RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Is Life Insurance Right for You?

May 6, 2015 12:27 am

Choosing the right type and amount of life insurance is vital to a sound financial plan, but is it right for you? According to the Insurance Information Institute (I.I.I.), there are two major types of life insurance: term and whole life. Term covers the policyholder for a specified period, usually from one to 30 years. Whole life, sometimes called permanent life insurance, covers the policyholder for as long as they live – even if it’s to 100.

To assess your insurance needs, the Insurance Information Institute (I.I.I.) suggests asking yourself the following five questions.

1. Does anyone depend on me for financial support?

Whether it’s a spouse or domestic partner, children, grandchildren, or even aging parents, you’ll want to make sure they’re left financially secure. Purchase enough life insurance to replace your income while also financing the expenses your beneficiaries will incur to replace services you provide within the household (e.g., landscaping, tax preparation). Stay-at-home parents, and those caring full-time for an adult family member, should also consider purchasing life insurance to allow for hiring professionals to undertake these tasks.

Your family may have other sources of income, such as Social Security survivor benefits, but this is rarely enough, particularly if you have children under 18 and want to fund their education.

2. Are my retirement and other savings alone enough to support my dependents?

Unless your savings and retirement benefits are substantial, the income they generate is unlikely to be enough to pay for the housing, education and other day-to-day needs of your financial dependents. Remember, they will also have to take on the cost of replacing your employer-provided benefits, such as health insurance premium payments and retirement contributions.

3. Will estate and inheritance taxes significantly reduce the amount my dependents receive?

Even if you are leaving a considerable inheritance, don’t assume that will be enough. Consult with your financial advisor or an insurance professional on how your tax situation impacts the type and amount of life insurance you should purchase.

4. What is my plan for covering final expenses?


Whether or not you have dependents, you’ll want to be able to cover the expenses incurred by funeral related costs, outstanding taxes and debts, and the administrative fees associated with “winding up” an estate. These expenses can total upwards of $15,000, and can be defrayed by having the right life insurance policy in place.

5. Will I be able to leave a donation to my favorite charity?

A beneficiary does not necessarily have to be a loved one; it can be a much-loved cause. If you have a favorite charity, foundation, museum, etc, you can use a life insurance vehicle to leave the organization a more sizable donation than you might have otherwise.

Source: I.I.I.

Published with permission from RISMedia.


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5 Senior Safety Tips at Home and On the Go

May 6, 2015 12:27 am

With nearly 50 million citizens age 65 and older living in the United States and Canada, seniors represent one of the fastest growing population segments – but also a demographic commonly targeted for crime, according to the experts at Master Lock. To stay safe through every life stage and season, the security product provider recommends:

1. Staying Alert When Out and About

Property crimes represent the highest share of crimes against those 65 and older – nearly nine out of 10, according to the National Elder Law Network. Stay alert and aware of surroundings when out of the house and keep valuables protected. Always lock cars, even if they’ll only be unattended for a few minutes. Keep packages or shopping bags out of sight, and always check the area around your car before entering or exiting. When out in public, women should wear their purses close to their body and men should carry their wallet in an inside coat or front pant pocket.

2. Lock Up Home Safety

Seniors should never have to worry about safety in their own home. For added protection beyond traditional door and window locks, safeguard sliding glass and patio doors with the added strength of a security bar and consider a home alarm system to alert against intruders. Keep doors locked both when you’re home and away, but allow access to a friend or family member in case of emergency by storing a spare key in a key safe.

3. Secure Personal Items in a Group Home Environment

Misplaced or stolen belongings are a frequent complaint of nursing home residents. Keep valuables safe by storing them in an easy-to-use, locked safe that only you and a trusted companion know the combination to. Small items, such as credit cards, jewelry or cash, can be stored in a portable safe, while larger items, like documents or memorabilia, can be stored in a fire-resistant safe.

4. Protect Against Identity Theft

Mature consumers (ages 50 and over) represent the largest demographic of identity theft victims, according to the Federal Trade Commission. Why? Consumers in this age group typically have more assets than younger consumers, making them ideal targets. Reduce your risk by never carrying your social security card; shredding documents that contain any identifying information; keeping personal information such as bank statements, Medicare statements and social security numbers in a locked safe; and storing credit card numbers in a safe location for easy retrieval if they’re lost or stolen.

5. Think Twice Before Divulging Personal Information

Seniors are also major targets of fraud, such as telemarketing scams, according to the American Association of Retired Persons. Follow the general rule of thumb that if an offer seems too good to be true, it probably is. Never rush into signing anything, and never give your credit card, Social Security, Medicare or bank account details to anyone over the phone. When in doubt, check with the Better Business Bureau or police.

Source: Master Lock

Published with permission from RISMedia.


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