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Financial Fitness Blog

Review your beneficiary designations annually

(Retirement) Permanent link

Brenda EcheverriaAs you experience changes in your life, do not forget to review your beneficiary designations. Life changes such as marriage, divorce, or death are indicators that you may need to make sure your beneficiary designations are still appropriate and reflect your wishes. Many people fail to change their beneficiaries after a life-changing event.

The beneficiary designations associated with your retirement account(s) take precedence over your will. Be sure to review your designations at least annually to ensure they are current and in line with your intentions. You may want to consult your attorney to ensure that you understand all aspects of your decision.

Brenda Echeverria, Financial Planner

Rental reimbursement coverage

 Permanent link

Mark Dannehl"Am I covered for a rental car if I get into an accident and my car needs repairs?"

The question is most frequently asked after someone has been involved in an accident and is without transportation. With our busy lifestyles and reliance on our vehicles, this can be a major inconvenience. Imagine if you were in an accident that put your car out of commission. What would you do? Would you borrow a car? Rely on public transportation? Call a friend or family member for a ride? What if you didn't have any alternatives and your only option was to rent a car? Depending on the extent of the damage, you could be facing a month of scrambling for a ride or paying out-of-pocket for a rental vehicle.

If you own a mid-sized SUV or mini-van, it'll cost you about $50 per day to rent a similar vehicle while yours is in the shop. If your car takes two weeks to fix, it will cost you $700 just to rent a car. Fortunately, Member Benefits has an inexpensive answer: Rental Reimbursement Coverage. For just $30 a year—that's eight cents per day—you can add coverage that will pay the $50 per day vehicle rental fee if you get into an accident. We'll even set up the rental for you.

To learn more or to add Rental Reimbursement Coverage to your WEA P&C auto policy, call Member Benefits tool-free at 1-800-279-4010.

Mark Dannehl, Personal Insurance Consultant

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

 

 

 

Sign up today for our summer seminar series

(Retirement) Permanent link

Brenda EcheverriaJoin us this summer on a guided tour toward a financially secure future! Don't miss Member Benefits' summer seminar series, "Your Road Map to $ucce$$." These free financial seminars are offered throughout Wisconsin from July 9 to August 8 and can help you learn how to avoid financial pitfalls, improve your money management skills, and navigate the new age of employee benefits.

Seminar topics include:

Don’t Be Jack™
Play our national award-winning Don’t Be Jack financial literacy game. Teams compete while they learn about the advantages or consequences of certain financial actions.

Understanding Long-Term Care Insurance
Find out why long-term care is considered “the greatest uninsured financial risk today” and enjoy a free lunch.

Back on Track for a Secure Retirement
Learn the impact of Act 10 on your retirement benefits and what you need to do now and in the future to ensure a comfortable retirement.

Registration is required. You may attend one, two, or all three seminars. To register, visit weabenefits.com/ROADMAP.

For more details on the seminars, see our Web article, "Your Road Map to $ucce$$ Summer Seminar Series."

Brenda Echeverria, Financial Planner

Seminars are free to attend, however, if you choose to invest in the WEA Tax Sheltered Annuity Trust or WEAC IRA program, fees will apply. Please consider all expenses prior to investing. If you choose to purchase long-term care insurance, premiums will apply. This article is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action.

Long-term care insurance and the old age myth

(Insurance) Permanent link

Kelly BehnkeThere’s a common misconception that you don’t need to start thinking about purchasing long-term care protection until you retire. In fact, most people under age 50 think of it as something to put off into the future. But waiting can be a costly move.

The truth is that long-term care insurance (LTCi) premiums are based on your age when you apply. For younger people, costs increase at about 1% for each year you wait. As you age, premium costs grow to 8­–9% for each year you wait. Insurance companies offer incentives for individuals who are in good health when applying for long-term care coverage. So, you will pay less if you purchase insurance when you are younger and in good health.

Another reason to start young is that it increases the likelihood that you'll qualify for LTCi. According to the American Association of Long-Term Care Insurance, fewer than 10% of people under age 50 are turned down for LTCi, compared to nearly 25% for those age 60–69 and 45% of those 70–79. For example, if you have a chronic illness, such as Alzheimer's disease or Parkinson's, you will be rejected.

Lastly, although being older increases the chances of needing long-term care, an accident or illness at any age could result in the need for long-term care services. Without LTCi, your financing options would be limited.

Find out more about LTCi and why you should consider this important coverage by calling 1-800-279-4010 or scheduling a personal phone consultation.

Program administered by LTCi Marketing Administrators, (LiMA).

Kelly Behnke, CIC, CISR, ACSR
Personal Insurance Consultant