B ig events don’t just affect us person- ally—sometimes they can impact our insurance   needs.   To   help   protect   you most  effectively,  it’s  important  to  keep us  up  to  date  on  the  milestones  and changes   in   your   family   and   business. Consider these questions: •  Have  you  gotten  married  recently? Divorced or separated? •  Have you had a child? •  Did you purchase a new home? •  Are you taking on any debt? •  Was   there   a   job   change   in   the recent past? •  Are you supporting elderly parents? •  Has  there  been  a  change  in  your business? •  Are any of your children planning to enter college in the near future? •  Have  you  reconsidered  your  retire- ment planning? We need to stay on top of your life and its  many  twists  and  turns.  Call  us  today to  talk  about  any  recent  life-changing events.  We’ll  make  sure  to  provide  you with necessary advice and coverage. n Life Changes Should Lead to Insurance Updates If you’re more worried about dying young (before  age  65)  than  being  disabled  for  an extended  period,  you  might  be  giving  in to   false   fears,   or   so   reveals   a   recent MONEY/ICR survey. According to the Society    of    Actuaries, there’s   a   13%   chance that an American work- er will die before 65 and a    28%    probability    a worker  will  be  disabled for   an   extended   time before that age. But the fact that more than  twice  as  many  of us  will  experience  dis- ability    than    will    die before we retire hasn’t affected the opinions of     insurance     buyers:     Only     28%     of working   Americans   have   some   form   of long-term     disability     insurance,     while three-quarters   of   respondents   said   they were   concerned   about   protecting   their family  in  the  event  of  death.  And  roughly 50%  follow  through  by  buying  life  insur- ance.   In   other   words, the  danger  of  disability isn’t     taken     seriously enough  or  is  overshad- owed   by   the   fear   of death. If research by Harvard University  law  professor Elizabeth Warren reveals that “half of those declar- ing   bankruptcy   do   so because  of  health  prob- lems  or  medical  bills,” what can you do to help yourself? Easy: Make sure you have the prop- er  amount  of  disability  insurance.  Consult with us to discuss your options—we’re just a phone call away. n Disability Is a Real Threat
Because  we  make  sure  that  you and   your   family   have   the   right health coverage, you don’t necessarily have  to  know  all  the  esoteric  terms related  to  it.  But,  at  the  same  time, it  doesn’t  hurt  to  be  a  knowledge- able   consumer.   That’s   why   we’ve compiled   this   list   of   key   health insurance-related definitions (as provided  by  life-line.org)  for  you  to review: • Balance billing. A bill for the differ- ence  between  what  your  insurer  will pay  and  what  the  physician  charges for a service. • Deductible. The amount of money you must pay each year to cover your medical  care  expenses  before  your insurance starts paying. • Coinsurance.   The   amount   that you’re  required  to  pay  for  medical care  in  a  fee-for-service  plan  after you’ve   met   your   deductible.   The co-insurance rate is usually expressed as  a  percentage.  For  example,  if  the insurance  company  pays  80%  of  the claim, you pay 20%. • Exclusions.  Specific  conditions  or circumstances  for  which  the  policy will not provide benefits. • Maximum out-of-pocket. The largest amount of money you will be required to pay a year for deductibles and coin- surance. It’s a stated dollar amount set by the insurance company, in addition to regular premiums. • Preexisting    condition.   A   health problem  that  existed  before  the  date your   insurance   coverage   became effective. • Primary  care  physician. A primary care  physician  monitors  your  health, diagnoses  and  treats  minor  health problems, and refers you to specialists if another level of care is needed. This is often a family physician or internist, but  some  women  prefer  to  use  their gynecologist. • Provider.   Any    person    (doctor, nurse,  dentist)  or  institution  (hospital or clinic) that provides medical care. n Y our   credit   history   is   a   key factor     in     obtaining     good rates   for   loans,   credit   cards   and mortgages.   And   many   insurers now   are   using   credit   history   to underwrite   insurance   cover- age,  arguing  that  bad  credit and   bad   risks   go   hand-in- hand.  With  that  much  riding on your credit, here are some tips for managing it well: •  Know  how  to  check  your credit.  Credit  reports  are  pro- vided   by   three   major   credit bureaus:    Equifax,    Experian and  TransUnion.  These  agen- cies   keep   tabs   on   various accounts    opened    in    your name: credit cards, bank credit lines, mortgages, department store credit  cards,  etc.  Unfortunately,  all three agencies don’t have the same information.   So,   for   a   complete assessment you should get a credit report from each. •  Know   when   to   check   it.   If you  suspect  credit  fraud,  investi- gate   immediately   and   contact both  the  creditor  and  the  credit reporting     firm.     Beyond     such urgent    situations,    you    should check   your   credit   report   before applying  for  new  credit  and  on  a periodic  basis  to  ensure  that  no errors have popped up. •  Understand  your  credit  rating score. It’s    a    “GPA”    of    your borrowing history. •  Dispute   inaccuracies.   Because your  credit  record  can  span  years of    borrowing    history,    it’s    no surprise   that   sometimes   errors turn   up.   Make   sure   that   closed accounts   appear   closed   on your report, and address any false information. • Mend  your  ways.  There’s no  way  to  delete  unflatter- ing-but-accurate   information from your credit history, even though  some  firms  promise to  do  so  for  a  fee.  The  best way    to    heal    your    credit wounds  is  time.  Most  blun- ders  become  moot  and  are removed from your record in seven years. Learn from your mis- takes and pay your bills on time! For  more  information,  call  your financial  advisor  today.  For  your insurance  needs,  contact  us  when it’s convenient. n Managing Your Credit Is Easy What Do You Know About Health Insurance?
COPYRIGHT ©2006.   This publication is designed to provide accu- rate and authoritative information in regard to the subject matter cov- ered. It is understood that the publishers are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a compe- tent professional should be sought. We’ve all made bad buying decisions.  But  the  point  is not  to  make  the  same  mis- takes  again.  Here  are  five common  errors,  as  outlined by a leading financial servic- es company: 1.  Spending money while sad or   emotional.   When  they’re down  and  out,  some  people sprint to the mall armed with credit  cards.  Back  off  from such   impulse   buying—it’s dangerous. 2.  Casting  aside  or  ignoring retirement.   More   than   half (53%)  of  the  U.S.  workforce lacks  a  pension.  The  bottom line: Sooner or later you’re going to have to confront retirement. 3.  Going   unprepared   for   the   un- expected.   Accidents  and  death  are part of life, so don’t think that you’re untouchable.  Prepare  yourself  and your family. For instance, fewer than 25% of those who perished on 9/11 had left wills. 4.  Overpaying for debt. Pay off your creditors now! If you make only the minimum   balance   payment   each month, you’ll find yourself in a bot- tomless pit of debt. 5.  Not  earning  what  you’re  actually worth. Determine with your financial consultant  how  much  money  you should  be  making  and  pursue  it— even if this means starting your own business. n I magine if something—such as a disaster   or   fire—made   your home  uninhabitable  for  weeks or   months.   Suppose   you   were forced to live in a hotel? Would your  current  insurance  coverage allow you and your family to live comfortably   while   your   home was being repaired? The standard homeowners pol- icy  includes  coverage  for  “addi- tional  living  expenses”  incurred when your home is unlivable due to    a    covered    loss—in    other words, it provides financial assis- tance   for   additional   expenses incurred as a result of having to pay more to maintain your fami- ly’s standard of living. Call us today. Our service team will  help  you  evaluate  the  risk and  costs  involved,  and  deter- mine  what  coverage  is  right  for you and your family. n Expect—and Prepare for— the Worst Don’t Make These Financial Mistakes S adly,  many  of  the  people  whose  homes  were  damaged  or  destroyed  by flooding  during  Hurricane  Katrina  didn’t  have  the  necessary  insurance because, like many others, they didn’t think they needed it. Too  many  people  are  under  the  mistaken  belief  that  their  homeowners insurance  covers  flood  damage;  it  doesn’t.  And  many  others  believe  that unless they are in a high-risk flood area, they don’t need (or can’t buy) flood insurance. According to the Federal Emergency Management Agency (FEMA), flooding causes  more  than  $2  billion  in  property  damage  each  year.  What’s  more,  a startling 25% of flood claims come from areas that are deemed to have a low to moderate risk of flooding. Don’t worry; our service team will be happy to help you secure the proper flood insurance. Just give us a call today. n Would You Be Covered in a Flood?
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