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With the low interest rates than banks are paying, many people are looking at Annuities, which can pay better interest rates than banks and offer the guarantee of your money back that comes from a legal reserve insurance company.  There are also added tax benefits, since part of your monthly income from annuities can be tax free, whereas bank interest is taxed as ordinary income.  Annuities also can offer income that you can not out live, which you can not get from a bank CD.  They are also harder to get at in a lawsuit than bank cd’s.

Many people are seeking the better interest rates that annuities can offer in today’s low interest rate environment.  Clients have asked if they can get an even better rate than my regular insurance companies offer.  In the past, I have only looked at “A” rated insurance companies.  Today, clients are looking at “B” rated companies, because they may offer a higher interest rate.  So, yes you can get a better return on your money with an annuity and you can have your independent agent shop the many insurance companies until you find the rate and the guarantee that is right for you.

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Many people are finding that their rates have gone up 20% already, even before the Patient Protection Act goes into effect in 2014.  Many employers are no longer going to offer health insurance or are reducing the amount they are paying toward this benefit.  No one know how the Supreme Court will rule on the law at the end of this year or who the next President will be or what changes the new Congress will make to the law.  What we do know for sure is that change is coming, whether we like it or not.

The good news is that we don’t just have to sit there like a deer in headlights.  More and more people are realizing that Consumer Directed Health Care is the solution that is already the law of the land.  Folks can get the tax benefits that traditional group health insurance has long enjoyed.  They can have insurance that they own that is not tied to their jobs;  and once a policy is issued the rates will not go up because they submit claims, even big claims or develop health issues.  All the major carriers like Aetna, Humana, Blue Cross Blue Shield and United Health Care offer these plans, so sit down with an independent agent and find the company and the plan that is right for you.  Then other people can worry about the uncertain future, while you know that your family is protected with a plan that is a keeper.

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Generally, an insurance company must take all employees on a group health insurance policy without asking any health questions.  Therefore, an individual, sometimes called a family health insurance policy can be much less expensive when purchased and much less expensive on each annual renewal.  46 States use age and health as factors in issuing a health insurance policy, but once insured, no premium increases will result if an illness develops.  Small Group Insurance policies often do increase rates on renewal when claims are submitted.  Less than 40% of small business employers now offer group health insurance policies.

In 2002 there were 12 milli0n Americans covered under family insurance policies.

In 2008 there were 24 million people covered under family insurance policies.

In 2012 we will probably have 50 million people covered under family insurance policies.

If you have not gotten a quote recently on an individual health insurance policy you may be pleasantly surprised.  But don’t just get a quote from one carrier, talk to an independent agent who represents at least the top companies, namely Aetna, Humana, Blue Cross Blue Shield and United Health Care.

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Why am I paying more for my physical damage coverage on my older vehicle than my newer one ?

OK, one question at a time.  People buy hybrid cars to save on gasoline.  If they go faster than about 30 mph, they are burning gas, under and they are using the electric feature of their car.  It can be annoying if you are between second and third gears as you follow them.

Comprehensive and Collision premiums are based on vehicle symbols.  The symbol assigned to a vehicle is based on several factors, such as the age, the value, the safety features ,the cost to repair and so on.  A newer vehicle is usually but not always more expensive to insure than an older one, since model year and value of the vehicle are only one of many factors that go into assigning the symbol.  Sometimes one Insurance Company will rate a vehicle with a lower symbol than another Insurance Company because they had a better loss experience, so it pays to have your Insurance Agent shop several companies for you.

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I bought Life Insurance 4 years ago.  I think I got the right amount and I can afford the monthly payments.  Is there anything else I should do ?

Yes, you need to understand what you bought.  Instead of asking if you got term, whole life or universal life, I will make it real simple:  when do your payments increase ?

If you don’t know the answer to this question, you have a ticking time bomb and  you don’t even know when it will blow your financial plans to smithereens.  The first question that you need to answer before you buy life insurance is how long will you need the insurance ?  If you need it for 30 years and you now have a great price that will start taking off in ten years, until the price goes to the moon, you have a big problem.  It is so easy to get life quotes on the internet.  You can get quotes from dozens of top companies on our site, but what you need is to talk to a Licensed Agent.  Once you and the agent determine your real needs, there are many Companies that will give you a great price to get your business.  The key is getting the right product for your needs.  Like the auto mechanic used to say, ” Pay me now or pay me later.”  There is no shame in not understanding everything that is in your policy, the shame is, if you don’t have an expert explain exactly what you have, so that you understand it.

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