Answers in Insurance

Insurance is a financial tool that you can use to mitigate risk of damage or loss occurring to a finite resource you possess. Here you can learn more about the different types of insurance and whether or not they would be right for you.
4 votes
Joe Soto Level 15
Hello Ursula An indexed universal life insurance policy gives the policy holder the opportunity to allocate cash value amounts to either a fixed account or an equity index account. Indexed policies offer a variety of popular indexes to choose from, such ...(more)
2 votes
Joe Soto Level 15
Hello Eve, To answer your question about how much you need no one here can say. There are a number of factors to consider like mentioned by everyone here. As for a formula, many people will use 8 to 10 times their salary. However this is a very fast ...(more)
4 votes
Hi Toni, Perhaps your insurance agent is confused about "fees" vs. "commissions". If the product that he is recommending offers investments such as mutual funds, then he have to provide you with a prospectus, which will outline all of the fees and expenses ...(more)
3 votes
One of the most important questions you can ask you advisor relates to how they are compensated. The advisor's compensation may come in the form of commissions (usually the case with insurance products), AUM fees, hourly fees, and a whole host of other ...(more)
1 vote
Andrew, I do group health insurance as well as financial planning. Because I know it, it is easy. In your case, if you are insurance licensed, I might just consider finding the best outside health insurance guy, give him either leads or your book of ...(more)
1 vote
Andrew... I started in this business in 1984 with a little company called The Prudential Insurance Company of America... And, if I were you, I would seek out the best Health Insurance Specialist you can find in your area to help you in this ever changing ...(more)
2 votes
David, Thank you for that. We have interviewed 3 potential insurance agents. I know more than they do and that is scary. We have a licensed insurance agent in my office, she runs the back office and prior to that is a retired RN. We are thinking of taking ...(more)
3 votes
Hi Andrew, Several years ago, after I obtained my insurance license, I helped a small group to get health insurance. Through the many years since that they have had group coverage, I made many mistakes, especially early on with the initial design. The ...(more)
1 vote
A variety of factors go into determining how much life insurance is necessary for you and your spouse. If you are using a life insurance contract as an income replacement tool in the event of your untimely death, then you need to determine the costs that ...(more)
2 votes
Rich has the right idea. Each couple's situation is unique and there are a variety of factors that come into play in arriving at a decision on the amount of life insurance is appropriate for each spouse. Ultimately, the goal of most insurance plans should ...(more)
3 votes
Index universal life is a policy that credits based on a financial index. Though you cash value will not go down in a bad year, in good years there are typically caps on how much growth you will be credited. 7702 is the section of the IRS Code that ...(more)
5 votes
Ross Gerber Level 15
There are many technical parts of your question but to put simply, you can borrow against an insurance policy and policy loans are tax free as they are loans. There are many factors to consider in doing this. Every policy is designed differently. That ...(more)
6 votes
The appeal of index universal life products is partly due to the fact that they can be illustrated at interest rates that are higher than those currently being credited to fixed interest universal life policies. There is no standardization for the methodologies ...(more)
3 votes
Ursula, This is a very complex question, so, I'll try and simplify it the best I can in limited space. Index Universal Life is merely a Life Insurance product that, instead of using "current market rates", links its return to some index of the markets, ...(more)
3 votes
Darleen, you probably applied for Social Security benefits. Social Security was notified by the IRS that you may have some vested retirement benefits. It actually may or may not be accurate, as you may have already withdrawn that money. You would ...(more)
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