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Scott Reynolds
Scott Reynolds
May 27, 2010

critical_illness

Critical Illness insurance is a fairly new product in the history of insurance. The plans came about as a spinoff to the more common Cancer plans. The cancer plans typically pay a set amount of money for each treatment and type of treatment. There may also be a benefit for a hospital admission or stay due to cancer. The critical illness plans cover many more diseases then just cancer and in addition pay a much higher lump sum benefit. Typically the benefit trigger on a critical illness policy is just being diagnosed by a physician as having one of the covered diseases. On most policies that would include Cancer, Heart Attack, Stroke, Kidney Failure, Major Organ Transplant, and Paralysis. Some cover more diseases like Alzheimer’s, Blindness, Deafness, Burns and Loss of Speach. In addition critical illness policies often cover other things, but at a lower benefit like 25%. Cancer in Situ which is a cancer that has not spread, bypass surgery and even angioplasty.  Some policies will pay multiple times. So if you have a heart attack with a $50K policy you will get the $50K. Then if you continue to pay premiums and have a stroke you get another $50K. There is even one policy that pays 3 times. An example of premium is a 30 year old non smoker with a $50K policy costs about $23 per month.

So why does everyone need Critical Illness and what does this have to do with Money Power? Even though you may have health insurance, there will be some type of out of pocket expense that you will incur if diagnosed with one of these diseases. You may have to pay a deductible or copays or coinsurance. Not to mention you probably won’t be working for some time. Even if you have disability insurance there is often a waiting period where no benefits are payable and then they usually only cover 60%-70% of your salary. Critical Illness coverage can protect your money. By having critical illness insurance you can leave your savings in tact. You won’t be tempted to withdraw that 401K money because you have to pay your mortgage. Critical Illness is an insurance product that like all other insurance products, protects against risk. You never know if you will need it, but if you do you will be glad you made the purchase.


Derek Allen
Derek Allen
May 21, 2010

salad_dressings

I used to always grocery shop with a list. It helped me remember everything I needed at the grocery store. But I still found myself navigating almost every aisle of the grocery store. Except those 2 or 3 in the middle that are always empty, who uses those? By the time I ended up in the checkout line my cart looked like it belonged to a contestant in a shopping spree. It was chock full of stuff that I didn’t need. If you don’t believe me, open up your fridge and take a look at the inside door. How many different salad dressings do you have? Way more than you could ever possibly need. I was wasting valuable money on unplanned purchases. I finally decided to try something I have been putting off for a while: grocery shopping with a menu.

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Scott Reynolds
Scott Reynolds
May 19, 2010

senior-health-insurance-policy-736988

There are insurance companies that offer life insurance without the hassle. As you may know, when you complete an application for life insurance, the process can take months. First you have to go through the process of providing a blood and urine sample for inspection. This usually involves someone coming to your home to collect the samples. Then underwriting does their due diligence in checking your medical history. For most people, if they are approved it takes about two months to receive a policy.

Some companies offer products that you can apply for, go through underwriting, and receive a policy within a week. They have a streamlined underwriting process, without the blood and urine samples. They check your medical history with the MIB. No, it’s not Men In Black. It’s the Medical Information Bureau. They will also check your MVR or moving violations report and your prescriptions records. That’s it. Once they review your history they will issue a policy. You don’t have to go through the inconvenience of giving samples and waiting for a month or two.


Scott Reynolds
Scott Reynolds
May 13, 2010

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There’s more than one way to create Money Power for yourself. Money Power is the difference between your income and your expenses. Creating more income for yourself automatically increases your Money Power. Here are a few ways one can earn extra money. One way to actually earn income is to join a direct selling company. It’s one of the easiest ways to earn extra money, especially if it’s a product you’re interested in. Avon is one of the best examples of how you can start your own business for $10 with unlimited income potential. Some full time Avon representatives earn six figure incomes. They are the exception to the rule, but any extra income is worth the effort. Another way to earn income is to start your own business. Even if it’s only part time, at night, or only on weekends. There is an example of a man that started giving guitar lessons in his home. He now has 2 clients and earns $240 extra per month. Every little bit of extra income helps and who knows, it may grow into a full time career.


Scott Reynolds
Scott Reynolds
May 05, 2010

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It seems lately that everywhere you turn someone is encouraging you to get rid of your car or appliances in exchange for a newer, more fuel efficient or energy saving model. Even with the government rebates, there is still an argument to be made for keeping a clunker though. First of all if your car or appliance is paid in full, you would then be looking at paying cash outright, or financing your purchase with interest when you were already in a good position financially by not having a payment. You may need to divert funds that could already be allocated to other bills or to savings. There are also other factors to consider such as depreciation of a new vehicle, insurance rates, and manufacturing costs.

I’ve read that 25% of a cars carbon dioxide emissions come from the manufacturing process. Since your used car has already gone through the manufacturing phase, it produces no additional environmental demand. Even though it may get less gas mileage, driving it responsibly arguably produces less pollution than purchasing new.


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