Snapshots with Storick. Daily life posts about the people and things who mean the most to us.
Wednesday, March 5, 2014
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.
Monday, March 3, 2014
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
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.
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