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Financial Fitness Blog

The truth about umbrella coverage

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Janet AndersonMyths about umbrella insurance coverage often prevent people from making this important protection part of their financial plan. Here’s what you need to know.

MYTH “I don’t need additional liability insurance because I don’t have much in the way of assets.”
FACT You may not feel you have much in the way of assets at the present time, but if you don’t have enough liability coverage, your future earnings could be at risk.

MYTH “Umbrella policies are only for the wealthy.”
FACT You don’t have to be a millionaire to be sued like one. A friend is hurt on your property or you are involved in a serious car accident—any one of these incidents could lead to a settlement that could be devastating to your family’s financial future.

MYTH “Umbrella insurance is expensive.”
FACT You can buy $1 million of umbrella insurance protection at a very reasonable price. The cost of a $1 million personal umbrella policy can run as low as $145 per year.

Want to know more?

Janet Anderson, Personal Insurance Consultant

Property and casualty insurance programs are underwritten by WEA Property & Casualty Insurance Company. The terms and conditions of your coverage are exclusively controlled by your written policy. Please refer to your policy for details. Certain policy exclusions and limitations may apply.

Ten hazards to your wealth

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Jay LukasWant to stay fiscally healthy? Here are some financial hazards to avoid that can be a real detriment to your bottom line.

  1. Not saving early.
  2. Not saving enough.
  3. Credit card debt.
  4. Spending more than you earn.
  5. Not having adequate insurance coverage. (If you have insurance with Member Benefits, you may want to schedule a Midterm Policy Exam to review your coverage.)
  6. No budget. (Get a handle on your budget by using our interactive budget sheet.)
  7. Chasing the market.
  8. Paying unnecessary fees. (Learn more about why fees matter.)
  9. No emergency fund.
  10. Not understanding what you are buying.

As always, if you have any questions about retirement, insurance, or financial planning, give us call. View our contact information page.

Jay Lukas, Senior RIS Specialist

This blog is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action.

We can help you plan ahead for year-end distribution

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Laura KampsIf you have a 403(b) or IRA account with Member Benefits, we have some important things for you to make note of as we head towards year-end. Always feel free to contact us with your questions at 1-800-279-4030 or retirement@weabenefits.com.

403(b) and IRA exchanges/transfers/rollovers

Exchanges, transfers, and rollovers require a longer processing time. Your completed paperwork (including approved third-party administrator transaction authorization if applicable) will be submitted to the payer company by the end of December if we receive it by December 20, 2014. This includes requests for IRA recharacterizations and conversions.

We’re happy to help you through the process, just give us a call.

Postdated checks

We are not able to accept checks written and received this tax year (2014) for next tax year (2015). Postdated checks will be returned.

Laura Kamps, RIS Specialist

The 403(b) retirement program is offered by the WEA TSA Trust. TSA program registered representatives are licensed through WEA Investment Services, Inc., member FINRA. The Trustee Custodian for the WEAC IRA accounts is Newport Trust Company.