The Insurance Doctor

Category: Finances

  • 5 Tips How to Find a Good Insurance Broker

    5 Tips How to Find a Good Insurance Broker

    Insurance brokers and agents are trusted with fitting their clients into suitable life, health, homeowners & business policies to name a few.

    There are numerous insurance providers and they are not all the same.  It’s important that the broker you choose is well-versed in policy differences from company to company and informed of the latest news, trends, and products. He/she also needs to be concerned with your personal planning needs and capable of explaining your options in a way you can understand.

    Follow these tips on what to look for in finding a right insurance broker or agent:

    TIP 1: Knowledge and experience:  There is no substitute for experience! Look for brokers that have been in their field for a minimum of 5 years.  Proficient brokers will usually also have advanced planning designations (insurance degrees) next to their names.  Look for at least one of the following 3 designations: CLU (chartered life underwriter) CFP (certified financial planner) or CSA (certified senior advisor).

    TIP 2: Independent brokers, not agents:  This may be counter-intuitive.  In reality, independent brokers are in a better position to help you than “captive agents”.  The independent broker represents numerous insurance companies and must be well-versed on all their policies in order to find the best one for you.  The captive agent (i.e. Allstate or New York Life) often promote their own company products first in order to qualify for their company-sponsored trips and subsidized health insurance.  Make sure your broker places your needs before their own!

    TIP 3: Fee structure:  Most of the established independent brokers don’t charge a fee for time and/or services.  They receive compensation from whichever insurance company you decide to do business with.  Beware of agents/planners and advisors that charge steep upfront consultation fees.

    TIP 4: Get a second opinion:  Most people are already working with an agent/broker.  Do yourself a favor and get a second opinion using the tips given in this article.  You will be surprised at what you can learn from a free consultation with an independent broker.

    TIP 5:  Due diligence:  Invest the time to call 2 or 3 brokers.  Start a small list and ask around.  Friends, family or colleagues that are satisfied with their broker are a good place to start.  Check for their presence and reviews on the internet and gather as much information as possible.

  • SAT vs. ACT Exams: 5 Questions Answered

    SAT vs. ACT Exams: 5 Questions Answered

    Although it’s technically still the summer, many high school students (and parents) are feeling anxiety about taking the SAT and/or ACT exams this month.  There’s a lot of bad information out there on this topic.  Below are answers to 5 popular questions:insurance, New York, college funding, financial planning

    1. Should I take the SAT or ACT? We strongly recommend taking both exams multiple times if possible. Most schools accept both and students may decide which scores to send to colleges.
    2. Why don’t my college advisors know much about the ACT? The SAT is far more popular in the northeast and California while the ACT rules in middle America. This is the first year the ACT will surpass the SAT in total tests taken.
    3. If I had to choose one, why take the ACT? Vocabulary is less important, math counts for about 25% of the score and there is no penalty for a wrong guess.
    4. If I had to choose one, why take the SAT? Math accounts for about 33% of the score and there are no science or trigonometry questions.
    5. When should I take these exams? We suggest practicing as a freshman and taking the first exams offered as a sophomore to get scores back early, find weak spots and have time to taken them again.

      *Contact Robert today for your free initial consultation*

  • 7 Smart Money Marriage Tips

    7 Smart Money Marriage Tips

    You just got married, but you may not have realized that your money did as well. One of you is a spender and one is a saver! How in the world will you make it work? Especially now that many people are getting married in their 30’s and 40’s for the first time, what should you be doing money wise? Here are 7 tips on money strategies for your new marriage.

    1. Create Separate Accounts And One Joint Account:

    To mingle or not to mingle your money is one of the most important decisions the two of you need to make regarding your finances. Having your own money that you can spend however you want can lessen arguments about money. We disagree that having separate joint accounts lessens the sense of unity in marriage and shows a lack of trust in one another.insurance, New York, financial planning

    2. Track How You Are Spending Money:

    Tracking your spending is not a way to point fingers at one another as to who is spending what. Tracking your spending is not having someone looking over your shoulder every time you buy something. Tracking your spending is critical to being financially secure. Unless you know where your money is going, it is impossible to set up a budget and set financial goals you are both comfortable with.

    3. Discuss Finances Together On A Regular Basis:

    Sure, talking about money isn’t easy because money can symbolize different things to each partner. One may view money as security and the other as power. If the topic of debt, bills, savings, and goals makes one or both of you uncomfortable or defensive, seek the help of a financial counselor or planner. It is important that both of you know where you stand financially and have common financial goals.

    4. Save 10% of Your Income:

    Couples living month-to-month often rationalize that they just don’t have enough money to save. Make the decision to save at least 10% of your income. After saving enough cash as an emergency fund, invest in a retirement account. The earlier the two of you start saving money for your retirement years, the easier it will be have a retirement lifestyle that you both hope for.

    5. Handle Debt As A Couple:

    Make a plan to pay off existing debt. Drawing a line in the sand and saying that your spouse’s debt isn’t your problem is not going to work because even if the debt existed before you married, your credit rating can be negatively impacted as well as the bottom line of how much money the two of you are paying monthly in interest charges.

    6. Decide On The Bill Paying Strategy:

    Maybe you had a house and your partner had one as well. You were both used to paying your own bills. Now that you are living together and your bills are combined, get clear as a couple on who will pay what bill and which bank account the money is going to come out of each month. This will absolutely
    reduce friction in your relationship over time by having clear expectations.

    7. Don’t Keep Big Financial Secrets:

    Not being honest about the cost of large financial purchases or keeping debts hidden is considered financial infidelity by many people. Such secrets can destroy your marriage.

    THE CONTENT IS DEVELOPED FROM SOURCES BELIEVED TO BE PROVIDING ACCURATE INFORMATION. THE INFORMATION IN THIS MATERIAL IS NOT INTENDED AS TAX OR LEGAL ADVICE. IT MAY NOT BE USED FOR THE PURPOSE OF AVOIDING ANY FEDERAL TAX PENALTIES. PLEASE CONSULT LEGAL OR TAX PROFESSIONALS FOR SPECIFIC INFORMATION REGARDING YOUR INDIVIDUAL SITUATION. THIS MATERIAL WAS DEVELOPED AND PRODUCED BY HELLO MY NAME IS, LLC TO PROVIDE INFORMATION ON A TOPIC THAT MAY BE ON INTEREST. THE OPINIONS EXPRESSED AND MATERIAL PROVIDED ARE FOR GENERAL INFORMATION, AND SHOULD NOT BE CONSIDERED A SOLICITATION FOR THE PURCHASE OR SALE OF ANY SECURITY. COPYRIGHT 2014 HELLO MY NAME IS, LLC

  • 6 Tips to Get Your 2017 Financial House in Order

    6 Tips to Get Your 2017 Financial House in Order

    Now that we are in the final month of 2016 it’s easy to get off track from our goals.  Follow these 6 tips and with a little time and effort your 2017 finances will be more organized and less stressful.

    1. Organize your paperwork: It’s hard to feel in control when you can’t find anything. Gather all papers, shred duplicates/old statements and put them all in a box insurance, New York, financial servicesor accordion file.
    2. Go Paperless: I know habits are hard to break.  Wherever possible create electronic files.  See if you can receive e-bills instead of paper.  Use a flash or thumb drive as a back-up and keep it off-premises.
    3. Protect against identity theft: You can request a free copy of your credit report once per year from all 3 credit bureaus. Go to AnnualCreditReport.com. Another great tool is Credit Karma which allows you to track your credit scores throughout the year.
    4. Put your finances on autopilot: Use EFT direct deposit for all checks, pension and social security received. Set up automatic payments for recurring bills.  It’s easy and will save time going forward.
    5. Create your 2016 tax file: Most people have to scramble to pull together all tax forms etc. Start now by setting up a 2016 file and stashing forms/receipts etc as needed.
    6. Review your insurance coverage: Protect your nest egg and your family by regularly reviewing your life, health disability and long term care insurance.  If this is confusing to you contact us for a 2nd

    Your financial house needs regular upkeep.  Putting in a little time and organization will decrease clutter and help you focus on your goals and objectives.
    Contact Robert here for more ideas to get your financial house in order.