Protect Your Baby: 5 Financial Tasks To Complete After Birth

Becoming a new parent is one of the most exciting events in your life, but it comes with many major responsibilities. There are plenty of things you need to consider when you introduce a new child into your family and here are some financial considerations to be mindful of.

1. Quote Life Insurance

Although it’s unpleasant to think you might not be around to take care of your child one day, it’s important to plan for everything. Most new parents will purchase term life insurance because it’s usually the least expensive option and you often have more flexibility to update your coverage as your family’s needs change.

2. Adjust Your W-4

Whenever you have a major personal life change, you should update your W-4. Of course, this includes having a child. A new baby can be a major tax event for you. You can claim an additional allowance for a dependent and might even qualify for the Child Tax Credit, Child Care Tax Credit or other tax credits. These credits can allow you to reduce your withholding to account for the added tax benefits.

3. Open A College Savings Account

Start planning for your child’s future immediately and open a college savings account. It’s never too early to start setting aside funds for your son or daughter’s college education. Plus, the earlier you start saving, the easier things will be when it comes for your child to apply to and attend college.

4. Add Your Baby To Your Health Insurance

Most health insurance companies will cover costs associated with your baby as long as you add the baby to your existing policy within 30 days of giving birth. Check with your provider to find out what is required to add the child to your plan. Once you add your baby to your health insurance plan, be prepared to see an increase in premiums.

5. Estate Planning

If something were to ever happen to you, you need to know that your child will be raised and provided for. One way to ensure this is to make a will that includes who should take care of your child and their finances. In addition, check your retirement accounts. For retirement accounts, you can usually name beneficiaries when you open them. Update them after giving birth in order to reflect that your child is a beneficiary.

To learn more about how life insurance can help you with the arrival of your newborn, or if you just want a quick quote, visit www.goldcoastlifeinsurance.com or give us a call at 800-301-8113.

Life Insurance For Dads

If you’re a dad, you have people who depend on you. What would happen if you were gone and you were no longer able to provide those you love with financial support? That’s why there’s life insurance, and it’s especially important for dads.

Why Dads Need Life Insurance

Life insurance is an important financial tool to have to ensure your family’s future. Think about what you bring to your family. Your salary helps pay everyday bills, mortgage payments, and helps save for the future.
If you don’t bring home a salary, think about how you contribute to your household. Are you a stay-at-home dad? Your family would have to pay for child care if you passed away.

When you are gone, your family will be responsible for all of your financial obligations, like debt, mortgage payments, and more. Everyone also has final costs, such as a funeral, or medical expenses. Use life insurance as a way to make sure your family’s lifestyle remains the same, or similar, when you’re gone.

Go Beyond Work Life Insurance

If you have life insurance through work, make sure that the death payout is enough to cover your salary, any debt you may have, as well as your family’s future, such as college education. If it’s not, consider getting supplemental life insurance.

Start today by getting an online life insurance quote.

Life Insurance For Moms

We’ve said it time and time again, life insurance is important for everyone, not just the primary breadwinner in a family. Working or stay-at-home, life insurance is especially important for moms and dads, because they have people who depend on them.

Moms, we’ve got the answers as to why you specifically need life insurance.

Why Does Mom Need Life Insurance 


The title of mom comes along with multiple job roles: provider, chef, teacher, driver, fight referee, nurse and the list goes on and on. Moms cover numerous roles, whether they are working or stay-at-home.

If something was to happen and you could no longer provide all of those things to your family, who would? Your family may have to bring in outside help, typically at a cost. A recent survey estimates that a stay-at-home mom has a yearly salary of $112,962. A life insurance payout could cover that amount as well as funeral costs and bills. If you work outside of the home, be sure to take that into account.

If You're Healthy, It's Not Expensive

Life insurance isn’t that expensive for women, because they have a longer life expectancy than men. So life insurance rates are already inexpensive. If you’re young, and in good health, rates will be even lower.
If you are thinking of starting a family, secure a life insurance policy before you get pregnant. If you wait until late in a pregnancy to apply for life insurance, rates could be higher due to possible complications.

It can be hard to think about life for your family after you are gone, and it can be especially hard to put a monetary value on all you provide for your family, but it’s an important discussion to have. To be as accurate as possible, try using a life insurance calculator to determine your financial contributions.

Moms, get an online life insurance quote now.

Superfoods You Should Be Eating

Staying healthy is extremely important when it comes to keeping your life insurance premiums as low as they can be. Here at The Storick Group, we believe strongly in  living and eating healthy, so here at 10 foods you should be eating to stay in tip-top shape.

1.Berries

Pick your favorite berry: strawberry, blueberry, raspberry and more. All berries are a good source of fiber, which is important for a healthy digestive system. Berries can also help to promote weight loss.

2.Eggs 

Eating eggs in the morning can help you to eat less later in the day, because they are packed full of protein. Egg yolks also contain antioxidants that can help keep your eyes healthy and protect your skin from UV damage.

3.Beans

Beans are a great way to increase your iron intake, and also contain a lot of fiber, which helps you feel fuller longer. The fiber in beans can also help with cholesterol levels.

4.Nuts

Nuts are a great snack, especially for those with heart disease. They contain a high level of omega-3 fatty acid, which has been linked to heart health. Nuts, especially walnuts, can also reduce total “bad” cholesterol levels.

5.Oranges

Oranges are an excellent source of vitamin C, and you can get an entire day’s dose with just one large orange or a cup of orange juice. Vitamin C is an antioxidant that produces the white blood cells and antibodies needed to fight off infections.

6.Sweet Potatoes

One sweet potato is packed with a ton of vitamins and minerals, vitamin A, some vitamin C, B6, potassium, manganese and lutein and zeaxanthin. Because they’re packed with so many nutrients, sweet potatoes have been called one of the most nutritious vegetables in the land.

7.Broccolli

Broccoli is full of several vitamins, C, A and K. In addition, it is a good source of folate and can even help your body thwart cancer.

8.Tea

Next time you’re thirsty, put down the soda and take a swig of tea. No matter which variety you choose, it is sure to be rich in an antioxidant called flavonoids. These antioxidants can reduce your risk of Alzheimer’s, diabetes and some cancers. Studies also show that tea drinkers have healthier teeth and gums and stronger bones.

9.Spinach

Spinach is a superfood especially important for pregnant women, because it’s so rich in vitamin B, which helps produce DNA and form new healthy cells. Spinach also has important vitamins, like A, C, E and K, as well as fiber, iron, calcium, potassium, magnesium.

10.Yogurt

Having stomach problems? Try introducing yogurt into your diet. Yogurt contains “good bacteria,” as well as calcium, potassium, zinc, riboflavin, vitamin B12 and protein.

Declutter Your Way To Financial Success

After the tax season and end-of-year dust has settled, many are left with a pile of paperwork and a cluttered office area. Weeding out and decluttering paperwork can have many benefits, like not being late on bills and other payments and avoiding fees associated with late payments.

Being organized can also help your family if you were to pass away unexpectedly. Having account numbers, website passwords and key financial information can make an already difficult time easier on your family.
Staying organized can help them sort through a myriad of information to get your estate sorted out quickly. Imagine if they didn’t know who your life insurance beneficiary was. It may make the death benefits process a confusing and lengthy one.

We’ve got some tips on how to declutter your finances and life.

Ask, "Do I Really Need It"

Start by tackling the piles of paper you have saved. Sort through them and ask yourself if you really need them. Don’t be afraid to toss papers you think you should save, like bank statements. If it’s easy to find again on the Internet or through the company you received it from, you probably don’t need a paper copy saved.

File It Away

Once you’ve decided what you should keep, don’t just put it back in a new pile. Create a filing system that works for you and stick to it. Start with three basic categories, action, pending and file. Action is for items that require immediate attention, like bills. Pending is something that requires attention, but not immediately, and file is for things to put away in your file folders.

Once you start creating file folders, there is no limit to how many you can create. Start a file for things that would otherwise have no good home, like receipts or tax documents. Be sure to create a file for the most important items, like account numbers, passwords and life insurance beneficiary information. This file may help your loved ones if you die unexpectedly and can help you grab important information if you need to remove it from your home quickly.

Grow Your Emergency Fund 

An emergency fund is an easily accessible stash of money for use only in case of emergency. It is not to be used to buy a new car. It is not to be used to buy a new Playstation. It is not to be used to remodel your bathroom. It is for use only in case of emergency.

 Though personal finance experts agree emergency funds are necessary, there’s no consensus on how much is enough. Some say you need save a year’s salary. Others believe $1000 is sufficient. Most advice tends to fall someplace in the middle.

How much do you really need? As usual, do what works for you. There is no one right answer. Examine your situation — your income and your needs — to decide how much you should save.

Make Sure Your Life Insurance Is In Order

As we always say, life insurance is key to making sure your finances are in order. The peace of mind alone that comes with the purchasing of life insurance is enough to have it included in this list. With your life insurance in order, you can rest easy knowing that whatever situations or emergencies may arise, your family will be taken care of, and they won't have financial worries.

Taking on the task of decluttering can  take a huge chunk of time, but once it is done and organized, you will see the rewards immediately, and your wallet will thank you.

If you want more financial information, or would like a quote on life insurance, give us a call at 800-301-8113. Or visit www.goldcoastlifeinsurance.com.

Achieving Financial Independence

For many consumers the concept of achieving financial independence may seem like a pipe dream. However, it is an attainable goal. Next time you gather with friends and family, take a minute to look around and consider what you have (or have not) done to ensure their financial security.

Ask yourself a few questions. Are you financially stable? Have you invested in whole or term life insurance? By taking a few simple steps, you can set yourself up for financial success and protect your family in the event of your death.

Financial Planning

In order to achieve financial independence you will need to set a financial goal. Forecasting your financial future is a great way to visualize your financial goals and outline a strategic approach to get there. What are you contributing to your 401k and/or your retirement savings? How much do you expect your annual income to grow between now and retirement? If you have an investment portfolio, how is it performing? Asking yourself these questions will help you create a realistic financial roadmap and plan for your family’s future. Talking to an investment professional is often a great place to start. He or she can help you better understand your current financial situation and plan for a prosperous future. 

Life Insurance 

Life insurance is a key component in your pursuit of financial independence. Whether you’re single or married with children, having adequate whole or term life insurance coverage can protect and provide for your loved ones. Though a difficult subject, life insurance gives you and your loved ones peace of mind. The average American carries significant debt. From mortgages to car loans and student loans, many consumers have financial responsibilities far beyond their monthly living expenses. These debts are left to your loved ones in the event of your death. If you have a spouse and/or children, your debts may become theirs and if you’re single, your debts will be left to your parents and/or siblings. Term life insurance helps alleviate this issue by providing the financial support necessary to settle your debts and cover other expenses.

Achieving financial independence is an attainable goal; it’s simply a matter of taking your financial future into your own hands. By laying out a financial road map and investing in life insurance, you will be well on your way. So go ahead, complete some research, consult a financial advisor and declare your independence. Have questions about your life insurance options? Please reach out to us, we have a staff of licensed professionals prepared to answer your questions and help you make an educated decision.

As always, for all of your financial and insurance needs, give us a call here at The Storick Group at 800-301-8113 or visit www.goldcoastlifeinsurance.com

10 Tips For Your Baby Budget

Preparing for the arrival of your newborn can be an exciting but expensive time for your family. Good financial planning and smart spending habits will help you accept your little bundle of joy into your heart without breaking the bank. Here are 10 tips to ease the financial pressure of having a baby.

1. Find your financial bearings – When considering starting a family, it’s important to analyze current spending habits and determine your necessities versus non-essentials. This will help you prepare your finances for the new arrival.
2.  Create a baby budget for one-time expenses and for on-going expenses – Estimate what you will spend on one-time, big-ticket items like a crib or car seat. Then plan for future on-going expenses like diapers, food, and daycare.
3. Open a baby savings account – To help you save, open a separate baby savings account so you don’t spend money ahead of time. Extra costs can come up unexpectedly, so it’s best to start saving early.
4. Review your insurance – Remember to review your medical insurance to make sure you’re covered for additional health care costs and any baby-related medical expenses. Also, remember to update life insurance coverage and wills to cover all your bases.
5. Plan your purchases at stores - Compare prices to make sure you are getting the best deal and take advantage of current sales. For example, you can buy larger size of a current clothing style that is on sale for your baby to wear later on. 
6. Shop used – Consignment stores will help save you a pretty penny on clothing, toys and baby gear. Buying used is also a smart option for items that your child will grow out of quickly.
7.  Buy in bulk - Frequently used items that you use a lot of - things like wipes, diapers, formula, laundry soap - are more efficiently purchased in bulk, and will save you not only money, but trips to the store as well.
8. Swap or borrow – Borrow or trade items with family and friends who have had babies. This can help everyone involved save a bit of cash and reduces waste.
9. Create a registry – If having a baby shower, create a registry at a well-known store for family and friends to refer to. This is an easy was to get those smaller and non-essential items.
10. Don’t fall for hype – Stop yourself from buying a bunch of accessories that in the end the baby won’t need and don’t overpay for brand-name items. Your baby will be happy with just the basics.

Keep in mind that when you are buying for baby, you should focus on the necessities. Your baby needs nothing fancy - only to be safe, warm, fed, and loved. Keeping it simple and making a few wise financial choices will make it easier for you to make ends meet as your family grows.

Why Buying Life Insurance When You're Healthy Can Save You Money

Good health does not just benefit your quality of life, it can also benefit your wallet. When you are in good health, you likely spend less on medications and appointments with doctors, and you have a longer expected life span. More over, when you are healthy, applying for life insurance becomes a smart and affordable way to protect your family and their financial future.

How Life Insurance Works

Life insurance offers financial protection against the unthinkable. When buying life insurance, you appoint a beneficiary, the individual who receives the amount of money outlined in your policy. The most commonly selected beneficiaries include your spouse, child, sibling or parent. When applying for life insurance, you can work with a licensed agent to customize coverage based on your unique needs and financial situation.

Why Being Healthy Matters 

Insurance is all about statistics and determining how likely different scenarios are to occur. The less of a financial risk you pose (i.e. the healthier you are), the less expensive an insurance policy is. Conversely, if you are seen as a greater financial risk to an insurance company, your policy may cost more. For example, the American Heart Association reported that in 2011, cardiovascular disease cause the same number of deaths as cancer, diabetes, respiratory diseases and accidents combined. Consequently, from a statistical standpoint, a healthy individual is less of a financial risk to insure than an individual with cardiovascular disease because they are more likely to outlive the term of their policy.

Do Healthy People Need Life Insurance

Yes. The popular belief that only people with children and/or a spouse benefit from buying life insurance is false. If you have a dependent of any kind, a life insurance policy is valuable.

The policy that you apply for should fit the financial needs of your beneficiary. For example, if you have a family with children, you should consider enough coverage to meet your families daily living expenses until they can get back on their feet. A stay-at-home mom may choose to apply for enough coverage to cover the cost of childcare for several years. A single person may choose to apply for coverage that helps his or her parents pay for a funeral and pay off student loans.

If you are on the fence about applying for life insurance, consider the financial needs of your family and answer the following questions:

• What financial hardships would your family face if you were gone?
• Do you have any debts that could create financial hardship for your family?
• Would your spouse, parents, siblings or children be able to pay for the cost of funeral arrangements?
• Are you a partner in a business that depends on you to stay afloat?

The Reason A Healthy Person Should Act NOW

One of the main reasons applying for life insurance is better done sooner rather than later is because a rates are generally less expensive for younger individuals. When you purchase a term life insurance policy, which can range between 1 and 30 years, you lock in the premium rate for the set number of years. For example, if you have a 30-year term life insurance policy, you will have those rates locked in for 30 years. Just keep in mind—the longer you wait to buy a life insurance policy, the more expensive it will likely be. Talk to a licensed agent today if you need help determining the best type of coverage for you.

Many things in life are certain. However, since you never know how your health status can change from one day to the next, it is best to take advantage of your good health and the life insurance savings it can bring today.

To get a Term Life Insurance Quote or research how to Buy Life Insurance Online visit GoldCoastLifeInsurance.com

Don't Get Married Without Life Insurance

You already have something old, something new, something borrowed, and something blue. But do you have something to protect your future spouse financially if you die?

A wedding is a time to look forward to a shared future with someone you love and rely upon. It is the perfect opportunity to plan for the future and make sure that your loved one is always taken care of. It is time to shop for life insurance.

It is important to remember that life insurance is about the living. It’s about knowing the person you love the most in the world will be safe and provided for even if you pass away. It is a gift you give to your spouse and to yourself.

Why Newlyweds Need Life Insurance

A wedding symbolizes the joining of two lives. From this point forward you and your spouse are bound together. You will share your life, experiences, responsibilities, and finances. You will come to rely on the income of your spouse, and your spouse will rely on your income. Together you will take on shared debt and financial responsibilities. These can include mortgages, auto loans, utility bills, credit card debt, and the costs of raising children.

If you die, will your spouse be able to handle all of this without your additional income?
The answer for many people is no. That is why life insurance should be essential for all married couples. The death benefit from a life insurance policy will help provide for your family until they can adjust to life without you.

It is also helpful to get life insurance while you and your significant other are still young. While you are younger and healthier you may find it easier to be approved and premiums will often be lower. As you get older, you will discover that life insurance becomes more expensive and often more difficult to attain.

What Kind Of Life Insurance Should Newlyweds Purchase 

There is no right or wrong answer to this question.

Whole life insurance will be there for your entire life. It also features investment capabilities so that the policy gains cash value as it ages. However, it is relatively expensive. Many people also do not feel the need for life insurance as they age and become more financially stable.

Term life insurance on the other hand, will last through the agreed upon term. It is much less expensive than whole life insurance. Many prefer term life insurance because it will cover the time of greatest financial need. This could be the time it takes to pay off a mortgage or send a child through college. Also, it is common for people to use the savings from the lower term life premiums to invest independently.

No matter what kind of insurance you choose it is important to consider life insurance before walking down the aisle.

Life Insurance For Business Owners

Entrepreneurs are often too busy developing an idea and building a successful company to consider what would happen to their business if they, a partner or a key employee were to die suddenly.

If they’ve guaranteed a business loan, it’s likely that the lender will call the loan upon the death, leaving the successors without critical working capital.

“A business owner has the obligation to protect the ongoing viability of the business,” according to George Black, SCORE counselor and a former insurance industry advisor.

The best way to reduce this uncertainty is to have life insurance for your business.

“Life insurance can soften the economic blow and provide the necessary cash to stay in business during the transition,” says Black.

It may not be optional. Before making a business loan, many banks will require the business owner to have a life insurance policy.

Life insurance can provide for the successful liquidation of a financial interest in the business, thereby protecting heirs. If employees are scheduled to assume ownership following the death of the owner, the insurance policy can be designed to provide funds for the purchase of the business.

In addition, the life insurance policy can be used to pay federal estate taxes. It also can fund a buy-sell agreement between partners.

If the business is to be sold outright after a death, the policy will provide working capital for the transition. The availability of a ready source of cash will make the business much easier to sell.

Assets are usually discounted during such a sale and the availability of insurance funds will help your heirs.
A related type of insurance is “key person” insurance, which compensates a company for the loss of any other employee who is vital to the business operation. The business has funds to tide it over while the business slows down, and there are funds to search for and compensate the key person’s successor.

For businesses with multiple owners, each partner should have a life insurance policy to facilitate an automatic buyout of the dead partner’s interests.

So as you can see, life insurance can be extremely beneficial for business owners. Give us a call at 800-301-8113 or visit www.goldcoastlifeinsurance.com and let us help you get started today.

Top Life Insurance Purchasing Tips

Who doesn’t love a great list? Especially when it can save you substantial amounts of money and help you protect your family against financial disaster!

Here are the best ways to go about saving yourself a ton of money and protecting yourself and your loved ones.

Don’t wait till you REALLY NEED the coverage!

By that time you’ll be that much older, you’ll be sick or you will have encountered a health issue that will cause your premiums to be significantly more than you anticipated. That is of course if you can even qualify for the coverage!

The highest financial rating doesn’t necessarily mean better coverage.

The important thing is to at least be looking at an “A” rated company. There is little, if any difference between one company’s term policy and another, so basing a decision solely on ratings won’t always get you best deal. The highest rated companies tend to be more conservative in their underwriting and attaining the “best available” with them will be a bit more difficult.

Pay annually if you can afford it.

Paying annually can save you up to 20% with some companies versus monthly, quarterly or semi-annually.

Don’t smoke.  

If you are trying to save money then being a smoker won’t help your cause. However, if you do smoke, most companies will let you re-apply for nonsmoker rates if it has been at least 1 full year from your last usage.

If you have cholesterol or blood pressure issues get it controlled with medication.

Insurance companies don’t like to see health issues go unattended. If you are doing something to control it they will likely look at that favorably and give you the benefit of the doubt when it comes to approval time.

Buy the right amount of coverage.

 If you are considering buying $90,000 of coverage, buy $100,000 instead. Many times it will cost less, the same or just a tad more for additional coverage. Insurance companies may give breakpoints at $100,000, $250,000, $500,000, $750,000 and $1,000,000.
 
Read the “Prepare for the Medical Exam” section before completing your exam.

 Eating a few Twinkies or calling your stockbroker a half hour before your exam will surely turn your lab results sour and cost you big time!

Obtaining coverage through your company’s plan may be a good alternative…in the short-run.

Many employer’s plans however are not portable and won’t let you continue your coverage if you leave. If you need coverage then, you’ll have to apply for an individual policy anyway. Don’t leave it to your employer to take care of you!

Buy at the right time of “your” year.

If you’re 30 ½ years old, you’re as old as 31 in the eyes of the insurance company. Most insurance companies round up when determining your age and because premiums increase with age that can make a big difference. So, if you’re approaching 30 ½ and you have thoughts of applying, don’t wait!

The best way to protect yourself and your loved ones is to act now. Being proactive and buying life insurance now will help you, your family, and your finances for the future. At The Storick Group, we are committed to helping you obtain the lowest rates possible, and help give you a peace of mind. Give us a call at 800-301-8113 or if you want a quick quote visit goldcoastlifeinsurance.com.

Valentines Day Ideas

Want to spend your Valentines Day doing something outside the norm. Well take a look at these fun activities that you and your significant other will have a blast doing.

Become Cooks

For extra fun this Valentine’s Day, prepare the entire meal — from appetizers to desserts — yourselves. From looking up your favorite recipes to exploring new cuisine, this date idea is sure to bring two people together.

Do Something That Doesn't Necessarily Scream Romance 

Shoot your significant other with Cupid’s arrow, except this year in the form of paintball. Games like laser tag or paintball may not seem like a Valentine’s Day activity, but they are great bonding tools and allow you to show your playful side. Just make sure not to aim for his or her face.

Show off your pop star side

Even if neither of you can carry a tune to save your lives, head to a karaoke bar— or pull out a copy of “Rock Band” at home — and serenade each other with the cheesiest love songs you can find. Bonus points if the song is older than you are.

Channel your inner child

Other fun and unique date locations may be aimed more for kids, but that doesn’t mean you can’t enjoy them, too. Places like the zoo, an amusement park, or even an empty playground can be a blast with that special someone.

Go to a local show

If you would rather hear professional singers than yourself, see if there are any small concerts going on in the area and check them out, even if you have never heard of the act. Their next single could end up being your song.

Let’s all go to the drive-in

Yes, drive-ins do still exist. They are great for a retro twist on the classic movie date. Plus, they offer more privacy, and no one cares if you talk during the movie.


Have a picnic

Don’t have much free time on Valentine’s Day? Don’t worry. Even a simple picnic in the park — or even on the quad — between classes can be romantic, as long as you are with your significant other. Remember, it’s the thought that counts.

Have a night in

If you are both homebodies who prefer staying to going out, a night cuddling on the couch is perfect. Order in your favorite food and start binge watching your favorite TV show on Netflix (the second season of “House of Cards” premieres this Friday), or battling each other at your favorite video game.

3 Ways To Save On Term Life Insurance

3 Ways To Save On Term Life Insurance

Once you've decided to purchase a term life insurance policy to protect your family from financial hardships, you'll want to look for ways to save money.  Your premiums do depend on your age, smoking habits, and health, but there are still ways to save on your term life insurance, even if you aren't in perfect health (or indulge in a cigar now and again).  Here are three things you can do to save:

1. Ask for a lower rate.  If you're that occasional cigar smoker, you may get quoted the same rate as a two-pack-a-day smoker.  If you write a well-reasoned letter to your insurance company, you may be able to qualify for a lower rate than you originally thought.  That can apply for any condition - explain it, and include medical documentation if necessary.

2. Buy more coverage.  Yes, that's right - if you're going to buy $240,000 worth of life insurance, you might as well just buy $250,000.  That's because insurance companies are more likely to adjust pricing in $250,000 increments.  With one insurance company, a 35-year-old male nonsmoker may pay $1.02 per $1,000 of coverage up to $249,000 - but could end up paying only 92 cents per $1,000 of coverage from $250,000 to $499,999.  When you're sitting down to purchase your term life insurance, be sure to ask about how much it costs per $1,000 of coverage and if you can save money by purchasing more in life insurance.

3. Find an insurance company that specializes in what you need.  If you have diabetes or a heart condition, for example, you may end up paying a lot more in premiums from companies that lump all diabetics together as one risk group.  But if you find an insurance company that classifies diabetics by type, you may save quite a bit on premiums.  Shop around, and don't be afraid to use an insurance agent to help you find a specialty insurance company that bases premiums on more than just an umbrella diagnosis.

The bottom line is term life insurance does not need to be prohibitively expensive.  With some shopping around, asking the right questions, and arming yourself with information on how the process works, you can choose coverage that will protect your family and assets and provide for them in the event of your death.  It's never too late to buy a policy, so choose wisely, and choose carefully. 

Checklist For Life - Things To Do Before You Have A Baby

Having a baby is a huge, but rewarding, step for a couple. There is so much to prepare for that it is sometimes difficult to keep everything straight. The list is almost endless. You must prepare your home, line up childcare, take maternity leave, purchase a seemingly endless list of supplies, and so much more. It is important that you do not let the financial preparations of having a child fall through the cracks.

Here's a list of things to take a look at before you have baby.

Open A Savings Account

You can never start saving for college too soon. Contributing to a college savings account early and often will help secure money for schooling or to start a professional career. Many parents also open a separate flexible savings account for the child. Use this account to set aside any money that is not going toward college savings.

 Add Your Child To Your Will

Add your child as a beneficiary of your will. If you don’t have a will, this is the perfect time to have one drawn up. Also, add your child as a beneficiary of your life insurance. Of course, if you don’t have life insurance...

Quote Life Insurance

A life insurance policy helps guarantee the financial security of your family in the event of your passing. Most experts recommend a term life insurance policy that will at least cover the time period necessary for your child to reach adulthood.

Update Your Health Insurance

Babies require specialized and regular medical attention. Make sure they’re covered. If you or your spouse currently has health insurance, add your child to the policy. For assistance, talk to your insurance provider or your HR representative if your policy is provided through work. They will help you understand what is needed and the additional costs associated. If you don’t have coverage or can’t add your child to your existing plan, start shopping for health insurance for the baby.

In addition, there are other things you will have to prepare for. For instance, you should also update your tax documents and create a budget for your family expenses.

Your life is about to change forever. You are now responsible for another human life. Enjoy watching your child grow into adulthood with the confidence that he or she is protected in every way.

Checklist For Life - Things To Do Before Retirement

You did it. You worked hard and saved throughout your life. Now, you’ve arrived at retirement. Maybe you have even saved wisely enough to retire early. Good for you. Enjoy your retirement years. Take the time to reconnect with old friends, travel, and enjoy the company of those closest to you.

Even though you may think your financial planning is over, there are several things you can do to help keep your golden years golden.

Put Idle Assets To Work For You

Look at your assets to see if there are any that you are not putting to use. For instance, do you own property that is not being used? Maybe you have a beach house that you don’t visit anymore or an apartment above your garage. Renting these properties will provide a steady stream of income. You can also sell assets such as cars, boats, or property that you are no longer using. These assets aren’t doing you any good just sitting there unused.

Create A Retirement Budget

You are finally free from work. You probably want to do all of the things you have put off all at once. Be careful. You’ll have plenty of time to travel, eat at nice restaurants, take in sporting events, and fulfill all your other wishes. Just be careful that you don’t burn through your retirement savings too quickly. Create an annual budget and try to stick to it. This will help relieve stress down the line.

Evaluate Your Life Insurance Needs

Take a good look at your life insurance. Some people will decide they no longer need coverage. Other people use the cash value from a permanent policy to help pay for retirement. Life insurance can also be a key component of estate planning. If you have any questions, you should contact a life insurance expert to help make your decisions easier.

Consider Getting A Part Time Job

This is only partially a piece of financial advice. Sure, a little extra income from working 15 hours a week may come in handy, but this is more about remaining active and social. A part-time job is a great excuse to get out of the house. Look for opportunities at your favorite places to hang out. For instance, maybe your local golf pro shop could use a helping hand. If you’re going to be there anyway, you might as well make a little money.

The most important piece of advice is to just enjoy your retirement. You’ve worked hard your entire life and now you have the opportunity reap the benefits.

Checklist For Life - Things To Do Before You Get Married

As your wedding approaches it is easy to get carried away with the emotions associated with marriage. You are also preoccupied with planning the ceremony and reception. Don’t lose sight of other important decisions to be made.

Financial concerns may not carry the same sentimental attachments of the wedding planning, but it is of vital long-term importance. You must take time to prepare for your new life as a couple. This means understanding and preparing your finances.

The checklist below will help you prepare for your married life.

Discuss Your Finances




Before you are married you should have an open, honest discussion about your individual finances. Let your partner know about any outstanding debts you have. Share the details of your retirement and personal savings. You should work together to come up with a budget that will work for both people. Create a plan for dealing with substantial debts.

Decide Between Joint And Separate Accounts 

There are advantages to each. A joint account often makes budgeting easier and keeps each person accountable for individual spending. Separate accounts may be beneficial in cases where one spouse is receiving tuition reimbursements or child support. If you use separate accounts, decide early which spouse will be responsible for which bills on regular basis.

Quote Life Insurance


Get copies of your individual credit reports. Knowing your credit will help you plan for the future. You will be prepared to take out loans for buying a home or a new car. Both credit scores should be over 750. If one or both are not, take credit building steps. Make sure you have separate credit card accounts, which are used and paid off regularly. This will help build credit for the future.

Get Your Credit Reports


Get copies of your individual credit reports. Knowing your credit will help you plan for the future. You will be prepared to take out loans for buying a home or a new car. Both credit scores should be over 750. If one or both are not, take credit building steps. Make sure you have separate credit card accounts, which are used and paid off regularly. This will help build credit for the future.

Plan A Realistic Wedding 

Your dream wedding may call for champagne fountains and a solid gold Rolls-Royce, but that might not fit your financial reality. Plan for a wedding you can afford. Don’t think of it as sacrificing your dreams. Use it as a way to focus on what is really important: the love you share with your future spouse. You may discover that it is the simple things you remember the most anyway.

Valentines Day Recipe - Lobster Colorado

Lobster Colorado

If you are anything like me, you may not be the best chef in the world. And you may have a significant other who does the vast majority of the cooking in your household. And you may have also realized that Valentine's Day is right around the corner. Three days away in fact. So, if you are like me, you may take all these things into account and have decided to do something to change things up, even if only for one night. Well I am here to help you. This is a meal that is relatively simple to make, but will make you look like a master chef. Be careful though, one you serve your this to your special person, you may be in the kitchen much more frequently.

Ingredients

2 (8 ounce) Beef tenderloin filets
Salt and pepper to taste
1/2 teaspoon garlic powder
4 slices of bacon
1/2 cup of butter, divided
1 teaspoon OLD BAY seasoning
8 ounces, lobster tail, cleaned and chopped

Directions 


Set oven to Broil at 500 degrees F (260 degrees C).
 
Sprinkle tenderloins all over with salt, pepper, and garlic powder. Wrap each filet with bacon, and secure with a toothpick. Place on a broiling pan, and broil to desired doneness, about 8 to 10 minutes per side for medium rare.
 
While tenderloins are cooking, melt 1/4 cup of butter over medium heat with 1/2 teaspoon Old Bay® seasoning. Stir in chopped lobster meat, and cook until done. Spoon lobster meat over cooked tenderloins, and return them to the broiler until the lobster meat begins to brown.
 
While the lobster is in the oven, heat the remaining 1/4 cup of butter in a small saucepan over medium-high heat, cook until it browns, turning the color of a hazelnut. To serve, spoon the browned butter over the steaks, and sprinkle with the remaining Old Bay® seasoning.

Checklist For Life - Things To Do Before You Turn 50

Turning 50 can be daunting. As they approach half of a century on this planet, many people begin to feel that the best parts of their lives are behind them. This does not have to be the case. Many people enjoy entering their fifties. With children growing into adulthood and moving out, couples often enjoy more freedom than they have had in years. It is a great time to experience the world with the added wisdom and maturity your years afford.

You can enter your second half-century confident in your finances by following these tips.

Assess Your Savings And Goals

It is always important to understand your goals and if you are on track to achieve them. For instance, if you want to retire early, you must be certain you have been saving enough money. If you have fallen behind in achieving your goals, devise a plan that will help bring you back up to speed. Consult with a financial planner to help you understand where you are and what you need to do to meet your goals. 

Make A Will

If you have not already prepared a will, this is the ideal time to do so. At this age you have an understanding of your assets and the people you would like to name as beneficiaries. If you created a will when you were younger, this is a good time to reevaluate and update the document. Your circumstances may have changed drastically from your thirties and forties. There may be new children and even new spouses in the picture. Make sure your will reflects your desires for your estate.

Rebalance Your Portfolio

When younger, most investors focus on building wealth. As you approach retirement, it is wise to shift the focus to protecting your wealth. You can’t afford to be too risky in your investments. If you lose money, you do not have as much time to recover as you did in your thirties. Focus on low risk investments that will provide a more steady return.

Reassess Your Life Insurance

If you purchased term life insurance when you were younger, there is a good chance you are nearing the end of your coverage. This is a good time to assess your current life insurance needs. If you are still in good health and feel you are insurable, you may want to renew your life insurance coverage or convert to a permanent policy. Many people make life insurance a key part of their estate planning.

Checklist For Life - Things To Do Before You Turn 40

I know I just said that your 30s can be the most fulfilling of your life, but your 40s have the potential to be even more so. You have gained enough experience to be confident in the workplace and at home. You should take pride in your relationships and watching your family and children grow. Although, there is also the added stress that comes along with these responsibilities.





Relieve any financial stress you may have, and follow these tips to have a smooth transition into your 40s.

Focus On Retirement


Your most important savings goal should be retirement. Make sure you know what your goals are and if you are on track to reach them. Many experts even suggest that retirement savings should take precedence over children’s college savings. Teenagers entering college have the advantage of applying for loans and scholarships. These options are not available for retirement. 

Evaluate Your Life Insurance








If you bought life insurance when you were younger, that policy may not fit your current needs. For instance, a spouse and children may not have entered the picture. Make sure your death benefit will cover your current obligations. If you are not as close to reaching your goals as you would like, it might be time to convert term life insurance to a permanent policy. Speak to a life insurance expert to learn about your options.

Work Towards Paying Down Your Mortgage 

For many people, a mortgage is the last major debt they have. Make sure you are up to date on your payments. If you have extra funds, you might want to consider funneling more toward this loan. Once you pay off your mortgage you will be debt free, and will own your home outright.

Don't Take On Any Debt

This is the time of your life when you should be shedding debt, not taking on more. Don’t fall into the trap of purchasing products beyond your means with credit. Make a budget and stick with it. Try to avoid any unnecessary purchases. Paying for everything with cash will help keep you honest.

Checklist For Life - Things To Do Before You Turn 35

There is a saying that says "life truly begins at 40", when in reality by the time you turn 35 your life is already in full swing. You are most likely already on solid footing in regards to your career, you are probably in a long term, committed relationship, and you may have already started a family. You may not be as carefree and energetic as you were 10 years prior, but chances are you are at a point where you are leading a rich, and fulfilling life.

Make the most of this time period of your life, and take a look at these tips to help you along.

Evaluate Your Net Worth

Make a report of all of your assets and liabilities. This will help you understand where you are financially and where you need to go to reach your goals. Many people will create this report annually to help track the fluctuations in their net worth. Creating this report will keep you liable for your wealth building efforts.

 Increase Your Savings And Investments 

As you move up the ladder at your career you may find your income increasing as well. Make an effort to save as much as possible for the future. In your late thirties and early forties there is still enough time to create the savings you need to retire before it’s too late. Talk to a financial planner to help create and refine the investment and savings strategy that will help you reach your goals.

Reevaluate Your Current Life Insurance

Maybe you purchased life insurance when you got married or when you first bought a home. This policy has remained unchanged, while your financial and personal circumstances may have evolved. For instance, you may now have children or a business to tend to. Talk to a life insurance expert to help you evaluate your needs and find out if your current policy is still sufficient.

Move Towards Being Debt Free

People often accumulate debt through their twenties and thirties. As you approach middle age, you should make a concerted effort to get out of debt for good. Divert extra funds to pay off your credit cards. Begin to pay for everything with cash to avoid falling back into the debt trap. Only take out loans for important purchases such as for a new home.

Take Your Health Seriously

You are saving for retirement and to send your children to college. Make sure you live to see these events. Visit your doctor to ensure you are not at risk for any major medical issues. Make important lifestyle choices about eating healthy and exercising.  Keep yourself in shape so that you are ready to reap the rewards of your life.