Do you really need Life insurance? Recommended by Paul Ferraresi

Let’s face it. Most people put off buying life insurance for any number of reasons. Take a look at this list—do any of them sound like you?
1. It’s too expensive. In the ever-burgeoning budget of having a family, things like day care and car payments and possibly even college tuition eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. But two things: life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café, and well, if money’s tight now, what if something happens to you?
People with no life insurance overestimate its cost by three times. And even those who have coverage, overestimate its cost by two times.1 While it is an expense that you have
to budget for imagine what the financial impact would be
for your family if something were to happen to you and you had no life insurance coverage at all.
2. That’s that stuff for babies and old people, right?
People of a certain age remember Ed McMahon telling
products for adults in their working and retirement years.
3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered
you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor
indestructible. It’s not even that something could happen to you—though it could—so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall
seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.
4. I have life insurance through my job. Many people are offered life insurance as part of their employee
benefit coverage—and often, it’s the first time they encounter life insurance and have no idea that a $50,000
policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money (and it
is!), until you realize that it has to cover some or all of the expenses for your loved ones in your absence. Plus,
if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.

5. I don’t have kids. Sure, kids are a big reason why some people get life insurance. But that’s not the only
litmus test for needing protection. If there is anyone in your life who would suffer financially from your loss—
your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still okay even if something happens to you.
6. Life insurance—it’s on my list… eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”
If any of this sounds daunting, just know that it doesn’t have to be. Be sure to talk things through with your
insurance agent. Your financial professional will help you figure out how much you may need, and find a policy that fits into your budget. There’s a policy to fit every budget, and a life insurance agent can help you find coverage that’s right for you.
Information for this article was provided by Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures:
www.lifehappens.org.
Sources:
1The 2017 Insurance Barometer Study, Life Happens and LIMRA
The opinions voiced in this material are for general information only and are not intended to provide
specific advice or recommendations for any individual. To determine which investments or products may be appropriate for you, consult with your financial professional.
Adult Financial Education Services (AFES)September 2017

Do You Really Need Life Insurance? Recommend by Paul Ferraresi

Let’s face it. Most people put off buying life insurance for any number of reasons. Take a look at this list—do any of them sound like you?
1. It’s too expensive. In the ever-burgeoning budget of having a family, things like day care and car payments and possibly even college tuition eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. But two things: life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café, and well, if money’s tight now, what if something happens to you?
People with no life insurance overestimate its cost by three times. And even those who have coverage, overestimate its cost by two times.1 While it is an expense that you have
to budget for imagine what the financial impact would be
for your family if something were to happen to you and you had no life insurance coverage at all.
2. That’s that stuff for babies and old people, right?
People of a certain age remember Ed McMahon telling
products for adults in their working and retirement years.
3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered
you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor
indestructible. It’s not even that something could happen to you—though it could—so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall
seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.
4. I have life insurance through my job. Many people are offered life insurance as part of their employee
benefit coverage—and often, it’s the first time they encounter life insurance and have no idea that a $50,000
policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money (and it
is!), until you realize that it has to cover some or all of the expenses for your loved ones in your absence. Plus,
if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.

5. I don’t have kids. Sure, kids are a big reason why some people get life insurance. But that’s not the only
litmus test for needing protection. If there is anyone in your life who would suffer financially from your loss—
your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still okay even if something happens to you.
6. Life insurance—it’s on my list… eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”
If any of this sounds daunting, just know that it doesn’t have to be. Be sure to talk things through with your
insurance agent. Your financial professional will help you figure out how much you may need, and find a policy that fits into your budget. There’s a policy to fit every budget, and a life insurance agent can help you find coverage that’s right for you.
Information for this article was provided by Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures:
www.lifehappens.org.
Sources:
1The 2017 Insurance Barometer Study, Life Happens and LIMRA
The opinions voiced in this material are for general information only and are not intended to provide
specific advice or recommendations for any individual. To determine which investments or products may be appropriate for you, consult with your financial professional.
Adult Financial Education Services (AFES)September 2017

IRA TROUBLE by Paul Ferraresi

What you think should happen to an IRA distribution and the actual outcome is two different things.

This great article (see link below) from the April 17, 2017 issue of https://www.financial-planning.com shows the tax horror stories that can develop.

The Lesson: Get competent advice from your advisor before doing anything with your IRA.

https://www.financial-planning.com/news/when-an-inherited-ira-becomes-a-tax-nightmare

HOW TO KEEP YOUR ONLINE BROKERAGE ACCOUNT SAFE by Paul Ferraresi

News of the Equifax data breach justifiably upset millions of Americans – essentially every individual with a credit record of any kind.

The Identity Theft Resource Center (idtheftcenter.org), a nonprofit that works to educate the public about identity theft, data breaches, and cyber security, says, “A social security number is the most valuable piece of information to identity thieves and can result in many different forms of identity theft.” They not that the crooks don’t care whether your credit is good or bad, and though you aren’t automatically a victim of ID theft due to the Equifax breach, you should take this threat seriously. It is worth signing up for their weekly newsletter to stay on top of the most recent malicious attacks.

You should update your security questions and answers, regularly monitor your accounts, and promptly report any concerns and check with your wireless service provider for steps it may recommend for protecting mobile phone accounts.

To protect yourself right now, Equifax has put up a website intended to tell you whether your data was compromised.

When I checked on the status of my family’s data, I got the message: “Based on the information provided, we believe that your personal information may have been impacted by this incident.” Equifax recommends that anyone affected enroll with its partner firm, Trusted ID, which monitors credit files and informs you if your data have been used to open a new account

A better layer of protection, though far from perfect, is to place a security freeze on your credit at each credit rating agency. To do so, you have to visit each firm’s specialized website and fill out a form. At the end of the process, you will either receive a personal identification number, or be able to generate one yourself. When you know you will be applying for a new line of credit, credit card, or auto loan, find out which credit rating age4ncy the vendor uses. A day or two in advance, unlock your credit file so your application can be processed.

A major complaint about its freeze process was that the site generated PIN was made up of month, date, and year and time stamp of the freeze which could be easily hacked. The PIN is now a random number.

Experian’s site was experiencing such high traffic that it was very slow to respond. TransUnion has an identity protection product call True Identity that’s free. You select your own user ID and password. Requiring just a request and identity verification, smaller player Innovis, a unit of CBCInnovis, cased in Columbus, Ohio, is by far the easiest of credit freezes to put in place. Confirmation of the request comes via snail mail.

Another step you can take is to turn on two-factor authentication for all financial websites and apps. This might mean your fingerprint is part of the login process on your smart phone, for instance, or that you must type in a code that changes periodically, along with your password. That will protect existing accounts. When you open a new account, enable two-factor authentication at the start.

Looking for Online Courses by Paul Ferraresi

In today’s society one must keep learning. Plus getting educated on something new is always an adrenaline shot to me.

Here is a listing of some places to start your search. Happy learning.

THE GREAT COURSES
The site offers 500-plus courses. Most lectures are about 30 minutes, and courses range from 6 to 96 lectures (most in the 24 to 36 range). Courses can be purchased as online modules or on DVDs or CDs. Prices generally range from $15 to $230. There’s also a subscription plan called the Great Courses Plus (thegreatcoursesplus.com), with access to multiple courses for $19.95 a month or $179.95 annually. Amazon Prime also offers a menu of Great Courses for $7.99 per month.

BIG THINK
Topics range from business and technology to health and entertainment. Instructors include such well-known experts as fitness guru Jillian Michaels and Bill Nye “the Science Guy”. Every week there’s a new 45 to 60 minute podcast on a different subject, plus articles and videos, all free. For a fee there’s also Big Think Edge for professional and business development.

UNIVERAL CLASS
History, DIY projects and cooking are some of the courses available. Students can earn continuing educational units, which certify professional development in some fields. Average time commitment is 10 to 20 hours, including class time, assignments and exams. Pricing ranges from $59 for one month of unlimited courses and certification to $189 for a year of unlimited courses.

YALE UNIVERSITY
Professors from this school offer an array of free courses, from the liberal arts to sciences, on YouTube and at Open Yale Courses (oyc.yale.edu). Lectures are supplemented with syllabi, transcripts and other resources. Sorry, no Ivy League credit, though.

EDX
Developed by Harvard University and the Massachusetts Institute of Technology, edX (edx.org) strives to make higher education available to more people. Time commitments range from about 45 minutes for a single lecture to 2 to 3 hours a week for up to 12 weeks. Most courses are free.