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3 min read

How Much Is Enough to Save for a Financial Emergency?

By EveryIncome on 10/15/21 1:25 PM

Most financial responsibilities are predictable, but you need rainy-day funds to deal with the unpredictable. Do you have enough?

Financial crises do arise, times when you must pay for something unexpectedly and immediately.

A medical emergency could keep you out of work. Your car could break down. Home repairs could become immediately necessary. In the meantime, all your regular bills are still due.

Topics: Financial Security Budgeting
2 min read

Success Stories in the Insurance and Financial Services Industry

By David Lahoud on 10/14/21 1:48 PM

As a recent college graduate, after having attended the third Future Leaders meeting out of four on October 6, I gained insight into a career in financial services for undergraduates. There are many fields that are unfamiliar to students attending college, making it hard for them to make choices on what they wish to specialize in. NAIFA's Future Leaders series helps bridge that gap in knowledge by explaining more about the financial sector of jobs.

Topics: College Careers in Financial Services
2 min read

From Student to Professional: A Pathway to a Career in Insurance and Financial Services

By David Lahoud on 10/12/21 1:11 PM

As a recent college graduate, after having attended the second Future Leaders meeting out of four on September 29, it provided insight into a career in financial services for undergraduates. There are many fields that are unknown to many students attending college, making it hard for them to make choices on what they wish to specialize in. This event helps bridge that gap in knowledge by explaining more about the financial sect of jobs.

Topics: College Careers in Financial Services
3 min read

Where Did My Money Go? How to Get Spending Habits Under Control

By EveryIncome on 10/11/21 2:51 PM

Spending habits can be deeply ingrained and hard to break — they’re called habits because they’re regular behaviors you might not consciously think about.

Topics: Financial Literacy
2 min read

Future Leaders Provides Insight into a Career in Financial Services for Undergraduates

By David Lahoud on 9/29/21 4:28 PM

As a recent college graduate, after having attended the first Future Leaders meeting out of four on September 22, and it provides insight into a career in financial services for undergraduates. There are many fields that are unknown to many students attending college, making it hard for them to make choices on what they wish to specialize in. This event helps bridge that gap in knowledge by explaining more about the financial sect of jobs.

Topics: College Careers in Financial Services
2 min read

Life Insurance Awareness Month Is a Great Time to Consider Your Life Insurance Needs

By Mark Briscoe on 9/1/21 10:04 AM

NAIFA is pleased to join our members and industry partners, including Life Happens, to commemorate September as Life Insurance Awareness Month (LIAM). Life insurance is a crucial part of a successful financial plan for many Americans. Unfortunately, many people are underinsured, leaving their families financially vulnerable.

Topics: Life Insurance Life Insurance Awareness Month
1 min read

Fairway Mortgage presents: How Not to Lose In Retirement

By NAIFA on 7/19/21 7:25 PM

It was all about what you could gain during your earning years-- and now in retirement, it is how not to lose.  Join two experts, Harlan Accola of Fairway Independent Mortgage and David McKnight, the author of the Power of Zero,  for How Not to Lose in Retirement on Wednesday, July 21st at 5:30 pm eastern, as they review your most important investments: 

Topics: Retirement Planning Retirement taxes
2 min read

How to Have Fun This Summer Without Breaking the Bank

By EveryIncome on 6/22/21 10:30 AM

A big part of why we want to make (or save) money in the first place is to enjoy it. But it’s hard to save for concert tickets, travel, and other bigger purchases when all your money disappears on an average Friday night.

Topics: Budgeting
4 min read

Focus on Retirement Happiness to Make the Annuity Case

By Tom Hegna on 6/16/21 10:55 AM

I think everyone dreams of a retirement where they can live a long and happy life. This has been researched by PhDs around the world, and the answers may surprise you. Research shows that people with a guaranteed lifetime income source tend to be happier and live longer. I still remember The Wall Street Journal headline that read, “The Secret to a Happier Retirement is Friends, Neighbors and a Fixed Annuity". The article went on to say that the happiest people in retirement were those who were surrounded by friends and had sources of guaranteed lifetime income. Let me ask you a question: Who are the happiest people you know in retirement? I’ll bet it’s those who are retired from the military, the government, teachers, and firefighters. It’s people with pensions! Happiness in retirement is based almost 100% on guaranteed lifetime income, not assets.

Topics: Annuities Annuity Awareness Month
4 min read

When to use an emergency fund: 5 do’s and 5 don’ts

By EveryIncome on 6/1/21 10:00 AM

You’ve built an emergency fund, scrimping and saving all the way. First, it was $100. Then, it hit $1,000. Finally, you saved enough to cover several months of expenses.

Topics: Savings
3 min read

What You Need to Know About Disability Insurance

By Life Happens on 5/18/21 9:01 AM

What would you say is your biggest asset?

Topics: Disability Insurance Advanced Planning life happens
2 min read

Who is Responsible for a Decedent’s Medical Debt?

By EveryIncome on 4/26/21 11:00 AM

Whether they pass as the result of a prolonged period of illness or an unexpected accident, the death of a loved one is never easy. Many families end up worrying about the costs associated with a decedent’s end-of-life care while they are trying to grieve their loss, and making sense of funeral bills, medical expenses, and insurance can be incredibly daunting. When people pass away after receiving medical care, their family members are often left to wonder what happens to the decedent’s medical debt. Medical debt can take out a significant portion of a deceased person’s estate, but determining who is responsible for paying off this debt if the estate is unable to pay in full can be difficult.

Topics: Long Term Care Financial Planning Financial Security
2 min read

Why Solid Financial Advice is Crucial for Soon-to-Be Retirees

By EveryIncome on 4/22/21 3:48 PM

For folks who are in the final stretch before retirement, tying up any loose ends is essential. Before they begin traveling, taking up hobbies, and enjoying downtime, retirees must be sure that they have the assets necessary to support themselves. Retirement planning can take decades of hard work, but seeking sound financial advice from a professional can help ensure that retirees are on solid financial footing for their golden years. Whether you are seeking financial advice for the first time or have worked with a professional advisor for years, here are some reasons why soon-to-be retirees should talk to financial experts.

Topics: Financial Planning Benefits of a Financial Advisor Financial Security
2 min read

3 Simple Steps to Become the "Family" Advisor

By Carroll Golden on 3/17/21 4:28 PM

Everyone Would Like to Age-In-Place But…….

Topics: Long Term Care Caregiver Resources Financial Security
1 min read

Investing With a Conscience

By NAIFA on 3/2/21 10:38 AM

Investing while staying true to one’s personal values, including approaches that focus on environmental, social, and governance (ESG) factors, is growing in popularity. While many people want their investments to reflect their personal values, many also question whether they can achieve good financial results with an ESG strategy.

Topics: Financial Planning investing
1 min read

Benefits of Investing Education for Individuals

By Mark Briscoe on 2/22/21 10:02 AM

While the stock market tends to dominate news cycles surrounding any current large-scale event, too many average Americans are uneducated when it comes to investing. When many people see reports of record market highs and losses, massive government bailouts, and changing legislation regarding interest rates and taxes, they do not have the educational background or investing experience to translate these headlines into meaningful analyses and applications for their daily lives. Investing education is critical for all Americans, particularly in times of economic turmoil. Consider these benefits of investing education before diving into financial commitments.

Topics: Education investing Financial Literacy Financial Security
2 min read

Why You Need Life Insurance For College Funding

By Mark Briscoe on 2/22/21 9:58 AM

If you have children or are planning to start a family in the future, you must be aware of higher education costs. If you have not yet adopted a saving plan, you might get yourself caught up in limbo. But do you know life insurance can be used as a funding source for your children's college fees? Yes, other than funds from your spouse's premature death, life insurance has a saving component known as cash value. This feature of life insurance gives an allowance of portions of your premiums to be invested.

Topics: Life Insurance Financial Planning Planning in Advance Benefits College
1 min read

Three Long-Term Care Concerns for Women

By Suzanne Carawan on 2/22/21 9:55 AM

As a woman, you will need to think about your future. This includes considering your long-term care (LTC). For example, you may need to take care of your loved ones. This doesn't account for problems life can throw at you, which will pose further problems for your LTC. We want to address some LTC concerns you could face and different ways you can handle them.

Topics: Long Term Care women
1 min read

Life Insurance and Education Goals Go Hand in Hand

By NAIFA on 2/22/21 9:52 AM

The thought of financing college for your child can be overwhelming. The cost for a state university is prohibitive for the average family. Private universities' annual costs can rival your salary. Most families with young children probably haven't even begun to consider these costs -- they are too busy putting food on the table and paying for their home. But the early years are a great time to begin planning for future educational expenses.

Topics: Annuities Life Insurance Education College
3 min read

Life Insurance vs. a 401(K): Pros and Cons

By EveryIncome on 2/11/21 9:28 AM

The countless choices can be mind boggling while researching your retirement investing options. However, there are certain decisions that should not be either/or.

Topics: Retirement Planning Life Insurance Retirement 401(k) Press Release Financial Security
2 min read

Life Events Impact Your Insurance and Financal Services Needs

By NAIFA on 2/10/21 1:00 PM

Ah, life. It continues whether we are prepared or not. But preparation is key to navigating life events that affect our finances. 

Marriage

Two become one, and that means shared responsibilities and incomes. Let's face it -- life insurance may not be top-of-mind for couples embarking on a lifetime together, but perhaps it should be. If one of you was unable to work, could you afford your mortgage or your day-to-day bills? 

If you start your financial planning early in your marriage, you'll have a better chance for financial success, and you'll increase your future options. 

Topics: Retirement Planning Life Insurance Consumer
3 min read

When to Use an Emergency Fund: 5 Do’s and 5 Don'ts

By EveryIncome on 2/9/21 1:29 PM

You’ve built an emergency fund, scrimping and saving all the way. First, it was $100. Then, it hit $1,000. Finally, you saved enough to cover several months of expenses.

Topics: Financial Wellness Financial Security Emergency Savings
3 min read

What to Include in Your Financial Plan

By EveryIncome on 2/8/21 4:44 PM

Individual financial planning is the process of putting together a “living” schematic organizing your personal finances to help you secure a solid financial future.

Topics: Financial Planning Financial Security Savings
1 min read

Three Reasons to Start Planning ASAP for Retirement

By NAIFA on 2/8/21 1:47 PM

Some people forget to plan for the future when they focus on their current situations. While you may think you don't need to worry about retirement yet, you should start planning for it. Doing so can help you in various ways, especially as you put forth effort to plan and start saving for your retirement. Let's talk about the benefits you will enjoy if you start right away on your retirement plan.

Topics: Retirement Planning Financial Security
1 min read

Consumer Resources for LTC Insurance: Agents and the NAIC Buyer’s Guide

By NAIFA on 2/8/21 9:43 AM

A recent Wall Street Journal article (subscription required) by financial columnist Glenn Ruffenach discusses the importance of planning for long-term care and identifies insurance and financial professionals as an important source of guidance for consumers. He says that “your best first step is not to shop for a carrier or policy. Rather, it’s to shop for a knowledgeable, independent agent.”

Topics: Long Term Care Limited & Extended Care Planning Center Financial Security
2 min read

Retiring Soon? What You Need To Know About Tax Planning

By EveryIncome on 2/4/21 8:30 AM

Many Americans look forward to retirement as a time when the pressures of the working world are behind them. However, it can also create new challenges—especially around tax season.

Topics: Retirement Tax Savings Tax Financial Security
2 min read

Want To Eliminate Debt? Don’t Make These 5 Mistakes

By EveryIncome on 2/2/21 8:30 AM

Congratulations! You’ve made the commitment to get yourself out of debt.

Eliminating debt is an important and difficult goal to achieve, but it can be done — if you do it the right way. Here are five common mistakes to avoid:

Topics: Financial Security Debt
1 min read

Four Reasons to Consider Permanent Life Insurance

By NAIFA on 2/1/21 4:42 PM

Life insurance is not one-size fits all. Term policies tend to be less expensive and provide crucial protection for many families, but permanent life carries benefits you may not have considered. An insurance and financial advisor, such as a NAIFA member, can help you determine what type of coverage best meets your goals and fits your financial plan.

Premiums Never Change

One of the best benefits of permanent life insurance is that premiums are locked in on the policy's start date. Premiums don't change as long as they are paid, regardless of what might happen to your health as you get older. Buying early and when rates are good can provide a substantial long-term benefit for young people who get permanent life insurance. 

 

Topics: Life Insurance Financial Security
3 min read

The Beginner’s Guide To Saving For Retirement — At Any Age

By EveryIncome on 2/1/21 4:06 PM

Do you have a retirement savings goal? Do you know how much you need to save?

Chances are good you don’t. Most Americans have no idea how much they need to save to live comfortably in retirement.

People of any age can make a plan, no matter your age.  This advice will help you determine your retirement savings goal — and get there. Starting now.

Topics: Retirement Planning Retirement Financial Security
5 min read

Which Retirement Plan Is Right for You?

By EveryIncome on 1/28/21 10:10 AM

When you retire, do you plan on doing one or more of the following?

Topics: Annuities Retirement Planning Retirement 401(k) Financial Security
2 min read

Steer Clear of These 5 Tax-Planning Pitfalls

By EveryIncome on 1/26/21 2:15 PM

We all make mistakes. But errors in your taxes can prove costly. That’s why it’s important to educate yourself and find a quality tax planner who can help navigate you through the daunting process.

Topics: Financial Planning Tax Savings Tax Financial Security
5 min read

How’s Your Financial Health? Our 10-Point Checklist Will Give You an Idea

By EveryIncome on 1/25/21 3:13 PM

Whether you’re just starting out in your career or approaching retirement, organizing your finances and knowing exactly what you need to do to prepare for the future can feel daunting.

Topics: Financial Wellness Financial Literacy Financial Security
2 min read

What Are Mutual Funds?

By EveryIncome on 1/20/21 9:37 AM

Mutual funds are popular investment opportunities: They are a way for investors to pool money to invest in specific assets, from stocks and bonds to other investments. Mutual funds allow the average investor opportunity to diversify their investments while accessing global markets.

Topics: Retirement Planning Retirement Financial Security Savings
2 min read

Living Paycheck To Paycheck? How To Cope With Financial Stress

By EveryIncome on 1/19/21 10:32 AM

Are you feeling the gnawing pain of financial anxiety? You’re not alone. A majority of Americans (59 percent) report that they live paycheck to paycheck.

Topics: Financial Planning Financial Security Budgeting
2 min read

Why You Should Consider a Career in Finance

By NAIFA on 1/18/21 10:37 AM

Students are always spoilt for choice when it comes to choosing a career field to explore. However, unknown to many, the finance industry is one of the best career choices that a student can ever make. For starters, the insurance industry alone is expected to have about 400,000 job openings in the next ten years and that is just a piece of the finance industry's cake. Here's why you should consider a career in finance:

Topics: Professional Development finance Future Leaders
1 min read

Top Benefits of Choosing a Career in Financial Services

By NAIFA on 1/14/21 9:00 AM

Many students don't understand what a career in financial services entails leave alone what the term "financial services" means. The finance service industry is an exciting global industry that is constantly advancing and expanding. It comprises various types of businesses involved in managing money, and it plays a significant role in building the economy. Despite upturns and downturns, the industry has a reputable history as a sought-after career destination for bright and ambitious youths. There are so many reasons why students should consider this job sector. Some of them include:

Topics: finance Benefits of a Financial Advisor Future Leaders Higher Education
1 min read

Why You Should Care About Building Credit

By EveryIncome on 1/12/21 5:02 PM

While many individuals see credit as an essential part of personal finance, some avoid credit cards and loans altogether. Although avoiding debt is admirable, building credit is critical for various significant purchases and life events. Building credit responsibly is an excellent way to ease the path towards homeownership, financial stability, and more. Here are three reasons why you should care about building credit.

Topics: Financial Planning Financial Wellness Financial Security
2 min read

Is the ‘4 Percent Rule’ for Retirement Still Valid?

By EveryIncome on 1/12/21 1:40 PM

When you retire, how much of your retirement savings can you withdraw each year without running out? One of the general guidelines is the 4 percent rule, but it’s important that you treat it as just that: a guideline.

Topics: Retirement Planning Financial Planning Retirement Financial Security
1 min read

4 Daily Tasks to Help Individuals Master Finances

By EveryIncome on 1/11/21 3:26 PM

Becoming financially stable is a process that takes hard work and persistence; nobody goes from drowning in debt to the picture of financial health overnight. Like the formation of any other good habit, it takes daily commitment and continual learning to master finances. While individuals may have a variety of unique goals, there are a few strategies that almost anyone can use to improve their financial health. Master finances by making your financial health a priority and incorporating these four habits into your daily routine. 

Topics: Financial Planning Financial Literacy Financial Security
2 min read

Money Management 101: A Few Basic Concepts

By NAIFA on 1/8/21 11:19 AM

Surveys indicate that many Americans lack basic financial literacy. Yet, simple money-management skills can help prevent a person from getting themselves into financial trouble and help them lead a better life in general. This article covers a few basic money-management concepts. Insurance and financial services professionals, such as a NAIFA members, can give you much more information and help develop strategies to boost financial literacy and get your money management on the right track.

Establishing An Emergency Fund 

The very first thing that anyone should do if they want to insulate themselves from potential financial harm is create an emergency fund. The amount to set aside for emergencies varies based on individual circumstances, but most experts recommend between $500 and $1,000 to get started. For many, that is enough money to help allay an unexpected expense. No matter who you are, a vehicle can break down, an unexpected medical expense can arise, or any number of other unexpected expenses may come about and cause problems for someone who does not have the shelter of an emergency fund. As your finances grow more complex, a larger emergency fund may be appropriate. 

Topics: Life Insurance Financial Literacy Financial Security
2 min read

Tax Planning For The Everyday Person

By EveryIncome on 1/7/21 9:49 AM

“Tax planning” is a phrase many people associate with large corporations, the rich and powerful, or super-humanly organized accountant types.

Topics: Tax Savings Financial Security
2 min read

Retirement Planning: Questions To Ask Your Aging Parents

By EveryIncome on 1/5/21 10:16 AM

As people get older, many must begin to rely more upon their children for care and support. Even the most independent retirees often chat with their kids to discuss finances, medical concerns, and housing plans for their golden years. Some people wait until they experience an accident or health scare to share their plans with loved ones, while others put off these conversations until it is too late. People with aging parents (or retirees with adult children) should be proactive about discussing these difficult topics and life decisions. If you are an adult with aging parents, consider sitting down with them to discuss retirement planning, estate planning, and their wishes regarding housing and end-of-life care. 

Topics: Retirement Planning Financial Security
1 min read

Financial Planning Goals for Thirtysomethings

By EveryIncome on 1/4/21 2:43 PM

As people enter their thirties, they can find themselves facing a variety of significant life events. Planning for these experiences is critical, and folks in their thirties should take the time to create a list of goals for their financial future. Thirtysomethings run the gamut from new professionals starting their first office job to high-tier executives making six figures, and every person’s financial planning goals will be different. Whether you are just embarking on the search for your own place or you’re getting ready to have your third kid, consider these financial planning goals for folks in their thirties.

Topics: Financial Planning Financial Security
6 min read

10 Tips for a Financially Bright 2021

By LIMRA on 12/30/20 7:18 PM

By LIMRA and LOMA

Topics: Financial Planning Education Debt Savings
1 min read

Savings Strategies That Work

By NAIFA on 12/28/20 6:23 PM

Setting money aside on a regular basis is not an easy task for most consumers. But the uncertainties brought on by COVID-19 have underscored the need for all of us to renew our efforts on building up our savings, which can serve as an emergency fund for a rainy day. The beginning of the year is as good a time as any to start or enhance your savings program.

Topics: COVID-19 Financial Security Savings
2 min read

Americans’ Top 10 Financial Resolutions

By NAIFA on 12/23/20 12:48 PM

The following article by WalletHub highlights the top 10 financial resolutions of Americans for 2021:

Topics: Health Financial Security Savings Budgeting
2 min read

Your Year-End Financial Checklist

By NAIFA on 12/23/20 11:28 AM

The end of the year -- as if you don't have enough to do with holiday preparations -- is a great time to review your finances. There may be changes to make during insurance open enrollment or before the start of the new year.

Topics: Consumer Financial Security
4 min read

The Power of Compounding Interest

By NAIFA on 12/23/20 9:30 AM

When it comes to preparing for the future and retirement, nothing helps more than a healthy savings account. But what if your savings just doesn’t feel like it will be enough to cover future monthly expenses? 

That is where the power of compounding interest comes in. Compound interest is a means of investment that makes your saved money grow just by existing in your account.

Topics: Financial Security
1 min read

How Financial Education Tools Can Boost the Bottom Line

By NAIFA on 12/21/20 5:02 PM

Any manager worth their salt knows the value of a prepared team. Providing ample resources, both in terms of professional growth and personal wellness, is a valuable asset for any workforce and encourages staff members to be proactive and productive. Many managers find their staff to be more relaxed, focused, and attentive when they can set aside distractions like health concerns, financial stresses, and other complications from their home lives. Career planning and financial education tools can be a wise investment for employers who want to boost their team’s focus and minimize unnecessary stress.

Topics: Financial Security
3 min read

Security Tips for the Giving Season

By NAIFA on 12/18/20 4:13 PM

(The following tips from Morgan Stanley will help ensure your donation is going where you want it to go.)

Topics: Cybersecurity
2 min read

How Homeowners Can Save Money on Renovations and Maintenance

By EveryIncome on 12/17/20 8:48 AM

While buying a home is a significant expense itself, homeowners will also spend a great deal of money on renovations, additions, and maintenance after they buy. It can be easy to overspend on renovations and remodeling expenses, but there are plenty of ways for homeowners to save money. Consider these tips to help you save money when remodeling, repairing, or maintaining your home.

Topics: Getting Started Financial Planning Financial Wellness Financial Security
1 min read

Personal Finance Education Basics: 3 Popular Topics to Sink Your Teeth Into

By NAIFA on 12/16/20 8:33 AM

For those who are just starting to get serious about their money, delving into personal finance education is a critical endeavor. Not everyone is exposed to finance-focused lessons in school. Many of us are expected to jump right into adulthood with very little formal education on things like loans, investing, and credit. If you are just starting your personal finance education journey, consider learning more about these three topics.

Topics: Getting Started Financial Planning Financial Wellness Financial Literacy
2 min read

Budget Basics: How to Save Money on Food Without Going Hungry

By EveryIncome on 12/15/20 9:17 AM

Aside from housing and transportation, many people find that food is one of their largest spending areas each month. Between groceries, work lunches, and dining out, food costs can be a silent budget killer. Because we all need to eat, eliminating this line item is not possible. However, there are a few ways that individuals and families can save money by cutting their food budget. Consider following these tips to save money on food — without going hungry or eating instant ramen for every meal.

Topics: Financial Planning Financial Security Budgeting
3 min read

Impact of COVID-19 on American Consumers

By NAIFA on 12/11/20 2:00 PM

One in 3 Americans say COVID-19 has changed their attitudes to saving, investing and advice, ranging from increasing anxiety levels to greater receptivity to financial advice.

4 min read

Tips for Buying Life Insurance

By NAIC on 12/10/20 4:54 PM

The following tips from the National Association of Insurance Commissioners will come in handy you as you buy life insurance:

2 min read

Ask These 4 Questions Before Borrowing Money

By NAIFA on 12/10/20 8:07 AM

Whether you’re seeking financial help for education, medical expenses, or a large home or auto purchase, borrowing responsibly is critical. Being well-informed on both the options available for loans and the terms of your specific loan is a must, and any missteps can lead to significant financial trouble in the future. Interest rates, repayment terms, and fees and penalties can be challenging to navigate for newcomers, so developing a baseline of financial proficiency is essential. Make sure that you have the answers to these four crucial questions before borrowing money.

2 min read

Five Ways Spouses Can Tackle Financial Issues

By NAIFA on 12/8/20 10:29 AM

Although many Americans have had to put their nuptial plans on hold, plenty of couples are still working towards their dream weddings — and everything that comes after. Any married couple will tell you that marriage is hard. It takes dedication, hard work, and love on both sides to make things work. Unfortunately, many couples struggle most with the financial aspect of their relationships. Whether you are newly married or are looking to tie the knot at a later date, discuss these five pieces of financial advice with your partner and get a head start on a financially healthy marriage.

Topics: Financial Planning Financial Security Marriage Family
2 min read

Strategies for Navigating Medical Debt

By NAIFA on 12/7/20 4:31 PM

Medical care in the United States is astoundingly expensive. While many employers and government agencies offer health insurance plans, many people are either unemployed, underinsured, or otherwise left without appropriate coverage. Something as simple as breaking a leg or having your appendix removed can cost thousands of dollars, and treating conditions like cancer or diabetes is even more expensive. Navigating the world of medical debt can be incredibly challenging, but these strategies can help individuals and families work toward being debt-free.

Topics: Strategy Debt Medical Recovery
2 min read

Life Happens’ Scholarship Program Awards Over $350,000 in Scholarships!

By Life Happens on 12/3/20 6:18 PM

Life Happens has announced the recipients of the 2020 Life Lessons Scholarship Program Awards. This year, the association has awarded a record $351,000 in scholarships to a total number of 48 incoming and current college students in the U.S. who lost a parent or guardian who had little or no life insurance.

2 min read

NAIFA and EveryIncome Announce Educational Partnership

By NAIFA on 12/3/20 2:22 PM

The National Association of Insurance and Financial Advisors (NAIFA) and EveryIncome have completed an educational partnership agreement, under which EveryIncome will provide content for blog posts, as well as articles for NAIFA’s Advisor Today. NAIFA and EveryIncome will work together with financial professionals to educate consumers on financial literacy and client life event solutions.

Topics: Financial Security Alliance Financial Security
4 min read

Creating a Budget for Your Family

By NAIFA on 12/3/20 10:07 AM

(The following article was written by Kia Young and can be found on the America Saves website at https://americasaves.org/blog/1754-creating-a-budget-for-your-familywebsite).

2 min read

Understanding Your Responsibilities as A Life Insurance Policy Beneficiary

By NAIC on 12/2/20 7:05 PM

As Millennials approach 40, life insurance should be on their agenda, but many of them are not prepared. The following article by the National Association of Insurance Commissioners explains some of the responsibilities of a life insurance beneficiary.

3 min read

COVID-19 Is Causing Stress for Many Consumers

By NAIFA on 11/27/20 12:03 PM

According to a survey released by the National Endowment for Financial Education® (NEFE®), nearly nine in 10 Americans say the COVID-19 crisis is causing stress on their personal finances.

Topics: Financial Planning COVID-19 Financial Security Emergency Savings Savings Pandemic
3 min read

Staying Safe While Shopping Online During the Holidays

By NAIFA on 11/27/20 11:11 AM

This article offers information on safe online shopping, based on tips provided by Ronny Bazan-Antequera, cybersecurity expert at the University of Missouri.

What are the 4 biggest myths about Long-Term Care?

By LTCI Partners on 11/25/20 11:13 AM

More and more baby boomers are becoming familiar with long-term care as they help take care of aging parents. However, there continues to be a lack of understanding about how much long-term care costs and who pays for it. Here are the facts - with an aging population, a shrinking workforce, and reduced government money for financial aid, it will be an issue that impacts everyone. Take a look at these four myths of care:

Topics: Retirement Planning Financial Planning Aging in Place Retirement Gerontology/Aging Financial Literacy
4 min read

10 Ways to Save Money When You're Out of Work

By NAIFA on 11/24/20 6:23 PM

Looking for ways to save money in these cash-strapped times? Look no further than in this article by Nicole Dow, senior writer at the Penny Hoarder.

2 min read

Keep Your Legacy Out of the Hands of Hackers

By Ashley Schopp on 11/24/20 12:15 PM

In July alone, there were 2.3 billion records[1] breached globally. That’s about 74 million a day, an astounding number of people to be subject to a cyber attack. Domestically, there’s an attack every 39 seconds, affecting one in three Americans a year.[2] The same study explains how hackers are able to levy so many attacks a day. They program software to strike large numbers of computers simultaneously and write code that controls which usernames and passwords to try – those that the hacker believes are most likely to be used.

Topics: Protection Cybercrime Financial Security Internet Cybersecurity
1 min read

College Financial Aid During The Pandemic

By NAIFA on 11/23/20 11:40 AM

Financial aid is an essential part of the college experience.  According to the National Center For Education Statistics, 85% of undergraduates in the US were awarded financial aid in the 2016/2017 school year. However, in the age of COVID-19, many students are worried that income changes may impact their ability to pay for school. Here are a few tips to navigate the unchartered territory many colleges students find themselves in for the 2020/2021 school year.

Topics: Financial Planning Strategy Financial Security Future Leaders University College Higher Education
1 min read

3 Steps to Get Money in the Bank and Debts Paid

By NAIFA on 11/20/20 9:01 AM

You've heard it before, but it's worth repeating: we are living in unprecedented times. This is not normal. Whether you've lost your job during this time, or are feeling lucky that you didn't, the crisis certainly has made everyone take a closer look at their financial security. Would you feel steadier right now if you had a stockpile of money in the bank? Would a weight lifted be off your shoulders if you had no monthly credit card or student loan payments? You might feel like you have to choose between putting money in the bank or paying off debt, but you can have it all! You just have to do it one step at a time. Here's an easy, 3-step process for building an emergency fund while paying off debt.

Topics: Financial Planning Security Financial Security Assets Debt Emergency Savings Savings
2 min read

Funding in COVID-19: Resources to Support Higher Education

By NAIFA on 11/19/20 11:12 AM

Nearly 15 million students are enrolled in fall semester classes throughout the United States this year. Approximately 72 percent of those students have received at least some form of financial aid according to the Washington Post. Those who do not receive financial aid will need to file a Free Application For Federal Student Aid, or FAFSA, form to receive funding. That form is a lifeline to many students not able to pay for their higher education otherwise. This begs the question: What are people whose incomes have been damaged by COVID-19 supposed to do now?

Topics: Getting Started Research Benefits Consumer Professional Development Current Issues Financial Wellness COVID-19 Financial Security Future Leaders University College Higher Education
2 min read

How to Insure Your Future Self

By NAIFA on 11/18/20 10:01 AM

Have you considered what would happen if you were unable to work for an extended period of time? We're here to ease your fears. Keep reading for a breakdown of what disability insurance is, how to find out if you're covered, and what steps you can take to prepare for a brighter future. 

Golden Years

You've just entered the job market, or graduated from school. You understand even though you don't have much money now, that your earning years are about to begin. Thinking of your future fills you with unbridled enthusiasm. You can daydream about your perfect wedding or your perfect vacation. Even your perfect retirement. But have you daydreamed about disability? One day you're able to work, the next you're not. It might even be a temporary disability, knocking you out of commission for six months to a year. What would you do then? Do you have an emergency fund that could cover six months or more of expenses? Although no one likes to consider such traumatic and heartbreaking events, they're a real possibility. In fact, approximately 25% of people can expect to be out of work for at least a year in their lifespan.That's why it's imperative to plan ahead. 

Topics: Disability Insurance Financial Planning Retirement Worksite Benefits Financial Literacy Future Leaders Earnings
2 min read

3 in 4 Americans Are Currently Avoiding Financial Risks

By NAIFA on 11/11/20 6:21 PM

With Biden’s election and the Senate majority still undecided, there is mounting uncertainty surrounding the transition between administrations and the impact on American investors. As a result, many financial advisors are now tasked with calming the financial worries of their clients amid this ambiguity.

2 min read

Workers See More Value In Employee Benefits

By NAIFA on 11/6/20 3:48 PM

Amid the COVID-19 pandemic and the resulting economic fallout, workers report a significant increase in the value they place on the benefits offered by their employers. This includes a double-digit increase in how likely they are to remain at a job based on non-health benefits, such as retirement savings, disability insurance, life insurance and other tools designed to help them alleviate financial stress.

3 min read

Steps Women Can Take to Improve Their Financial Security

By NAIFA on 11/5/20 7:08 PM

Despite the advances women have made over the past few decades in the workplace, they still face unique challenges in planning for a financially secure retirement. The COVID-19 pandemic has simply added to some of their challenges.

3 min read

Consumer Interest in Life Insurance at an All-Time High

By LIMRA on 11/2/20 5:54 PM

Nearly eight months into the pandemic, Americans’ concerns about COVID-19 and the U.S. economy persist. According to LIMRA’s latest Consumer Sentiment study, fielded in early October, nearly 3 in 5 consumers report being “very” or “extremely concerned” about the virus and half report this level of concern regarding the economy.

1 min read

Halloween Spending and Financial Fears Survey

By NAIFA on 10/27/20 5:38 PM

Halloween is just days away and consumers are expected to spend about $8 billion on the occasion. WalletHub has announced the results of its nationally representative Halloween Spending & Financial Fears Survey, along with its picks for 2020’s Worst Credit Cards, to highlight scary offers that people should avoid this holiday season. Below are a handful of the survey’s highlights:

3 min read

Understand Your Prescription Benefits

By NAIFA on 10/26/20 6:37 PM

A thorough understanding of the prescription benefits covered by your health insurance will help you make good use of those benefits. The following article by NAIC helps you understand your prescription benefits:

2 min read

This Is National Retirement Security Week

By NAIFA on 10/21/20 3:33 PM

This week is National Retirement Security Week, an effort designed to help consumers take concrete steps towards a secure retirement. The following article, excerpted from the National Today website at https://nationaltoday.com/national-retirement-security-week/ will help you make the most of this important campaign.

3 min read

Understand Your Health Plan's Deductible

By NAIFA on 10/14/20 3:38 PM

Read this article from the National Association of Insurance Commissioners (NAIC) to enhance your understanding of your health plan’s deductible:

3 min read

New Resource for Seniors

By NAIFA on 10/13/20 3:39 PM

Although it’s hard to measure loneliness and social isolation, there’s strong evidence that many adults aged 50 or older are lonely or socially isolated in ways that have the potential to put their health at risk. In the past seven months, this issue has become an even greater cause for concern with the COVID-19 pandemic.   

5 min read

10 Ways to Make Affordable Life Insurance a Reality

By Amanda Austin on 10/1/20 7:26 PM

If you are looking for ways make the purchase of a life insurance policy more affordable, you do not want to miss the following article by Amanda Austin on the Life Happens website(www.lifehapens.org):

3 min read

Americans Find Breathing Room between Bouts of Market Volatility

By NAIFA on 9/29/20 4:18 PM

As markets settle from initial COVID-19-related health and economic crises, Americans are evaluating the damage and reassessing their market volatility threshold. According to new findings from the Q3 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life) fewer people express concern over a coming recession than they did last quarter (57% compared with 65%), though the number is still higher than it was for all of 2019.

1 min read

American Savings Education Council Foundation Re-Launches Website

By NAIFA on 9/21/20 6:09 PM

The Employee Benefit Research Institute (EBRI), a private, nonpartisan, nonprofit research organization, has re-launched the website of its non-profit foundation, the American Savings Education Council (ASEC) at www.asec.org.

1 min read

Watch Chris Gandy Work

By Suzanne Carawan on 9/21/20 1:29 PM

Chris Gandy is a financial advisor in Chicago that works every day to increase the financial security of his clients. With no minimums, Chris wants everyone to know that having a financial plan is for you--and not just for the wealthy. In fact, Chris wants to meet each person where they are and let's them know that they are always wealthier than they think. He uses common sense approaches to discuss your income, budget, risk and long-term goals such as college and retirement.

Recently featured in Advisor Magazine for his work in financial services and his commitment to financial literacy, Chris is also a model NAIFA citizen. He is President of NAIFA-Chicagoland and volunteers hundreds of hours per year in the community. 

A huge proponent for African-Americans in financial services, Chris often speaks to students about his career and his leap from sports to financial services. Chris will be a featured speaker to university students on NAIFA's upcoming Future Leaders Program which will be held on October 6, 2020 in connection with the University of Illinois where Chris was a star student-athlete before going pro. 

Learn more about Chris in his feature article and about the firm that he founded and now runs called Midwest Legacy Group

2 min read

Millennials and Life Insurance

By NAIFA on 9/17/20 5:09 PM

Millennials (24–39 years old) are approaching a milestone birthday as the first in the generation turns 40. And as they age, there's a chance they will become owners and beneficiaries of life insurance policies. Along with new life insurance policies come responsibilities to be aware of, like learning about key information that will ensure that benefits get paid when needed.

3 min read

Boomers, the Most Confident in their Financial Future

By NAIFA on 9/14/20 3:00 PM

Data from New York Life found that although Baby Boomers are feeling the most rattled by recent events, they have revealed an important lesson for all generations: It is critical to plan ahead to hedge against the unexpected.

3 min read

Cyber-Safety Tips for Students

By NAIFA on 9/10/20 5:53 PM

With back-to-school season in full swing, the danger of online hacks and scams is on the rise. The following article from NordPass offers some useful tips students can follow to ensure a safe online experience:

3 min read

Money-Saving Tips for College Graduates

By NAIFA on 9/8/20 3:46 PM

The following are steps students can take to avoid common money-management mistakes and build financial literacy for success after graduation. These steps, and more financial-literacy ideas, can be found at www.wallethub.com.

2 min read

Understanding Your Insurance Card

By NAIFA on 9/3/20 5:31 PM

The following article from the National Association of Insurance Commissioners (NAIC) provides some useful information on accessing and using your health insurance card:

2 min read

A Brief History of Social Security

By LIMRA on 8/19/20 9:12 PM

A new column on Social Security posted in LIMRA’s Industry Trends, offers a short history of Social Security:

3 min read

Buying Your Dream Home? Protect Your Property with Title Insurance

By NAIC on 8/18/20 3:30 PM

Buying a home is a major decision—one that affects every aspect of our lives. In this article, the National Association of Insurance Commissioners (NAIC) explains why you need to protect your home with Title Insurance.

3 min read

The Difference Between Admitted and Non-Admitted Insurance Carriers

By CARLIE LAWSON on 8/7/20 6:21 PM

When you shop for insurance, you need to understand the difference between an admitted and non-admitted insurance carrier. The terms admitted and non admitted refer to whether a company qualifies for state backing similar to that which the Federal Deposit Insurance Corporation (FDIC) provides for banks. You and your clients are safer purchasing insurance at admitted companies. Here's why.

1 min read

Americans See Increase in Cyber Attacks and Identity Theft

By NAIFA on 8/5/20 3:26 PM

U.S. consumers are worried about their data security, and with good reason. A survey released by HSB, part of Munich Re, shows a continuing increase in identity theft, cyber-attacks and online fraud, as criminals steal personal information and millions of dollars.

3 min read

Avoiding Scams

By Bryan Kuderna, B.Sc., CFP, LUTCF on 7/14/20 9:25 AM

When catastrophe strikes, it’s common nature to feel the urge to band together and unite towards a common goal.  Leaders from small town neighborhoods all the way up to the President have done just that in light of the chaos and confusion created by the novel coronavirus—COVID 19.

Topics: Security Avoiding Scams scams
4 min read

Disability Income Insurance

By NAIC on 7/14/20 8:00 AM

Many people may not realize their most valuable asset is their ability to work. But if illness or injury left you disabled and kept you from earning a living, how would you pay your bills? According to the U.S. Social Security Administration, more than one in four of today's 20-year-olds will become disabled before reaching retirement age.

Topics: Disability Income Insurance
3 min read

3 Myths that May Leave Your Family Unprotected

By Life Happens on 7/13/20 1:50 PM

Many families have common misconceptions about the need for life insurance. Read the below article by Life Happens to learn about the three life insurance myths that may leave your family unprotected from life’s many uncertainties. 

Topics: Financial Literacy

Investing $1,000

By The Penny Hoarder Staff on 7/13/20 1:33 PM

If you have $1,000 in your checking account right now, you might want to make the investment moves described in this article by The Penny Hoarder staff in the link below.

Topics: Financial Literacy
1 min read

CONSUMERS DEFINE WEALTH AS PUTTING FAMILIES FIRST

By NAIFA on 7/13/20 12:32 PM

According to the John Hancock Wealth Across America Survey, when American consumers are given five options to choose from about how they prioritize their finances, the most important thing they think about is supporting loved ones (29%). And 39 percent define wealth as putting family first. This is the top answer received in 49 out of the 50 states.

Topics: Financial Literacy
2 min read

COVID-19 Sparks New Conversations About Financial Matters

By NAIFA on 7/9/20 3:07 PM

COVID-19 has been a wake-up call for American consumers to reevaluate their finances. This is according to a new study by Life Happens, a nonprofit organization dedicated to educating consumers about the importance of life insurance and other related products for sound financial planning.

Topics: COVID-19
1 min read

New Federal Proposal Protects the Best Interests of Retirement Savers

By NAIFA on 7/7/20 2:52 PM

The Department of Labor has offered a new proposal to “improve investment advice and enhance financial choices for workers and retirees.” The standard set by the new proposal would require financial professionals who provide consumers with retirement planning and advice to act in their clients’ best interests, receive only “reasonable” compensation, and make no materially misleading statements to clients.

Topics: Retirement Planning Retirement
1 min read

COVID-19 Changing the Workplace for the Better

By NAIFA on 7/2/20 9:58 AM

Six in ten Americans think COVID-19 has changed the way we work for the better, according to WalletHub’s nationally representative Coronavirus and Working from Home Survey.

Topics: COVID-19
4 min read

COVID-19 Forces Americans to Make Positive Changes

By NAIFA on 7/1/20 1:39 PM

COVID-19 has served as a wake-up call to Americans about their vulnerability to unforeseen illness and mortality, and has already inspired three out of four adults to make changes to their plans for the future.

Topics: Financial Wellness
3 min read

Do I Really Need Life Insurance?

By Life Happens on 7/1/20 1:20 PM

Let’s face it. Most people put off buying life insurance for any number of reasons—if they even understand it. Take a look at this list. Have you used these reasons before?

Topics: life happens
1 min read

HELOC vs Reverse Mortgage Line of Credit

By Shelley Giordano on 5/4/20 9:01 AM

Many homeowners find peace of mind in having a Home Equity Line of Credit (HELOC), often known as a second mortgage,on their homes. Just having access to several thousands of dollars should it be needed in an emergency provides peace of mind for millions of Americans.

Topics: Reverse Mortgages
2 min read

Avoiding Scams

By NAIFA on 4/21/20 12:07 PM

The District of Columbia Department of Insurance, Securities and Banking has some information concerning student loan debt relief scams which you might want to share with your clients.

Topics: Financial Wellness Avoiding Scams
1 min read

Financial Literacy Month is the Perfect Time to Help Clients Fix Their Financial Missteps

By NAIFA on 4/20/20 2:44 PM

According to a new Financial Wellness Survey from KeyBank, 75% of consumers consider themselves financially savvy, with 41% stating they're savvier than most or they consider themselves experts in areas of personal finance.

Topics: Financial Wellness
3 min read

COVID-19 Is Creating Financial Stress for Many Consumers

By NAIFA on 4/20/20 1:18 PM

During this month, which is Financial Literacy Month, it is interesting to note the high level of financial stress that COVID-19 is creating among many consumers. This underscores the need for many agents and advisors to fully participate in Financial Literacy Month and help their clients during these trying times.

Topics: Financial Wellness
1 min read

NAIFA COVID-19 Resource Kit for Older Adults Available

By NAIFA on 4/8/20 3:58 PM

The COVID-19 outbreak presents serious concerns and challenges for older Americans, in terms of maintaining their health, ensuring their financial security, and dealing with difficulties brought on by social distancing and disruptions in normal services. NAIFA has compiled a resource guide to help older adults during the current crisis.

1 min read

NAIFA COVID-19 Resource Kits Available

By NAIFA on 4/8/20 3:36 PM

With the COVID-19 outbreak, financial professionals and consumers alike need sources of information and guidance they can trust. NAIFA has developed a series of resource kits that focus on specific issues and groups specifically impacted by the pandemic. Our primary COVID-19 resource kit explains the important role insurance and financial professionals play in helping Americans through this crisis and provides resources useful for everyone. Topical resource kits focus on:

1 min read

Term Life Insurance vs. Permanent Life Insurance

By NAIFA on 3/31/20 9:43 PM

Many individuals take out a life insurance policy to provide for their family's financial wellness in the event that something happens to them. Two popular life insurance options are term life insurance and permanent life insurance. What are the differences between these two selections?

Topics: Life Insurance
2 min read

Financial Wellness Contributes to a ‘Life Well-Lived’

By Aamir Chalisa, MBA, LUTCF on 1/13/20 6:20 PM

Topics: Financial Planning Financial Wellness
4 min read

Do You Have a Plan for Long-Term Care?

By Chris Orestis on 1/8/20 4:49 PM

The costs of long-term care are increasing every year, but most families do not understand what they will be confronting when it is time to start paying for care.

Topics: Long Term Care
2 min read

Helping Clients Achieve Financial Freedom is Richly Rewarding for this NAIFA Trustee

By Advisor Today on 12/12/19 4:46 PM

3 min read

Why You Need a Financial Advisor

By Elie Harriett on 12/3/19 4:42 PM

The internet is great, isn’t it?  Every decision-making tool you could possibly need is there, right at your fingertips.

But some decisions are more important than others.  Some could affect the very lifestyle you lead for the rest of your life.  And some could mean the difference between being able to pay for your child’s college tuition, or even your ability to pay your bills next month.

Topics: Benefits of a Financial Advisor

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