CD Type Annuities

Should I get Term Life Insurance at a young age?

Editor — Sat, 04 Sep 2010 00:29:40 +0000

I am currently 30 years old and in excellent health but since I am getting ready to start a family, I want to be prepared for the future of my loved ones. After reading about different life insurance options, I am deciding to go with Term Life Insurance for 20 years.

Is it true that Term Life Insurance premiums don’t change throughout the life of the term? If so, shouldn’t I sign-up now while my annual payment will be low and locked in at this rate?

My employer offers a very small life insurance benefit that I am already a part of but I want more just in case.

While I am asking, are there any circumstances where a payout won’t be made if I were to die under a term life insurance plan? Is it guaranteed? What if I (God forbid) get Cancer or have a heart attack?

Thanks in advance!
Wow, what an amazing set of responses. Thank you!

To add to my details, I do work and make $60k annually. My wife just got laid-off so is temporarily unemployed.

What are my limits on contributing to all the retirement plans available to me combined?

Editor — Wed, 01 Sep 2010 19:36:38 +0000

I would like to contribute to an IRA, a 401k, a 403b, a SEP plan, a SIMPLE plan, and a Keogh plan, through multiple businesses and employments. So I would like to know what is the maximum contribution using the combination of all of these accounts that I can make per year and which accounts are additive. Thank you.

Has anyone taken and passed the Series 6 & 63 exam?

Editor — Wed, 01 Sep 2010 06:32:00 +0000

I am trying very hard to pass the Series 6 & 63 exam (given by the NASD) to become license to sell Variable Annuities. I have taken the Series 6 and did not pass it. Can anyone who is familiar with this exam or has taken the exam provide me with study tips or any websites, books, etc. that can better prepare me? Please help!

Does anyone think that the law for “tailgaiting”, driving too close to other vehicles, should be enforced?

Editor — Wed, 01 Sep 2010 00:43:29 +0000

If people would get a ticket for driving too close then they would not do it as much. There needs to be a set limit on distance at each speed. The benefits would be less accidents and more saved lives from those accidents. With less accidents then that would be less insurance claims and cheaper insurance for everyone. This is something that I feel strong about. You just don’t have enough time to react to braking and accidents when you are too close to other vehicles. Little at a time insurance would decrease and money would be saved. Every little bit helps in the fight to keep rates low.

Can someone answer this accounting problem for me?

Editor — Wed, 01 Sep 2010 00:43:28 +0000

In 2007, a fire completely destroyed a building belonging to ShowMart. The building cost $5 million and had accumulated depreciation of $2,400,000 at the time of the fire. ShowMart received a cash settlement from the insurance company and reported an extraordinary loss of $1,050,000. Compute for the cash received from the insurance company that will be reflected in the investing activities of the cash flows statement of the company.

At what percentage are funds from settlements taxed?

Editor — Mon, 30 Aug 2010 12:32:48 +0000

Herschel K, I can say with absolute authority that almost no one is more productive than I am. Please don’t use my question to vent about your pathetic issues.

How much Taxes will I pay on discrimination settlement?

Editor — Mon, 30 Aug 2010 09:31:37 +0000

I have a discrimination settlement coming up and it will be 300k for discrimination, wrongful termination and unequal wages. Does anyone know how taxes will come in to play on this?

can you answer this story problem? its really tough!!?

Editor — Mon, 30 Aug 2010 04:39:10 +0000

Maggie is setting up a payout annuity with her bank. She wants to receive $1700 per month for 25 years. How much must she deposit if her money earns 6.1% interest compounded monthly?

What do I write on the check for final payment in settlement of a debt?

Editor — Sun, 29 Aug 2010 04:31:41 +0000

I am working with a collection agency to settle a debt. I agreed to two payments. Before I send the final payment, what should I write on the check? “Paid in full,” “payment 2 of 2 for settlement of account 12345,” or is there some other legal statement that I can use to show the agreed upon amount was paid in full to settle the debt?

You’ve heard of “Conservative Joe”, but have you heard of Statist Joe?

Editor — Sun, 29 Aug 2010 04:31:39 +0000

By Gill Guillory

Joe gets up at 6:00am to prepare his morning coffee. He makes it with a machine he could not possibly have made himself. He does not know where it was made, or how it works, and may not care. He does not know the people that planted, cultivated, harvested, dried, roasted, packaged, freighted, warehoused, distributed, marketed, or retailed his coffee, and may not care. The company that insures the manufacturer of the coffee machine required that it meet certain safety guidelines, as established by the private insurance-company-funded Underwriters Laboratory. Joe has seen the UL mark, but is not really sure what it’s for or how it protects him. He doesn’t clearly understand why greedy businessmen might be interested in a safe product. All of this was made possible by libertarians who fought for and won the legal right to free trade.

He fills his pot full of good clean drinking water which he bought from Ozarka, because the local government monopoly of water supply bears the comforting designation of “accepted” and also tastes funny.

He thinks back to going to church on Sunday. He is happy to have a community where he can participate with other like-minded people in ceremony. This was made possible by the long struggle to disentangle church and state, and his church enjoys the absence of taxation. He wishes other aspects of his life could be so free.

He takes his daily medication with his first swallow of coffee, and then he takes a long drag on a cigarette. He bought his medication while on a trip to Mexico, where, thanks to less regulation and looser enforcement of IP laws, they were much cheaper. His medications are safe to take because he bought them from a reputable dealer. He can still afford cigarettes and can still legally purchase them, because of those who continue to fight for his rights, even if his exercise of those rights might harm him or his family.

Joe takes his morning shower reaching for his shampoo; it is fragranced with some sort of exotic flower and there are strange chemicals in it – god knows what – and he bought it, well, because he liked the picture of the kangaroo on the bottle. He luxuriates in his bourgeois moment in the shower, a luxury unavailable to even the most wealthy of only 200 years ago. He is able to have many of such seemingly simple luxuries because some greedy businessmen sought enormous profits in the only way they could: satisfying consumer demand.

Joe begins his work day; he has a good job with excellent pay, medicals benefits, retirement, paid holidays and vacation because the accumulation of capital over centuries has now brought the discounted marginal value product of a schmuck like Joe to unimaginable heights. Joe doesn’t know anything about economics because he doesn’t have to. He is no smarter than his forbears, and he works less. Nonetheless, because he participates in a world-embracing division of labor where his specialized work on a growing capital base is greatly valued, he is richer.

Joe’s employer pays these standards because if they don’t, his employer’s competitors will.

It’s noon time. Joe doesn’t need to make a Bank Deposit so he can pay some bills – he uses online banking and direct deposit. He has no idea how these systems work, or what a banking clearinghouse is, but he is able to use these services at the lowest cost practicable because banks compete for his business. Notwithstanding the massive interventions to the business of banking, such as the creation of central banking and the Federal Reserve system and the repudiation of the gold standard, he is able to weather the government-induced business cycles and inflation by investing in mutual funds, annuities, stocks, bonds, REITs, real estate, precious metals, and other investment vehicles. He is able to do this because of greedy entrepreneurs and libertarians who fought against usury laws.

The online banking leaves him free to take a moment to browse amazon.com for his favorite books, movies, and music.

Joe is home from work. He plans to visit his father this evening at his farm home in the country. He gets in his car for the drive to dad’s; his car is not among the safest in the world because he chose not to buy a Volvo. His brother has a Volvo, but he has a gas-guzzling muscle car. He has this choice because nationalization of the auto industry was prevented.

He arrives at his rural boyhood home. The house didn’t have any good programming choices until DirecTV offered an array of programming and high-speed Internet, too. His dad uses a VCR, which only became affordable to him after lots of rich people bought the early, expensive versions and the manufacturers improved the designs and cut costs. In fact, his dad has a cell phone, TiVo, refrigerator, microwave oven, and a CD player – all of which became affordable to him because they were first the toys of the super-rich, and the crackpot schemes financed by the wealthy ent
entrepreneurs willing and able to risk their money in such endeavors.

He is happy to see his dad who is now retired. His dad lives on a reverse mortgage – a recent market innovation. After his visit with dad he gets back in his car for the ride home. He turns on a radio talk show. The host keeps saying that libertarians are kooks and anarchists and thank God for continual market intervention and government protection. Government intervention and taxation improves and will continue to improve the standards of living of Americans. (He doesn’t tell Joe that his beloved Democrats/Republicans have fought to destroy every protection and benefit Joe enjoys throughout his day.)

Joe agrees, and puts his support behind protectionism, taxation, monopolies, interventionism, and war: these are obviously the things upon which civilization is built.
Sorry for accidentally cutting the ending off charlie.

Looking for help for an annuity question?

Editor — Sun, 29 Aug 2010 04:31:38 +0000

You would like to retire on an income of $5,000 (pre-tax) per month, and expect to live about 30 years after retirement. If you demand a required return of 10% and expect to receive daily compounding, what will your savings need to be when you retire?

Please explain your step process.

Would senior citizens buy Medicare, final expense, annuity or long term care insurance from an openly gay man?

Editor — Fri, 27 Aug 2010 13:33:17 +0000

It was at the the end of a day-long sales training program with a group when one of the business owners piped up, “What we need are some gay guys to sell our merchandise.” She was asked, “Why specifically gay men?”

She answered, “Because when we visited stores yesterday in the City, they were out and willing to tell anyone in a matter-of-fact way. They were personable, fun, you just wanted to buy from them.” I understood from her descriptions of several of these guys why she would want them to work for her.

Expressive gays tend to be extroverts who occasionally tend to make their private business public and sharing information without boundaries. The Expressive is the Grasshopper living for today. Recognized by customers for their uniqueness. Again, their enthusiasm and energy are the spark plugs for your team.

Their enthusiasm can make them feel a bit invincible at times; and can overwhelm Analyticals who want “just the facts.”

Expressive personalities have to process externally while Driver and Analytical personalities don’t. The downside to an Expressives’ natural inclination to show multiple possibilities might require the customer to bring them back to the product the customer is considering, not all of the other possibilities. Their natural enthusiasm can also inflate products’ benefits without devoting time to adequately explaining why.

But I can see how it could easily be confused. An Expressive guy comes out, has to deal with the social ramifications and decide he’s OK with it. Because of coming through that process, there is no baggage so he is free to let himself be open to meeting others. I am okay with me being me. But will the boss and the world be okay with the new me?

That all stems from the basic Expressive personality. In other words, what this owner identified was the personality type that happened to be gay; not a gay person. With me?

The Expressives I think are the most challenging of all the personalities. Their very energy is what keeps many from hiring them. Their creativity, individualism and self-assuredness can be threatening. And when you’re trying to teach them a rigid process your Analtyical employees can easily take to, this personality will constantly challenge why they have to do it “that way.” They will complain their creativity is being stifled – they feel like robots.

What we have to remember is the Expressive is the spark-plug to your crew. They are the one that adds color, excitement and fun.

Is that a gay thing? Or a sales thing?

Should you recruit gay men to sell your stuff? Do yo think business people wold buy6 products and services from a gay guy?

Do women tend to trust gay guys who are expressive? Yes?

You don’t need a lot of Expressives on your sales force but at least one keeps things interesting and fun for your crew and your customers.

My question is selling traditional dry and boring products like insurance, health,Long Term Care in the home. with my french nails, arched brows, sparkly personality do I you think it will work for me or that I am living in a fools paradise and will be received with a thundering thud.

I am not the same as I was a year ago ( In am open now, wasn’t then and there have been hormonal changes too) and I want to reenter the workplace as I am not as I was. What do you think, be nice but be honest. Work places tend to be conservative and traditional and some industries even more so. Help me please !!! LOL Really some thoughtful advice will be appreciated.
I am asking about myself, I am trying to decide what to do career wise. Thanks!

What are some reasons why someone would need permanent life insurance?

Editor — Fri, 27 Aug 2010 12:30:03 +0000

I dealt with over 150 clients in my career and haven’t found a single reason why someone would need permanent life insurance. All my clients have term insurance b/c I don’t see why anyone would need life insurance forever. I believe someone needs life insurance at the time when they need it most, which is when they have little savings and lots of debt to pay (such as a mortgage). While I protect the client’s income with term life insurance, I also help them save money for retirement by opening IRAs and/or variable annuities or tax-exempt mutual funds. For kid’s education, I use either a 529 Plan, Coverdell, or UGMA. For estate planning, I setup trust funds.

Find the value of an annuity math problem?

Editor — Fri, 27 Aug 2010 04:31:04 +0000

Find the value of an annuity in which $1,100 is deposited at the end of each year for 5 years, at an interest rate of 11.5% compounded annually.

What is a variable annuity and what are its advantages? It’s a $100,000.00 investment.?

Editor — Fri, 27 Aug 2010 00:31:40 +0000

Any disadvantages to having two (20 & 30 yr) term life insurance policies for half the amount each?

Editor — Thu, 26 Aug 2010 22:33:28 +0000

This is in place of one 30 yr term life policy for the entire amount. We have quotes that show a lower combined premium when we split the policies; by about $200 a year. Insurance is for 41 year old male, preferred plus category.

What is the best web site information on plans for retirement?

Editor — Thu, 26 Aug 2010 18:36:17 +0000

Mostly plans for what to do after retirement, including financial, travel, recreation, social and other life style plans.

What are the eligibility requirements for a self-directed IRA?

Editor — Wed, 25 Aug 2010 19:39:39 +0000

Can an 80-yr-old woman roll over her money from a 3% fixed annuity into a self-directed IRA?

Switching terms or conditions of life insurance?

Editor — Tue, 24 Aug 2010 02:34:38 +0000

Ok, so let’s say I take out a 20 year term life insurance policy then after 13 years I want to convert to whole life. If I’m currently at a 1a rating, do I have to go through medical exams again and risk having my rating changed? In other words, what happens if I have a heart attack between now and then and then want to change policies? Would they then rate me 4c or something and it end a relatively larger amount?

Which of the following types of annuities offers a potential hedge against the effects of inflation? (2)?

Editor — Mon, 23 Aug 2010 20:29:37 +0000

a. Deferred annuities

b. Period certain annuities

c. Variable annuities

d. Joint life annuities

If you win the lottery jackpot, how much do you actually walk away with?

Editor — Mon, 23 Aug 2010 04:32:26 +0000

The amount advertised is the amount you’d get over 26 annuity payments. How do they determine the lump sum also?

If the interest rate is negative, present value of an annuity due would be?

Editor — Sun, 22 Aug 2010 12:32:06 +0000

If the interest rate is positive, the the present value of an ordinary annuity will less than the present value of the annuity due.
What would happen opposite?

Henry is purchasing an annuity outside of an IRA. His premiums are? (16)?

Editor — Sun, 22 Aug 2010 00:29:49 +0000

a. fully deductible.

b. not deductible.

c. partially deductible, depending on his income level.

d. partially deductible, depending on his age.

Math Help (10 Points)?

Editor — Sat, 21 Aug 2010 20:33:19 +0000

Susan Miller is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive $1600 a month for 25 years. How much money must she deposit if her money earns 8% interest compounded monthly? (Round to nearest cent) Any help will be greatly appreciated.

How does renter’s insurance work?

Editor — Sat, 21 Aug 2010 06:34:18 +0000

This is a question about renter’s insurance. Is renter’s insurance cheap enough if you buy it by itself or is it best under an umbrella plan? I pay $58 a month through owner’s insurance for a car that is underneath an umbrella plan that my parents have along with 2 other cars and a home. However, I live with somebody who only has car insurance, but its through a different company. I sublease through the person and I don’t have my name on any of the bills. What would be the best and most effecient way of getting renter’s insurance for me and the person I live with? btw he is unemployed and maybe gets a few side jobs, when available, but pay is not great. However, I have the steady income. Also, how is rate determined? Is there a set rate for everybody? If you take pictures is coverage higher? If somebody lives in An apartment, if the car is in the parking lot right out side the apartment, and somebody breaks into the car and steals something, does that go under car insurance, or renter’s insurance? My friend and I are thinking of splitting public storage space. Do those places have insurance on each of their units, or does the rentee have to purchase their own?

Rear Ended – Minor Damage – Cash Settlement?

Editor — Sat, 21 Aug 2010 06:34:17 +0000

Ok, so I was rear ended and Ive already had the insurance adjuster look at the vehicle and determine that the entire rear bumper needs replacing even though it has very minor damage. They are estimating roughly 1000 for the job. I am wanting to put a body kit on the car so I would like the insurance company to just cut me a check for the damages and let me handle it myself as opposed to taking it into a shop and having them pay for a stock bumper. Is this possible?

For working, self-employed people with generally good incomes-Do you have retirement plans now? Please explain?

Editor — Fri, 20 Aug 2010 17:35:50 +0000

I’m doing my homework, and my teacher has asked us to ask people with good, stable jobs, who are self-employed, like a dentist, or an orthodontist, or something, if they have retirement plans now, and to please explain.
If you wish, please state your age (or approximate), and your occupation.

Do Workman’s Compensation checks have taxes taken out of them prior to receipt?

Editor — Thu, 19 Aug 2010 20:33:11 +0000

My son received a Workman’s Compensation Settlement check for a work injury. He never missed a days work, so continued receiving regular pay, but did have an injury that was permanent and received a check for it. Would the check have been presented minus the taxes on the settlement or does he still have taxes to pay on it.

60 year old disabled widowed. Need fixed income for rest of my life. Is Hartford variable annuity with ryder o?

Editor — Thu, 19 Aug 2010 08:32:40 +0000

variable acct . with insurance and 5% bonus every 5 years (no cap). Hold money for 7 years and with growth projected balance of 300 to 400 thou reasonable? Death benefit for estate. Am paid a monthly benefit based on my highest principal (this does not go down even if market drops.) for life.
Am being told on the above balances I would receive $1,400. a month for rest of life at least, could go higher depending on balance. Help! I am very confused and don’t know if I am making big mistake!

what is fixed annuities?

Editor — Wed, 18 Aug 2010 04:31:20 +0000