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Life Insurance – Now More Than Ever

Recession, layoffs, and falling stock and bond prices seem to be knocking over the pillars of our financial security, one by one. Many of us have either lost a job or have a friend or family member who has. All of us have been hit with painful losses in the value of our homes and in our savings and investment accounts. One source of financial security still stands strong, however, and that’s life insurance.

A Financial Product That Has Held its Value

While so many aspects of people’s financial lives look bleak at the moment, life insurance continues to do exactly what it was designed to — serve as the foundation of your family’s financial security. If you own a term life policy, the death benefit it would pay if you died tomorrow is unchanged from last week, last month or even last year. If you own a whole life policy, your death benefit is also guaranteed, and over the past year your cash values have actually grown, not declined. In this tumultuous economy, you can take comfort in knowing that life insurance — whatever type you may own or intend to buy — can provide some certainty and stability at a time when both are in short supply.

Buy Yourself Time and Peace of Mind

With the stock market having lost roughly half its value, some have jokingly suggested we rename the 401(k) the 201(k). But the losses so many of us have experienced are no laughing matter. You may already be thinking about how to rebuild your lost assets. But what would happen to your loved ones if you die before your catch-up plan is in place? In the short-term, only life insurance can make up the difference between what you had and what your family would need to manage financially in your absence.

Now Is the Time to Buy, Not Shed Life Insurance

Just meeting everyday living expenses is a big challenge these days. Even so, this is not the time to consider dropping or scaling back life insurance if a need for coverage remains. To the contrary, the coverage is more important today than it was a year ago because other aspects of your financial life are not what they used to be. Moreover, if you drop coverage now but decide to purchase a policy in a year or two, you’ll likely be asked to take another health exam. You’ll be older, your health might have worsened, and you may find it harder to qualify for coverage at an affordable rate.

The Bottom Line

Today, your income is what is helping to put food on the table and keep a roof over your head. But what if you died tomorrow? In that unfortunate circumstance, your life insurance is what your family members would rely on to maintain their quality of life. So while it may seem difficult nowadays to look beyond the bills that are due at the end of the month, you should maintain your current life insurance or even consider buying additional coverage. It will provide an anchor of stability to your family finances, ensuring that your loved ones will be financially secure when you die.

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Heading Off to College? Don’t Forget to Properly Insure Everything You Bring to School

As college students and their parents begin planning for the new academic year, “check insurance” should be on their “to do” lists, according to the Insurance Information Institute(I.I.I.). For students who live in an on-campus dormitory, most of their personal possessions are covered under either their parents’ homeowners or renters insurance policy, although the issue gets more complicated if the student resides off-campus or owns a very expensive computer or sophisticated electronic equipment.

1. 1. Create a “dorm inventory.” This is a detailed list of every item the student plans to bring to school, along with its estimated value. To make this process easier, the I.I.I. has created free web-based software, available at www.KnowYourStuff.org. Students can note specific expensive items such as a computer, camera or musical instruments and scan into the system receipts documenting their retail value. Having an up-to-date inventory will help determine how much insurance to purchase and will help get insurance claims settled faster in the event of theft, fire or other types of disaster.
2. 2. Contact their insurance agent or company representative to learn about all of their insurance options. They should find out how much insurance coverage the student will have on his or her parents’ policy and if supplemental insurance is needed.

   • Leave valuables at home if possible
     While it may be necessary to take a computer or sports equipment to campus, other expensive
     items such as valuable jewelry or luxury watches should be left at home or kept in a local safety
     deposit box.

   • Engrave electronics
     Engrave electronic items such as computers, televisions and portable devices like iPods with
     a name or other identifying information that can help police track the stolen articles.

   • Always lock dorm room doors and carry the keys at all times, even if you leave briefly.
     And not just at night-most dorm thefts occur during the day. Insist that roommates do the same.

   • Do not leave belongings unattended on campus.
     Whether in class, the library, the dining hall or other public areas, students should never leave
     unattended their back packs, purses and laptops. These are the primary areas where property
     theft occurs.

In the event that a student is planning to have a car on campus, he or she should choose a safe, reliable vehicle and do some research to find the best auto insurance rate. The first stop should be the family’s own insurance company as it may offer a multipolicy discount, but shopping around to compare rates is also advisable. If a student’s car is left at home, the auto insurance company should be contacted as many insurers give discounts for students who are living at a school that is at least 100 miles from home.

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First Baby Boomers Are Reaching Retirement Age In Shaky Economic Times; Insurance Can Provide Important Financial Protection

The first of the baby boomers will turn 65 years old this year. This huge group of Americans who came of age in the 1960s and early 1970s will likely have insurance questions and concerns that differ from those of their parents’ generation, according to the Insurance Information Institute(I.I.I.).

According to research by the Pew Research Center Populations Projections, every day for the next 19 years about 10,000 Americans will turn 65, and by 2030 18 percent of the nation’s population will have reached this threshold. The Pew data also indicates that many boomers, those born between 1946 and 1964, have a very gloomy outlook on their personal finances. Compared with other age groups, they are the most likely to say that they have lost money on investments since the most recent recession began in December 2007, and that their finances have worsened in the recent years. In addition, a higher number of boomers reported cutting spending in the past year, as compared with those already age 66 and up.

“Baby boomers have reinvented every life stage they have experienced and are likely to approach retirement and aging differently than previous generations,” pointed out Jeanne M. Salvatore, senior vice president of Public Affairs for the I.I.I. “Given this generation’s understandable concerns about their personal finances, insurance can provide an important financial safety net when it is purchased properly.”

Fortunately, there are ways for people over 65 years old to reduce their insurance costs, while getting the important financial protection they need for themselves and their families.

The I.I.I. provides the following insurance and safety tips for aging boomers:

1. Take a Look at Your Car
Older drivers have a higher rate of fatal crashes, based on miles driven, than any other group except young drivers. The primary reason for this high death is that older drivers are more easily injured than younger people and are more apt to have medical complications and die of those injuries.

It is important that your car be properly maintained in order to maximize its safety potential on the road. Older drivers should consider driving a car that is both easy to drive and provides the most physical protection for the occupants. When selecting a safe car, you should also check insurance costs, as the choice of a car can impact the cost of coverage.

If you are driving an older car, you can consider dropping the optional comprehensive and collision coverage on the vehicle, as this will also save money. As a general rule, if your car is worth less than 10 times the premium you are paying, the additional coverage is not cost effective. It is important, however, to continue to have adequate amounts of liability insurance in order to protect your assets in the event of an accident.

2. Get Driver Training
As we age, there are three key areas where most of us are likely to suffer some sort of impairment: vision; cognition, which includes memory loss; and flexibility declines, due to diseases such as arthritis. Fortunately, there are defensive driving classes specifically designed for aging drivers. Many insurance companies will also give a discount for taking an approved driving safety course.

3. Keep Your Home Insurance Up-To-Date
It is easy to become complacent about insurance when you have lived in the same home for a long period of time. However, for most people, their home is their greatest financial investment so it is important to make sure that the dwelling and its contents are protected with the right amount and type of insurance.

If you have made a major improvement or upgrade to your home, you may need more insurance coverage. Homeowners rarely upgrade their house without purchasing new items to put in their residence. And even those who have not made any upgrades to their home are likely to have accumulated a lot of things over the years, so it is important to discuss your home insurance needs with your agent or insurance company representative at least once a year.

And, remember, even if you have paid off your mortgage you should keep your homeowners insurance—even when no longer required to do so by the bank—because rebuilding a structure, and replacing your personal belongings, can cost hundreds of thousands of dollars. Depending on your location, you may also need separate flood and earthquake insurance, as these disasters are not covered under standard homeowners insurance policies.

Lastly, if you are an empty nester and are considering selling your home and renting or moving into a condo or co-op, you will still need insurance protection in the form of a renters or co-op/condo insurance policy. These polices will not only insure your personal possessions, but also provide liability insurance and cover additional living expenses in the event of a fire or other disaster.

4. Make Your Home Safer and More Disaster Resistant
Many older people may feel more comfortable living in a home with a sophisticated alarm system that alerts the police, fire department and even emergency medical services if there is disaster. These systems may also provide peace of mind for those who spend much of their retirement traveling and are away from home. The good news is that many homeowners insurers also give discounts of 15 to 20 percent off a standard policy if you have installed recognized safety systems. Most insurance companies will also give discounts for of at least 5 percent for simple safety devices such as smoke detectors, burglar alarms and dead-bolt locks.

You may also qualify for a discount if you make your home more resistant to windstorms and other natural disasters. Adding storm shutters and shatter-proof glass, reinforcing your roof, as well as retrofitting an older home to withstand an earthquake and modernizing heating, plumbing and electrical systems will not only make your home safer, but may also have a positive effect on your home insurance premium.

5. Consider Life Insurance
There are important financial reasons for maintaining your life insurance policy beyond the age of 65. Boomers are the quintessential ‘sandwich’ generation, and many will be nearing or entering retirement with responsibilities for both children and aging parents. Life insurance can help you fulfill your financial obligations, should you die with survivors who are both older and/or younger than you. Whole or Universal life may be a good choice for policyholders aged 65-plus because of the savings component. While life insurance is an important means of protecting financially a surviving spouse, disabled adult children or other dependents, some boomers may also want to use it as a mechanism to provide a donation to a beloved charity after they are deceased.

6. Look Into Immediate Annuities
There are many types of annuities, each designed for a specific financial goal. To help provide protection against outliving your assets, an immediate annuity may make sense. Social Security pays retirement income for as long as you live, as do defined-benefit pension plans, but the only other source of income available that continues indefinitely is an immediate annuity. An annuity may also provide some protection against creditors, as generally creditors can access only the payments from an immediate annuity as they are made, not the lump sum of money initially provided to the insurance company. Some state statutes and court decisions also protect some or all of the payments from those annuities.

7. Take Advantage of Discounts and Other Money Saving Tips
With boomers interested in cutting costs, there are fortunately many ways to reduce insurance premiums. The best ways to immediately cut auto and homeowners insurance policy costs are to shop around for a company that provides both a great price and outstanding service, take a higher deductible and ask about all available insurance discounts. Insurance companies offer a wide variety of discounts, such as for good credit.

Auto insurers will also give premium rate discounts for car pooling, a safe driving record and cars equipped with anti-theft devices. Some auto insurers will also provide discounts for those 55 years or older with safe driver records, as older drivers are less likely to drive aggressively or too fast.

Home insurers will generally offer discounts for those 55 years old and older who are retired. If you have completely modernized your plumbing or electrical system recently, some companies may also provide a price break.

8. Schedule an Insurance Review to Reflect Life Changes
You generally don’t live to 65 without a number of major life events and all these changes will have an impact on your insurance needs. Marriage, divorce, retirement, career changes and even adult children who move back home (sometimes with children of their own) should be reflected in your insurance planning. Make sure that your insurance professional knows about all of these changes, along with any major home-improvement purchases or property expansions, and get his or her advice on how to adjust your insurance coverages to match your life changes.

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Food Safety at Fairs and Festivals

A fun summer activity is attending fairs, festivals, carnivals, and rodeos. Follow these tips to have safe cooking, eating, and drinking experiences at those events.

A big part of summer for many people is attending fairs and festivals. There are always fun things to see and experience, including art work, music, games, and rides. One of the biggest draws to these events is the many different types of foods and drinks available.

Because foodborne illnesses increase during the summer months, it is even more important to follow food safety steps. Many foodborne illnesses are caused by consuming foods or beverages contaminated with germs. One reason for the increase of foodborne illnesses in the summertime is that people are cooking and eating outside at places such as fairs and festivals more often. Sometimes, the usual safety controls that a kitchen provides, like thermostat-controlled cooking, refrigeration, and washing facilities, may not be available when cooking and dining at these events.

Remember that food safety practices should be the same at fairs as they are at home: Clean, Separate, Cook, and Chill. Learn more about these steps here, and make this a food safe summer by reducing your risk of foodborne illness.

Consumers

What should a consumer consider before buying food from a vendor?

   • Does the vendor have a clean/tidy workstation?

   • Does the vendor have a sink for employees to wash
     their hands?

   • Do the employees wear gloves or use tongs when
     handling food?

   • Does the vendor have refrigeration on site for raw
     ingredients or pre-cooked foods?

   • Has the vendor been inspected? Requirements vary
     by state, but in general temporary and mobile vendors,
     like those at fairs and carnivals, should have a license
     to sell food and beverages in a particular state or county.
     Check with the local health department to see if the vendors are licensed and if a food
     inspection has been completed.

Are there healthy food alternatives to consider at fairs and festivals?

When purchasing food from a vendor, look for healthy options first. If they are not available, consider bringing your own food to save money and calories. Bringing food from home allows you to eat a healthy meal or snack as a family, while still enjoying the festive atmosphere around you. Don’t forget to keep safe food storage practices in mind.

If bringing food from home, what  are proper food handling and storage practices?

If you bring food to a fair or festival from home, be sure to keep food handling and storage times in mind. Don’t let food sit out for more than two hours. On a hot day (90°F or higher), reduce this time to one hour. Be sure to put perishable items in a cooler or insulated bag. For budget-minded folks, eat before you go to the fair.

What steps can you take to protect you and your family?

Wash Hands Often:

   • Find out where hand washing stations are located.

   • Always wash your hands right after petting animals,
     touching the animal enclosure, and exiting animal
     areas even if you did not touch an animal.

   • Always wash hands after using the restroom, after
     playing a game or going on a ride, before eating and
     drinking, before preparing food or drinks, after
     changing diapers, and after removing soiled clothes
     or shoes.

   • Bring hand sanitizers or disposable wipes in case
     there aren’t any places to wash your hands.

   • Directions for washing hands can be found here.

Report Illness:

Anytime you suspect you may have contracted a foodborne illness, report it to your local health department, even if it is after you have recovered. The local public health department is an important part of the food safety system. Often, calls from concerned citizens are how outbreaks are first detected. If a public health official contacts you to find out more about an illness you had, your cooperation is important. In public health investigations, it can be as important to talk to healthy people as it is to ill people. Your cooperation may be needed even if you are not ill.

Food Vendors, Community Organizations, and Fair Organizers

Requirements differ by state, but in general temporary and mobile food vendors should apply for a  food license with the fair’s state or county health department.  Many community-based organizations set up booths to sell various foods at local festivals and fairs too. There are special exceptions, but it is better to be safe than sorry—get a license!  Contact information for local and state health departments can be found here.

Fair organizers should try to include a person trained in food safety throughout the planning process, as well as have them present at the fair.

It is important that food safety steps are followed so the food served doesn’t make anyone sick. Try to cook-serve, which means limiting the amount of food preparation performed offsite. In addition, follow the four basic food safety steps:  CLEAN, SEPARATE, COOK, and CHILL. Learn more about these steps here.

Now you’re on your way to a safe and healthy summer!

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Think Before You Blog

Garlic Roasted Summer Squash

“Sliced spears of summer squash bake until browned with olive oil and garlic for the easiest side dish ever.”

Ingredients:
2 summer squash
1/4 cup olive oil
3 cloves garlic, minced, or more to taste
1 teaspoon herbes de Provence
salt to taste
ground black pepper to taste

Directions:
1. Preheat oven to 450 degrees F (230 degrees C).

2. Trim the ends from the squash, and cut each squash in half lengthwise. Cut the halves in half again crosswise, to make 4 pieces; cut those pieces in half twice more the long way, to make 16 short spears from each squash. Toss the squash with olive oil and garlic in a bowl; place into a shallow baking dish. Sprinkle with salt and black pepper.

3. Roast the squash until the spears and garlic start to brown, 5 to 10 minutes. Check the squash after 5 minutes, and add time in 2- to 3-minute intervals to avoid burning.

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