Giid information. I always need to be reminded to look at things from the other person’s point of view. http://lnkd.in/NckYii

The Leadership Solution: July 1, 2010 – http://eepurl.com/FQ7R

June 23, 2010 — The Michigan Department of Transportation (MDOT) is holding a series of 10 meetings to encourage public comment on future road and bridge projects in rural areas of Michigan. MDOT has scheduled meetings from Escanaba to Adrian from July 13 to July 22 regarding MDOT\’s reduced draft State Transportation Improvement Program (STIP). The meetings will provide residents of rural communities with an opportunity to discuss a preliminary list of projects for the 2011-2014 fiscal years with local MDOT planners and engineers. A list of the projects is available online.

 MDOT is working with state and local transportation agencies to advance a reduced STIP. Faced with a shortfall in state gas tax and vehicle registration revenues used to match available federal funding in 2011, MDOT is submitting two programs for review. MDOT is currently proposing a constrained $600 million-a-year program. Should $84 million in state revenues become available to match federal aid, this program would expand to a $1.25 billion per year. MDOT has released a list of reduced programs and a list of additional projects that the state will pursue if funding becomes available. Both lists have been posted to the STIP page on the MDOT Web site.

 ”The transportation funding crisis affects every area of the state in communities large and small. This particular series of meetings is designed to ensure that the voices of citizens in non-metropolitan areas are heard, so we encourage interested residents to participate,” said State Transportation Director Kirk T. Steudle.

 The meeting dates and locations are as follows.  All meetings are from 4-7 p.m.

Kincheloe – July 13
Kinross Township Hall, 4884 W. Curtis St.
Assistance by: Eastern Upper Peninsula Regional Planning Commission

Traverse City – July 13
NWCOG Conference Room, Michigan Works Office, 1209 S. Garfield Ave.
Assistance by: Northwest Michigan Council of Governments

Kalamazoo – July 13
MDOT Region Conference Room, 1501 E. Kilgore Road
Assistance by: Southwestern Michigan Commission
Southcentral Michigan Planning Council

Saginaw – July 14
MDOT Bay Region Office Conference Room, 55 E. Morley Dr.
Assistance by: East Central Michigan Planning and Development Regional Commission;
GLS Region V Planning and Development Commission

Escanaba – July 14
Room 961, Heirman Center, Bay College
Assistance by: Central Upper Peninsula Planning and Development Regional Commission

Gaylord – July 14
MDOT North Region Conference Room, 1088 M-32 East
Assistance by: Northeast Michigan Council of Governments

Greenville – July 15
M-Tech Center, 1325 Yellow Jacket Dr.
Assistance by: West Michigan Shoreline Regional Development Commission;
 West Michigan Regional Planning Commission

Bruce Crossing – July 15
Tulppo\’s Restaurant, 14967 State Highway M-28
Assistance by: Western Upper Peninsula Planning and Development Regional Commission

Adrian – July 20
Adrian City Commission Chambers, 159 E. Maumee St.
Assistance by: Region 2 Planning Commission

Corunna – July 22
Conference Room, Shiawassee County Road Commission, 701 W. Corunna Ave.
Assistance by: GLS Region V Planning and Development Commission

For more information about these meetings and to request accommodations, call Bob Parsons at 517-373-9534. With advance notice of seven days, MDOT can make most of the materials for this hearing available in alternative formats such as large print or audiotape, and can make accommodations for sign language interpretation and/or assisted listening devices.

###

MDOT says: Construction work zones need your undivided attention.

www.stevebedgoodagency.com

Welcome to Good Company, a publication of the Farm Bureau Family of Companies! Read the stories that interest you; forward the ones that others might enjoy; and send us your ideas for future stories! Our new e-mail address is goodcomp@fbinsmi.com! If you see “Read More” at the end of the paragraph, click through for the rest of the story!
– Janice Child

Good Company

Showing how we care …. by Vic Verchereau, FLMI, LLIF, Vice President of Marketing and Don Simon, CPCU, ARe, Associate Vice President of Claims

Question: When are you most concerned about your insurance and the quality of the company that provides that insurance?

Read More >>

A bird’s-eye-view

Jeff Jackson sent in some photos of two farms that he has insured in Onsted that got hit by the tornado early on Sunday, June 6. The farm with the red barns is owned by one of the sons of the couple who lives on the other farm. The farms are one mile apart. The pictures were taken on Tuesday afternoon, about 24 hours after the clean-up began. As you will see when you click through, the red hip roof barn moved eight feet off its foundation. “Even with all the destruction, no one was hurt,” Jeff said. “I would much rather be helping with the clean up than sending flowers to the funeral home.” Click here to see some of the photos.

A Gesture of Good Will by Charles Walker, Manager, Material Distribution Services

In the pre-dawn hours of June 6th, a tornado was about to change the community of Dundee and other cities across Michigan. Farm Bureau Insurance has faced many catastrophic events and has weathered the storm every time.

Read More >>

News

Government Streamlining Updates (Reprinted from the June, 2010, issue of County Lines, a publication for County Farm Bureau Staff

Looking for additional information on Farm Bureau’s initiative on streamlining Michigan’s government? Here are places to go for additional information:

Read More >>

Educational Achievement

First Class to graduate from SERVE Leadership Program Mary Ziegler, Corporate Training Specialist

On June 18, 2010, Michigan Farm Bureau Family of Companies will honor the first group of graduates from the SERVE Leadership Program. The program is 33 weeks long and consists of seven modules which participants complete over a two to three year period. The word, SERVE stands for the five core modules of the program: Serve, Envision, Rejuvenate, Value, and Empower. Each module covers a different aspect of leadership. There is also an Introduction and a Final Module called, “Live it.” The graduates will make a presentation to their managers about how they have applied learning from the program and a future three-month goal they will achieve using tools learned in the program.

Read More >>

Congratulations to…

Dennis Greenman (Central Regional Partnership) has been awarded the Life Underwriter Training Council Fellow (LUTCF) designation conferred jointly by The American College and NAIFA

News from HRD

Welcome and Congratulations

Let’s welcome some new faces: Rachel Hettinger, Home office temp pool Sarah Hawkins, Agent Office Temp POol And congratulate some folks who have been given new challenges: Kathleen Legowsky, Inside Property Claim Representative Trainee Drew Wilkerson, Senior Claims Representative

Cool News!

The Dapperist Dad in Town

On Thursday, June 10, we set up a makeshift studio in the Executive Dining Room where you could pay for the privilege of having your photo taken with “Stand-Up Jim,” a full-sized photographic representation of Jim Robinson, Executive Vice President of Farm Bureau Insurance. The proceeds benefitted the Sparrow Foundation’s campaign to support women’s health initiatives. The Foundation exceeded expectations and raised $36,000 to purchase a piece of equipment to help treat stage-one breast cancer patients. Click through to see some of the photos taken with “Stand-up Jim.”

FBList

For Sale — GMC Sierra SLE 4×4 Extended Cab

It’s a beaut! 39,000 miles, white, power windows and locks, dark gray cloth interior, tow-haul, trailer-hitch, push button 4×4. Mint Condition. Well maintained with one owner. Contact 517-202-3673

Read More >>

On Thursday, July 22 — Visit the Farmers’ Market on the Capitol Lawn!

The Michigan Food & Farming Systems (MIFFS), in partnership with the Michigan Department of Agriculture (MDA) and the Michigan Farmers Market Association (MIFMA), will host the fourth annual Farmers Market on the Capitol Lawn on Thursday, July 22 from 10 am to 3 pm. This special farmers market will be on the east lawn of the Capitol building.The 2010 “Farmers Markets at the Capitol” plans to feature roughly 50 farmers and vendors selling their Michigan-grown and processed goods. And, as an added bonus, the market will also accept Bridge Cards and Project FRESH for the first time, ensuring that all Michigan residents have access to the fresh, local fruits, vegetables, meats and baked goods that the markets have to offer.

Recipe deadline is approaching ….

Don’t deprive your fellow Farm Bureau employees of your favorite recipes. There is still time to submit them for the new Farm Bureau Family cookbook, called “Good Eats from a Good Company.”

Read More >>

Interesting Bits and Pieces

NOAA Predicts Above Average Storm Season National Underwriter Company Mark E. Ruquet

With hurricane season set to begin June 1, the nation’s weather service predicted an above average season, with an increasing likelihood of a major storm reaching the shores of the United States.

Read More >>

Michigan Food for Thought

Did you know….

Do you know which Michigan City is home to the world’s largest cement plant? According to a message from agent Gino Conedara, the answer is…

Read More >> www.stevebedgoodagency.com

I used to work for a company that promoted this philosophy. I worked there for 12 years. I enjoyed my time there and helped a lot of people.

I left there about 8 years ago. I now have my own agency with Farm Bureau Insurance of Michigan.

Recently I was in one of my client’s homes and discovered they have a policy from my old company.  I’ve seen a lot of those policies over the years.

Unfortunately,  I’ve seen a lot of people who have Bought Term and Blew the Difference.

Many people will start with an analysis of their financial needs, then they put a plan in place to get out of debt, save money for future goals and put some temporary (Term ) life insurance in place to protect their family until their goals are reached.

Now let’s “fast forward” ten years. The money they were going to save got spent on something and they’ve re-financed back into another 30 year loan because they put the plan in a desk drawer and haven’t pulled it out in many years.

So their term insurance is only going to stay at the low premium for ten more years and the client has no savings, they’re ten years older and have 30 years to pay on their home.

I’ve seen quite a few situations similar to this. Where do you start to correct this? You’ve got to start at the life insurance! Why? It’s the one element of the equation for which you could find yourself no longer qualified.

You could accelerate your loan, save money, make a new plan but the life insurance is not automatic. If the amount of life insurance you now have no longer will last as long as your loans or the face amount is no longer adequate, get started on making changes today.

I can be reached at 1-888-365-7553 or you can check out my website at www.SteveBedgoodAgency.com

Most people have no idea what the price tag will be when they begin to shop around for car insurance. Sometimes you’ll be pleasantly surprised with the amount asked by insurers, but then there are other premiums you’ll find shocking.

Because there is no set price for every driver, what a person will pay to cover themselves and their car will vary from person to person because insurers have a formula that they use  based on the drivers driving record and the vehicles to be insured; since everybody’s situation is unique, the cost of a policy can vary substantially with each company.

When looking to see how much car insurance does cost it is important to understand what an insurer is analyzing to determine premiums. Probably the biggest factor used to calculate a premium is your driving record; this is a big indication of your driving habits and your likelihood to be involved in a loss and ultimately cost the company money . Therefore, if you have a history of tickets and accidents you will probably  pay more in premiums than those that do not because you are viewed as a higher risk to insure due to your previous incidents.

Other Factors that Affect the Cost of Insurance

Aside from your record there are many additional factors that will reflect what you will pay for your car insurance. For instance, age plays a big part because the ages of people are broken down into groups and each group has a certain level of risk associated with them. If you are under the age 25 you are considered to be a  “younger motorist” and will likely pay more for coverage than mature driver This is especially true for teenagers; statistics show that motorists between the ages of 16 and 19 are four times more likely to be involved in a traffic accident than older drivers and 16 year olds are three times more at risk than 18 and 19 year olds.

In addition, another factor that may play a part in the cost of a premium is gender which statistically show males more involved in collisions than females; mainly because they can be aggressive behind the wheel.

Where you live can also affect rates due to the fact that if you live in an area where there are a lot of vehicles occupying the roadways, the chances of an accident increases; place of residence can also raise premiums if there are high crime rates. The automobile to be insured will also determine a rate; the main reason is because if a vehicle is more expensive to repair or replace it will cost more to insure.

Another factor that many states allow insurers to use to calculate your prices and in some cases even deny you coverage is a your credit score. Companies believe that a person’s habits when it comes to paying bills on time have a direct correlation with the chances of them being involved in an accident and have even gone so far as to have done research to support this belief. Not all states allow for this, but if you live in a state that does you should ask how it is allowed to be used. I’ll explain this when we get together or possibly in another blog posting.

You can reach me at www.SteveBedgoodAgency.com or if you need help in Michigan you can call me at 1-888-365-7553.

Life insurance protects your loved ones financial future. It provides the resources your family or business may need to pay immediate and continuing expenses when you die.

There are different types of life insurance and choosing a policy is an important decision. You should begin by getting a referral to a life insurance specialist. With a decision as important as protecting your family, why leave it to an amateur? Next, you and your agent should begin evaluating the ongoing and future financial needs of those who depend on you. Then become familiar with the various policies available and how they work. You’ll be in a better position to make a selection best suited to your financial needs and those of your family.

The American Council of Life Insurers (ACLI) has prepared this guide to help you understand the types of life insurance available and what questions to ask when you’re buying life insurance.

GETTING STARTED

As you prepare to buy a life insurance policy, evaluate your ongoing and future financial needs and review the products. To begin, ask yourself some basic questions:

Why do I need to buy life insurance?

If someone depends on you financially, the likelihood is that you need life insurance.

Life insurance provides cash to your family after you die. The money your beneficiary receives (the death benefit) can be an important financial resource. It can help cover daily living expenses, pay the mortgage and other outstanding loans, fund tuition, and ensure that your family is not burdened with debt. Having a life insurance policy could mean your spouse or children wouldn’t have to sell assets to pay bills or taxes. Another advantage is that beneficiaries won’t have to pay federal income taxes on the money they receive.

How much life insurance do I need?

Everyone’s needs are different. A life insurance agent or financial adviser can help you determine what level of protection is right for you and your family based on your financial responsibilities and sources of income. There are online calculators that also can help you; however, sitting down with an insurance professional to review your financial needs can give you a more personalized view of your needs.

Beneficiaries won’t have to pay federal income taxes on the money they receive from a life insurance policy.

In general, deciding how much life insurance you need means deducting the total income that would be lost upon your death from the total sum of your family’s ongoing financial needs. Consider ongoing expenses (day care, tuition, mortgage, or retirement) and immediate expenses (medical bills, burial costs, and estate taxes). Your family also may need money to pay for a move or the costs of looking for a job.

While there is no substitute for evaluating needs based on your own financial information, some experts suggest that if you own a life insurance policy it should pay a benefit equal to seven to 10 times your annual income. Your need could be higher or lower depending on your situation.

TYPES OF LIFE INSURANCE

What are the different types of insurance?

There are two basic types of life insurance: permanent and term. Permanent insurance pays your beneficiary whenever you may die; term insurance pays your beneficiary if you die during a specific period of time.

What is permanent insurance?

Permanent (cash value) insurance provides lifelong protection as long as premiums are paid. It may build up cash value over time and the cash value grows tax deferred. With all permanent policies, the cash value is different from the face amount. Cash value is the amount available if you surrender (cancel) your policy before death. The face amount is the money that will be paid to your beneficiary if you die. Your beneficiary does not receive the cash value of your policy.

Cash value takes time to grow. But after you’ve held the policy for several years, its cash value can offer you several options:

* You can borrow from the insurer using your cash value as collateral. You can get the loan even if you don’t have a good credit history. If you don’t repay the loan (including interest), it will reduce the amount paid to your beneficiaries after your death.
* You can use the cash value to pay your premiums or to buy more coverage.
* You can exchange the policy by using the cash value for an annuity that will provide income for life or a specified period.
* You can cancel (surrender) the policy and receive the cash value in a lump sum. You would pay taxes on the value that exceeds what you’ve paid in premiums.

Basic types of cash value insurance

* Whole life (ordinary life) is the most traditional type of cash value insurance. Generally premiums and death benefits stay the same over the life of the policy. The policy’s cash value grows at a fixed rate.
* Variable life With a variable life policy you can choose among a variety of investments offering different risks and rewards—stocks, bonds, combination accounts, or options that guarantee principal and interest. Death benefits and cash value will vary depending on the performance of the investments you select. By law, you’ll be given a prospectus for variable life insurance. This prospectus will include financial statements and outline investment objectives, operating expenses, and risks. The cash value of a variable life policy is not guaranteed. If the market doesn’t perform well, the cash value and death benefit may decrease, although some policies guarantee that the death benefit won’t fall below a certain level.
* Universal life gives you flexibility in setting premium payments and the death benefit. Changes must be made within certain guidelines set by the policy; to increase a death benefit, the insurer usually requires evidence of continued good health. A universal life policy can have a variable component.

The money your beneficiary receives can help cover expenses and ensure that your family is not burdened with debt.

What is term insurance?

Term insurance provides protection for a defined period of time—from one to 10, 20, or even 30 years—and pays benefits only if you die during that period. Term insurance is often used to cover financial obligations that will disappear over time, such as tuition or mortgage payments. Premiums for term insurance either can be fixed for the length of the term or can increase at a point specified in the policy. They also can be less expensive than for a cash value policy.

Term policies can include a return of premium benefit that will refund all or some of the premiums paid at the end of a term if no death benefit was paid. Term policies with this feature are more expensive than those without.

Some term policies can be renewed at the end of a term. However, premium rates will usually increase upon renewal. Many policies require evidence of insurability to qualify for renewal at the lowest rates. At the end of a term, you also may be able to convert the policy to a cash value policy. Term policies don’t usually build up a cash value, but policies with a return of premium benefit will have a small cash value.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF EACH TYPE OF INSURANCE?

Cash Value Insurance

Advantages

* Lifelong protection as long as the premiums are paid.
* Premium costs can be fixed or flexible to meet individual financial needs.
* A policy accumulates a cash value, which can be borrowed against, surrendered for cash, or converted to an annuity. The cash value also can be used to pay premiums or to buy more coverage.

Disadvantages

* Cash value insurance is designed to be kept for the long term.
* Canceling a cash value policy after only a few years can be expensive. For the short term, term insurance may prove a better value.

Term Insurance

Advantages

* A policy can cover financial obligations that will disappear over time, such as a mortgage or college expenses.
* When you’re young, premiums are generally lower than those for cash value insurance.

Disadvantages

* Provides protection for a specific period of time, not for life.
* Premiums increase as you grow older and your health status changes.
* Policies don’t usually build up a cash value.

The agent should be able and willing to explain the different kinds of policies and other insurance-related matters.

HOW TO PURCHASE: CHOOSING A COMPANY OR AGENT

You can buy life insurance at an insurance agency, brokerage firm, bank, or directly from a life insurance company on the Internet, over the phone, or by mail. Most companies have Web sites describing their products and services and some will direct you to a local agent.

How do I choose a company?

Contact your state insurance department for a list of companies licensed in your state, then:

* Ask friends and relatives for recommendations based on their own experiences.
* Talk to an insurance agent or broker.
* Conduct an Internet search.
* Research companies at a public library.

Generally speaking, life insurers are in excellent financial health. They’re required by law to maintain reserves to guarantee that they can meet obligations to their policyholders. However, you should still verify a company’s financial strength.

You can check any company’s financial condition by looking at its rating. Rating agencies, including A.M. Best Company, Fitch Ratings, Moody’s Investor Services, Standard and Poor’s Insurance Rating Service, and Weiss Ratings, assess the financial strength of companies. Rating information is available online or in publications usually found in the business section of your public library.

How do I choose an agent?

Collect the names of several agents through recommendations from friends, family, and other sources. Find out if an agent is licensed in your state by checking with your state’s insurance department. Agents who sell variable products also must be registered with the Financial Institutions Regulatory Authority, FINRA (formerly the National Association of Securities Dealers), and have an additional state license to sell variable contracts.

Ask what company or companies the agent represents and check his or her professional credentials. Agents often belong to professional associations that offer continuing education and grant professional credentials. The National Association of Insurance and Financial Advisers offers local educational seminars for agents. The Society of Financial Service Professionals and the Financial Planning Association offer similar training for financial planners. Agents may earn such professional designations as Chartered Life Underwriter (CLU) and Life Underwriter Training Council Fellow (LUTCF). Agents who also are financial planners may carry such credentials as Chartered Financial Consultant (ChFC), Certified Financial Planner (CFP), or Personal Financial Specialist (CPA–PFS).

WORKING WITH AN AGENT

What should an agent do for me?

The agent should be able and willing to explain the different kinds of policies and other insurance-related matters. You should feel satisfied that the agent is listening to you and looking for ways to find the right type of insurance at an affordable price. After a purchase, your agent also should review your life insurance needs from time to time and as your circumstances change as well as help in the claims process. If you’re not comfortable with the agent, or you aren’t convinced he or she is providing the service you want, interview another agent.

What should I expect during my meeting with an agent?

An agent will begin by discussing your financial needs. You should have basic personal financial information available—along with a general idea of your goals— before you meet or talk with an agent. He or she will ask questions about your family income, other financial resources you might have, and any debts. With the information you provide, the agent will be better able to assess your needs.

What types of questions will I be asked?

In addition to questions about finances, be prepared to answer questions about your age, medical condition, family medical history, personal habits, occupation, and recreational activities.

Always answer questions truthfully; a company will use this information to evaluate your risk and set a premium for your coverage. For instance, you’ll pay a lower premium if you don’t smoke; on the other hand, if you have a chronic illness, you can expect a higher premium. When it’s time to submit a claim, accurate and truthful answers will enable your beneficiary to receive prompt and full payment.

When you apply for life insurance, you may be asked to take a medical exam. In many instances, a licensed health care professional hired and paid for by the life insurance company will make a personal visit to your home to conduct the exam.

EXAMINING A POLICY

How do I know if a life insurance policy is right for me?

Read the policy carefully to make sure it meets your personal goals. Because your policy is a legal document, it’s important that you understand exactly what it provides. Ask for a point-by-point explanation for anything that is unclear and make sure the agent explains items you don’t understand.

If your agent recommends a cash value policy, ask:

* Are the premiums within my budget?
* Can I commit to these premiums over the long term?

Cash value insurance provides protection for your entire life. Canceling a cash value policy after only a few years can be a costly way to get short-term insurance protection. If you don’t plan to keep the policy for the long-term, consider another kind of coverage such as term insurance.

If you’re considering a term policy, ask:

* How long can I keep this policy? If I want to renew it for a specific number of years, or until a certain age, what are the renewal terms?
* Will my premiums increase? If so, will increases start annually or after five or 10 years?
* Can I convert to a cash value policy? Will I need a medical exam if and when I convert?
* If it has a return of premium benefit, ask: What would the policy cost without this benefit? Will all of the premiums be refunded?

Is a policy illustration a legal document, like a contract?

A policy illustration is not part of the life insurance policy and is not a legal document. Legal obligations are spelled out in the policy contract. A policy illustration, however, can help you understand how a policy works.

What is in a policy illustration?

A policy illustration shows financial projections for each year you own the policy—including, but not limited to, premium amounts owed, cash values, and death benefits. For a term policy, the projections extend to the end of the term. With a cash value policy, projections extend past your 100th birthday.

Your actual costs and benefits could be higher or lower than those in the illustration because they depend on the future financial results of the insurance company. However, when figures are guaranteed, the insurance company will honor them regardless of its financial success. Ask your agent which figures are guaranteed and which are not.

A policy illustration can be complicated. Your agent or financial adviser can explain information you don’t understand.

What should I look for in a policy illustration?

Study the policy illustration to answer the following:

* Is my classification (i.e., smoker/nonsmoker, male/ female) correct?
* When are premiums due—monthly, annually, or according to some other schedule?
* What amounts are guaranteed and which are not?
* Does the policy have a guaranteed death benefit or could the death benefit change depending on interest rates or other factors?
* Does the policy offer dividends or interest credits that could increase my cash value and death benefit or reduce my premium?
* Will my premiums always be the same? Could premiums increase if future interest rates or investment returns are lower than the illustration assumes?
* If the illustration shows that I won’t have to make premium payments after a certain period of time, is there any chance I would have to start making payments again at any time in the future?

An accelerated benefits rider lets you, under some conditions, receive the death benefits of your life insurance policy before you die.

FREQUENTLY ASKED QUESTIONS

What happens if I miss a payment?

If you miss a premium payment, you usually have a 30- or 31-day grace period in which to make your payment without consequences. If you die within the grace period, your beneficiary will receive the death benefit minus the overdue premium. However, the policy will lapse (terminate) if you don’t make your payment by the end of the grace period. If you own a cash value policy, your company—with your authorization—can draw from your policy’s cash value to pay the premium. This method of keeping your policy active can work only as long as your cash value lasts.

Do I have any recourse if my policy lapses?

Some life insurance contracts let you reinstate a lapsed policy within a certain time frame. However, you must prove you are insurable, pay all overdue premiums (plus interest), and pay off any outstanding policy loans.

In addition to the death benefit, are there other features I should be aware of when considering a life insurance policy?

Many policies offer purchase options or riders. Some riders let you to buy more insurance without taking a medical exam; others waive premiums if you become disabled. Some companies offer accelerated benefits, also known as living benefits. An accelerated benefits rider lets you, under some conditions, receive the death benefits of your life insurance policy before you die. Such conditions may include terminal or catastrophic illness, confinement to a nursing home, or need of other long term care services. Some policies offer an accidental death benefit that pays an additional amount if death occurs as a result of an accident.

When will my policy take effect?

If you decide to buy a policy, find out when the insurance becomes effective. That date may be different from the date the policy is issued.

How is life insurance taxed?

Your beneficiaries won’t pay income taxes on death benefits. If you own a cash value policy, you won’t pay income taxes on the cash value unless you cancel the policy and withdraw the money. Then you’ll pay taxes on the amount that exceeds what you’ve paid in premiums.

TIPS ON BUYING LIFE INSURANCE

Make sure that you fully understand any policy you’re considering and that you’re comfortable with the company, agent, and product. Most states require insurers to provide a buyer’s guide to explain life insurance terms, benefits, and costs. Ask your agent for a copy of your company’s guide and follow the tips below:

* Ask for outlines of coverage so you can compare the features of several policies.
* Check with your state insurance department to make sure the company and agent are licensed in your state.
* Look for a company that is reputable and financially strong. A number of insurance rating services rate the financial strength of companies. You can get such information from your agent, public or business libraries, or on the Internet. Rating agencies include A.M. Best Company, Fitch Ratings, Moody’s Investor Services, Standard and Poor’s Insurance Rating Service, and Weiss Ratings.
* Beware of offers for “free” life insurance. Investors may approach some seniors to offer them money to buy life insurance and then sell the policy to the investors. The investors expect to profit by receiving the death benefit when the senior dies. Often called stranger-originated life insurance, legislators and regulators are concerned about these transactions because they violate public policies against wagering on human life. Also, there may be hidden pitfalls, such as unexpected taxes, fees, and loss of privacy.
* Always answer questions on your life insurance application truthfully.
* Be sure your application has been filled out accurately. Promptly notify your agent or company of errors or missing information.
* When you buy a policy, make your check payable to the insurance company, not the agent. Be sure to get a receipt.
* Contact the company or agent if you don’t get your policy within 60 days.
* After you’ve bought an insurance policy, you may have a “free-look” period—usually 10 days after you receive the policy—when you can change your mind. During that period, read your policy carefully. If you decide not to keep it, the company will cancel the policy and give you an appropriate refund. Information about the free look period is in your contract.
* Always check the date the insurance becomes effective.
* Keep your life insurance policy with your other financial records or legal papers, or anywhere your survivors are likely to look for it. However, don’t keep your policy in your safe deposit box. In most states, boxes are sealed temporarily on the death of the owner, delaying a settlement when funds may be needed most.
* Contact your original company, agent, or financial adviser before canceling your current policy to buy a new one. If your health has declined, you may no longer be insurable at affordable rates. If you replace one cash value policy with another, the cash value of the new policy may be relatively small for several years.
* If you have a complaint about your insurance agent or company, contact the customer service division of your insurance company. If you’re still dissatisfied, contact your state insurance department. A state insurance department directory is available on www.acli.com.
* Review your policy periodically or when a major event occurs in your life—such as a birth, divorce, remarriage, or retirement—to be sure your coverage is adequate and your beneficiaries are correctly named.

Circular 230 disclosure: This document was not intended or written to be used, and cannot be used, to: (1) avoid tax penalties, or (2) promote, market or recommend any tax plan or arrangement.

© 2007
AMERICAN COUNCIL OF LIFE INSURERS
101 Constitution Avenue, NW, Suite 700
Washington, DC 20001–2133
www.acli.com

Just about every state in the country requires you to have compensation in place for property damage that you may cause with your vehicle and either bodily injury liability for injuries caused to others and/or Personal Injury Protection (PIP) to pay for an injury suffered by the policyholder regardless of who is at fault. States will enforce these laws which are known as the Financial Responsibility and No Fault laws. Although there are a few different ways to satisfy these laws such as making a cash deposit with the state or obtaining a surety bond for a specified amount, most drivers choose to purchase auto insurance and maintain coverage through an insurer.

Although not all states require it, it may be a good idea to always carry proof of car insurance at all times while operating an automobile. If you are involved in a traffic accident you will need to swap policy information following the incident so having the documentation readily available can make it a whole lot easier and faster to go through the claims process. In many states it will asked for by a law enforcement officer upon arrival at the scene of the collision and in many cases not having proper proof will give the officer the impression that you do not have coverage which may result in a fine and a “need to appear” in court with the documentation necessary; both of which can be avoided by simply carrying that piece of paper.

Additional Information about Proof of Auto Insurance

When you purchase an automobile policy, the agent or his representative  should provide you a temporary proof of insurance as soon as the transaction is complete and the finalized documentation should be mailed to your residence. On the identification cards most states require that particular information is stated on the documentation; in most cases states require that the cards show the name of the insurer, a policy number, the effective date and expiration date of the coverage, your name, a description of the year, make and model of vehicles including the “VIN”. It is the responsibility of the policyholder to ensure that all information is correct.

You should make yourself aware of whether or not you are required by law to have proof on you at all times while driving because fines can get quite expensive and become a hassle if you are caught without the proper documentation (even if the state does not require identification cards to be carried it is probably a good idea to do so anyway.) States which require you to have policies you at all times will allow law enforcement officer to ask for identification cards at routine traffic stops and if unable to furnish the driver can be cited. According to the Washington State Department of Licensing those who are caught operating an automobile without coverage can be given a fine of at least $450 which can be close to the amount it would cost to purchase a policy. It would be wiser to always have the documentation ready and never risk driving uninsured.

Feel free to call me at 1-888-365-7553 or start by checking www.muskegonautoinsurance.net

Recently I had to deal with something I hope none of you have to ever experience.

My grandson, Dane Grant, was found dead on his friends floor. He was 24 years old.

Dane had lived with his grandmother and I for about three years when he was between the ages of 11 to 14 so he had a special place in our hearts as you can imagine.

I’ve been selling insurance for over 20 years. Unfortunately, Dane had started his family before he got serious about protecting them.

Dane had two boys. The oldest son is 4 and the youngest is just two years old.

If you’ve ever had a benefit, you know they don’t bring in much. This is especially true if you don’t have much money and you hang around other people who don’t have much. They’ll do what  they can.

The people at Bridgeton Baptist Church really stepped up to the plate for his memorial.

I could go on and on about the number of people who loved him and who he loved. They aren’t going to be able to support his family financially though.

If you’ve been reading this blog for any time, you know where this is going.

As an insurance agent, I can’t make someone buy Life Insurance, not even my grandson.

What a shame.

If you love your family, protect them. Put a little money where your mouth is. With life, it’s not a matter of if something happens, it’s when. We all will die.

My grandson could have a $250,000 policy for as little as $24.00 per month. It would have been a bit more if he’d he’d smoked but still.. Compare it to what those boys will have now.

This article may be a bit stronger than some. I realize that I’ve just experienced something traumatic but that doesn’t change the fact that we need to protect our own families. Before we buy our next car and start making payments on it and then say “I can’t afford it.” Realize that is normally our own selfish nature that makes us make bad choices.

Buy a used car and a Life Insurance policy. Be a hero. Be a true champion of your family. You don’t really want to leave their future up to the government, do you?

If you live in my area, I’d be glad to help you. If live far away, or nearby with an agent you trust, go see him or her and get this done.

You can contact me at 1-888-365-7553 or at steve.bedgood@fbinsmi.com.

The lowest mortgage rates in more than three decades have fueled America’s appetite for home buying and refinancing, driving new home sales to a record level . Buying a home can be an intimidating process. As a first-time homeowners you may feel overwhelmed by the number of decisions you are faced with, including choosing the right insurance coverage to protect their property. Take the time to find out what you need to know to protect one of your most important assets.

A home is often a person’s largest asset and protecting it properly can be complicated. The unexpected can threaten your home or possessions and compromise you financially, making homeowners insurance an important consideration.

Farm Bureau Insurance developed the following guidelines to ease the process of choosing the right insurance for new homebuyers.

As a first-time homebuyer you may not realize that homeowners insurance covers more than just the structure of a house. It also protects the homeowner and generally anyone named on the policy, including a spouse, resident, household employee, guest or visitor. Most policies offer three kinds of protection:

1. Structures – A homeowners policy protects a person’s dwelling for damage due to common threats like fire and smoke, lightning, theft and extreme weather. Under “Special Perils” unless it is listed among a policy’s exclusions, anything that causes loss to a homeowner or his property is covered. To cover the exclusions, homeowners can often pay to add endorsements to their policy, although some exclusions, such as flood damage, may require the purchase of a separate policy.

• Coverage Amounts – When choosing coverage amounts, people should remember they are protecting the entire home, not simply the amount remaining on the mortgage or their equity in the building. This is especially important in today’s market with so many homes selling for much less than they would cost to build them.

2. Personal Property – Family possessions and personal property also are covered by homeowners insurance. In most cases, a policyholder will be reimbursed for damage or theft of personal property, whether the loss occurs on the protected premises or elsewhere. Recalling each item in every room can be difficult, however, so policyholders are encouraged to make an inventory of their belongings – recording the serial numbers, as well as the dates and costs of purchases for possessions such as jewelry, artwork, furniture and appliances. Personal inventories should always be stored in a fireproof safe or away from the premises, such as on videotape or a computer that is not in the house. Your agent’s office may be a great place as well.

• Coverage Amounts – Typically, the insurer sets the total value of possessions at half of what the home is insured for, some use 70%. But there are limits for certain items and the amount may not be sufficient to cover the replacement of property, so homeowners may want to purchase additional coverage for their possessions. Review of a homeowner’s personal inventory is the best way to determine whether his coverage is sufficient.

3. Liability – Homeowners insurance also provides compensation for liability claims and medical expenses, as well as other claims that result from property damage and personal injury suffered by others. This coverage applies whether an accident occurs on the policyholder’s property or while away from home.

• Coverage Amounts – The standard amount of liability coverage is $300,000 on a typical homeowners policy. If a homeowner feels that the standard amount may be insufficient, he should consult an insurance professional about the availability of a higher level of coverage.

After establishing a policy, homeowners should periodically review their existing coverage to make sure that it keeps pace with any major purchases or improvements they make to their homes. Securing the right insurance policy at the right price is an important step in the home buying process, so homebuyers should shop around for a policy that best suits their needs and protects their most valuable asset appropriately.