There will be events in your future that will test your readiness and your ability to weather the storm with your finances; such as family emergencies, the educational funding for children, or retirement. However if they do — things like a lawsuit, a tragic fire, theft or tornado, or an untimely death, accident or disease — they can easily alter your finances forever unless you are prepared. Find out more about how to protect yourself and your family about the following topics – life insurance, wills, medical protection, property insurance, income stream protection, lawsuit protection, college funding, and retirement funding.
“Our Mission is to provide an unparalleled experience to our clients by informing them of the nature and treatment of risk in our society.” – Accent – Sotelo
Have you ever wondered about the risks that can affect your personal finances? As we are naturally trained by our society to insure our automobiles and homes, some never really take the time to look further into the risks that can take a huge hit on our pockets by not properly planning. As humans who love to entertain, we take the time to properly plan many life events down to every little detail for birthdays, baby showers, weddings, graduation parties, retirement parties, etc. When was the last time you looked at every detail on your checklist for planning your financial future? At Sotelo Insurance Group, we care about your future as our mission is to provide an unparalleled experience to our clients by informing them of the nature and treatment of risk in our society. Our Personal Financial Risk Calculator provides you with the information to help you make sound decisions and a universal view of the risks that can affect your financial future. Use the following topics as a roadmap to identify those areas in your portfolio and communicate those issues with a trusted advisor for further assistance. Insurance and investment products exist to help shield you from the blows in your personal finances and will help to provide a safety net for your financial future.
When was the last time you reviewed your life insurance policy? Have you had a needs review completed by a trusted advisor in the last 5 years? Do you know when the right time to review your current life insurance policy is? Do you think the life insurance policy you have in force through work is sufficient? What if you leave your current employer? Have you thought about what it would cost to carry that life insurance policy with you after you leave your current job or retire?
Prepare now for your survivors in the event of a death in the family – If someone depends on you for support, chances are you probably need life insurance. If you were to die unexpectedly, consider your family’s need for immediate cash, as well as current and future income needs for support. Without sales pressure, we provide you with a needs review, direct you to right type of life insurance policy, and guide you through the underwriting process. During the event of new baby, a new home purchase, a marriage or divorce; is a great time to look over your current life policy and review whether you have sufficient coverage. Many employers offer life insurance as part of their benefit packages, but if you leave that job or retire that policy could triple in cost. One underwriting guideline we all are aware of is that the longer you wait to purchase a life insurance policy – higher the cost.
If you die without a will, your survivors will be required to use the default will provided by the State of Texas. There are many problems with using the State’s will – your property may not be distributed as you have desired or the judge may not declare the same executor of your estate or guardian for your children. If you don’t select a guardian for your children and something happens to you, the court will appoint one. The guardian chosen for your children should be included as part of your will. Furthermore, a trust allows you to realize your goals by fine tuning the transfer of your estate as you wish, while also saving you taxes.
There are many ways to help alleviate you with some of the financial involvement when it comes to your health. As that saying goes “there’s always a price you will have to pay” and that can relate entirely to your health if not properly prepared. Here are some different topics that can help you find medical protection. Health Insurance will help protect you from a financial catastrophe if you suffer an accident or a medical condition. Long-Term Care insurance is great because of our increased longevity; more and more seniors need daily assistance with getting through the day. Whereas, Medicare excludes coverage for this informal care; long-term care insurance has stepped in to preserve retirement funds and lessen the burden on family members. The sooner you buy this insurance, the less your annual cost and the greater your chance of qualifying for a policy will be.
A living will or medical directive is a legal instrument that will allow someone you have granted the ability to make serious decisions about your health condition. Without this in place and after being six months in a terminal condition, it allows physicians to remove you from life support. A Power of Attorney for Health Care grants your family the ability to make medical decisions for you if you are unable to make them for yourself and can be made temporary if chosen. A Durable Power of Attorney allows a family member to make financial decisions for you if you are unable to make them for yourself and can be made temporary to fit your particular situation.
With a variety of property insurance coverage options, you can feel safe knowing your home and those who live there are protected. Home insurance is an insurance policy that protects you financially in the event that your home and property is damaged in a covered peril, or in the event of a covered lawsuit. Perils that are typically covered by a standard home insurance policy include fire, wind, lightning, hail and theft. While no one plans on losing their home or possessions to any of these perils, it unfortunately happens every day. It protects the investment you have made in your home by providing you with coverage for specific hazards. But your home insurance doesn’t stop there. In the event that someone was filing a lawsuit against you for accidental damage you caused to their property, it allows you to pay legal fees associated with a lawsuit. Standard homeowners insurance also contains liability coverage that protects you and your family against lawsuits where another party finds you liable for damage to their property or person.
Do you have enough in savings in the event you or spouse became disabled? Prepare now to replace your income if you find yourself unable to work due to a limiting medical condition. Disability Insurance is a form of insurance that insures your income against the risk that a disability creates a barrier for a worker to complete the core functions of their work. Although you can no longer work, you must still pay your living expenses. This is one of the most difficult positions to be in, and without insurance it is almost impossible to keep your finances intact.
Prepare now for access to deep pockets in the event that you are sued. Liability Insurance gives you peace of mind that you are provided funds to repay those suffered from your negligence. Even though the claim may be frivolous, your assets and activities can expose you to a lawsuit from someone else. Liability insurance pays for the cost of a defense, and provides proceeds to pay for an out-of-court settlement or a court judgment against you. Check your automobile and homeowners insurance policy limits to see how much liability insurance you have. A personal umbrella insurance policy is an extra layer of liability insurance that helps protect your auto and home from any exposure to liability.
Have you thought about how much will it cost to take your children through college? What % of the cost do you want to pay? How much should you save now? Prepare now to see your kids through college.
College 529 Plan is an investment vehicle that is a great way to save for future college expenses because not only does the money grow, it is tax deferred and no taxes are paid on withdrawals used for education expenses. If you are interested in looking up tuitions for each school, including many other facts about each campus, visit www.collegeboard.com.
In the USA, more than 55% of the undergraduate students receive financial aid to help pay for college and over $85 billion in financial aid is awarded to college students each year. For information regarding federal aid, visit the US Department of Education at www.federalstudentaid.ed.gov.
Grow your wealth now in order to maintain your lifestyle in retirement once your income stops. These days, retirement can last decades, so we must rely on personal or family initiative for a comfortable retirement. To get a quick calculation of what your social security check will be, visit www.ssa.gov/OACT/quickcalc/. Keep it simple by having a portion of your income deposited automatically into an investment account. Low-cost diversified mutual funds are suitable investments for just about everybody.
Our mission is to provide an unparalleled experience to our clients by informing them of the nature and treatment of risk in our society.