For small business owners, the line between the personal and their business can be a bit hazy at times. Yet, when it comes to a vehicle that may be used for personal and business-related reasons, it’s important to know how your auto insurer is expected to define what constitutes commercial use. If you own a … Read more
One reality of life is that risk is ever present. It exists in our commute to work, in our investment choices, and in our lifestyle decisions. Some risks can be transferred to an insurance company (e.g. auto or homeowners), while others we assume ourselves. When you choose to bear the financial burden of an adverse … Read more
Divorce can be an emotionally and financially challenging life event. In the face of the many possible adjustments divorce entails, making changes to insurance coverage may be overlooked. Here’s a look at each type of coverage: AUTO If there is a change in auto ownership, you may need to obtain car insurance coverage to coincide … Read more
Medicare coverage can be a critical component for living a healthy life in retirement, as well as for maintaining your financial independence during these years. Yet, as important as it is, Medicare does not cover the full range of healthcare expenses you may experience in your golden years. To fill the holes that exist in … Read more
As Teddy Roosevelt once observed, “Old age is like everything else. To make a success of it, you’ve got to start young.”1 The challenges seniors have met throughout their lives have made them wiser and stronger, preparing them for the unique challenges that come with aging. As we age, the potential for cognitive decline increases, … Read more
According to the Social Security Administration, a 20-year-old has more than a 25% chance of becoming disabled before reaching retirement age.1 Loss of income for such a duration has the potential to cause significant financial hardship. And while Social Security Disability Insurance may help, it’s critical to understand that about two-thirds of initial applications are … Read more
According to industry experts, most people don’t have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That’s only … Read more
The Social Security Disability Insurance program is projected to pay out approximately $133 billion in benefits in 2020. And with new applicants each year, the system is expected to exhaust its reserves at the end of 2035 if changes aren’t made.1,2 Rather than depending on a government program to protect their income in the event … Read more
In 2020, the U.S. had a record 22 million millionaires, up from 20.2 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net worth, or those who are perceived to have high net worth, may be more likely to be … Read more
Addressing the potential risks of extended term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect to need extended care services at some point in their lives. So … Read more
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