Retirement and Annuities

The Importance of Life Insurance in Long-Term Care Planning

Mon, 17 Jun 2024 22:26:12 GMT

There are four options for paying long-term care expenses

"How will I pay for potential long-term care if the need arises?" That is a conversation that most people do not want to have.

People who do not have long-term care coverage in place risk using their personal resources, exposing their families to a possible financial burden in the future.

While it used to be that families cared for their aging relatives, today's elderly increasingly rely on professional care from home health aides and nursing homes. Often, long-term care starts with services such as home visits, then, depending on your health and independence, may transition to additional services that require full-time nursing care. These services will increase in cost if your required care increases.

You face a crucial decision as you get older: Should you rely on your retirement nest egg and other savings to effectively "self-fund" your costs by paying the bills out-of-pocket for long-term care service, or should you consider the up-front cost of long-term care insurance?

You can take the chance that nothing will happen, but there is the potential to have to pay the full cost later, or you can buy insurance now and pay to help protect against something that could happen to you in the future. The key is weighing your personal needs against the costs and potential benefits of your options.

Below, are four options for paying for long-term care expenses:

GOVERNNMENT PROGRAMS. Veterans and people with low income who cannot afford to cover long-term care expenses might be eligible for long-term care assistance from the federal government, through Medicaid and the Veterans Health Administration or state-run assistance programs. You cannot rely on Medicare to cover these costs, even if you are age 65 or older. Medicare doesn't provide for long-term care and has only limited benefits for short-term care.

TRADITIONAL LONG-TERM CARE INSURANCE POLICIES. You can choose the amount of coverage, how long it lasts, and how long you must wait before receiving benefits. Typically, you pay an annual premium for life, although your premium payment period could be shorter. However, many insurance companies no longer offer traditional policies, and those that do may raise annual premiums after purchase.

HYBRID POLICIES. One type of hybrid insurance offers life insurance and long-term care. You have long-term care coverage available for you, and your beneficiaries receive a life insurance insurance death benefit if you pass away before needing it. If you had a long-term care need, you would be able to draw down or accelerate the death benefit amount to pay for your care, subject to a monthly maximum amount.

PERSONAL SAVINGS. Using your personal savings to pay for long-term care costs can provide you with greater flexibility. However, before using your savings, ask yourself if your retirement plan is built to withstand these potential expenses. If you do use your qualified retirement accounts, such as your 401 (k) or IRA, there may be tax ramifications for withdrawals.

Your long-term care insurance should fit your personal situation. An individual may need a different level of coverage than a married couple because a single person must consider the long-term needs of only one person. For couples, consider the effect on your spouse's financial situation if you have an extended long-term care situation. It's also important to factor in your family medical history and know the risks that you could face. Certain hereditary diseases in your family--like Alzheimer's or diabetes, could make it more likely that you will have long-term care needs in the future.

A thoughtful long-term care coverage decision is all about balance--weighing what you can afford, the kind of care you expect and the risks you might face. It is not just a financial decision, but using insurance may help relieve the emotional and physical burden for caregivers such as family members and friends. Made carefully, it is a decision that may help you to avoid financial catastrophe and provide you with peace of mind for your retirement.

Will You Outlive Your Retirement Income?

bjfinsuranceservices@gmail.com (Brad Fiene) — Fri, 29 Jul 2022 19:47:34 GMT

Get Life Long Income from Fixed Annuties

To help ensure that your retirement income lasts for as long as you live, it is important to consider the type of retirement assets you own, the percentage you earn on these assets each year and the amount of income you withdraw each year.

Investments with high growth potential like stocks, may extend the life of your retirement income, but you could still run out of money if you withdraw too much each year.

Why not consider fixed annuities to help protect your lifetime income? When it comes to attaining reliable income in retirement, a fixed annuity can offer you a number of benefits such as:

Provide a fixed income stream for as long as you live
Offer certain tax advantages
Provide payment periods that can be tailored to your needs
Offer options to transfer money to your beneficiaries

If you are interested in more information on how fixed annuities can help you attain your financial goals, send us an email to schedule an appointment. Brad Fiene of BJF Insurance Services can review your financial situation, assess your investment goals, understand your tolerance for risk and help you determine a retirement income solution that is right for you.

Flexible Life Insurance

Mon, 28 Jun 2021 19:03:13 GMT

Utilizing Index Universal Life

Until recently, the primary reason to invest in a life insurance policy was to provide a generally income tax-free death benefit to the ones who you love and who depend on you.

In today's ever changing insurance market, a death benefit isn't the only reason to buy life insurance any longer. Many individuals are now looking to life insurance for:

Protection
Supplemental retirement income
Tax diversification
Long-term cash value accumulation

One very flexible life insurance product to use is called Index Universal Life. IUL policies gives you the flexibility to design your own policy by:

Picking your death benefit amount
Picking your premium amount, like adding more money to the policy in the beginning, then slowing down at a later date
Picking the frequency of your premium payment
Choosing how your policy cash value grows

With an IUL policy, you can also withdraw the cash value or borrow against the policy, tax-free, for any reason like starting a business, paying for college or a wedding or supplementing your retirement income

With an Index Universal Life policy, how you design it is really up to you! For more information on how a flexible life insurance policy could work for you, contact BJF Insurance Services.

Life Insurance: Important Things to Look for

kylefiene@hotmail.com (Kyle Fiene) — Wed, 27 Jan 2021 21:23:56 GMT

Considering Life Insurance? Here are some Important things to look for.

When you are looking to buy life insurance, you want to find coverage that best suits your financial needs.

Keep in mind that the major reason you buy life insurance is to cover the financial effects of an unexpected or untimely death. That could be you, your spouse or the both of you.

The first thing to think about is deciding on how much coverage you need. Consider how long you will need it for and how much you can afford to pay for it.

HOW MUCH LIFE INSURANCE DO YOU NEED?

Ask yourself the following questions:

• If I were to die early, how would my survivors get by financially?

• Does anyone else depend on me financially such as a parent, grandparent, or a sibling?

• Do I want to set aside money for my child to get an education?

• Do I have a favorite organization that I would like to leave money to?

• Will there be estate taxes to pay after my death?

When asking yourself these questions, also keep in mind other types of insurance you currently own such as group insurance offered by your employer and future Social Security or Pension benefits. Add in other savings that you might have as well including investments and real estate.

Next, learn what kinds of life insurance policies are out there and can best meet your needs such as term life, or permanent life that has a cash value component built in.

TYPES OF LIFE INSURANCE TO CONSIDER

There are two basic types of life insurance: term insurance and insurance that allows for cash value accumulation.

With term insurance, you are basically renting an insurance plan. Term insurance covers you for specific amount of time and for a specific amount, for example, a 20-year term for $1 million in coverage. If you pass away during that term, the death benefit is given to your designated beneficiary. If the policy lapses (ends) for any reason, and you pass away, the coverage is lost. Some term insurance policies also have Living Benefit Riders attached to the policy that will cover the insured—while they are still living if they become ill with a chronic or critical illness or suffer an accident. The amount of money that the insurance company pays out to the insured is then subtracted from the actual death benefit amount. This type of term insurance acts like not only a traditional life policy with a death benefit, but also doubles as a disability insurance plan too.

Life insurance with a cash value component tends to cost more in premiums in the beginning of the policy than a term insurance policy. The part of the premium that is not used for the cost of insurance is invested by the insurance company and builds up a cash value that may be used in a variety of ways.

You can borrow against the policy’s cash value by taking a policy loan. If the loan is not paid back, the amount you owe is then subtracted from the benefits when you die. You can use your cash value as a way to increase your monthly income in retirement or to help pay for certain needs like a child’s education. To build up the cash value in the policy you must pay higher premiums in the early years of the policy. Cash value life insurance can be found in whole life insurance, universal and variable life policies.

Once you have settled on the type of life insurance policy to invest in, compare polices from different companies to find the one that is going to give you the best value for your money. A good life insurance agent would be able to quote you on all types of life insurance from various insurance companies at no cost to you.

For more information on finding the right life insurance policy for you, go to www.bjfinsuranceservices.com.

Enjoy Financial Security and Flexibility

kylefiene@hotmail.com (Kyle Fiene) — Thu, 01 Oct 2020 21:17:58 GMT

Are you interested in adding more security and flexibilty into your financial future?

You can accomplish this by investing in a life insurance policy that has attached living benefit riders. Living benefits gives both you and your loved ones the added protection against life's unexpected expenses. A life policy with living benefits covers the insured with the traditional death benefit, but it also provides an option to access this death benefit--without dying, in order to cover the costs associated with a chronic or critical illness or injury.

Many choose to invest in a long-term care policy to help mitigate the costs assocated with critical care, but what many people don't know is that most LTC policies have a "use it or lose it" feature, but this is not the case with life insurance with living benefits. If your health issue is a qualifying condition, your life policy will advance a portion of your death benefit for you to use as you see fit. For example, you could use the funds to pay any existing costs associated with your illness or injury, or use it for monthly bills. Whatever you choose to use for, you are in control.

If your current life insurance policy does not have attached living benefit riders, then it's time to look at replacing that policy with one that does provide the flexibility and security you need for your financial future.

For more information on life insurance with living benefits, visit: www.bjfinsuranceservices.com.

Can You Finance Your Retirement?

kylefiene@hotmail.com (Kyle Fiene) — Tue, 07 Jul 2020 19:53:01 GMT

You may wonder if you have enough money set aside to be financially independent during your golden years.

Do you have enough for retirement? Statistically, more than 1 in three 65 year old's today will live to age 90. With the average annual Social Security benefit of around $17,736, many workers are not confident they will have enough for medical expenses during retirement. The potential impact of healthcare costs on your retirement assets could be devastating.

When it comes to the cost of healthcare as we age, keep in mind:

Over 8.3 million people needed long-term care in 2016
The median monthly cost for an assisted living facility is around $4,051
1 in 10 people age 65 and over has Alzheimer's dementia

With life insurance protection, you can supplement and protect your assets to help you avoid being financially dependent on others. Investing in a life policy with living benefits gives you a wider range of flexible features and options to help address your unique retirement concerns.

Let BJF Insurance services help you secure your desired retirement plan. Visit www.bjfinsuranceservices.com to learn more.

The Road to Retirement

kylefiene@hotmail.com (Kyle Fiene) — Tue, 16 Jun 2020 18:54:35 GMT

The earlier you start planning and saving for your retirement, the better prepared you will be in reaching your financial goals in life.

The following is a timeline that you can use to help you reach those important financial goals in retirement:

40 Years Until Retirement: Establish a systematic savings and investment plan by contributing to a 401 (k) or IRA; Pay down your student loans; Purchase a permanent life insurance policy; Formulate your retirement plan.

30 Years Until Retirement: Continue asset growth and portfolio diversification. Increase 401 (k) contributions; Make extra mortgage payments; Start a Roth IRA; Consider investing in a disability insurance policy.

20 Years Until Retirement: Time to develop a written retirement plan that includes paying off debts; Increasing retirement savings; Increasing the funding of life insurance policies; Maximizing your 401(k) or IRA contributions.

10 Years Until Retirement: Determine when you want to retire. Consider tax-deferred annuities; Look into long-term care insurance or life insurance with living benefits; Establish a legacy plan.

5 Years Unil Retirement: Fine-tune your retirement plan by consolidating IRA and 401(k) accounts; Determine retirement income strategy; Determine Social Security income strategy; Re-evaluate permanent life insurance and legacy options.

Remember, it's never too early to start planning for your retirement. Contact BJF Insurance Services.com for more information regarding the road to retirement.

Retirement and Annuities

kylefiene@hotmail.com (Kyle Fiene) — Thu, 11 Jun 2020 20:43:02 GMT

As you approach retirement age, there might come a time where you begin to worry about having enough enough money to live comfortably through your retirement years. Just 18% of Americans fell confident in their ability to retire financially secure.

With pensions becoming a thing of the past, 80 million Americans choose now to participate in 401 (k) plans. And even though there are tax benefits tied to them, it can still expose you to market risks.

Another savings vehicle to consider for retirement income are annuities. An annuity can offer strategies to help protect your investments while still allowing for growth. They can provide guaranteed and reliable income that can assist you with day to day expenses while living in retirement. Annuities can help you:

Supplement Social Security or pension income.
Receive lifetime guaranteed income.
Cover essential expenses.
Acumulate assets for retirement.

At BJF Insurance Services, we focus mainly on fixed-index annuities. One of the best features of FIA's is their potential downside protection, so if the financial markets should suffer a decline, FIA's offer a guaranteed minimum return to help reduce the risk of interrupted income stream.

Another important feature of fixed index annuities is the ability to have withdrawal options that do not trigger a surrender charge which in some cases, can be costly.

Planning for your financial future is important--especially as you approach your retirement years. For more information on how fixed index annuities can help you navigate your retirement future,

Disability Insurance-What You Need to Know

Thu, 09 Apr 2020 11:25:50 GMT

Disability Insurance-What You Need to Know

What would happen if you were suddenly unable to work due to an illness or serious accident? How would you pay your monthly bills? Here are some quick stats regarding disability in the United States:

• 1 in 4 will become disabled before reaching age 67

• 56 million Americans live with a disability

• 1 in 10 live with a severe disability

• 7 in 10 working Americans could not make it a month before financial difficulties set in

Your income pays for all of life’s necessities such as your mortgage, car payment, food and other monthly bills and protecting that paycheck is quite important for your financial security.

One way to help protect your paycheck is buy owning disability income insurance. Disability income insurance provides you with monthly payments when you are unable to work due to illness or injury.

Just like you pay for auto and homeowner’s insurance, you would pay a monthly premium for disability income insurance. By using your disability insurance to help cover every day living expenses, it helps you to avoid tapping into your savings and/or retirement assets.

There are two basic types of disability income insurance coverage:

1. Short-term DI-Which pays benefits for short durations such as 3 months, six months or one year, after a short waiting period. This type of policy can be purchased privately (individual coverage) or in a group policy (from your employer).

2. Long-term DI-Coverage has a longer duration with a waiting period of at least 90 days. Benefits are typically paid 2, 5 or 10 years to age 65 or in some cases, for life, depending on how the policy is written. The longer duration of policy benefit, the higher the cost (premium).

Both short-term and long-term coverage can be obtained either through employer sponsored coverage or purchased privately as individual disability insurance .

Employer Sponsored Disability Insurance: To help provide income during a disability, many employers offer their employees group disability insurance coverage, either short-term or long-term, as part of their benefit package. Because this coverage is obtained through your employer, the coverage does not go with you if you were to leave your job or lose your job. Since disability insurance through an employer is under a group plan, the cost of coverage can change year to year. Group coverage covers all eligible employees regardless of their health status.

Individual Disability Insurance: Is considered private insurance because it is purchased outside of a group plan. It can be used as a supplemental plan to a current group plan or on its own. Unlike group disability coverage, private disability insurance is underwritten, which could impact premiums costs. Even though individual disability insurance can cost a little more than standard group coverage, the benefits and costs are contractually guaranteed even if you change jobs. The coverage is usually more comprehensive as well. Individual disability insurance can sometimes be a tough policy to underwrite because the insurance carrier takes into consideration the applicants age, health, gender, type of occupation and income, whereas group coverage takes every employee that is eligible for coverage regardless of their health, age, etc.

Protecting your financial security is important. Your income is a necessity and being without it could pose serious financial consequences for you and your family. Most individual disability income insurance policies offer coverage that’s flexible. Let BJF Insurance Services customize a disability insurance plan that fits your specific needs and budget with the ability to modify it as your needs change in the future.

A Guide for the First Time Life Insurance Buyer

Wed, 08 Apr 2020 11:42:36 GMT

A Guide for the First Time Life Insurance Buyer

If someone depends on you financially—a spouse, kids or an adult with special needs, then you need life insurance . The benefits of a life insurance policy at the very least, provides money to pay funeral costs and at its most important, can help your family maintain their current way of life even after you are gone.

For a first-time life insurance buyer, finding the correct policy that fits your financial needs does not have to be hard. One of the first things that needs to be done is to assess how much life insurance you actually need. This can be determined by answering two questions:

1. Do you know how much your dependents will need to meet immediate obligations at the time of your death? Things to consider would be any outstanding medical bills, funeral costs, outstanding debt, mortgage balance and possible future college costs.

2. How much income will be needed to sustain your family in the future?

Once you have answered these two important questions, you can start to look at what life insurance options are available to you. Although there are many choices out there, there is still basically two types of life insurance to consider.

Term Life Insurance: For a first-time buyer, term always looks more attractive because of its affordability. Term life insurance is basically “renting” a life policy because it provides death benefit protections for a specific amount of time. Term policies can be anywhere from 10 years to 35 years with 20 years as the most common. Once your term ends, your coverage expires.

Permanent Life Insurance: Is the opposite of term life because it is used for life-long protection as long as premium payments are being made. Not only does it provide you with a death benefit, but it also can accumulate cash throughout the life of the policy that can be used for emergencies or to supplement your retirement income.

Term life is always a good choice because of its affordability. But buyers need to keep in mind that when the term expires, so does coverage and if you need to replace it with another policy, you will be older and possibly not as healthy as you were with the first life policy. Another life insurance policy at a later age will usually cost you more. Permanent life insurance might cost more than term initially, but the benefit of keeping this policy for a lifetime and earn cash value is a financially sound option.

Once the decision has been made to purchase a life insurance policy, you need to find an agent who can help with obtaining coverage. A qualified insurance agent will analyze your financial needs, process your application and submit it to various insurance carriers for the very best coverage and rate. The financial consult with your agent, the submission process and all of the follow up is done at no-cost to the prospective buyer.

The benefits of using an experienced life insurance agent/broker like BJF Insurance Services is our ability to obtain quotes from various insurance carriers and at the same time acquire the very best benefit and rates for our client. At BJF Insurance Services, we only obtain quotes from A-rated insurance companies from across the nation.

If you are looking for life insurance for the first time, sit down with an agent from BJF Insurance Services . Our expertise will help you avoid choosing the wrong type of life insurance policy, underestimating your true insurance needs and eliminates the risk of investing in an insurance company that is not A-rated in its industry.

An Overview of Health Insurance

Wed, 25 Mar 2020 11:14:54 GMT

An Overview of Health Insurance

In 2010, health insurance in the United States went through a major change with the passage of The Affordable Care Act . The focal point of the legislation was The Individual Mandate which required every American to buy a government a pproved health insurance plan or suffer a penalty.

Health insurance before this was not cheap, but with its passage, health insurance costs have increased. Not only did deductibles rise on just about every insurance plan but premiums skyrocketed as well—opposite from what this legislation was designed to improve.

In 2017, congress eliminated the federal tax penalty associated with The ACA’s Individual Mandate, rendering it obsolete for most of the country except for certain states like California. Health insurance prices, however, have not come down, giving some people a reason to cancel their policy and not find a replacement. This approach to health insurance makes sense to a lot of people who rarely get sick or go to the doctor, but do not take into consideration the chance that they may suffer a serious illness or accident and have zero health insurance to pay for treatment. Therefore, it’s important to have some type of health insurance coverage. Medical emergencies are expensive. Undergoing treatment without insurance could put you and your family in possible financial debt.

When it comes to picking out a health plan, whether it’s provided through your employer, or you use an insurance agent or enroll in the online health insurance exchanges, there are many plans available. To find a plan that fits your needs, ask yourself:

• How often do I go to the doctor?

• What ismy coverage needs?

• Can I qualify for financial subsidies?

Examples of common health insurance plans are:

• Fee for Service Plans: It is a traditional type of health insurance in which you pay directly to the medical provider for services rendered. It allows you to see any doctor or visit any facility at any time.

• PPO’s, POS and HMO’s: All work within a network of providers, i.e. doctors, facilities, and some prescription drug coverage* This enables the insured to pay lower premiums and sometimes lower deductibles but restricts what doctors you can see and when—especiallywith HMO’s.

• Catastrophic plans: Are much lower in cost since they only cover large medical bills such as hospitalization and medical procedures.

• Health Share Plans: Is a system where the members (insureds) share in each other’s costs plus pays a small monthly premium.

*Most health insurance plans pay for certain prescription drugs or at least offer a discount on most. Generally, you will pay some cost set by the insurance company’s health insurance plan in the form of a co-pay.

Unfortunately, health insurance in our country is not cheap. However, the decision to go without some sort of coverage istoo risky for most. Finding the right health care coverage can seem like a daunting task so let BJF Insurance Services help you search for the very best one that fits your needs and works within your budget.

A Guide to Buying Life Insurance

Wed, 18 Mar 2020 10:50:23 GMT

A Guide to Buying Life Insurance

If you have loved ones who depend on you financially, then you need life insurance .

Today, as we navigate through unchartered waters, (think the recent pandemic), many people are looking at their finances in a whole new light. Not only do we want to make sure that we can support our families now, but also in the future in case we were to die prematurely.

Like with most financial products, there are different types of life insurance that you can choose from based on how much you are willing to spend. An inexpensive policy is usually term insurance because you only make payments for a certain amount of time. Once the term has ended, so does your coverage. A more expensive life policy is permanent insurance which has a cash value component that allows you the opportunity to make money while your policy is active. Permanent life has a longer duration—usually a lifetime, whereas term insurance is short lived. Although inexpensive insurance like term may work within your budget, it’s not necessarily the best policy for you. The cash value aspect of a permanent policy starts off costly, but over time levels off and becomes accessible to you to utilize in case there is an emergency or can work as supplemental retirement income.

After the decision is made to apply for life insurance and an application is taken, part of the process is underwriting by the insurance carrier. Life insurance underwriters are used to determine whether or not issuing you a policy is risk worthy. Part of the underwriting process is estimating your life expectancy based on mortality tables. They also take into consideration your age, gender, medical history, occupation, income and results from a required medical exam. The underwriter must then decide how much coverage is acceptable based on the above as well as how much to charge the insured in the form of premium.

If you are considered a high risk, your application will either be denied by the insurance carrier or the premiums will become higher. High risk applicants generally have health issues, use tobacco products, are older in age or participate in dangerous hobbies such as rock climbing.

As you go through the application process its important that you are made aware of the types of insurance fraud that is committed by insureds. The most common one is committed during the application process by knowingly providing incorrect information. Small details that are omitted such as a weight discrepancy or forgetting a medical procedure is not considered fraud. Not admitting that you smoke tobacco or take illegal drugs is an example of fraudulent misinformation that is grounds for insurance companies to reject your application. Another type of life insurance fraud happens during the claims process called “death fraud.” This is when the insured either fake’s their own death or a loved one’s death in order to receive the death benefit.

When you go through the application process, it’s a good idea to have your agent explain to you the backround of the insurance carrier that you will be applying with. You want to make sure that the insurance company is considered “A” rated in the industry which indicates their financial stability. Applicants that use BJF Insurance Services are quoted many different carriers to make sure that you get the very best rate and coverage possible for your financial situation. BJF Insurance Service s is only contracted with “A” rated insurance carriers across the nation—Penn Mutual, AIG and Principal Life just to name a few.

With over 34 years of expertise in the life insurance field, you are in good hands with BJF Insurance Services . The application process is both quick and easy and is at no cost to you to apply. Only when you decide to take the policy are you charge a premium. Do something special for your loved ones—invest in life insurance today.

Life Insurance for those Over 50

Wed, 11 Mar 2020 09:52:06 GMT

Life Insurance for those Over 50

Whether you are nearing retirement,or you are in your retirement years, purchasing life insurance is still a sound financial idea.

People are living longer than ever before, and their second half of their lives are filled with new opportunities, hobbies and possible travel plans. And in some cases, things don’t always go as planned such as market downturns, a sick family member or even an untimely death. These are reasons why many older adults still look to life insurance for not only death protection, but access to funds that are possibly needed in an emergency.

The benefits of investing in a life policy—especially permanent life, is a great way to not only protect your family in case you die prematurely, but it can also allow you the opportunity to earn cash value throughout the life of your policy.

For seniors, a permanent life insurance policy may not be as beneficial since it takes time to build up cash value in policy. However, term life can offer older adults traditional life insurance benefits such as a death benefit with other customizable policy options and since the premiums are fixed and so is the term, it can easily work within their monthly budget.

Some seniors are concerned that their loved ones might be burdened with the costs of unpaid medical bills if they were to become seriously ill. A term policy with living benefits is another great life insurance option because you can use the accelerated benefits—while you are still alive, to help cover the costs of medical treatments from a chronic illness or rehabilitation after recovering from an accident. Living Benefit options provides the ability to turn your term life insurance policy into an income stream to handle the unexpected events in life.

Finally, some seniors who really just want the minimum coverage for after they die, choose one of the easiest insurance policies to qualify for and that is final expense insurance. Coverage amounts are usually between $10,000-$50,000 without any required medical exam. Most people—regardless of their health, are accepted for coverage. This type of insurance is bought primarily to be used for any outstanding medical bills, funeral costs and other unpaid bills.

It’s never to late to invest in a good life insurance policy , even when you are over the age of 50. Permanent life insurance still gives seniors the protection that they are looking for while earning cash value for the life of the policy. For those seniors whose financial goal is to ease the financial burden of their loved ones, term insurance, term insurance with living benefits and final expense insurance, are all good options for older adults. Let BJF Insurance Services help you protect the ones you love with life insurance.

Health Insurance Benefits You're Not Probably Taking Advantage Of?

Wed, 11 Mar 2020 05:40:07 GMT

Health Insurance Benefits and Preventive Care

Although you know you should do it—not everyone sees their doctor on regular basis for preventative services. We are so good at scheduling other things to be maintained like our cars for example, but when it comes to our own health, we just avoid making that appointment even when most preventative care services are covered through our medical insurance plan.

Preventative care can help you avoid certain medical conditions and detect others sooner than later. These services are usually at no cost to you when you use a provider in your insurance plan’s network. Some of these preventative services can include:

• Immunizations and vaccines

• Tests for high blood pressure and high cholesterol

• Screening for breast and colorectal cancer

• Annual physicals

• Well-woman visits

Also Read: What Californians Need to Know About Health Insurance Open Enrollment?

Businesses today expect their employees to stay healthy which leads to many benefits for not only the business owner, but the employee too. When a business has a healthy workforce, there are fewer sick days to have to worry about covering or paying for. A healthy work environment also adds to more productivity allowing employees to get more work done with higher energy levels. A business with healthy employees spends less money on health insurance because these employees don’t see a doctor as often as their less healthy counterparts. Another benefit that comes with a healthier workforce is the mood and cooperation between colleagues gets much better.

Unfortunately, employers lose money each time their employee cannot make it to work due to an illness that could have possibly been prevented (think flu shot), so it’s important for businesses to offer good health insurance plans that promote healthy living practices that include making use of preventative care.

Another was for businesses to help assist their employees with preventative care usage is by offering wellness programs to encourage workers to adopt healthy habits that can aid in managing weight, control diabetes and lower stress levels. Some wellness programs will reward its members with gift card incentives for shopping, dining etc., if they complete their individually designed health program.

The following are typical wellness programs that can be provided by businesses on behalf of their employees:

Gym Membership Reimbursement -This enables the employer to encourage employees to join a gym on hours that they are not working but will benefit from daily exercise. This not only aids in the employee’s weight management, but can also affect other bodily functions such as digestive and circulatory.

Health Coaching -This are personalized education programs conducted by a certified health expert. This can be used as guidance and support for a healthier lifestyle including eating habits, exercise, etc.

Disease Management -This type of program can help employees better manage their chronic in an diseases such as diabetes by educating participants on an ongoing basis through the assistance from nurses, doctors and dietitians.

Quit Smoking -The rate of tobacco use is on the decline, but employer do see the benefit of tobacco cessation programs that help to provide smokers with the support and resources needed to quit.

Other wellness programs established by the insurance company can include annual wellness visits, bone-density screenings and flu shots, just to name a few. It can also encourage participation in local community events like volunteering or taking nutrition classes. Another great feature that is offered by some insurance companies include enrolling their participants in a workout program like Silver Sneakers or by supplying their members with a fitness tracker (Fitbit) to monitor their steps.

Lastly, employers can institute an Employee Assistance Program or EAP, which is a voluntary work-based program that offers free assessments, counseling to employees that have personal or work-related problems. This can include alcohol or substance abuse, stress, grief or psychological disorders. The EAP counselor works closely with the business owner or manager to address the employee’s individual needs.

Isn’t it time to prioritize your health? Making use of the preventative services provided by your health insurance plan is a great start. For more information on health insurance plans with wellness programs included, contact us at BJF Insurance Services .

What If You Lose or Misplace Your Life Insurance Policy?

Mon, 24 Feb 2020 14:10:48 GMT

Do you need to buy the new policy as a replacement of lost one?

We all have those days where we seem to misplace everything—car keys, wallet, cellphone, but what if you misplace an important financial document like your life insurance policy?

As a life insurance agent/broker, I don’t receive too many requests from current clients who need help finding their life insurance policy. However, I will have a policyholder who has recently moved, or went to review their policy and couldn’t locate their policy. Whatever the circumstances might be, there are ways of tracking down your policy.

If you have lost your life insurance policy from years ago and cannot remember which insurance carrier or life agent you used, first check your banking records. Premiums for your policy must be made either monthly, quarterly or annually so one of your bank statements should be able to show to whom the premium payments are being made to.

Now that you have figured the insurance company your policy is with, search online for the carrier’s website so that you can contact their customer service department directly. It’s okay if you don’t a policy number, they can find your information via your social security number.

If you don’t find any premium payment information from your bank records, then there’s a chance that your life policy is currently being offered by your employer. Since the employer might pay for some of the premium and then deducts the rest from payroll, that would explain a lack of paper trail from your bank.

If a group policy is not found by your employer, maybe you worked directly with a life insurance agent or broker. If that is the case, you can contact your agent/broker and ask for their assistance. At BJF Insurance Services, we take down the necessary information and contact the insurance carrier directly.

Most of the time, the insurance company will gladly issue a “ Certificate of Insurance ” and mail it directly to the policyholder. A Certificate of Insurance is issued by the insurance company verifying the existence of the client’s life insurance policy plus a summary of the policy’s benefits.

Some insurance companies will re-issue a copy of the life insurance policy for you. If it is a one-time occurrence, it is usually done at no cost to the policyholder. However, if it has been requested before, the insurance company will more than likely charge the client for this service.

Rest assured that insurance companies and life insurance agents/brokers are always here to assistance you with your life insurance policy needs. For more information on how BJF Insurance Services can help you with your current policy, call us at 949683-2528.

7 Common Myths About Life Insurance You Should Know

Mon, 17 Feb 2020 13:03:50 GMT

There’s a lot of misconceptions about owning life insurance. When asked, most people are confused between the truth and falsehoods of owning life insurance.

Common Myths of Life Insurance

Below are some typical myths regarding life insurance.

Life insurance is just for death protection .: Well of course that’s its most valuable component, but in addition to its protection, life insurance can also offer cash value growth potential (permanent life insurance) that you can use to strengthen your financial plan while you’re alive.

Life insurance through my employer is all I need: If you are offered coverage through your employer—take it but remember that often the life insurance policy offered at work is not enough to meet your protection needs. Also, if you were to leave your job, the policy is not portable-which means you cannot take it with you. The best financial option is to combine your group policy with aprivately-owned individual life insurance policy. That way you can guarantee maximum protection plus if you were to stop working for your current employer, your private insurance goes wherever you go.

I’m young and don’t need life insurance: Which is the best time to apply for life insurance ? Being young and healthy is considered to be the best time to apply for life insurance since your rates will be much lower than when are older. It also gives you more time to accumulate cash value on your permanent life policy for your financial future.

Term life insurance is the least expensive insurance : While the cost is typically lower in the beginning, it can actually be more expensive over time since the cost goes up with age and poor health. Once your term is up, you either go without coverage or end up buying a new term policy at higher rates.

Life insurance is not part of a retirement plan : Permanent life insurance can play a critical role in a sound financial plan by supplementing your retirement income through accumulating cash value.

After buying life insurance—forget about it. : As with all financial investments, you should periodically review your policies to make sure things are up to date, such as your address, beneficiary, etc. You also want to make sure that your life insurance coverage still meets your long-term financial goals. When life changes, so can the need for a different level of coverage or type of insurance.

Buy term life then invest the rest: Yes, you could buy the lowest cost life insurance policy just for a minimum death benefit coverage then invest the rest of your money elsewhere like the stock market. But doing so carries risks with no guarantees. Permanent life insurance allows you the peace of mind through its death benefit plus the ability to build cash value over time.

A sound financial plan is essential to smooth path in life. At BJF Insurance Services , we can help create a financial plan that includes life insurance. Talk to Brad at BJF Insurances Services to learn more about the truth of owning life insurance and how it can help strengthen your financial plan.

Life Insurance with Living Benefits

Tue, 28 Jan 2020 06:16:55 GMT

Have you ever thought about what you would do financially if you were to suffer a critical or chronic illness and don’t die? That may seem like a strange question, but it can be a real financial concern for those who don’t have a lot of savings, assets or access to a good health insurance plan.

There is a financial alternative for those who want to protect their family financially if tragedy were to strike. Traditionally, life insurance is designed to help provide security for your loved ones in the event of your premature death. You buy a policy, make payments to keep it current and if you pass away while you still own your life insurance policy, the death benefit goes directly to your named beneficiary. But what if you could access your life insurance death benefit while you are still living?

Many life insurance companies are now offering their clients living benefit riders, also called accelerated benefit riders, attached to their life policies that allows the insured to access a portion of their death benefit in case cash is needed while they are still alive. Each insurance carrier designs their own life insurance product, but there are some shared commonalities to the living benefits or accelerated benefit riders that are being offered. They are:

• A death benefit to help protect your loved ones in case you die prematurely

• An Accelerated Benefit Rider to help defray the cost of a qualifying critical illness such as a major heart attack, invasive cancer or a stroke—at no extra cost to the insured

• Income protection to help pay bills if you are unable to work due to a sickness or an accident

• Potential cash value can be earned to supplement retirement income or help offset the costs of life’s other milestones

At BJF Insurance Services , we make finding the right life insurance policy for you easy.It only takes a few minutes to obtain a quote and apply for a life insurance policy with living benefits, plus there are no upfront fees or payments required and there is no obligation to take the policy.

Traditional life insurance is a great way to protect your family and it is just as prudent to own life insurance with living benefits. To learn more about Life Insurance with Living Benefits, visit: www.bjfinsuranceservices.com.

Disability Insurance for Protecting Your Paycheck

Fri, 17 Jan 2020 10:27:42 GMT

If you were suddenly unable to work due to an illness or accident, what would you do? How would you live while recuperating and how would your monthly bills get paid? 7 in 10 working adults would be financially strapped within a month’s time if their monthly paycheck was disrupted and one in four would have financial trouble immediately.

When we think about our financial assets, the biggest one that we all possess is the ability to earn a paycheck. Doesn’t it make sense then to protect it just in case you become temporarily or permanently disabled?

For these reasons, you should seriously consider purchasing disability insurance . It’s an easy way to continue to receive a monthly income that can help pay for your monthly obligations until you are able to return to work.

Types of Disability Insurance

There are different types of disability insurance, so let’s take a look at some of the options.

1. Worker’s Compensation: All states require employers to provide Worker’s Compensation to their employees in case they were to suffer an accident or illness on the job. However, if your disability was not work related, you do not qualify for Worker’s Compensation benefits.

2. State Disability Insurance: Some states—like California, provides a partial wage replacement insurance (short-term disability insurance) that is paid for through employee payroll deductions. State disability insurance usually lasts for up to six months.

3. Social Security Disability Insurance: Disability insurance is offered through Social Security, aka the Federal Government, but getting approved is difficult. Well over 50% of applicants are denied, and as of 2012, the average monthly payment was $1,130.

4. Group Disability Insurance: Many disability insurance policies are issued as a group insurance policy offered through one’s employer. This can either be either a short-term disability policy (usually lasting 3 months) or a long-term disability policy (which pays out longer than short-term but at significantly lower amounts).

5. Individual Disability Insurance: This is a privately owned disability policy that you purchase on your own and is the most flexible of all the options mentioned above for the mere reason that it is a portable policy. That means that if you were to quit or become laid off from your current job you would not lose your policy benefits (if premiums are paid). It can be taken with you at anytime. Most plans pay between 40-65% of your gross salary. Benefits received can be income tax-free if paid for with after-tax dollars.

Another type of Individual Disability Insurance is KeyMan or Key Person Insurance which is a disability policy that a business owner pays for on one of his valuable employees. The employer is the owner and beneficiary of the policy.

As you can see, there are options for you if you were to become disabled during your working years. To protect yourself and your family adequately though, you best bet is to purchase an Individual Disability Insurance policy as well as accept any disability insurance policy that is provided to you through your employer in the form of Group Disability Insurance.

At BJF Insurances, we can offer you the best disability insurance rates in California and Nevada from only A+ rated insurance carriers. We make the application process easy and seamless. For more information on Individual Disability Insurance, visit: www.bjfinsuranceservices.com.

Life Insurance for Your Retirement

Tue, 14 Jan 2020 12:53:12 GMT

People are living longer and retiring stronger than ever before. For many people who are either getting ready to enter retirement or are already there, their second half of life can be full of new experiences such as a new career, traveling, or new hobbies. Sometimes however, there are some unexpected events as well. You might find that you are supporting an adult child or grandchildren, market changes could be impacting your investment portfolio, or you could become ill or experience a loved one’s unexpected death.

When you look at your retirement plan, the biggest concern and the thing that is hard to plan for is the unexpected. On one hand it’s great to be in retirement, but what if you outlive your retirement funds? Americans today are expected to live up to 20-40 years in retirement, and for many, employer sponsored plans and IRA’s will not be enough to provide enough retirement income.

Think about your retirement in stages:

Pre-retirement—stage one, could start as early as your 20’s. It’s at this time you develop an accumulation plan, dedicate funds for said plan, and stick with this plan throughout your working life.
Stage two you are transitioning into retirement. This is one of the most crucial times in your financial life. Unexpected expenses such as taking care of adult children or your aging parents can have a major impact.
The final stage—stage three, you are living in retirement. The challenge in this stage is to be able to live within your current income stream. This is where the concern about outliving your retirement savings is a reality.

Now is the time to consider owning life insurance with living benefits. Living benefits that are attached to your policy provide the ability to turn your life insurance policy into an income stream to handle the unexpected. The importance of having access to your life insurance death benefit while living is bolstered by these facts: every 34 seconds, someone has a coronary event; 75% of people who suffer a heart attack survive at least three years; every 40 seconds someone suffers a stroke and will survive for at least three years; every 68 seconds, someone is diagnosed with Alzheimer’s Disease.

By relying on a life insurance policy with living benefits, you will have the security to live without disturbing your retirement funds if there was an unexpected event in your life. And if you invest in a whole life policy, you can incorporate the cash value it earns into a steady stream of income in your retirement, not to mention accessing your policy’s death benefit to use for unexpected financial situations.

At BJF Insurance Services, we can help with you with your retirement needs regardless of what stage you are in. Once your financial needs are determined, BJF Insurance Services will construct the right life insurance policy that is affordable, accessible and easy to understand.

For more information on how life insurance with living benefits can help you in retirement, send me an email .

The Basics of Life Insurance

Thu, 12 Dec 2019 03:52:09 GMT

One of the most important reasons that you invest in life insurance is to protect you and your family from the financial effects of an unexpected or untimely death.

When it comes time for you to invest, it's important to find affordable life insurance coverage that fits your needs. Life insurance coverage enables you to have a death benefit readily available to your beneficiaries if you were to die unexpectedly.

If you are a single parent, it is very important that you have in place some time of life insurance policy in order to protect your child if something were to happen to you. Term Insurance is perfect for the single parent as it is an inexpensive policy that can provide a sizeable death benefit to your child. As a single parent, keep in mind as to who might raise your child and all of the costs that would go with it, such as food, clothing and paying for future education.

Young families have many financial obligations such as home mortgages, car payments and raising young children. There is a strong need to start saving for your child’s future as well as saving for retirement for you and your spouse. Permanent Life Insurance might be a good fit because it can accrue cash value that can be used down the road for either your child’s education, paying off bills or saving for your eventual retirement.

Retirees don’t usually have to worry about their kids since they probably aren’t living with them any longer. However, some of those in retirement might still need life insurance if they have an adult special needs child, or continued financial obligations like a mortgage. Life insurance can protect your retirement savings in case your spouse has a lengthy illness and passes away. Your retirement savings would not have to be utilized to help pay for medical bills, outstanding debt or every day expenses. Permanent life insurance or even Final expense insurance would be beneficial.

Single people find it hard to believe that they are in need of life insurance, but they could benefit from a term policy to help if they are taking care of elderly parents or if they have a sizable debt from college. Term Life insurance with it’s low premiums is a good choice.

It's important to familiarize yourself with the various types of life insurance that is available to you. There's term insurance, permanent insurance and final expense insurance--just to name a few. Let's take a closer look at the three types I've just mentioned:

TERM LIFE INSURANCE is usually the least expensive type of coverage to own. It is designed for temporary circumstances such as the time period in which you owe on your mortgage or up until your children graduate from college. Think of term insurance as "renting" a policy since you only have the protection for a certain amount of time. The length of the policy can be 10, 15, 20 or 30 years in duration. Many people coincide the length of their policy with their mortgage loan, i.e. 30 years. Term insurance pays out a death benefit to your beneficiaries upon your death as long as premiums have been paid. This type of life insurance does not build up any cash value.
PERMANENT LIFE INSURANCE is designed for life long protection, not temporary coverage you get from term life insurance. The cost is higher at first than what you would pay for term, but it becomes more cost effective as you age. One of the really nice benefits of permanent life insurance is its ability to accumulate cash value on a tax-deferred basis. As your policy continues to earn cash value, it can be accessed by you through loans and withdrawals. If you decide to cancel the policy, you get any accrued cash value minus a surrender charge if applicable.
FINAL EXPENSE insurance is the least expensive life insurance policy. It can be issued rather quickly since there isn't any medical exams for the insured and there is minimal underwriting--you usually answer a few medical questions. Final expense insurance is designed with affordable premiums with death benefits ranging from $5,000 to $50,000. Your premiums are set for the entire duration of the policy and the death benefit will never decrease.

Finally, ask yourself the following questions to help find the best life insurance for your financial needs:

How much of the total income do I provide?
If I were to die early, how would my spouse and/or children get by?
Do I want to make sure that there is money set aside for my child's education?
How will inflation affect my family's future needs?

Also take into consideration any current life insurance you have now either through your employer, like a Group Policy or possibly a pension or veteran's insurance policy. Then add in other assets you might have such a real estate, savings accounts, investments and personal property.

Talk with a licensed agent or broker like BJF Insurance Services. We can help relieve you of the stress in trying to find the best life insurance that would best fit your financial situation. We take time to look at our client’s financial portfolio as well as their health profile, because both are the best indicators as to how much good life coverage would cost.

Taking an application is easy. Once we compare various quotes from only A-rated carriers, a quick application is taken. Once submitted to an insurance carrier, a medical exam is ordered and together with the exam, the application and financials, a rate of coverage is given to you. BJF Insurance Services never requires money upfront during the application process. If you are happy with the policy and premium amount, a payment is made and you are insured.

That’s all there is to it. For a no-cost, no-obligation quote, send us an email. Happy life insurance hunting!

Checking in on your Retirement

kylefiene@hotmail.com (Kyle Fiene) — Wed, 20 Nov 2019 20:42:05 GMT

Fixed Index Annuities could be the answer

If your retirement is close by--roughly ten years away, now is a good time to assess your current financial situation. By doing this, you can get an idea of your future needs and goals and how to meet them. Ask yourself the following questions:

Where do I plan to live in retirement? Your home will be the foundation of your post-retirement life.
Will I continue to work? Even if it's only part-time, the additional income could be a useful supplement, even if it's only for a few years.
What will be my source of income while in retirement? Will you only count on Social Security, a pension, 401 (k) money or IRA's? Social Security and pension do provide monthly income, but did you know that a fixed index annuity can provide guarenteed lifetime income as well?
How will I cover healthcare expenses? Total projected lifetime expenses for a healthy couple, age 65, retiring in 2017, added up to $404,253 (that's in today's dollars), according to HealthView Services 2017 "Retirement Healthcare Costs Data Report." This amount translates into costs exceeding $18,000 a year.

Once you have answered these questions, you should be able to assess if there is a potential for income shortfall. If so, try now to:

Contribute more to your current retirement accounts
Review your everyday lifestyle budget for possible changes
Consider investing in a fixed index annuity that can help you build assets on a tax-deferred basis.

You’re Never too Young for Life Insurance

Tue, 22 Oct 2019 23:56:25 GMT

To some, life insurance is a subject matter not thought about in great length. Especially those who are young and in good health. Afterall, what’s the point in investing in life insurance if you are not going to be dying soon?

Life is unpredictable. No one knows when their time may be up, so taking the initiative to plan now, can save your spouse and family from financial disaster later.

Think about this for a moment: Who will pay for your mortgage, your car payment (s), your credit card debt, if your monthly salary suddenly disappears? Can your spouse, your significant other or your kids keep their current lifestyle if you were gone?

This is where term life insurance makes a lot of sense, especially for young people just starting out. Instead of looking into other investments, looking for straight protection for a limited amount of time at prices you can afford, is what makes term life insurance very appealing.

What is Term Life Insurance?

As I mentioned earlier, term life insurance is a great solution for people with temporary needs or a limited budget. Just as the name implies, term life provides you protection for a specific amount of time and pays out a death benefit if you die during its term. Term policies can range from on year to 40 years, with 20-year term as the most common policy to own.

Know Your Term

To figure out the length of term you need, think about your longest financial obligation. If you have a 30-year mortgage, you may want to cover that with 30 years of term life insurance . If you don’t have a mortgage, think about how many years you would need to provide for your family if something were to happen to you.

How Does it Work?

First, you apply with a licensed agent followed by a very short medical exam that can be done at your home, work or at a neighboring medical facility. Depending on your age, and health and sometimes the amount of coverage sought, usually all that is required during the exam is drawing blood, providing a urine sample, taking your blood pressure, your weight and asking some follow-up medical questions about your current health. That’s it. Based on all the information submitted to the insurance company’s underwriter, you are either approved or declined. In some cases, if there are extenuating circumstances, you could be approved, but might have to pay a higher rate of premium than what was quoted to you initially. Whether your approval comes back exactly as quoted or you are “rated” higher, you do not have to accept the policy. The decision is completely up to you without you providing any upfront money. Should you decide to accept the policy, your premium payment is calculated on either a monthly, quarterly or annual basis. Once your term ends, so does paying your premium. If you were to pass away during your term (and premiums were being paid), your designated beneficiary would receive the death benefit amount.

The Benefits of Term Life

The biggest benefit to owning a term life policy, or any life policy for that matter, is peace of mind. Knowing that if something were to happen to you, your life insurance death benefit could be used to send your kids to college as planned, pay off your mortgage so that your family doesn’t have to move, pay off other existing debt or could be used as income replacement for your surviving spouse. It’s never too early to start thinking about protecting your family. Term life insurance aims at fulfilling your obligations today and your family’s needs tomorrow.

What Californians Need to Know about Health Insurance Open Enrollment

Tue, 22 Oct 2019 23:50:29 GMT

Beginning November 1, 2019, Open Enrollment for Health Insurance plans will begin nationwide. However, if you are a resident of California, your Open Enrollment started on October 15th and will last until January 31, 2020.

This is the time to re-evaluate your coverage and compare prices from either private health insurance carriers, insurance plans offered by your employer or health coverage offered by the state of California through their Marketplace—Covered California.

Shopping for Individual/Family Coverage

When you are looking for a health insurance plan, remember that due to the passage of the Affordable Care Act (ACA), insurers in California or any state, can no longer deny you coverage if you have a “pre-existing condition,” and cannot charge you more based on your health status. The government, both federal and state, can offer you subsidies for your health insurance plan if you meet certain income criteria and if you purchase the insurance plan on their government run exchange—Covered California.

(3) Ways to Purchase Individual/Family Coverage

*Call the insurance carrier directly

*Purchase a plan online through the California Marketplace-Covered California

*Contact a licensed agent/broker

Things to Remember When Shopping for Health Insurance

Your Costs: Your monthly premium cost is based on a few factors such as your age, where you live, how many people will be on your plan and your out-of-pocket costs. If you are getting your health insurance coverage through a group plan (offered by your employer), your premiums will be calculated differently since you will share in the cost with your employer.

Another factor that can determine your costs is whether you choose an HMO Plan (Health Maintenance Organization) or a PPO Plan (Preferred Provider Organization). The descriptions for both are as follows:

HMO Plans:

*You can only see doctors, other providers and labs that are in your plans’

Network

*Out-of-Network options are not allowed unless there is an emergency or if

your plan gives you pre-approval

*You must choose a primary care doctor whom you will see first, before

getting referred to a specialist or to get lab work done

*Pre-approval must be obtained before you can get many health services

*You usually pay a co-pay for most services

*You are less likely to have a yearly deductible

PPO Plans:

*You can pay less to see providers who are in your plan’s Network

*You can go out-of-network, but will pay more

*You are not required to have a primary doctor

*You don’t need referrals for other health services

*Pre-approvals are not necessary for health services

*You will most likely have a yearly deductible

*You may also have a deductible for hospital care and prescription

drugs

How Much Life Insurance Do I Need?

Tue, 22 Oct 2019 23:50:28 GMT

You've decided to invest in a life insurance policy , but you are not sure as to how much you need. Here are some questions to ask yourself:

1. How much of the family income do I provide?

2. If I were to die early, how would my survivors get by?

3. Is there anyone else that depends on me financially?

4. Do I want to make sure that there is money set aside for my children's education?

5. How will my family repay debts after my death?

6. Will there be estate taxes to pay after my death?

Make sure you take into account, other assets you may have such as savings accounts, stocks, real estate and personal property. Once you have a clear picture of your financial needs, you can sit down with a life insurance agent and go over the types of policies that best work with your financial portfolio.

Enhance Your Quality of Life

Tue, 22 Oct 2019 23:43:53 GMT

Whether you just got married, had your first child or find yourself an empty nester, at every stage in life there is a need for life insurance.

Quality of Life...Insurance , issued by American General Life Insurance, has a suite of life insurance products that can help enhance and protect your quality of life. Not only does their life insurance provide a valuable death benefit for the people who depend on you, but Quality of Life...Insurance products also offers options that can provide benefits to help with medical expenses, retirement or other life events. These benefits are appropriately called "Living Benefits" for a reason--because you don't have to die to receive them.

Quality of Life...Insurance is available to you when you need it most--whether you are suffering from a chronic, critical or terminal illness, you can have access to your living benefits.

Be prepared for whatever life throws your way--enhance your life with Quality of Life...Insurance.

Purchase Life Insurance While Young

Tue, 22 Oct 2019 23:37:45 GMT

Life can take unexpected turns, so every day we take little steps to improve our odds that good things will happen and try to guard against the bad. We wear our seatbelts in our cars and lock our doors when we are not at home. You buy life insurance for the same kind of reason--to protect your family.

Once you make the decision to invest in life insurance, get familiar with the different life insurance products out there, such a term insurance , permanent insurance and life insurance with living benefits.

Today's post will address term insurance.

Term Life insurance provides protection for a specific period of time. It pays a benefit only if you die during its term. The duration can be anywhere from 5 years to 30 years. Term insurance is the most popular plan purchased today, because it is usually the least expensive to own and the premiums stay the same, you never suffer a cost increase. Purchasing term insurance is a good solution for mortgage protection or for final expenses --when the time comes.

If for some reason you decide that you do not want to pay the premiums on your term life insurance policy anymore, the policy will lapse--usually after a 30-day grace period. After that time period, you are no longer covered.

If you decide against investing in term life insurance , just remember that when its purchased while you are young and healthy, the cost of protection is cheap. As you grow older, insurance companies charge more for the same level of coverage--up to 15%-75% more if your health deteriorates.

Where does life insurance fit into your family's plan? The next discussion will be on permanent life insurance.

The Need for Permanent Life Insurance

Tue, 22 Oct 2019 23:37:42 GMT

Life insurance is often considered the cornerstone of sound financial planning. It can be used in times of need by providing additional financial security for your family after you are gone.

But there are other uses for it as well. It can help with college tuition, mortgage protection or supplement your eventual retirement.

I have talked about the basics of Term life insurance in a previous post, so let's look at another type of life insurance called Permanent life insurance.

Permanent Life insurance is coverage protection for your lifetime, not for a short period of time like term insurance. It allows you to accumulate cash value that you can access when you need it, either by withdrawal or a loan. As you make your premium payments to your policy, a portion of your payment is funneled into a savings component of the policy. Over time, as the cash value builds up you are able to access the funds. Term insurance does not have a cash value feature.

Why Life Insurance for Homeowners?

Tue, 22 Oct 2019 23:37:39 GMT

A life insurance policy for homeowners can help alleviate the worry that comes with a home mortgage in the event of a premature death.

Your home mortgage is probably one of the biggest debts you'll ever have. Your homeowner's insurance policy helps to protect your home in case of various disasters, but it doesn't provide protection in case of your death or your spouses's death.

The average home mortgage in this country is around 30 years. Wouldn't it be prudent to provide long-term protection for your family with a term life insurance policy to help cover the cost of your largest debt? You can match your mortgage length to your life insurance policy--as low as 10 years and up to 35 years. You can also purchase coverage in the amount that equals your home value.

You deserve peace of mind as a homeowner. Obtain a free term life insurance quote

Are You Protected Against an Unexpected Illness?

Tue, 22 Oct 2019 00:12:35 GMT

There's more than one reason to buy life insurance .

Illness will impact most people during their lifetime. Statistics show that 92% of older adults have at least one chronic illness and 70% couldn't pay an unexpected medical bill of $4,000.

Life insurance with Living Benefits not only provides a death benefit to your loved ones after you are gone, but allows you--the insured, to access your death benefit while still living.

Do you want extra financial security in case you suffer from a chronic or critical illness or maybe suffer a severe injury? Then it's worth checking out life insurance with living benefits. Give yourself that added layer of financial protection. Taking an application is quick and easy. Click here to apply.

Protection Against Market Downturns

Mon, 21 Oct 2019 22:51:24 GMT

What do you think the two most common concerns are when preparing for retirement? Did you guess the following?

1. Not having enough assets to generate income while in retirement

2. Losing assets due to market downturns

Not having enough income during retirement (besides Social Security) or losing money during retirement due to market downturns on investments are two of the biggest worries for those who are thinking about retiring in the near future.

Did you know that a Whole Life Insurance policy can be part of a healthy retirement strategy that can help alleviate these two issues?

Using a whole life policy that provides cash value along with other types of investments can lay the foundation for a financially sound retirement. When you use the cash value from a life policy as a source of income, it can act like a "volatility buffer" during market downturns. Whole life offers a guaranteed cash value growth and dividends. It acts like a savings account by earning interest at a pre-determined rate, so not only do you get a guaranteed death benefit, but you get guaranteed cash value as well . Once you build up enough cash value in your policy, you can use it as a supplement to your retirement savings. Withdrawals from your policy is usually income tax-free and you can withdraw up to the total amount in premiums that have been paid.

Is a whole life insurance policy a good fit for you? Get a no-cost, no-obligation quote here.

Term Life Equal Protection

gdavis@agilcore.com (Govind Davis) — Mon, 21 Oct 2019 22:40:56 GMT

There are many life insurance products out there for you to invest in, and one of those products is called Term Life Insurance. So, what is Term Life?

First and foremost, Term Life Insurance is protection at a price that anyone can afford. It's a great solution for people with temporary needs or have a limited budget. Term insurance is for a limited amount of time--generally the terms are between one to 40 years, with 20 years being the most common term selected.

Because Term Life Insurance is very affordable and easy to understand, it's no wonder that it is the most popular type of life insurance to buy. With its very low premium payments, you can still save for college, pay your mortgage and take vacations, all with peace of mind, knowing that should the unexpected happen --college, the mortgage and other family expenses will be covered .

Once you've decided to buy term life insurance, find out how much you can qualify for by obtaining a no-cost, no-obligation quote at: www.bjfinsuranceservices.com . You will be directed to a PDF that you can download and complete at your convenience. The application process is quick and free to you--all the way up until the policy is issued. If you choose to accept the policy, you pay your premium then.

It's a big step owning life insurance , but you will feel confident and proud of your decision to protect yourself and your family's future.

You Don't Have to be the Breadwinner to Have Life Insurance

Mon, 21 Oct 2019 22:35:06 GMT

True or false? You only need life insurance if you are the primary breadwinner of the family.

It's absolutely false. You could be the primary wage earner or bring in a small paycheck--either way, your family relies on your income to maintain it quality of life. If you were to die unexpectedly, your contribution would be missed.

Even if you don't work outside of the home, having life insurance is a financially sound idea. As you know, stay-at-home parents perform valuable services on a daily basis, such as childcare, cooking, cleaning and household management. Finding a replacement would be costly for the surviving spouse.

Finding the right type of life insurance can seem hard at first, but it doesn't have to be. Click on the Life Insurance Calculator to help your life insurance needs. When you are done, contact us at BJF Insurance Services . We can provide you with a quick, no-cost, no-obligation quote right away.

Your Greatest Asset is Your Paycheck

Mon, 21 Oct 2019 22:18:33 GMT

According to The Social Security Administration, one in four Americans will become disabled before they retire.

What would happen to your paycheck if you were to sustain a serious injury or become ill while you are employed?

For some, benefits from their employer or the government could help ease the possible income loss they would incur if they suffered a debilitating illness or injury. These benefits all come with limitations and may not be enough to meet your income replacement needs. Let's look at some of the options:

Worker's Compensation: If you are employed and get injured on the job or your illness is work related, you might be able to receive Worker's Compensation Insurance. Every state requires employers to provide this coverage. The problem is, most (73%) of long-term disabilities are not work-related, so it would not fall under the benefits of Worker's Compensation.

State Disability : If you live in California, Hawaii, New Jersey, New York and Rhode Island, you can apply for short-term disability coverage that typically lasts for up to six months. You pay for state disability insurance through a payroll deduction.

Social Security : The Social Security Department does administer a disability insurance program that covers most workers. Unfortunately, around 65% of application for benefits are denied.

Employee Sponsored Coverage: Many employers provide their employees with group disability insurance--especially the larger companies. It can be in the form of short-term disability (usually three months of salary) or long-term disability (which pays roughly 40-60% of your base salary). An employer can choose to pay all or some of the costs of the coverage.

Individual Disability Insurance : It's the most reliable disability coverage, because you purchase it on your own. And since you own it--you can keep it with you, even if you change jobs. Most plans will pay between 40-65% of your pre-disability gross salary. When paid with after-tax dollars, benefits are income tax free.

If you decide to look into an individual disability policy for yourself, be sure to look for the following:

Benefit Period: The period of coverage may be from one to five years, until age 65 or sometimes for life.

Elimination/Waiting Period: This is the time frame before benefits are received. Usually, the wait is 30 days, 90 days or sometimes, six months after a disability occurs.

Guaranteed Renewable and Non-Cancelable: The former means your policy cannot be cancelled as long as premiums are paid. The premium cost can be raised for an entire class of policyholders, but not your individual circumstances. The latter, Non-Cancelable, is just that, and premiums are guaranteed not to increase.

For more information on insuring your most valuable asset, send me an email at: brad.fiene@bjfinsuranceservices.com.

Checking in on Your Retirement

Thu, 17 Oct 2019 18:14:33 GMT

If your retirement is closing in on you--roughly ten years away, now is a good time to sit down and assess your current financial state. To get an idea of your future needs and goals, answer the following questions:

1. Where do you plan to live in retirement? Your home will be the foundation of your post-retirement life.

2. Will you continue to work? Even if it's part-time, the additional income can be a useful supplement--even if it's only for a few years, allowing you to conserve your savings for just a little bit longer.

3. What will your source of income be in retirement? Will you rely solely on Social Security? Maybe you have a pension or 401 (k) or IRA's. Social Security and a pension will provide a monthly income, but did you know that an annuity can provide guaranteed lifetime income as well?

4. How will you cover healthcare expenses ? Total projected lifetime expenses for a healthy 65-year-old couple retiring in 2017 add up to $404,253 in today's dollars--this is according to "HealthView Service's 2017 Retirement Healthcare Costs Data Report." This translates into costs over $18,000 per year.

After you have completed your retirement review, if there is a potential for income shortfall, try to:

*Plan on working at your job longer

*Review your everyday lifestyle budget to make possible changes

*Consider investing in annuities , which can help you build assets on a tax-deferred

basis

Life's Disruptions

Thu, 17 Oct 2019 18:14:33 GMT

Heart disease is the leading cause of death for both men and women. But many people do not die after suffering a heart attack or stroke. About 92.1 million Americans are living with some form of cardiovascular disease or the after-effects of a stroke. The direct and indirect costs associated are estimated to total more than $300 billion. This includes both money spent on healthcare and lost of productivity.

It's a no-brainer to invest in life insurance to help protect your family in case you die prematurely. But what if you live through a heart attack or stroke?

Taditional life insurance pays your beneficiary a death benefit when you pass away, but it is not accessible if you are recuperating from an illness or serious accident that prevents you from going back to work quickly if ever.

Quality of Life...Insurance , has built-in no-cost Living benefits attached to their term life products for qualifying chronic, critical and terminal illnesses or conditions with a guaranteed minimum benefit and an accelerated lifetime maximum benefit of up to $2 million. In other words, if you were to suffer a major heart attack or stroke and not die, your life insurance death benefit could be accelerated to you--for you to use however you need to.

Some of the worst disruptions to a person's life are major health events. For a no-obligation or cost quote, send me an email .

Group Life Insurance or Individual?

Thu, 17 Oct 2019 18:14:33 GMT

If you are lucky enough to work for a company that offers Group Life Insurance, should you take it or should you just purchase an individual life policy on your own?

Nearly 60% of employees have access to life insurance through their work, commonly referred to as Group Life Insurance. For some employees, the policy coverage amount is a flat amount, i.e. $25,000-$50,000, and for others, it is based on their salary.

One of the advantages to group life insurance is its convenience--you sign up for it at work, and your premiums (if you purchase additional coverage) gets deducted from your paycheck. Another advantage is that it is Guaranteed coverage--meaning that there are no questions, no lab tests, and no underwriting.

Two distinct disadvantages to group life insurance are one, if you were to become ill and unemployed before dying, the insurance may not pay. And two, it is not portable, which means you cannot take the policy with you if you leave your current employer.

Most group life policies are considered "basic term life," and can be added to with a Supplemental Term Life policy if offered by your employer. It can be 2 or 3 times your salary and can be added to the basic life policy. Once again, this policy stays with you only if you continue your employment with the same company. It is not portable.

An Individual term life policy is purchased by you, outside of the workplace. Although underwriting takes place--medical questions are asked and you labs are taken, if you are in good health, you will experience significantly lower premiums than you would purchasing extra or supplemental insurance through your group life insurance plan.

With an individual term life policy, the length of your policy is locked in for a certain amount of years, for example 10, 20 years, regardless if you stay with your current employer. Your premiums stay fixed unlike premiums with supplemental insurance (that typical increase each year as you age). And there are no work related restrictions since you own the policy.

So how do you decide which type of life policy to take--Group Life (basic) or individual?

Basic term life offered through your employer is generally free, so it's smart to accept it if it offered. Who doesn't like free? But because the coverage will be minimal, it's best to have additional life insurance--either a supplemental plan bought through your employer or an individual policy through a licensed agent.

The bottom line is to get the best coverage for you at the best possible price.

For term life insurance quotes, visit our website at: