Getting a Degree of Financial Security

June 14, 2021

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Rich & Kristina Messenger

Rich & Kristina Messenger

Senior Vice President



McKinney, TX

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June 2, 2021

Don't Panic: What You Need To Know For Your Life Insurance Medical Exam

Don't Panic: What You Need To Know For Your Life Insurance Medical Exam

I don’t know about you, but most people don’t like exams – either taking one or having one done to them.

But there’s no need to panic over your life insurance medical exam (yes, you’re probably going to have one). I’ve got some steps you can take before the “big day” to help prevent readings which may skew your test results or create unnecessary confusion.

One important thing to keep in mind is that the exam’s purpose isn’t to pass or fail you based on your health. Your insurer just needs to understand the big picture so they can assign an accurate rating. Oftentimes, the news can be better than expected, and generally good health is rewarded with a lower rate. Alternatively, the exam might uncover something that needs attention, like high cholesterol. That might be something good to know so you can make necessary lifestyle changes.

Think of your exam as a big-picture view. Your insurer will measure several key aspects of your health. These areas help determine your life insurance class, which is simply a group of people with similar overall health characteristics.

Your insurer will most likely look at:

  • Height and weight
  • Pulse/blood pressure tests
  • Blood test
  • Urine test

Tests can indicate glucose levels, blood pressure levels, and the presence of nicotine or other substances. Body Mass Index (BMI) – a measurement of overall fitness in regard to weight – may also be measured as part of your life insurance exam.

So let’s find out what you can do to prepare for your exam!

The most obvious cause that could affect your results is medications you’ve taken recently. These will probably show up in your blood tests. Bring a list of any prescription medications you’re taking so your insurer can match those to the blood analysis.

Over the counter meds can interfere with test results and create inaccurate readings too, so it might be best to avoid them for 24 hours prior to your medical exam if possible. Caffeine can cause spikes in blood pressure.¹ Limit your caffeine intake or avoid it altogether, if possible, for 48 hours prior to your exam. Smoking can elevate blood pressure as well.²

Alcohol has a similar effect on blood pressure. Try to avoid alcohol for 48 hours prior to taking your life insurance medical exam.³ Some types of exercise can also spike blood pressure readings temporarily.⁴ If you can, avoid strenuous exercise for 24 hours before your medical exam.

Some types of foods can create false readings or temporarily raise cholesterol levels.⁵ It’s best to avoid eating for 12 hours prior to your exam, giving your body time to clear temporary effects. Scheduling your exam for the morning makes this easier.

Stress can affect blood pressure readings.⁶ (Surprise, surprise.) Try to schedule your life insurance medical exam for a time when you’ll be less stressed. After work might not be the best time, but maybe after a good night’s rest would be better.

Have any further questions on how you can prepare for your exam? I’m here to help!

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¹ “Caffeine: How does it affect blood pressure?,” Sheldon G. Sheps, M.D., Mayo Clinic, Jan, 26, 2019, https://www.mayoclinic.org/diseases-conditions/high-blood-pressure/expert-answers/blood-pressure/faq-20058543

² “Smoking, High Blood Pressure and Your Health,” American Heart Association, Oct 31, 2016, https://www.heart.org/en/health-topics/high-blood-pressure/changes-you-can-make-to-manage-high-blood-pressure/smoking-high-blood-pressure-and-your-health#.Wrz8uNPwZTZ

³ “Short-term Negative Effects Of Alcohol Consumption,” BACtrack, https://www.bactrack.com/blogs/expert-center/35042501-short-term-negative-effects-of-alcohol-consumption

⁴ “Does Exercise Raise Blood Pressure?,” Barrett Barlowe, SportsRec, Nov 28, 2018, https://www.sportsrec.com/6277164/does-exercise-raise-blood-pressure

⁵ “How to Prep for a Cholesterol Test,” Vanessa Caceres, Livestrong.com, Apr 29, 2020 https://www.livestrong.com/article/326114-what-not-to-eat-before-cholesterol-check/

⁶ “Managing Stress to Control High Blood Pressure,” American Heart Association, Oct 31, 2016, https://www.heart.org/en/health-topics/high-blood-pressure/changes-you-can-make-to-manage-high-blood-pressure/managing-stress-to-control-high-blood-pressure#.Wr0OsdPwZTY

April 12, 2021

Home Buying for Couples: A Starter Guide

Home Buying for Couples: A Starter Guide

Buying your first home is an exciting, yet daunting process.

You and your significant other already have a lot on your plate in planning this huge purchase—from deciding how much house you need to fitting it all into a budget. Read on for some tips that will help ease the process of buying a house as well as help you save money in the long run!

Evaluate your financial situation before you start house hunting. It’s important to know what kind of mortgage payment is feasible for the income in a household. You’ll also have to contend with hidden housing costs like property taxes, renovations, and repairs. Calculate your total income, and then subtract your current expenses. That’s how much you have at your disposal to handle the costs of homeownership.

Improve your credit score. If you’re a first-time homebuyer, your credit score is important—it can profoundly affect your ability to get approved for loans and mortgages! The higher that number goes up, the easier it may become to get approval from lenders. You can help yourself out by paying off any outstanding debt balances such as student loan payments, medical bills, and credit card debt before going house hunting.

Start saving for a downpayment. As a rule of thumb, you’ll want to put down at least 20% of the home’s purchase price. This can take years, especially if your budget is tight! However, it’s well worth it—you may avoid the hassle of paying private mortgage insurance (PMI), which can substantially add to your monthly housing payments. A sizeable downpayment can also lower your interest rate and reduce the size of your loan.¹

Decide how much house you need. This is a tough question to answer, but it’s crucial that both partners are united on this front. Otherwise, one partner might feel like a house doesn’t meet their needs. Sit down with your partner and discuss what exactly you desire out of your home. How many bedrooms will you need? Do you want a big yard or a small one? How close to work do you want to live? Hammer out the important details of what you want in a home before the shopping begins!

Decide on your budget. Knowing how much you can afford before shopping for a home will help narrow down the options. Typically, housing costs should account for no more than 30% of your budget. That includes your mortgage payment, repairs, HOA fees, and renovations. Spending more than 30% can endanger your financial wellness if your income ever decreases.

Buying a home can be an exciting time for couples. But it’s important to take the necessary steps before you start house hunting. Remember, you want your new home to be a source of joy, not financial stress! Do your homework, talk with your partner, and start saving!

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“Do you need to put 20 percent down on a house?,” Michele Lerner, HSH, Sep 2, 2018, https://www.hsh.com/first-time-homebuyer/down-payment-size.html

April 7, 2021

The Power of Living Benefits

The Power of Living Benefits

Preparing for the possibility of a critical medical illness or condition is probably not high on your list of fun things to do.

But its importance cannot be overstated—two-thirds of people who file for bankruptcy do so because of medical debt.¹

What many don’t know, however, is that life insurance can help you shoulder the high cost of medical care… if you utilize living benefits!

How living benefits work
Almost all life insurance policies come with a death benefit. It’s money that will go to your beneficiaries when you pass away. A living benefit is a feature of some life insurance policies that allows you to access the death benefit while you’re still alive.

So let’s say you have a life insurance policy with a $400,000 death benefit. You suddenly get diagnosed with a serious illness that requires you to take time off work and undergo intensive medical treatment.

That means you’re facing a substantial expense with a decreased income. Your medical crisis has also become a financial crisis!

But what if you could access your death benefit in the present? $400,000 may cover a substantial portion—perhaps even all—of the cost of treatment.

And you don’t have to use your entire benefit. If your medical bills add up to $100,000, you could use $100,000 from your life insurance policy to cover your expenses, and leave the remaining $300,000 as the death benefit!

Keep in mind that only certain types of illness may trigger your ability to access your benefit. That’s why it’s important to work with a licensed and qualified financial professional to create the right policy for you.

If you’re interested in what living benefits would look like for you, contact me. We can review your income and how much life insurance your family needs!

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¹ “This is the real reason most Americans file for bankruptcy,” Lorie Konish, CNBC, Feb 11 2019, https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html

February 3, 2021

Strategies for Coping With Medical Bills

Strategies for Coping With Medical Bills

What’s your strategy for paying medical bills?

It’s a question anyone serious about protecting their finances must answer. Afterall, medical expenses are the number one cause of bankruptcy in the country.¹

But there are resources at your disposal. Read on for some strategies to help you lighten the financial burden of medical bills.

Review your bill for mistakes. Somewhere between 30% to 80% of medical bills contain errors.² Check every bill you receive for any mistakes and report them immediately. You don’t need to pay for medical services you didn’t use!

Negotiate a payment plan. The scary price tag on your medical bill isn’t always final. Hospitals are sometimes willing to negotiate a lower cost if they’re aware of your financial situation. Contact your healthcare provider and inform them if you’ll struggle to pay the sticker price. Then, ask for price alternatives or for a more lenient payment plan.

Avoid using credit cards for medical bills, if possible. Using credit cards to cover medical bills can be a critical blunder. Instead of paying a low interest–or maybe no interest–bill to a hospital, you may end up making high-interest payments to your credit card company.

Whenever possible, use cash to pay for medical expenses. That may mean cutting on vacations, not dining out, and holding off on purchasing new clothes until the bill is settled. (Hint: A great reason to keep an emergency fund is to pay unexpected medical bills.)

If none of these strategies make a dent in your medical expenses, consider reaching out to a professional for help. Hospitals and insurance companies sometimes have case workers who can point you towards programs, organizations, and agencies who may be able to help provide some financial relief.

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¹ “Top 5 Reasons Why People Go Bankrupt,” Mark P. Cussen, Investopedia, Feb 24, 2020, https://www.investopedia.com/financial-edge/0310/top-5-reasons-people-go-bankrupt.aspx

² “Over 20 Woeful Medical Billing Error Statistics,” Matt Moneypenny, Etactics, Oct 20, 2020, https://etactics.com/blog/medical-billing-error-statistics#:~:text=80%25%20of%20all%20medical%20bills%20contain%20errors.&text=Some%20experts%20across%20the%20web,between%2030%25%20and%2040%25.

December 21, 2020

Permanent or Term Life: Which is right for you?

Permanent or Term Life: Which is right for you?

Life insurance has many benefits.

Most people purchase life insurance to serve as a safety net for the financial health of their family if something happens to them as the primary provider. A life insurance policy in such cases could be used for funeral costs, medical bills, mortgage payments, or other expenses.

You’re finally convinced you need a life insurance policy, and you’re ready to buy. But what do you need exactly? What type of life insurance is best for you?

When preparing to purchase life insurance, there are two main types of policies to consider – permanent and term. Read on for a short primer on the differences and which one may be right for you.

Term life insurance at a glance
Term life insurance offers life insurance coverage for a set amount of time – the “term”. If you pass away during the term, the policy pays out to your beneficiary. A term policy is sometimes called a pure life policy because it doesn’t have financial benefits other than the payout to your dependents should you die within the term.

There are different terms available depending on your needs. You could purchase a term life policy for 10, 20, or 30 years.

Term life insurance pointers
When purchasing a term life policy, consider a term for the number of years you’ll need coverage. For example, you may want life insurance to provide for your child in case you die prematurely. So, you may select a 25-year term. On the other hand, you may want a life insurance policy to help with the mortgage should something happen to you. In this case, you may opt for a 30-year term which will expire when your mortgage is paid off.

You’ll need to purchase enough insurance to cover your family’s needs if something happens to you and you cannot provide for them. Term life insurance benefits could serve as income replacement for your wages, so buy enough to pay for the expenses your paycheck covers.

For example, if you cover the mortgage, car payment, and child care, make sure the term life policy you purchase can cover those expenses.

Term life insurance policies when appropriately used should expire around the time the need for them goes away, such as when your children are self-sufficient, or your mortgage is paid off.

Permanent insurance at a glance
This type of policy can provide coverage for your entire life, unlike a term policy that expires at a set time. A permanent life policy also contains an investment benefit which is known as the policy’s cash value. The cash value of a permanent life policy grows slowly over time but is tax-free (provided you stay within certain limits), so you don’t pay taxes on the accumulating value.

A permanent life policy can be borrowed against. You can borrow against the cash value, but you must abide by the repayment terms to keep the policy payout unchanged.

Some permanent life insurance policies offer dividends. The dividends are paid to the policyholders based on the insurance company’s financial profits. Policyholders can take dividends in the form of cash payouts or use them to earn interest, payback a loan on the policy, or purchase additional life insurance coverage.

Some of the key points regarding permanent life insurance include:

  • The premium can remain the same throughout the policy term if you abide by the conditions and terms in the policy
  • The policy offers a guaranteed death benefit

Cost of life insurance
Term life insurance is generally less expensive than permanent life insurance because the policy has a pre-selected term. Permanent life insurance, on the other hand, covers the insured for their entire lifespan, so you can expect premiums to be higher.

Which life insurance policy is right for you?
If you aren’t sure which policy is right for you, talk to a qualified financial professional who can help you find the right type of life insurance policy to meet your goals and budget.

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This article is for informational purposes only and is not intended to promote any certain products, plans, or strategies for saving and/or investing that may be available to you. Market performance is based on many factors and cannot be predicted. Before investing or enacting a savings or retirement strategy, seek the advice of a financial professional, accountant, and/or tax expert to discuss your options.

November 18, 2020

The Most Important Retirement Rule

The Most Important Retirement Rule

The best way to determine your retirement target savings is to use your income.

Here’s why.

Almost nobody wants to work 40 hours a week in retirement. Not you, not me. To avoid that, you must have money at your disposal to cover expenses like food, travel, and medical bills.

But how much do you need?

There’s a 38% chance that if you retire at 65 you will live to 85, and a 5% chance that you’ll make it to 95.¹ That means you’ll need enough cash to cover at least 20 years of life with no income.

This is where your paycheck comes into play.

Aiming to save 20 to 30 times your income helps prepare you to maintain your current lifestyle into retirement. You might even have extra spending money if you’re debt free!

Plus, it forces you to scale your savings as your income grows.

Setting a goal based solely on how much you want to spend in retirement can result in lowering your savings goal. You might splurge more now, telling yourself that you’ll just live on less later. But you’re cheating your future self!

Using your income as a retirement benchmark forces you to increase your savings amount as your paycheck grows. Let’s say you make $80,000 annually and you start saving. Your goal is to stash away 20 times your income, or about $1.6 million.

After a while, you’re able to save 5 years worth of earnings, or about $400,000.

But then you get a raise! Suddenly you’re making $100,000 per year. Your retirement target shifts up accordingly to $2 million. That $400,000 you have in the bank is a hefty slice of cash, but it’s now only worth 4 years of income instead of 5.

In other words, basing your saving around your income actually encourages you to save more as your income increases.

The best thing about this method is that it focuses on the most important part of retiring—to sustain the lifestyle that you envision. Meet with a licensed financial professional to map out what that would look like for you and how much you must save to make that vision a reality.

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¹ “How Long Will Your Retirement Really Last?,” Simon Moore, Forbes, Apr 24, 2018, https://www.forbes.com/sites/simonmoore/2018/04/24/how-long-will-your-retirement-last/?sh=31a59fb37472

November 2, 2020

Two Rules That Could Save Your Financial Life

Two Rules That Could Save Your Financial Life

Almost 70% of Americans have less than $1,000 saved.¹

That means most Americans couldn’t cover unplanned car repairs, home maintenance, or medical bills without selling something or going into debt. They’re constantly living on the edge of financial ruin.

That’s where your emergency fund comes in. It’s a stash of cash that you can easily access in a pinch. You’ll be able to pay for that blown transmission without visiting a payday lender or selling your grandma’s silverware!

But here’s the catch: Your emergency savings account won’t help you much if it’s under-funded.

Follow these two rules to ensure that your rainy day savings can withstand the storms of life.

Rule #1: Only use your emergency fund for real emergencies.

I get it. Your emergency fund is an easily accessible chunk of money. Of course it’s going to be tempting to tap into it when you’re buying a new car or planning a dream vacation.

But your rainy day savings shouldn’t fund your lifestyle. They should protect it.

Think of it like this. Your vacation fund pays for your annual beach trip. Your emergency fund covers the bill when your car breaks down on the drive home. Only touch your emergency fund for unexpected expenses and enjoy the peace that comes from being prepared.

Rule #2: Always refill your emergency fund when it’s low

Ideally, your emergency fund should be stocked with 3 to 6 months of your income at all times. That should be enough to cover the gambit from small unexpected costs to a month or two of unemployment.

Don’t be afraid to tap into your emergency savings when you face unforeseen financial hiccups. Just remember to refresh your fund when the emergency has passed. The last thing you need is to be caught in the crosshairs of another crisis without a buffer.

Don’t let a financial storm blow you off course. Prepare for your future, and start building an emergency fund now. If you follow these rules, it can help financially protect you from the challenges life will inevitably send your way.

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October 5, 2020

What Are The Odds?

What Are The Odds?

Your brain is more powerful than any computer on the planet.

It can store roughly 2.5 million gigabytes of information.¹ Yahoo’s colossal data warehouse can only store 2 million gigabytes.² And your brain does it with the same energy it would take to light a light bulb, not a huge power grid!³ But all that computing firepower still doesn’t help the brain understand one simple concept: probability. Which is unfortunate, because misunderstanding the odds of something happening can seriously impair your decision making, especially when it comes to money and finances. Let’s take a look at the problem of comprehending probability, how it impacts your money, and a simple strategy to counteract it.

We don’t understand probability
It’s a scientific fact that humans struggle to properly understand probabilities. A 2018 meta-analysis from the University of Rensburg found that presenting people with probabilities often results in potentially huge errors of judgment.4 For instance, a woman was wrongfully charged with the murder of her sons because a medical professional testified to the low probability of their dying naturally.

Part of the problem is presentation. The meta-analysis showed that presenting tasks as natural frequencies (i.e., 1 out of 10) instead of percentages (10% chance of something happening) actually increased peoples’ performance in understanding the probability they were presented with. Even then, the leap was only from 4% to 24%. You still have merely a 1 in 4 chance of effectively grasping a probability! So while presentation helps, it doesn’t address the deep-seated mental block people have regarding understanding odds. Humans just seem to overcomplicate, misinterpret, and misconstrue probability.

Probability and Money
But does that really matter if you’re not buying lottery tickets or spending weekends at the races? You might be surprised by how often our inability to understand chance impacts our money decisions. There are countless examples. You want to start saving and investing your money. You’ve figured out that buying when the market is low is the best way to maximize your dollar. You hold back, waiting to time the market for that dip that’s certainly right around the corner. Perhaps you decide to start a business right when the economy is cooking. The DOW’s been climbing for the last three years, so there’s no reason for it to stop now, right? Or maybe you’ve held off on buying life insurance because the odds of your suddenly passing away are one in a million. Those are all instances of risky behaviors that stem from an innate human inability to grasp probabilities.

How a professional can help
But there’s a surprising solution to the probability problem: education. Ask a mathematician to gamble on a coin toss. They’ll choose either heads (or tails) every time. Why? Because they know how probability works and don’t let a few flips throw them off. It’s a 50/50 chance every time the coin is tossed, so why try to game the system? Your personal finances are no different. You need someone on your side who knows the math, knows the economy, and can guide you through a run of bad luck without losing their head. You need a financial professional. They can help you grasp some basics and the strategies that can help protect you from the seeming randomness of finances. Stop rolling the dice. Reach out to a professional today!

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¹ “What is the Memory Capacity of a Human Brain?,” Clinical Neurology Specialists, https://www.cnsnevada.com/what-is-the-memory-capacity-of-a-human-brain/

² “What is the Memory Capacity of a Human Brain?,” Clinical Neurology Specialists, https://www.cnsnevada.com/what-is-the-memory-capacity-of-a-human-brain/

³ “Computation Power: Human Brain vs Supercomputer,” Foglets, 10 Apr, 2019 https://foglets.com/supercomputer-vs-human-brain/#:~:text=The%20amount%20of%20energy%20required,charge%20a%20dim%20light%20bulb

⁴ “Why don’t we understand statistics? Fixed mindsets may be to blame,” ScienceDaily, Oct 12, 2018, https://www.sciencedaily.com/releases/2018/10/181012082713.htm

September 28, 2020

So You Want to Buy Life Insurance for Your Parents...

So You Want to Buy Life Insurance for Your Parents...

Playing Monopoly as a young kid might have given you some strange ideas about money.

Take the life insurance card in the Community Chest for instance. That might give the impression that life insurance is free money to burn on whatever the next roll of the dice calls for.

In grown-up reality, life insurance proceeds are often committed long before a policy holder or beneficiary receives the check they’re waiting for. Final expenses, estate taxes, loan balances, and medical bills all compete for whatever money is paid out on the policy.

If your parents don’t have a policy or if you think their coverage won’t be enough, you can plan ahead and buy a life insurance policy for them. Your parents would be the insured, but you would be the policy owner and beneficiary.

A few extra considerations when buying a life insurance policy for your parents:

  • Insurable interest still applies. If your parents already have a significant amount of life insurance coverage, you may find that some insurers are reluctant to issue more coverage. Insurable interest requires that the amount of coverage doesn’t exceed the potential financial loss. (In other words, if your parents already have enough coverage, a company may not want to insure them for more.)
  • Age can limit coverage amounts. Assuming that your parents are older and no longer generating income, coverage amounts will be limited. If your parents are younger and still have 20 or more years ahead of them before they retire, they can qualify for a higher amount of coverage.
  • Age can limit policy types. Certain types of life insurance aren’t available when we get older, or will be limited in regard to length of coverage. Term life insurance is a good example. Your options for term life insurance will be fewer once your parents are into their sixties. The available term lengths will also be shorter. Policies with a 30-year term aren’t commonly available over the age of 50.

How Can I Use The Life Insurance For My Parents?

Depending on the amount of coverage you buy – or can buy (remember, it may be limited), you could use the policy to plan for any of the following:

  • Final expenses: You can expect funeral costs to run from $10,000 to $15,000, maybe more.
  • Estate taxes: Estate taxes and so-called death taxes can be an unpleasant surprise in many states. A life insurance policy can help you plan for this expense which could come at a time when you’re not flush with cash.

Can Life Insurance Pay The Mortgage Or Car Loans?

It isn’t uncommon for parents to pass away with some remaining debt. This might be in the form of a mortgage, car loans, or even credit card debt. These loan balances can be covered in whole or in part with a life insurance policy.

In fact, outstanding loan balances are a very big consideration. Often, people who inherit a house or a car may also inherit an additional mortgage payment or car payment. It might be wonderful to receive such a generous and sentimental gift, but if you’re like many families, you might not have the extra money for the payments in your budget.

Even if the policy doesn’t provide sufficient coverage to retire the debt completely, a life insurance policy can give you some breathing room until you can make other arrangements – like selling your parents’ house, for example.

You Control The Premium Payments.

If you buy a life insurance policy for your parents, you’ll know if the premiums are being paid because you’re the one paying them. You probably wouldn’t want your parents to be burdened with a life insurance premium obligation if they’re living on a fixed income.

Buying insurance for your parents is a great idea, but many people don’t consider it until it’s too late. That’s when you might wish you’d had the idea years ago. It’s one of the wisest things you can do, particularly if your parents are underinsured or have no life insurance at all.

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August 19, 2020

Travel Insurance: What to know before you go

Travel Insurance: What to know before you go

Postcard-worthy sunsets. Fascinating cultures and customs. Exotic people and maybe even a new language to learn – at least enough to order food, pay for souvenirs, and find the nearest bathroom.

Travel can leave us with some amazing memories and lead us to grow simply by being exposed to different ways of seeing the world. It’s also fraught with peril – much of which we don’t consider when daydreaming about our trip. Travel insurance has the potential to provide protection if the daydream turns into a nightmare in a number of ways.[i]

An auto or life insurance policy is designed to provide a limited set of coverages, making the policies fairly easy to understand. Travel insurance, by comparison, can cover a wide range of unrelated risks, making the coverage and its exclusions a bit more difficult to follow. Depending on your travel insurance provider, your travel insurance may cover just a few risks or a wide gamut of potential mishaps.

So how do you know what kind of travel insurance you should purchase? Read on…

Trip Cancellation Insurance
One of the most basic and most commonly available coverage options, trip cancellation insurance provides coverage to reimburse you if you are unable to take your trip due to a number of possible reasons, including sickness or a death in the family. Cancellations for reasons such as a cruise line going bust or your tour operator going out of business are also typically covered. Additionally, if you or a member of your party becomes ill during the trip, trip cancellation insurance may reimburse you for the unused portion of the trip. Some trips you book will allow cancellation with full reimbursement (within a certain timeframe) for any reason, whereas some trips only allow reimbursement for medical or other specific reasons – make sure you check the travel policy for any limitations before you purchase it.

Baggage Insurance
Your travel daydreams probably don’t include lost baggage or theft of personal items while abroad – but it happens to travelers every day. Baggage insurance is another common coverage found bundled with travel insurance that provides protection for your belongings while traveling. If you already have a homeowners insurance or renters insurance policy, it’s likely that you already have this coverage in place. As a caveat, homeowners insurance and renters insurance policies typically limit the coverage for certain types of items, like jewelry, and may only pay a reduced amount for other types of items. Home insurance policies also have a deductible – typically $1,000 or more – that should be considered when deciding if you should purchase baggage insurance with your travel insurance.

Emergency Medical Coverage
Most people don’t know if their health insurance will cover them internationally – it could be that your policy does not protect you outside of the country. Accidents, illness, and other conditions that require medical assistance are border-blind and can happen anywhere, leaving you wondering how to arrange and pay for the medical attention that could be needed by you or your family. Travel health insurance can cover you in these instances and is often available as a stand-alone policy or bundled as part of a travel insurance package.

Accidental Death Coverage
Often bundled as a tag-along coverage with travel health insurance, accidental death coverage provides a limited benefit for accidental death while traveling. If you already have a life insurance policy, accidental death coverage may not be needed – and chances are good that your life insurance policy has fewer limitations and provides a higher death benefit for your named beneficiaries or loved ones.

Other Travel Coverages
A number of other options are often offered as part of travel insurance packages, including missed connection coverage, travel delay coverage, and traveler assistance. Another coverage option to consider is collision and comprehensive coverage for rented cars. Car accidents are among the leading types of mishaps when traveling. Typically, a personal car insurance policy will not cover you for vehicle damage, liability, or medical expenses when traveling abroad.

When you’re ready to cross “See the Seven Wonders of the Modern World” off your bucket list, consider travel insurance. It may provide some relief so you can concentrate on the important things, like making sure you bring the right foreign plug adapter for your hair dryer.

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[i] “Should you buy travel insurance?” Insurance Information Institute, 2018, https://bit.ly/2Lv9BPc.

June 24, 2020

Read this before you walk down the aisle

Read this before you walk down the aisle

Don’t let financial trouble ruin your future wedded bliss.

Most newlyweds have a lot to get used to. You may be living together for the first time, spending a lot of time with your new in-laws, and dealing with dual finances. Financial troubles can plague even the most compatible pairs, so read on for some tips on how to get your newlywed finances off to the best possible start.

Talk it out If you haven’t done this already, the time is ripe for a heart to heart talk about what your financial picture is going to look like. This is the time to lay it all out. Not only should you and your fiancé discuss your upcoming combined financial situation, but it can be beneficial to take a deep dive into your past too. Our financial histories and backgrounds can influence current spending and saving habits. Take some time to get to know one another’s history and perspective when it comes to how they think about money, debt, budgeting, etc.

Newlyweds need a budget Everyone needs a budget, but a budget can be particularly helpful for newlyweds. A reasonable, working household budget can go a long way in helping ease financial stress and overcoming challenges. Money differences can be a big cause of marital strife, but a solid, mutually-agreed-upon budget can help avoid potential arguments. A budget will help you manage student loans or new household expenses that must be dealt with. Come up with a budget together and make sure it’s something you both can stick with.

Create financial goals Financial goal setting can actually be fun. True, some goals may not seem all that exciting – like paying off credit cards or student loans. But formulating financial goals is important.

Financial goal setting should start with a conversation with your new fiancé. This is the time to think about your future as a married couple and work out a financial strategy to help make your financial dreams a reality. For example, if you want to buy a house, you’ll need to prepare for that. A good start is to minimize debt and start saving for a down payment.

Maybe you two want to start a business. In that case, your financial goals may include raising capital, establishing business credit, or qualifying for a small business loan.

Face your debt head on It’s not unusual for individuals to start married life facing new debt that came along with their partner – possibly student loans or personal credit card debt. You may also have combined debt if you’re planning on financing your wedding. Maybe you’re going to take your dream honeymoon and put it on a credit card.

Create a strategy to pay off your debt and stick to it. There are two common ways to tackle it – begin with the highest interest rate debt, or begin with the smallest balance. There are many good strategies – the key is to develop one and put it into action.

Invest for the future Part of your financial strategy should include preparing for retirement, even though it might seem light years away now. Make sure you work a retirement strategy into your other financial goals. Take advantage of employer-sponsored retirement accounts and earmark savings for retirement.

Purchase life insurance Life insurance is essential to help ensure your new spouse will be taken care of should you die prematurely. Even though many married couples today are dual earners, there is still a need for life insurance. Ask yourself if your new spouse could afford to pay their living expenses if something happened to you. Consider purchasing a life insurance policy to help cover things like funeral costs, medical expenses, or replacement income for your spouse.

Newlywed finances can be fun Newlywed life is fun and exciting, and finances can be too. Talk deeply and often about finances with your fiancé. Share your dreams and goals so you can create financial habits together that will help you realize them. Here’s to you and many years of wedded bliss!

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June 22, 2020

A quick reference guide to car insurance

A quick reference guide to car insurance

Been shopping around for auto insurance but you’re befuddled by all the options?

Auto insurance is a common type of insurance we purchase, but that doesn’t mean it can’t be confusing. Buying the right policy for your needs begins with understanding typical coverages.

Read on for a quick reference guide to auto insurance coverage.

Liability coverage is the basis
One of the most important types of insurance is liability protection. Liability insurance is what steps in to help protect you when you are at fault in an accident. Most auto insurance policies contain two types of liability insurance.

Bodily injury liability: Bodily injury liability coverage helps protect you if you injure someone in an accident. The coverage will contribute towards the injured person’s medical bills.

Property damage liability: Property damage liability works just like bodily injury, only it helps pay to repair the property you’re responsible for damaging. For example, the coverage helps pay to fix someone’s car if you rear end them or to replace a guardrail if you slide off an icy road.

First party physical damage coverage
So now you may be thinking, “That’s great, but what if my car gets damaged?” Good point. You may purchase coverage on your auto policy to help protect your car if it’s damaged. This would usually be referred to as physical damage coverage. There are two main types:

Comprehensive: Comprehensive should help cover your vehicle if it’s damaged in anything other than a collision accident. For example, if a tree limb falls on it, it has damage from a hail storm, is flooded, or stolen, you would make a comprehensive claim.

Collision: Collision coverage repairs your car if it’s in a collision accident. Also, you may use your collision coverage no matter who’s at fault for the crash. Physical damage coverages may come with a deductible. That’s the part you’re responsible for paying if you need the coverage, so choose carefully. Deductibles may range from $50 to $2,500.

Medical payments coverage
Medical payments coverage helps pay for you and your passengers’ medical bills if you’re injured in an accident. Typically, the coverage can be used regardless of fault. It’s usually primary to your health insurance, so it would pay out first in that case.

Other options
While those are the most significant and common auto insurance coverages, many companies offer add-on coverages that may be of some benefit. Two are:

Roadside assistance: Roadside assistance can be purchased from some insurers and will help pay for towing or emergency services such as a tire change or jump start. Each insurance company has different limits on coverage, so make sure you know what they are and what would be covered.

Rental reimbursement: Rental reimbursement coverage would help pay for a rental car for you up to a certain length of time and dollar limit. The coverage would kick in if your vehicle is in the shop due to a covered loss.

State requirements
Each state has different minimum auto insurance requirements for drivers. These are usually referred to as state minimums. While state minimum limits would get you on the road legally, they typically don’t offer the best option for coverage. Speak to a qualified insurance professional about getting the best auto coverage for your needs in your state.

Auto insurance needs differ among drivers
Everyone has different auto insurance needs. There are many factors to consider including how much you drive, the types of vehicles you own, and what kind of assets you need to protect.

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This article is for informational purposes only and is not intended to promote any certain insurance products, plans, or strategies that may be available to you. Before enacting a policy, seek the advice of a qualified insurance agent.

April 20, 2020

Your Life Insurance Rate & You: Poor Health Habits

Your Life Insurance Rate & You: Poor Health Habits

What are you digging so deep in your pocket for? If you’re looking for a lighter, you might need to dig for some extra change, too…

… You’ll need help to meet your higher life insurance rate if you’re planning on lighting up a cigarette.

Health details and everyday habits that may seem small or insignificant can have a massive effect on your life insurance rate. You may have heard something about the underwriting process. The purpose of the underwriting process is to determine how risky a person will be to insure. And the riskier someone is to insure, the higher their rate is likely to be. That risk is calculated by how soon an insurer estimates an applicant will need the full payout of their life insurance policy.

Some factors that influence risk (like age and gender) are out of your control. But did you know that your habits can also send your life insurance rate up?

Here are 3 poor health habits that an underwriter will definitely uncover and will definitely affect your life insurance rate:

1. Smoking
If you smoke cigarettes, expect a higher life insurance rate. Period. Even products like nicotine patches, gum, or lozenges can earn a life insurance applicant “smoker” status (depending on the provider). At this point, are there really any lingering questions about how cigarettes affect your overall health and projected longevity? Cigarettes contain thousands of chemicals and at least 70 known carcinogens.

A bit of good news? The longer it’s been since you quit smoking, the better things might look for you from an underwriting standpoint. For instance, some underwriters are only required to look back into your history as far as 12 months, so if you have quit cigarettes for a year, you may end up with a better classification – and a better classification potentially means a better life insurance rate.

2. Being Too Overweight
An underwriter will also assess your height-to-weight ratio. Your unique ratio will classify you according to a certain rate. Being overweight or obese increases health risks like stroke, type 2 diabetes, coronary heart disease, and high blood pressure, among others. So the more overweight you are, the riskier you are to insure. And what does that mean? You guessed it: your chances of a higher rate are significantly increased.

3. Drinking A LOT of Alcohol
Did reading about this poor health habit throw you off? After all, a few drinks isn’t that bad, right? Well, “a few drinks,” no, but drinking in excess can start to have adverse effects on your overall health. Excessive or “binge” drinking would be 5+ alcoholic drinks for men and 4+ alcoholic drinks for women at the same occasion or within a couple of hours of each other on at least 1 day in the past month. Chronic excessive drinking brings these common health risks: liver disease, pancreatitis, cancer, brain damage, and more.

How will an underwriter know if you’re drinking to excess? They’ll give you a questionnaire, you’ll be subject to a medical exam, and they’ll see your driving record. So If there is any evidence of drinking excessively and getting behind the wheel of a car, consider your life insurance rates raised.

Kicking these 3 habits can have great effect on your personal health and on your life insurance rate! With a little effort, time, and preparation, you can put yourself in a better position for a potentially more affordable rate. But don’t wait to get started! Remember: when you apply for life insurance, you may not get full credit for changes to these 3 poor health habits made in the 12 months prior to your application..

Every insurer’s rates are going to be a little bit different, and that’s why you have an advantage by working with me. We’ll shop around for the policy and rate that’s tailored to your unique needs.

So if you’ve been waiting for a sign to stop smoking, quit eating too much junk food, or cut back on drinking, consider this it!

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March 2, 2020

Cities vs. Suburbs

Cities vs. Suburbs

Deciding where to live is hard.

It’s a big decision that’s impacted by the financial situation you’re in and your personal preferences. That’s why it’s important to know what to expect from the options you’re weighing. Here’s a quick guide to the pros and cons of living in a city or a suburb!

Cities: Pros and Cons
There’s a reason people flock to cities. First and foremost, jobs tend to be easier to find in the city than anywhere else. That means there’s a high incentive to move into town close to where you work. But that’s not the only reason to go urban. Cities are often more walkable than suburbs or the country and often feature extensive public transit. All the culture, nights out, museums, and coffee shops that your city has to offer are all easily accessible either on foot or with a quick subway ride.

But there’s a price to pay for the convenience of city living. Urban housing is typically higher than other areas, and normal things like a date night dinner will probably be pricier than elsewhere. Crime is also higher in the city than the suburbs or the country, so situational awareness is a key skill to develop if you’re living in-town (1).

Suburbs: Pros and Cons
The suburbs are designed to give you access to the benefits of the city while offsetting some of the costs. For starters, your dollar will probably go farther for housing in the suburbs than it will in the city. Suburbs tend to be safer and offer more space, making it appealing to people looking to start a family or couples with kids. Plus, if you’re lucky, you could be a similar distance from the countryside as the city, so you’re flexible between choosing a night in the city or a hike in the woods!

However, it isn’t all sunshine and roses for suburbanites. Housing might be cheaper per square foot, but houses also tend to be larger. That means you can actually end up paying more for housing in the suburbs even though you’re technically getting a better deal square footage-wise. The other big downside is that transportation in the suburbs can be brutal. The cost of driving a car in traffic every day can be high, so much so that suburban transportation can be almost as expensive as urban housing (2). That’s not even factoring in the stress of dealing with traffic.

Deciding where to live comes down to what you prioritize and your stage of life. Are you a young professional with a new job downtown? It might make more sense to move closer to work and be near where everything is happening. The same might also hold for a recently retired couple looking for easy access to quality medical care and date spots. A young family looking for a safer space to raise kids, however, could potentially want to look further out for housing. Just take a few of the factors we discussed in this blog to heart before you make the big decision!

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November 18, 2019

Matters of Age

Matters of Age

The younger you are, the less expensive your life insurance may be.

Life insurance companies are more willing to offer lower premium life insurance policies to young, healthy people who will likely not need the death benefit payout of their policy for a while. (Keep in mind that exceptions for pre-existing medical conditions or certain careers exist – think “skydiving instructor”. But in many cases, the odds are more in your favor for lower premiums than you might guess.)

At this point you might be thinking, “Well, I am young and healthy, so why do I need to add another expense into my budget for something I might not need for a long time?”

Unlike a financial goal of saving up for a downpayment on your first house, waiting for “the right moment” to get life insurance – perhaps when you feel like you’re prepared enough – is less beneficial. A huge part of that is due to getting older. As your body ages, things can start to go wrong – unexpectedly and occasionally chronically. Ask any 35-year-old who just threw out their back for the first time and is now Googling every posture-perfecting stretch and cushy mattress to prevent it from happening again.

With age-related health issues in mind, remember that the premium you pay at 22 may be very different than the premium you’ll pay at 32. Most people hit several physical peaks in that 10 year window:

  • 25 – Peak muscle strength
  • 28 – Peak ability to run a marathon
  • 30 – Peak bone mass production

If you’re feeling your mortality after reading those numbers, don’t worry! You’re probably not going to go to pieces like fine china hitting a cement floor on your 30th birthday. But there is one certainty as you age: your premium will rise an average of 8-10% on each birthday. Combine that with an issue like the sudden chronic back problems from throwing your back out that one time (one time!), and your premium will likely reflect both the age increase and a pre-existing condition.

If you experience certain types of illness or injury prior to getting life insurance, it often goes in the books as a pre-existing condition, which will cause a premium to go up. Remember: the less likely a person is going to need their life insurance payout, the lower the premium will likely be. Possible scenarios like the recurrence of cancer or a sudden inability to work due to re-injury are red flags for insurance companies because it increases the likelihood that a policyholder will need their policy’s payout.

A person’s age, unique medical history, and financial goals will all factor into the process of finding the right coverage and determining the rate. So taking advantage of your youth and good health now without bringing an age-borne illness or injury to the table could be beneficial for your journey to financial independence.

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November 6, 2019

Common Financial Potholes

Common Financial Potholes

The journey to financial independence can feel a bit like driving around with your entire retirement fund stashed in the open-air bed of a pickup truck.

Every dollar bill is at the mercy of the elements. Think of an unforeseen medical emergency as a pop-up windstorm that whips a few thousand dollars out of the truck bed. And that time your refrigerator gave out on you? That’s swerving to avoid a landslide as it tumbles down the mountain. There goes another $1,000.

Emergencies like a case of appendicitis or suddenly needing a place to store your groceries usually arrive unannounced and can’t always be avoided. But there are a few scenarios you can bypass, especially when you know they’re coming.

These scenarios are the potholes on the road to financial independence. When you’re driving along and see a particularly nasty pothole through your windshield, it just makes sense to avoid it.

Here are some common potholes to avoid on your financial journey.

Excessive or Frivolous Spending
A job loss or a sudden, large expense can change your cash flow quickly, making you wish you still had some of the money you spent on… well, what did you spend it on, anyway? That’s exactly the trouble. We often spend on small indulgences without calculating how much those indulgences cost when they’re added up. Unless it’s an emergency, big expenses can be easier to control. It’s the small expenses that can cost the most.

Recurring Payments
Somewhere along the line, businesses started charging monthly subscriptions or membership fees for their products or service. These can be useful. You might not want to shell out $2,000 all at once for home gym equipment, but spending $40/month at your local gym fits in your budget. However, unused subscriptions and memberships create their own credit potholes. If money is tight or you’re prioritizing your spending, take a look at your subscriptions and memberships. Cancel the ones that you’re not using or enjoying.

New Cars
Most people love the smell of a new car, particularly if it’s a car they own. Ownership is strange in regard to cars, however. In most cases, the bank holds the title until the car is paid off. In the interim, the car has depreciated by 25% in the first year and by nearly 50% after 3 years.

What often happens is that we trade the car after a few years in exchange for something that has that new car smell – and we’ve never seen the title for the first car. We never owned it outright. In this chain of transactions, each car has taxes and registration fees, interest is paid on a depreciating asset, and car dealers are making money on both sides of the trade when we bring in our old car to exchange for a new one.

Unless you have a business reason to have the latest model, it’s less expensive to stop trading cars. Think of your no-longer-new car as a great deal on a used car – and once it’s paid off, there’s more money to put each month towards your retirement.

To sum up, you may already have the best shocks on your financial vehicle (i.e., a well-tailored financial strategy), but slamming into unnecessary potholes could damage what you’ve already built. Don’t damage your potential to go further for longer – avoid those common financial potholes.

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October 23, 2019

Top Reasons Why People Buy Term Life Insurance

Top Reasons Why People Buy Term Life Insurance

These days, most families are two-income households.

That describes 61.9% of U.S. families as of 2017. If that describes your family (and the odds are good), do you have a strategy in place to cover your financial obligations with just one income if you or your spouse were to unexpectedly pass away?

Wow. That’s a real conversation-opener, isn’t it? It’s not easy to think about what might happen if one income suddenly disappeared. (It might seem like more fun to have a root canal than to think about that.) But having the right coverage “just in case” is worth considering. It’ll give you some reassurance and let you get back to the fun stuff… like not thinking about having a root canal.

If you’re interested in finding out more about Term insurance and how it may help with your family’s financial obligations, read on…

Some Basics about Term Insurance
Many of life’s financial commitments have a set end date. Mortgages are 15 to 30 years. Kids grow up and (eventually) start providing for themselves. Term life insurance may be a great option since you can choose a coverage length that lines up with the length of your ongoing financial commitments. Ideally, the term of the policy will end around the same time those large financial obligations are paid off. Term policies also may be a good choice because in many cases, they may be the most economical solution for getting the protection a family needs.

As great as term policies can be, here are a couple of things to keep in mind: a term policy won’t help cover financial commitments if you or your spouse simply lose your job. And term policies have a set (level) premium during the length of the initial period. Generally, term policies can be continued after the term expires, but at a much higher rate.

The following are some situations where a Term policy may help.

Pay Final Expenses
Funeral and burial costs can be upwards of $10,000. However, many families might not have that amount handy in available cash. Covering basic final expenses can be a real burden, especially if the death of a spouse comes out of the blue. If one income is suddenly gone, it could mean the surviving spouse would need to use credit or liquidate assets to cover final expenses. As you would probably agree, neither of these are attractive options. A term life insurance policy can cover final expenses, leaving one less worry for your family.

Pay Off Debt
The average household in the U.S. is carrying nearly $140,000 in debt. For households with a large mortgage balance, the debt figures could be much higher. Couple that with a median household income of under $60,000, and it’s clear that many families would be in trouble if one income is lost.

Term life insurance can be closely matched to the length of your mortgage, which helps to ensure that your family won’t lose their home at an already difficult time.

But what about car payments, credit card balances, and other debt? These other debt obligations that your family is currently meeting with either one or two incomes can be put to bed with a well-planned term life policy.

Income Protection
Even if you’ve planned for final expenses and purchased enough life insurance coverage to pay off your household debt, life can present many other costs of just… living. If you pass unexpectedly, the bills will keep rolling in for anyone you leave behind – especially if you have young children. Those day-to-day living costs and unexpected expenses can seem to multiply in ways that defy mathematical concepts. (You know – like that school field trip to the aquarium that no one mentioned until the night before.)

But Wait, There’s More
A well-planned term life insurance policy can provide other benefits as well, including living benefits that can help prevent medical expenses from wreaking havoc on your family’s financial plan if you become critically ill. One note about the living benefits policies, though: If the critical and chronic illness features are used, the face value of the policy is reduced. But which might be more prepared to take a financial hit: the face value of the life insurance policy that just helped you cover your medical expenses… or your child’s college fund?

In some cases, policies with built in living benefits may cost more than a standard term policy, but it may still cost less than permanent insurance policies! And because a term policy is in force only during the years when your family needs the most protection, premiums can be lower than for other types of life insurance.

Term life insurance can provide income protection to help keep your family’s financial situation solid, and help things stay as “normal” as they can be after a loss.

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October 21, 2019

Is Survivorship Life Insurance Right For You?

Is Survivorship Life Insurance Right For You?

A survivorship life insurance policy is a type of joint insurance policy (a policy built for two).

You may not have thought much about that type of insurance before, or even knew it existed. But joint policies, especially survivorship policies, are important to consider because they can provide for heirs, settle estates, and pay for final expenses after both spouses have passed.

Most joint life insurance policies are what’s known as “first to die” policies. As the unambiguous nickname suggests, a first to die policy is designed to provide for the remaining spouse after the first passes.

A joint life insurance policy is a time-tested way of providing for a remaining spouse. But without careful planning, a typical joint life policy might leave a burden for surviving children or other family members.

A survivorship life insurance policy works differently than a first to die policy. Also called a “last to die” policy, a survivorship policy provides a death benefit only when both insured spouses have passed. A survivorship policy doesn’t pay a death benefit to either spouse but rather to a separate named beneficiary.

You’ll find survivorship life insurance referred to as:

  • Joint Survivor Life Insurance
  • Second-to-Die Life Insurance
  • Variable Survivorship Insurance

Survivorship life insurance policies are sometimes referred to by different names, but the structure is the same in that the policy only pays a benefit after both people insured by the policy have died.

Reasons to Buy Survivorship Life Insurance
We all have our reasons for buying a life insurance policy, and often have someone in mind who we want to protect and provide for. Those reasons often dictate the best type of policy – or the best combination of policies – that can meet our goals.

A survivorship policy is well-suited to any of the following considerations, perhaps in combination with other policies:

  • Final expenses
  • Estate taxes
  • Lingering medical expenses
  • Payment of debt
  • Transfer of wealth

It’s also most common for a survivorship life insurance policy to be a permanent life insurance policy. This is because the reasons for using a survivorship policy, including transfer of wealth, are usually better served by a permanent life policy than by a term insurance policy. (A term life insurance policy is only in force for a limited time and doesn’t build any cash value.)

Benefits of Survivorship Life Insurance

  • A survivorship life policy can be an effective way to transfer wealth as part of a financial strategy.
  • Life insurance can be difficult to purchase for individuals with certain health conditions. Because a survivorship life insurance policy is underwriting coverage based on two individuals, it may be possible to purchase coverage for someone who couldn’t easily be insured otherwise.
  • As a permanent life insurance policy, a survivorship life policy builds cash value that can be accessed if needed in certain situations.
  • Costs can be lower for a survivorship life policy than insuring two spouses individually.

The good news is that life insurance rates are more affordable now than in the past. That’s great! But keep in mind, your life insurance policy – of any type – will probably cost less now than if you wait for another birthday to pass for either spouse insured by the policy.

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July 10, 2019

You'll Still Need This After Retirement

You'll Still Need This After Retirement

Ask anyone who’s had a flat tire, a leaky roof, or an unexpected medical bill – having enough money tucked away in an emergency fund can prevent a lot of headaches.

It may seem obvious to create a cushion for unexpected expenses while you’re saving up for retirement, especially if you have kids that need to get to their soccer games on time, a new-to-you home that’s really a fixer-upper, or an injury that catches you off guard. But an emergency fund is still important to keep after you retire!

Does your current retirement plan include an emergency fund for unexpected expenses like car trouble, home or appliance repair, or illness?Only 41% of Americans surveyed said they could turn to their savings to cover the cost of the unexpected. That means nearly 60% of Americans may need to turn to other methods of coverage like taking loans from family or friends or accruing credit card debt.

After you retire and no longer have a steady stream of income, covering unexpected expenses in full (without interest or potentially burdening loved ones) can become more difficult. And when you’re older, it might be more challenging to deal with some of the minor problems yourself if you’re trying to save some money! You’re probably going to need to keep the phone number for a good handyman, handy.

Don’t let an unexpected expense after retirement cut into your savings. A solid financial strategy has the potential to make a huge difference for you – both now and during your retirement.

Contact me today, and together we can put together a strategy that’s tailored to you and your needs.

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June 3, 2019

Life Insurance: Before or After Baby?

Life Insurance: Before or After Baby?

Many people get life insurance after one of life’s big milestones:

  • Getting married
  • Buying a house
  • Loss of a loved one
  • The birth of a baby

And while you can get life insurance after your baby is born or even while the baby is in utero (depending on the provider), the best practice is to go ahead and get life insurance before you begin having children, before they’re even a twinkle in their mother’s eye.

A reason to go ahead and get life insurance before a new addition to the family?

Pregnancies can cause complications for the mother – for both her own health and the initial medical exam for a policy. Red flags for insurance providers include:

  • Preeclampsia (occurs in 5-10% of all pregnancies)
  • Gestational Diabetes Mellitus (affects 9.2% of women)
  • High cholesterol (rises during pregnancy and breastfeeding)
  • A C-section (accounts for 32% of all deliveries)

Also, the advantage of youth is a great reason to go ahead and get life insurance – for both the mother and father.

The younger and healthier you are, the easier it is for you to get life insurance with lower premiums. It’s a great way to prepare for a baby: establishing a policy that will keep them shielded from the financial burden of an unexpected and traumatic life event.

Whether you’re a new parent or beginning to consider an addition to your family, contact me today, and we can discuss your options for opening a policy with enough coverage for a soon-to-be-growing family or updating your current one to include your new family member as a beneficiary.

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