Archive for August, 2011

Insurance – Term vs Whole Life

I recently sat in on a meeting regarding life insurance. I consider myself somewhat knowledgeable about financial issues however I still learned some interesting ways to think about life insurance. One thing though that has not changed over the years is that people know they need it but they still refuse to buy it.

There are all kinds of reasons why people do not purchase life insurance such as, I can’t afford it or I am not going to leave any money to anyone.  All valid to some point but if you look at the experts and what they say it is just not smart not to have something.  If you are the primary wage earner in your household you should absolutely have a policy. If you are the person who takes care of the house and kids, you should absolutely have a policy. So in other words you should have a policy. The only question is what type of life insurance should you have? There are so many types and hybrids a person can get confused. But for today’s blog let us look at Term and Whole.

Term life insurance is a product which provides coverage at a fixed rate of payments for a limited period of time.  After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.

Whole life is for your whole life, which is the primary benefit of whole life: a payout is guaranteed. You will not have to worry about becoming uninsurable later in life, and unable to obtain life insurance of any kind. This benefit of a guaranteed payout comes with a price: your premium may be several times higher than the premium for a level term life insurance policy of the same face amount. This is because a portion of your premium goes to fund a tax-deferred cash value account. And of course, you are buying the life insurance for a longer time period: your whole life.

Which is better for you? I am not sure. However, there are many experts out there that can and will tell you the advantages to both. What I do suggest is that you research each product and select what is best for you.


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The Importance Of Off-Site Storage

Having data and other important files stored offsite is a great way to protect it from loss. Every family, business, or organization that has a good plan for having an offsite data storage process will have the confidence that their important data and documents are safe. They will be able to continue to proceed with their business operations and family activities without being hindered or disturbed by future catastrophic threats.
Experts and well prepared individuals find offsite storage as a secure and affordable alternative to old storage solutions, such as the top drawer of a file cabinet.

Today, over 10 million Americans become victims of identity theft annually and about half of the cases will caused by stolen paperwork. Having your important documents such as birth certificates and social security cards properly stored off-site will help reduce your risk.

Additionally; today’s business environment requires small businesses to manage their data in a timely and secure manner. The options of using tape and disk drives years ago thrived in an era when size of the data was not a major constraint. As the business grows, it is expected that the volume of information will rise, so it is a necessity for owners to streamline all the data received and manage it in a single location. This kind of method keeps the data secure and enforces multilevel access methods to various groups of users of information.

The benefits to storing off-site:
1. Protects your valuable information from theft and loss
2. Organizes information into one place for ease of recovery
3. Increases recovery time
4. Reduces insurance expenses

Off-site storage should be one of the processes that families and businesses use for their own protection. There are a range of options that offer significant advantages to on-site storage. The options range from having a safe deposit box, cloud computing data storage, or even at a relative’s house. These options will be inexpensive compared to the cost of recovery process. So take the step and prepare your family and/or business for an unexpected event and gather, organize and store off-site.


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Home Market Value vs. Replacement Coverage Limits

Your home may be worth as much or more than your retirement account; so it makes sense to track your home insurance as carefully as you do your IRA’s, your 401k’s and your investment accounts.

Getting Started

If you have not checked your policy in the last 12 months than you may want to schedule a review of your homeowner’s policy with your insurance agent. You buy, sell, giveaway, receive many things each year and to make sure everything is properly covered an annual review is very important.

Know Your Limits

With home improvements a national pastime and construction costs rising, it is a good idea to check your policy limits once a year. If you have remodeled, landscaped, tiled a bathroom, built a new fence, or just added ceiling fans chances are you have probably added some value to your home. Furthermore, with all of the foreclosures and short sales your limits may be too high. Today’s housing market is unstable at best; it is very important to make sure your limits are in line with the value of your home.

Rebuilding Is Different Than Buying

The replacement value of your home TODAY may be higher than the actual market value.

When you review your policy, remember that the cost to buy and the cost to rebuild are different amounts. So you may not necessarily rely on the market value of your home to set your insurance limits. An appropriate amount of insurance coverage will permit you to rebuild your home in the event of a total loss. The replacement value is subject to the physical characteristics of your home as well as the price for labor and materials in your area. In many areas, these costs increase over time.

Don’t Forget To Complete A Home Inventory

We recommend completing a thorough inventory of your home’s contents. Compare the value of your belongings to the personal property limit listed in your policy. You can hire a firm or you can do it yourself. Using a camera and a Colorado Vault & Safe Deposit Co. checklist will work extremely well.


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Co-Founder Frank Robinson

Frank Robinson graduated from Boise State University with a degree in Business Administration, emphasis in Human Resources. He also has a Master of Arts in Organization Management from the University of Phoenix. Frank played professional football for the Denver Broncos and Jacksonville Jaguars for 3 years. Learn More...

Co-Founder Stewart Gallagher

Stewart Gallagher graduated from Colorado State University with a Major in Political Science and minors in both Economics and Philosophy.  Over the past 12 years Stewart has worked for 3 major financial intuitions holding various positions from teller to Assistant Vice President-Branch Manager. Learn More...