Charitable Giving With Life Insurance

Americans are generous people and many regularly contribute to charities and non-profit organizations. People choose to give to charities for many reasons, most of them personal. Often, however, charitable giving provides help to those less fortunate than ourselves. Life insurance can be a particularly versatile and valuable asset to help you give to your favorite charity because it may help you make a more substantial contribution than might otherwise be able to afford.

There are several methods for including life insurance in a charitable gift plan, some more complicated than others and each with its own potential advantages, disadvantages and tax implications. Keep in mind: The gifting technique appropriate for you depends on the size of your estate, the make-up of your assets, your current estate plan and a number of other factors. Consult your tax advisor before proceeding.

Here are two of the more popular life insurance gifting techniques:

• Gifting or donating a policy — Many people find that their life insurance needs decrease over time. If you have more life insurance than you expect to need, you may want to consider donating a policy to a charity. Gifting or donating a life insurance policy can greatly reduce the donor’s taxable estate which can save thousands of dollars in estate taxes for upper-income taxpayers.In order to realize the full benefit of this gift, you must make sure that you retain no “incidents of ownership.” For example, you must actually deliver the policy into the possession of the charity, and you must assign all rights in the policy to the charity, making it the owner of the policy as well as its beneficiary and giving it sole control over the policy’s cash value. Discuss this gifting technique with your tax advisor so you can decide if this approach is appropriate for you.
• Naming a charity as beneficiary — Naming the charity of your choice as the beneficiary of your life insurance policy may be the simplest way to provide the charity with the death proceeds of a life policy. You simply pay your monthly premiums and, upon your death, the full face value of your policy is contributed to that organization as a charitable gift. Again, consult with your tax advisor before proceeding to be sure you understand this approach to gifting.

A lasting legacy
When you gift a policy outright or name a charity as beneficiary, you can provide the charity of your choice with a large sum of money that can help to provide a lasting legacy for a cause that you believe in. For more information on the use of life insurance as a gifting tool speak with your tax or legal advisor. If you decide to purchase a life insurance policy please call me — I can work with you so you are sure that you have the coverage you want.

Our advice is always free!!!

Frederick P. Woodfin Jr.
JWG Financial

The Days Are Shorter and Temperatures Are Falling

The Days Are Shorter; Temperatures Are Falling

Last winter was a brutal one for many areas of the country. When winter temperatures drop significantly below normal — whether it’s from a cold spell or a long-term power outage — staying warm and safe may become a challenge. Here are some guidelines that may help to prevent injury, illness or death:

Carbon Monoxide Safety — When used indoors, many alternative heating sources can lead to carbon monoxide poisoning. Before using alternative sources consider the following suggestions:

• Don’t use a generator or gas- or charcoal-burning devices such as grills or camp stoves. Don’t try to heat your house with a gas oven.
• Don’t run a car or truck inside a garage attached to your house, even if you leave the garage door open.
• Don’t burn items in a stove or fireplace that isn’t properly vented.
• Don’t place a portable heater within reach of children, pets or drapes.

Stay alert, act quickly
Install carbon monoxide detectors in your home and be sure to replace batteries as required. If the detector sounds, leave your home immediately and dial 911.

If you suspect carbon monoxide poisoning or are experiencing symptoms, call 911 for immediate medical attention. Early symptoms include headache, nausea, vomiting and fatigue. Carbon monoxide poisoning is treatable if treated early.

Hypothermia — Hypothermia occurs when the body’s temperature drops below a level necessary to maintain normal metabolic and other bodily functions. In severe cases or when the body is not warmed properly, death can result. To help prevent hypothermia:

• Wear appropriate clothing including hats, coats, scarves and gloves.
• Avoid consuming alcohol as it can speed up the loss of body heat.
• Stay as dry as possible.

Symptoms of hypothermia include shivering, altered speech pattern, abnormally slow rate of breathing, cold pale skin and lethargy. Seek medical attention or call 911 immediately if you experience any of these symptoms.

Food safety — Refrigerated foods should be safe as long as power is out for no more than four hours. Keep an appliance thermometer in the freezer and when your power comes back on check the temperature. If it reads 41 degrees Fahrenheit or below, the food is safe and may be refrozen.

An ounce of prevention
Preventative action may be your best defense in dealing with extreme cold-weather conditions. Prepare your home in advance and observe safety precautions — potentially this will help to reduce the risk of weather-related health problems. And call me so you can be sure you have the insurance you need for your home.

Our advice is always free!!!

Frederick P. Woodfin Jr.
JWG Financial

Winterize Your Vehicle as Well as Your Wardrobe

Just as you get out your warm clothes in advance of winter, you should prepare your vehicle in advance of the cold as well. A few simple tips could help keep it running all winter long.

Check antifreeze — Make sure the engine coolant provides antifreeze protection down to the lowest temperatures you are likely to encounter.

Check car battery — Have your battery checked once a year by a qualified technician, especially if it’s more than two years old. A fully charged battery in good condition is required to start an engine in cold weather.

Check tire pressure, treads and spare — For the best snow traction, consider fitting your vehicle with snow tires. Use the tire size recommended by your vehicle’s manufacturer and make sure they are properly inflated. Under-inflated tires can be dangerous and keep in mind that the air pressure in your tires will decrease 1-2 psi for every 10 degree drop in outside temperature.

Check lights, heater and defroster — Visually inspect your vehicle’s lights including flashing hazard lights. Make sure your heater and defroster are in working order for passenger comfort and driver visibility.

Check hoses and belts — Check belts and hoses for cracks, leaks and bulges and make sure all clamps are secure. The belts and hoses should fit tight and be firm — not too soft, not too brittle.

Check brake system— Good brakes are crucial to keeping a vehicle under control when driving particularly on snow- or ice-covered roads. Have a certified technician inspect your bakes to ensure they are ready for slick winter roads.

Windshield washers and wipers — Check wipers for wear and make sure the reservoir is filled with a non-freezing washer solvent during winter months.

Put together a winter emergency kit — Carry gloves, boots, blankets, flares, a first aid kit, chains and sand, a flashlight and a cell phone in your car at all times during the winter. Stash a few “high-energy” snacks in your glove box just in case you get stranded for a few hours. Never leave the house without being properly dressed in warm winter clothes even if you are just traveling down the block.

Don’t forget to read your owner’s manual and follow recommended service schedules.

These tips may help keep you safe in the winter months, help to improve your vehicle’s gas mileage and prevent repairs down the road. On top of all of this, call me so you can make sure you have the auto coverage you need just in case. Our advice is always free!!!

Frederick P. Woodfin Jr.
JWG Financial

Know Your Car Insurance Agent

A car insurance agent will be responsible for helping you get the proper coverage for your car and you as a driver. So you wouldn’t want to put that immense responsibility with a fresh-faced car insurance agent with only several weeks of training, would you? You need someone who knows what he/she is doing and someone you’re comfortable with to be your car insurance agent.

Here are a few things you should know when choosing the right car insurance agent.

What does a car insurance agent do?

By law, a car insurance agent is a professional licensed in the state(s) they operate to sell car insurance. A good car insurance agent, however, goes beyond the call of duty for the insured (you). He offers you advice and offers you creative ways to reduce or avoid coverage risks and reduce your premium. He must also be trustworthy, reliable, smart and should care about you as a client and your financial future.

How do you go about picking the right car insurance agent?

Check with your state’s insurance department for recommendations. They also keep a collection of complaints or recommendations for agents; so if you’ve got your eye on an agent with a consumer complaint folder an inch thick, you will be able to see why other clients weren’t happy with them. Also, if you’ve already got a car insurance agent you are not happy with, you should feel free to ask for someone else. You can also ask friends for any recommendations they may have.

What should I look for in a car insurance agent?

Education and expertise. Car insurance agents come in all shapes and sizes. Some are novices, some will get the job done adequately and faithfully and some are experts with years of education and experience under their belt. If you want a more a more involved and complex policy, steer clear of the novices at all costs and seek an expert who knows the auto insurance area like the back of their hands. Typically, all car insurance agents get paid the same commission percentage, regardless of experience. So if you’re paying the same amount for a novice, and intermediate and an expert, why wouldn’t you choose the expert and get more for your money?

Check their license. There are quite a few “car insurance agents” out there now, selling car insurance without a license. Never forget to check with your state’s insurance department to see if the car insurance agent you’re beginning to trust really does have a license.

Regular policy reviews. Your car insurance agent should be available—and encourage—annual car insurance policy reviews. Over time, some coverages may become outdated and your policy may have some coverage gaps. Your car insurance agent should be coaching you and helping you to cover these gaps so that you don’t find yourself in an awkward predicament if you’re denied at claim time after a horrible car accident.

They’re there for you during the hard times. If you are the victim of car theft or have gotten in an accident the best of car insurance agents are the ones that are there for you. They should be offering you the best assistance they can and helping you at claim time. An exceptional car insurance agent takes your side in a claims dispute.

Life Insurance Quotes: Find an Affordable Way to Invest in Life

Getting life insurance quotes online is perhaps the easiest and most efficient way for you to find affordable life insurance. Life insurance is a form of protection that provides your family with the financial support needed during one of the most difficult times in their lives; the loss of a loved one. The pain that comes with the loss of a family member is difficult, even more difficult is when that member is primary earner of income or has left unsettled financial matters behind. By shopping for life insurance quotes, you are more likely to find a more affordable plan.

Shopping online for life insurance quotes ensures that you have as much information at your disposal to make an informed decision. Multiple insurance agents will contact you (through phone or email, usually) and offer you life insurance quotes at competitive rates. Knowing that other life insurance agents are vying for your business can make insurance companies offer you the most affordable life insurance quotes they can.

Life insurance guarantees that in the event of your passing, your insurance provider will provide your family with the means to handle the financial obligations left behind, as well as maintain their quality of living. Life insurance coverage has a minimal cost in comparison to the value gained. The average funeral costs $10,000. Can your family afford this, plus the lack of your financial contribution to the household? Seeking life insurance quotes can help you find affordable insurance that will protect your family in the future. Shopping for life insurance quotes may even save you hundreds of dollars a year.

Life Insurance Quotes Can Help You:

• Find affordable plans at competitive rates.
• Find plans that will ensure your family can keep the home you currently live in, by being supplying you with the money you need to make mortgage and/or rent payments.
• Find plans that give your child(ren) the opportunity to finance their education, thus providing a more promising future.

How can online life insurance quotes help me find out which policy is right for me?

Online life insurance quotes allow you to compare rates of similar life insurance policies. Every family is different: size, risk, need, is all factored into how to determine which policy is right for you and your family. When contacted by agents offering you life insurance quotes, inform them of your family’s life insurance needs. A life insurance quote comparison is essential to deciding which company can offer you the level of protection you need, and most of all, what your family deserves. By comparing life insurance quotes you can find the life insurance policy price that is best for you.

Life insurance is about making sure those you leave behind are financially secure and have the resources to settles your affairs. Make sure you look for life insurance quotes to find an affordable plan for you.

Dads – GIVE your families a gift this Father’s Day

Now more than ever, consumers are recognizing the need to spend quality-time with family – eating dinner together, playing catch in the yard, going on family outings,, and generally just taking an interest in each other’s lives.

Family bonding is important. And as your family’s bond grows stronger, the more chances you will have to create memories that will last a lifetime – so with all of the memories to be made, what are you waiting for?

But imagine if you were no longer around to create those lasting memories…

Instead of receiving yet another fancy tool or polo shirt – give your family a gift this Father’s Day. Provide your loved ones with a term life insurance policy.

No dad wants to imagine the thought of leaving his family behind, but in the unfortunate event that something devastating happens, make sure you are leaving them with financial security to continue the lifestyle they deserve to have.

Staying Fit Saves Money on Health Insurance

Health insurance companies offer higher insurance rates for consumers based on height and weight. So the less healthy your lifestyle, the more your health insurance can go up. But doesn’t everyone want to be fit and healthy and save money?

But because exercise equipment and gym memberships are expensive, it seems impossible to do both. It’s expensive to try to lose weight, and it’s expensive to stay overweight. Overweight people spend more on health insurance on average, more than smokers and drinkers. Furthermore, obesity is the second highest cause of death in the U.S. and the Surgeon General estimates obesity leads to 300,000 deaths per year.

It seems like you can’t lose weight and save money. But you can.

Losing weight could save you up to several hundred dollars a year in health insurance and medical coverage. The best way to prove to your carrier you deserve a lower rate on your health insurance is to live a healthier lifestyle. And you don’t need to spend a lot on a gym membership, either.

How Can You Save More On Your Insurance?

It may seem obvious, but the simplest approaches to a healthier life are the best ways to reduce your health insurance costs. Here are some great ways to reduce your health insurance without having to lighten your wallet.

• Hit the sack. Getting a full night’s rest—about eight full hours—boosts strength and energy
• Never skip breakfast. Starting your morning without food is like a car without fuel.
• Cut down on the snacks. It may not seem like it, but those extra calories add up fast and enable a very unhealthy lifestyle.
• Exercise regularly (recommended 30 minute sessions 3-4 times a week). This is key. Health insurance agents like people who exercise; working out significantly reduces chances of future health problems.
• Monitor your weight. Keep within 10 pounds of your recommended weight range. Also keep in mind: Many health insurance carriers will boost your health insurance premium by 10 or 20 percent if you’re even a slightly overweight.
• Kick the bad habits. Heaving drinking and/or smoking can shave years off of your life and doesn’t look good to health insurance agents.
• Take vitamins and supplements. Consult a doctor or nutritionist to find the right balance.

Take a step in the right direction. Live a healthier life and beat the statistics. It’ll also save you money on your health insurance.

Teen Drivers Can Get Affordable Auto Insurance

It’s every parent’s nightmare—their newly-licensed 16-year-old son or daughter behind the wheel of the family car, and not even with affordable auto insurance. Your worries aren’t unfounded. Accidents among 16 to 19 year-olds are four times higher than older drivers, according to the Insurance Institute for Highway Safety. This makes getting affordable auto insurance for them a near impossibility.

In fact, auto insurance for new teen drivers is among the most expensive auto insurance available. Teen drivers are notorious for starting out extremely careful, then quickly getting overconfident and easily distracted (a dangerous combination), resulting in expensive auto insurance.

5 Ways To Ensure Proper Teen Auto Insurance Coverage

Here are some ways to let your teen have the car Friday night, and for you to have peace of mind:

1. Comparison Shopping. The first step to finding affordable auto insurance is to shop around (this can be done online) for the best auto insurance quotes. That’ll give you a clue as to which insurance companies can offer you a good deal. But remember to look closely at each detail of the auto insurance policy. Low prices may mean they are skimping on auto insurance coverage.
2. Add your teen to your policy. Adding your teen to the family policy is sure to keep auto insurance costs at bay. He/she gets to benefit from Mom and Dad’s discounts, like owning a house or being married.
3. Good student discounts. Good grades are something to brag about. If your teen gets Bs or better, don’t be modest. Tell your auto insurance agent. Or better yet, SHOW your car insurance agent by presenting them with a copy of your teen’s report card. Insurers don’t usually go looking for this information on their own, so you have to be the one to provide them with the knowledge that you’re teen is a good student and, therefore, responsible. You can usually get a 10-15% discount on your auto insurance if your teen driver is an exemplary student. Make sure they keep those grades up!
4. Youth=Cheap Car… They don’t need a $40,000 car. Remember, the more a car costs, the more it costs to insure, so auto insurance premiums skyrocket. If you want to get your teen his/her own car and still want affordable auto insurance, then get your new driver a reasonably priced car. Flashy and expensive sports cars always yield pricey auto insurance premiums, and a teen driving one is doubly risky. Besides, small sports cars aren’t known for being durable. They can get completely totaled in a crash (even if the other car’s damage is of the minimal) while a more sensible and durable car may be more resilient and keep your child safe.
5. Make your teen pass a parent-approved test. If your teen wants driving privileges, make sure they consent to you going on the road with them in the passenger seat several times (Parent, don’t get frustrated easily and jump into the driver’s seat to make your child watch YOU). Go over the rules with your teen. Just as importantly, don’t distract or scare them while they’re driving and give them positive feedback when they follow the rules.

Note: Auto insurance companies are expecting your teen to make a traffic violation, whether it’s speeding, running a red light, disobeying a stop sign, etc. Auto insurance premiums get high fast when a teen driver messes up. Make sure your teen knows the financial consequences of traffic violations so they don’t just write it off as “just a ticket.”

Remember, new teen drivers are usually nervous, so keep the criticism at bay. Instead, try to give as much positive encouragement as possible, with some firm warnings. Teens want to keep their driving privileges for as long as possible and may be very compliant with you if they know their actions may result in increases in auto insurance and you revoking their driving privileges. Also get the right coverage for your teen on the auto insurance policy that will give both you and your new driver peace of mind.

Traffic Tickets and Your Auto Insurance Policy

When it comes to auto insurance, drivers are always looking for a way to reduce costs. The quickest way to save is to compare car insurance quotes. Next best thing, try to avoid traffic violations—rolling at stop signs, speeding, running red lights, etc.—because they’re dangerous and against the law.

Why even try to avoid tickets? Well, because auto insurance penalty hikes increase rates for everyone, and (hopefully) as a good driver you can get a discount for good behavior.

But of the millions of drivers in America, you’re not the only one at risk of getting traffic tickets. Millions pay a higher auto insurance premium due to less-than-pristine driving records. But you don’t have to lose money to your auto insurance just because of moving violations, even if you were at fault.

Here are a few things to keep in mind when seeking to lower your auto insurance premium.

1. Your current insurer isn’t your only option. If you’ve got a moving violation on your record and are paying for in your auto insurance premium, it might be a good idea to shop around.
2. Try to keep future infractions to a minimum. Though accidental moving violations happen, try to keep them to a minimum. Proper stop sign adherence and refraining from speeding will bring down the risk of that considerably. Good driving behavior can be rewarded with saving money. Just remember to clue your auto insurance company in on your great driving conduct.
3. Don’t pay for past mistakes. Maybe you’re a great driver now but you may have not been in the past. You could be paying a higher auto insurance premium due to past mistakes you’ve made. Problem is, your carrier doesn’t know about your recent good behavior because they haven’t seen your driving record since you first applied for coverage. If your violations are far in the past (three or more years ago), you are long overdue for some savings.

Just remember: Your auto insurance company only checks your driving record when you first apply for auto insurance coverage, and then if you request a policy change, add another car to your policy or during renewal time. You want to make the most of your good driving behavior? You have to tell your auto insurance company yourself if your record qualifies you for a premium reduction or discount.

Keep in mind that having blemishes on your driving record is not the end of the world, nor is it a dead-end road to an unaffordable auto insurance policy. It’s true—if you have tickets, insurance companies may have your premium reflect that. But you’re not helpless and there are ways of either reducing your auto insurance premium or finding a lower price elsewhere.

4 Reasons You May Need To Revise Your Life Insurance Policy

Experts say it’s important for you to review your term life policy on a regular basis – specifically every few years or when a major life event occurs.

But there are also 4 other reasons why now may be a good time to re-evaluate your term life policy:

1. You’re paying too much – even though life insurance rates are rising, they are still the lowest they’ve been in history. If you have a policy that’s more than a few years old, you may want to check the internet to see if there’s a lower rate that you can qualify for.  But remember; don’t cancel your old policy until your new one is in force.
2. You need more coverage – Many financial experts recommend buying a term life policy equal to 7 to 10 times your salary.  However, term life insurance isn’t “one size fits all” and therefore ‘rules of thumb’ don’t always work for everyone. You may want to use a life insurance needs estimator to get a much more accurate calculation of how much you probably need. Consider your monthly living expenses, day-care costs, college tuition and retirement.
3. You need to extend the length of your coverage - The most commonly sold term length is 20 years.  If you purchased your term policy when your first child was born and have had more children since, you may want to increase the length of coverage in order to keep protection in force until your youngest child is out of college.
4. Your health has changed - If your health has changed and your current term life insurance policy features a convertibility privilege that will allow you to easily convert your term policy to a permanent one, you may want to consider exercising the option.