shoes, rain protection, sleeping gear Medicines, radios, flashlights, batteries, some cash, etc. Special needs for babies, elder people, pets Have a family contact plan and practice/ update it every quarter Contingency Plan Up to 80% of small businesses disappear in a major crisis if there’s no plan Backup or copies of data, project details, equipment and supply inventories Contact information for employees, vendors, clients, etc. Consider needs to shelter in place, transportation back to homes, families’ safety Create a team with assigned responsibilities to handle basic business, employee and customer needs, access to all information/ equipment/ supplies/ cash/ etc. Specific plans will depend on your business type and needs Can all employees work from home? Will you need an alternate, temporary site? Find a realtor who can help list available sites; Consider a competitor’s premises in another area Financial Plan Your business and your family will need money or access to funds to weather the recovery period LOC HELOC Stash of cash – small bills and accessible Consider insurance coverage options EQ on your home Check with broker or agent: CEA, Geo-Vera Coverage is expensive and limited and deductibles are high Building, minimal contents and additional living expense Business EQ coverage Full coverage can be expensive and deductibles are high EQSL might be a minimal alternative Prevention steps as an alternative to insurance Prevent collapse – various retrofit projects Prevent fire from inside; prepare for fire from outside Consider parking a car outside the garage for easy access -Charles Wilson, Risk Smart Solutions

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]]> Prepare Your Home and Business for Disaster
  1. Get serious about an Emergency Kit for you  home and office
  2. Your business will not survive without a Contingency Plan
  3. A Financial Plan is the essential last step

Emergency Kit

  • House or office may be dangerous or impossible to enter
  • It is likely there will be NO outside help for 3 to 7 days
  • Three to seven days of supplies are essential
    • Water, food (no cooking)
    • Clothes, shoes, rain protection, sleeping gear
    • Medicines, radios, flashlights, batteries, some cash, etc.
    • Special needs for babies, elder people, pets
    • Have a family contact plan and practice/ update it every quarter

Contingency Plan

  • Up to 80% of small businesses disappear in a major crisis if there’s no plan
  • Backup or copies of data, project details, equipment and supply inventories
  • Contact information for employees, vendors, clients, etc.
  • Consider needs to shelter in place, transportation back to homes, families’ safety
  • Create a team with assigned responsibilities to handle basic business, employee and customer needs, access to all information/ equipment/ supplies/ cash/ etc.
  • Specific plans will depend on your business type and needs
    • Can all employees work from home?
    • Will you need an alternate, temporary site?
      • Find a realtor who can help list available sites;
      • Consider a competitor’s premises in another area

Financial Plan

  • Your business and your family will need money or access to funds to weather the recovery period
    • LOC
    • HELOC
    • Stash of cash – small bills and accessible
    • Consider insurance coverage options
      • EQ on your home
        • Check with broker or agent: CEA, Geo-Vera
        • Coverage is expensive and limited and deductibles are high
        • Building, minimal contents and additional living expense
    • Business EQ coverage
      • Full coverage can be expensive and deductibles are high
      • EQSL might be a minimal alternative
      • Prevention steps as an alternative to insurance
        • Prevent collapse – various retrofit projects
        • Prevent fire from inside; prepare for fire from outside
        • Consider parking a car outside the garage for easy access

-Charles Wilson, Risk Smart Solutions

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]]> 491 Avoid Property Disaster with These 5 Tips https://www.wholeheartedway.com/avoid-property-disaster-with-these-5-tips/?utm_source=rss&utm_medium=rss&utm_campaign=avoid-property-disaster-with-these-5-tips Wed, 16 Jul 2008 02:02:45 +0000 http://wholeheartedway.com/blog/?p=96 It seems like there have been a lot of natural disasters lately – fires, floods, storms, etc. These disasters have made me wonder if the coverage I have on my home and my rental properties is adequate. Even though I understand the basics of property and casualty insurance, I know a lot has changed in the last decade so I sought the help of a fee-only insurance expert. Here are five key points from this experience that I want to share with you: Obviously it is very important to have replacement cost insurance, but many homeowners fail to increase the replacement cost value due to home improvements or remodeling projects. Make sure the replacement cost value equals the current value of your home.  Check out www.accuCoverage.com for an estimate of your replacement value. Demand surge or post catastrophe inflation coverage is important since a demand surge can happen when a disaster hits a wide area such as what happened after Hurricane Katrina. Labor and materials can skyrocket and you can find yourself short of funds to rebuild.  It is a relatively inexpensive rider. Flood insurance is also inexpensive and while your home may not have been in a flood zone when you bought it; it may be in one now. The government can update a flood zone map and include your home. Better check to see.  Estimate your floor insurance costs at www.FloodSmart.gov. Excess or Umbrella Liability riders can help protect you if someone gets hurt by you driving your car or if someone gets hurt on your property. If claims exceed your policy limits then your personal assets are at risk. This is additional coverage for that type of scenario and inexpensive. Renters should also protect their belongings with insurance.  Accidentally leaving the garage door open can leave you without all your favorite toys-skis, bikes, tools, kayak, etc. Stop wondering if you have the coverage you need. Seek out a fee-only insurance expert for a review. It always pays to comparison shop rates.  Go to www.insurance.com and www.insWeb.com.  Don’t let the fine print keep you from losing your property.

The post Avoid Property Disaster with These 5 Tips first appeared on Whole Hearted Way.

]]> It seems like there have been a lot of natural disasters lately – fires, floods, storms, etc. These disasters have made me wonder if the coverage I have on my home and my rental properties is adequate. Even though I understand the basics of property and casualty insurance, I know a lot has changed in the last decade so I sought the help of a fee-only insurance expert. Here are five key points from this experience that I want to share with you:

  1. Obviously it is very important to have replacement cost insurance, but many homeowners fail to increase the replacement cost value due to home improvements or remodeling projects. Make sure the replacement cost value equals the current value of your home.  Check out www.accuCoverage.com for an estimate of your replacement value.
  2. Demand surge or post catastrophe inflation coverage is important since a demand surge can happen when a disaster hits a wide area such as what happened after Hurricane Katrina. Labor and materials can skyrocket and you can find yourself short of funds to rebuild.  It is a relatively inexpensive rider.
  3. Flood insurance is also inexpensive and while your home may not have been in a flood zone when you bought it; it may be in one now. The government can update a flood zone map and include your home. Better check to see.  Estimate your floor insurance costs at www.FloodSmart.gov.
  4. Excess or Umbrella Liability riders can help protect you if someone gets hurt by you driving your car or if someone gets hurt on your property. If claims exceed your policy limits then your personal assets are at risk. This is additional coverage for that type of scenario and inexpensive.
  5. Renters should also protect their belongings with insurance.  Accidentally leaving the garage door open can leave you without all your favorite toys-skis, bikes, tools, kayak, etc.

Stop wondering if you have the coverage you need. Seek out a fee-only insurance expert for a review. It always pays to comparison shop rates.  Go to www.insurance.com and www.insWeb.com.  Don’t let the fine print keep you from losing your property.

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