Latest news with #lifeinsurance
Yahoo
3 hours ago
- Business
- Yahoo
I'm 45 with 5 children to support and my husband just died unexpectedly — how do I ensure we're taken care of?
The death of a spouse is devastating under any circumstances. But, what happens if your spouse who passed away was also the breadwinner for your family of seven, including five children? When this type of tragic incident occurs, survivors left behind can find their whole life changed. Now, imagine that you are the surviving spouse. You have a disability, with a $1,500 monthly benefit and you own a home that you owe $220,000 on. And, your basic monthly bills (not including expenses like food, transportation and health care) are $3,320. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) You'd probably be panicking about your financial future in this situation, and rightly so. The big question is, what can you do to ensure that you and your children are provided for and the bills get paid? The first thing to do in this situation is to determine what your finances look like based on what your spouse left behind. Look to see if your husband has a will, and take account of any assets you may have, such as your spouse's workplace 401(k), life insurance policies, bank accounts and investment accounts. Hopefully, you and your spouse communicated about these issues, and you know where to look. If not, you may have to contact financial institutions, look at your spouse's computer history and email to see if you can find statements and use the National Association of Insurance Commissioners (NAIC) life insurance policy locator. In most cases, the estate will need to go through probate to officially transfer certain property and assets. A legal aid attorney may be able to help you through this process if you can't afford a lawyer otherwise. If you were a joint owner on any assets, though, you should be able to access those right away. With luck, your spouse left something behind that can help you to make ends meet in this difficult situation. Depending on the equity in your home, you may also be able to downsize to something less expensive while freeing up cash you can invest to produce income to live on. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it If your spouse left behind limited resources, the next step is to try to claim any benefits that may be available to you. This can include survivor benefits from Social Security. These benefits are available to surviving spouses who are raising minor children, as well as to kids under the age of 17 or kids under the age of 19 if they are still in school. If any of the children have a disability, these benefits can be available at any age. With your limited financial resources, you will likely be eligible for other government benefits as well. These can include: Temporary Assistance for Needy Families (TANF) benefits. Supplemental Nutrition Assistance Program (SNAP) benefits. Medicaid health insurance coverage. Other benefits, such as utility assistance programs and reduced property taxes, may also be on offer. Check and search your state's assistance programs to see what is available. These benefits can help you to make ends meet. After the death of a breadwinning spouse, it normally would make sense for you to go back to work. However, that may not be the case if you have a disability, because earning too much money could affect your eligibility for disability and other benefits. Of course, if you could earn enough to support yourself and your family despite your disability, doing so would be a good idea. If your condition prevents you from doing that, though, then you could end up worse off if you earn too much to get benefits but not enough to meet your needs. Still, you can check with the benefits programs you participate in to see how much you are allowed to earn before losing benefits, and check out programs that help with job training and searches for people with a disability. Finally, you need to think about creating more stability for yourself in your future — including emotional and financial stability. Taking steps to become more financially stable, like trying to build an emergency fund and savings, can be a good first step. You should also make sure to get the emotional support you need after a devastating loss. Check with your local community center, health center, faith group or hospital for support groups that may be available for you and your kids. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Business
- Yahoo
I'm 45 with 5 children to support and my husband just died unexpectedly — how do I ensure we're taken care of?
The death of a spouse is devastating under any circumstances. But, what happens if your spouse who passed away was also the breadwinner for your family of seven, including five children? When this type of tragic incident occurs, survivors left behind can find their whole life changed. Now, imagine that you are the surviving spouse. You have a disability, with a $1,500 monthly benefit and you own a home that you owe $220,000 on. And, your basic monthly bills (not including expenses like food, transportation and health care) are $3,320. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) You'd probably be panicking about your financial future in this situation, and rightly so. The big question is, what can you do to ensure that you and your children are provided for and the bills get paid? The first thing to do in this situation is to determine what your finances look like based on what your spouse left behind. Look to see if your husband has a will, and take account of any assets you may have, such as your spouse's workplace 401(k), life insurance policies, bank accounts and investment accounts. Hopefully, you and your spouse communicated about these issues, and you know where to look. If not, you may have to contact financial institutions, look at your spouse's computer history and email to see if you can find statements and use the National Association of Insurance Commissioners (NAIC) life insurance policy locator. In most cases, the estate will need to go through probate to officially transfer certain property and assets. A legal aid attorney may be able to help you through this process if you can't afford a lawyer otherwise. If you were a joint owner on any assets, though, you should be able to access those right away. With luck, your spouse left something behind that can help you to make ends meet in this difficult situation. Depending on the equity in your home, you may also be able to downsize to something less expensive while freeing up cash you can invest to produce income to live on. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it If your spouse left behind limited resources, the next step is to try to claim any benefits that may be available to you. This can include survivor benefits from Social Security. These benefits are available to surviving spouses who are raising minor children, as well as to kids under the age of 17 or kids under the age of 19 if they are still in school. If any of the children have a disability, these benefits can be available at any age. With your limited financial resources, you will likely be eligible for other government benefits as well. These can include: Temporary Assistance for Needy Families (TANF) benefits. Supplemental Nutrition Assistance Program (SNAP) benefits. Medicaid health insurance coverage. Other benefits, such as utility assistance programs and reduced property taxes, may also be on offer. Check and search your state's assistance programs to see what is available. These benefits can help you to make ends meet. After the death of a breadwinning spouse, it normally would make sense for you to go back to work. However, that may not be the case if you have a disability, because earning too much money could affect your eligibility for disability and other benefits. Of course, if you could earn enough to support yourself and your family despite your disability, doing so would be a good idea. If your condition prevents you from doing that, though, then you could end up worse off if you earn too much to get benefits but not enough to meet your needs. Still, you can check with the benefits programs you participate in to see how much you are allowed to earn before losing benefits, and check out programs that help with job training and searches for people with a disability. Finally, you need to think about creating more stability for yourself in your future — including emotional and financial stability. Taking steps to become more financially stable, like trying to build an emergency fund and savings, can be a good first step. You should also make sure to get the emotional support you need after a devastating loss. Check with your local community center, health center, faith group or hospital for support groups that may be available for you and your kids. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Associated Press
2 days ago
- Business
- Associated Press
The Financial Partners Celebrates 15 Years of Premium Finance Excellence Grounded in Expertise and Legacy
05/30/2025, Duluth, Georgia // PRODIGY: Feature Story // The Financial Partners Group (TFP), a premier life insurance brokerage agency specializing in premium finance, is celebrating its 15th anniversary, marking a milestone in an industry where trust, precision, and consistent performance are paramount. Founded in 2010 by veteran advisor Michael (Mike) Smith (and now retired partner Kathleen M. Donnelly), TFP has earned a national reputation for delivering highly specialized, mathematically sound premium financing strategies for high-net-worth clients through its TFP Legacy Plan. The Financial Partners What started as a means to capture profit and control over business placed outside a former general agency has evolved into a powerhouse niche firm that is now synonymous with integrity and success in the premium finance life insurance (PFLI) sector. 'Most people in financial services shy away from life insurance. I leaned in,' says Smith, whose journey began in 1983 and took a pivotal turn in 2011, when a prominent family office trusted him to restructure a portfolio of life insurance assets. His recommendation, premium financing, was bold, and it set TFP on a trajectory that would define its identity. That project became the proving ground for what would later become the TFP Legacy Plan: a customizable framework that combines leverage, tax advantages, and equity index performance to create maximum death benefit or tax-free retirement income with minimal out-of-pocket cost. 'Premium financing is conceptually simple, but in practice, it's highly complex. If this isn't what you do every day, you shouldn't be doing it without a committed, knowledgeable partner,' Smith explains. That belief underpins the firm's client-first, advisor-supported approach. Smith is hands-on in every major client engagement, guiding strategy design and participating in early client conversations to ensure the plan fits both the client's financial goals and risk tolerance. Despite the controversy that sometimes surrounds premium finance, TFP's track record is a point of pride. Smith further shares, 'We may not be able to prevent everything, but our commitment to due diligence, documentation, and constant client engagement is what has protected our clients.' The TFP Legacy Plan continues to adapt to changes in the market of interest rates, inflation, and estate tax exposure, offering high-net-worth individuals a structured, scalable way to leverage life insurance for tax-free income, estate planning, and wealth transfer. Smith credits his early mentor, a retired industry expert, for urging him to build independent models, a move that now defines TFP's continuous innovation. He shares, 'We've taken the design further, deeper. Every model is custom-built, and every assumption is stress-tested. And if a client isn't mentally or financially suited for premium finance, we'll tell them not to do it.' That honesty has built trust. As for the future, TFP is built to last. In late 2024, Smith finalized a succession plan that included his daughter, Kennedy Smith, and rising team member and Director of Logistics and Case Management, Harris Vinson, each now a minority stakeholder in the firm. 'I want clients to know that this business isn't just about me but a legacy for us and them. Kennedy and Harris are deeply committed, capable, and already driving growth. There's a real, living succession plan here.' Fifteen years long-standing, TFP now enters its next chapter with the same clarity that shaped its founding: delivering precise, customized, and responsibly managed premium finance solutions that protect legacies and amplify wealth. There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation. Media Contact Name: The Financial Partners Group Email: [email protected] Source published by Submit Press Release >> The Financial Partners Celebrates 15 Years of Premium Finance Excellence Grounded in Expertise and Legacy
Bloomberg
2 days ago
- Business
- Bloomberg
FTSE 100 Live: UK Stocks Set to Rise, Pound Slips Back Below $1.35
Life insurance and asset management firm M&G has struck a deal with Japan's Dai-ichi Life, under which the latter will buy a 15% stake in the UK company. Under the strategic partnership, M&G will be Dai-ichi's preferred asset management partner in Europe. The Japanese group intends to build the stake in M&G via on-market purchases, which will mean no change to M&G's current issued share capital.
Irish Times
3 days ago
- Business
- Irish Times
Smokers pay tens of thousands more for life insurance and mortgage protection
Smokers pay tens of thousands of euro more for life insurance and mortgage protection than non-smokers, according to new research from price comparison and switching website . For mortgage protection – a legal requirement for anyone taking out a mortgage in Ireland – a 38-year-old couple can pay as little as €35.60 a month for €300,000 in cover over 30 years as long as they're both non-smokers. However, if they both smoke, the cost jumps to €70.09 – an increase of almost 97 per cent, or nearly €12,500 over the life of the policy. Adding €100,000 in specified illness cover to the same policy would cost €101.09 a month for non-smokers. But smokers would pay at least €191.82, a difference of almost €33,000 over the term. READ MORE The gap is even wider for life cover which pays out a tax-free lump sum if one of the insured dies during the term of the policy and is considered an essential part of financial planning for families. A non-smoking couple could secure €300,000 in cover over 30 years for about €51 a month, while smokers would pay at least €103.88 – a difference of almost 103 per cent, or almost €19,000 over the lifetime of the policy. And for a stand-alone specified illness policy worth €150,000 over 30 years, non-smokers would pay €195.87 a month, while smokers would be charged €333.44 – almost €50,000 extra for the same level of cover. The research was carried out in May by comparing prices for smokers and non-smokers from the country's five leading life insurers: Aviva, Irish Life, New Ireland, Royal London Ireland, and Zurich Life. While smoking has declined in recent decades, about 16 per cent of adults aged 15 and over in Ireland still smoke either daily or occasionally, according to Census 2022. However, many more vape – and vapers, even if they've never smoked in their life, will still be treated as smokers by life insurers. [ Cost of health insurance rises over 12% in a year, with some policies jumping 25.6% Opens in new window ] 'Quitting smoking really is good for your pocket as well as your health,' said Daragh Cassidy of 'It's not just the cost of cigarettes that you'll save on. As our research shows, the price you pay as a smoker for important life insurance products is often close to double what a non-smoker would pay. This means kicking the habit can literally save you tens of thousands of euro.' He added that people who vape are also considered smokers by insurance companies. 'The good news is that if you're already paying for life cover, but decide to quit, once you've been off cigarettes, as well as any nicotine replacement products, for at least 12 months, you can apply to be reassessed as a non-smoker and potentially pay a lower price for your existing cover.'
