Conventional wisdom says that most people need life insurance only during their working years to provide for their families in the event of a premature death. The thought was that by retirement, they had paid off their mortgage and accumulated sufficient wealth and sources of income to self insure the family’s survivor needs. Many families are now approaching their planned retirement ages with more debt and significantly less accumulated wealth than originally anticipated. Many people in their 50s and 60s are now deciding to work longer and some may never fully retire. Continued employment helps bridge the income shortfall, but it doesn’t secure income for spouses and heirs who may survive them. The “self insurance fund” is no longer sufficient to provide the desired level of family security. Only life insurance can bridge that gap immediately and tax efficiently.
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Life Insurance Bridges the Gap
January 28th, 2010
A Business Continuation Plan
January 27th, 2010Did you know that 56% of small to midsize firms are not protected if an owner, partner or key executive dies, and 70% of them would be vulnerable if one of them were to become disabled? Where would you get the funds to purchase their share of the company? What if an outside owner with a different vision for the company purchases this share? A business continuation plan can help prepare for these events, so you can concentrate on what you do best – run your business.
A predictable asset for unpredictable times
January 26th, 2010A predictable asset for unpredictable times. Those of us who have more money then we will spend will pass the excess on to others at death. Efficiently passing on assets left at death can be challenging, especially when future values of assets and the state of the markets for them are relatively unpredictable. To maximize the part of the estate intended to be transferred to family members, you should review that asset and see how life insurance can help.
Pension Protection Act
January 25th, 2010The Pension Protection Act of 2006 allows for new opportunities to fund Long Term Care Insurance. The new legislation stipulates that the use of non-qualified annuity money to pay for Long Term Care insurance premiums can be tax-free. According to the U.S. Bureau of Health and Human Services, 70% of individuals over the age of 65 will need Long Term Care at some point in their life. The average cost of an semi-private residential care facility is $7000 per month, to pay someone to come into your home to care for you averages $29 per hour. Where is that money going to come from?
Employment Practices Liability Tip
December 22nd, 2009The best way for employers to prepare for, and hopefully reduce, any potential employee lawsuit is to create corporate responsibility standards and programs and effectively communicate such standards and programs to employees of all levels. Every company should have written policies and procedures which include a mission statement, acceptable standards of conduct, anti-harassment/discrimination policies, a code of ethics, and a corporate compliance program.
Employers should strive to create a working environment where employees are encouraged to alert management to potential problems and participate in investigations without fear of retaliation. Ensuring consistent administration of policies and responding appropriately and promptly once a complaint is made are the best ways to prevent retaliation claims. Management should reassure the employee lodging the complaint or participating in the investigation that he or she will suffer no retaliation as a result.
Workers’ Compensation Tip in California
December 20th, 2009Many employers have a difficult time understanding how their work comp ex mods have been calculated. For 2010, California will use a single split point of $7,000 for each work comp claim into primary and excess components rather than the current formula for splitting claims. It is important to note that under the new formula, primary losses effect an employer’s ex mod more than excess losses making it important for employers to do what they can to hold down the first dollar costs of each claim. Amounts saved below the $7,000 threshold will help save on the ex mod and their premium for the following three (3) years.
Tips For Lowering Your California Worker’s Compensation
December 2nd, 2009In recent years, California employers have experienced a roller-coaster ride in workers compensation premiums. With rates heading upward, it is important to know that individual carriers can offer significantly different rates for the same class codes. Don’t just settle for your renewal quote. A good insurance broker will shop numerous markets to insure you are getting the best possible rates in today’s challenging economic times.
What is IQ Risk?
August 19th, 2009The business world is changing at light speed. So are the risks. That’s why being at the top in business and life is about tomorrow, not today. And why you expect your insurance advisor to anticipate change. We’ve built this risk management firm by helping businesses and individuals anticipate change, navigate risk, and insure smarter. Our longstanding reputation as an industry leader is founded on an unwavering commitment to serve our customers with integrity, professionalism and creativity in everything that we do.
IQ Risk offer the following types of Insurance Services: