Do you need Lawsuit insurance?

Lawsuit Insurance Do you need a lawsuit liability policy?

If your child ever displays their anger on an Internet site, you may get hit with a lawsuit for $millions. It happened to couple in GA and they must pay $750,000 after the award was reduced. You may be sued in an accident through no fault of your own. Do you have $100,000 for the lawyer to defend you? You can save on the cost of this excess or umbrella liability policy by shopping insurers.

Saved 62%

A New Jersey member found that her car insurer charged $210 for the same $1 million umbrella policy that her home insurer, State Farm, charged $556 for. She saves $346 a year. Your auto carrier usually gives the best price for liability coverage.

Use our Guide to pick the right coverage: http://www.amazon.com/Lawsuit-Insurance-need-right-policy/dp/1480061123/

Romney will lower rates but raise tax payments by cutting our deductions

He pledges to “lower taxes on middle-income families,” without giving high earners another tax cut or adding to the U.S. budget deficit. He can do that, he says, by capping the value of tax breaks available to any individual taxpayer. His tax plan, however, would upend financial planning for millions of middle-class households, denying them thousands of dollars in annual deductions, thus raising their taxes but lowering the "rate."

Recently, Romney said taxpayers might be able to take a total of no more than $17,000 in deductions each year. For middle class families in high tax states, this is the kiss of death. Many in NJ, NY, and CA pay over $17,000 in mortgage interest (average homes cost $500,000) and $12,000 in property and state income taxes. Some give $10,000 to charity.

Romney tax cuts will cost $5 trillion over 10 years. The limit on deductions do not “come close to paying for the $5 trillion,” said Gale, who co-authored a study of Romney's tax plan for the non-partisan Tax Policy Center in Washington.

http://www.businessweek.com/news/2012-10-05/romney-vow-to-lower-middle-class-taxes-at-odds-with-cap

Most reliable used vehicles

Eight out of 10 of the models on our list of most reliable used vehicles from the 2008 and 2009 model years come from Japanese brands. JD Power and Consumer Reports: http://autos.yahoo.com/news/10-most-reliable-used-cars.html

Vehicle Insurance:  Beware: Double Coverage by Dan Keppel

Your education and occupation may raise your premium.

Save $22,000 with the right policy.

Your policy duplicates at least three coverages.
The same 2-car policy can cost $1,400 or $3,600.
Create a Wealth Reserve^TM to self-insure small risks.
Accumulate $100,000 in 15 years to protect your future.

http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634/

Is a variable annuity right for you?
AM Best, the insurer-rating firm, and its sponsor, AXA Equitable, are encouraging agents to use these complicated and expensive products for younger clients. Even though the SEC, securities regulator, has warned agents and clients about the suitability of VA s

(sec.gov/investor/pubs/varannty.htm), insurers pay high commissions to lock in investable dollars early. Young people have much better investment options without the high costs and lack of liquidity of a VA. Look before you leap:  http://www.amazon.com/Not-Buy-That-Annuity-Guaranteed/dp/1466494573

Congress wealth up 5%, American people’s wealth down 39%

The Washington Post reported the median net worth of the current Congress rose 5% during the recession while it fell 39% for the average American. The wealthiest one-third of lawmakers saw their net worth rise 14%. Some key findings of the report are:

• By 2010, the median estimated wealth for members of the House of Representatives was $746,000; for senators it was $2.6 million.
• There was virtually no difference between the wealth of Republicans and Democrats in 2010. Just six years earlier, the net worth of Republicans was 44% higher than the net worth of Democrats.
• 28% of Congress, or 150 members, reported earning more income from outside jobs and investments than from their Congressional salary of $174,000.
• 27% of Congressional members saw a decline in their net worth between 2004 and 2010.
• 73 lawmakers sponsored or co-sponsored legislation that could benefit businesses or industries that involved those Congressional members or their families.

No wonder they don’t want to raise taxes.

Government of the rich people, by the rich people, for the rich people, shall not perish from the earth. Lincoln was wrong. There are two nations.

Paul saved $4,567 by moving his IRA to low-cost Vanguard

Paul used Vanguard low-cost index and managed funds to gain 25.5% so far this year and saving $4,567 in fees this year. His IRA had about $300,000 in 2011 when he moved it because he was not happy with his advisor’s fund returns. He now pays about 0.3% instead of 1.3%. He has diversified his investments in preparation for retirement by using the 10 Vanguard funds suggested by our members. He has about $375,000 now. He read:http://www.amazon.com/Lies-Financial-Advisors-Told-alternatives/dp/1478281545

GOP Rep claims science is wrong yet votes on Science, Space & Technology issues!?

Georgia Rep. Paul Broun said in videotaped remarks that evolution, embryology and the Big Bang theory are "lies straight from the pit of hell" meant to convince people that they do not need a savior. Broun also said that he believes the Earth is about 9,000 years old and that it was made in six days. Was he just playing to audience or for real?

Problem: He sits on the House Committee on Science, Space and Technology and makes decisions affecting our future.

Congress hears study that finds lower taxes just makes rich richer: NO “trickle” down

The study shows that lower taxes DOES NOT increase growth: Both houses held a joint hearing on what they called the “treatment” of capital gains. It has been a one of the Ten Commandments of the GOP: Lower taxes produce greater growth. But now a study of growth and tax rates since 1950 shows “no statistically significant correlation” between the two. The study included a 5 year lag also. There is no trickle down growth.http://www.bloomberg.com/news/2012-10-04/study-finds-benefit-is-elusive-for-low-capital-gains-rate.html

Is your state pension in trouble?

States don’t like to pay for their promises and usually don’t have to. NY is the exception. Is your future pension just a broken promise? Are unions able to help or is this like Social Security? You paid in advance but, too bad, things change? See the 10 worst cases.

http://online.wsj.com/article/AP644ef2750d8248e393bfa995b8787524.html

Are your 401k fees too high?

The new disclosures—some 8 or more pages—seem to be obscuring the facts. There are fees for everything and mutual fund companies must list them all; which might be the problem. There are so many different kinds and it is hard to know how to reduce the ones you can control. Typically, your employer is not paying for any of them so they don’t have an incentive to reduce or eliminate them. They signed you up to pay for bookkeeping, telephone response, mailing statements, etc. You can reduce the management fees, 12 b1 fees and other expenses of the management company. Compare your plan fees to other company plans usinghttp://www.brightscope.com/. To understand what the fee names mean, seehttp://www.sec.gov/answers/mffees.htm. Most people are better off, making more money, by using low-cost funds. Paying more does not guarantee you earn more. In fact, the opposite is true according to many studies. Over time, paying high fees can take 40% of your accumulations. Many have found our Guide helpful: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137.

NJ tries to give uninsured purchasing power despite Christie

New Jersey Senate approved legislation to create a health-coverage purchasing pool for the uninsured, after Republican Governor Chris Christie vetoed a similar measure in May. States that miss a Nov. 16 deadline to submit plans will have their exchanges designed by the federal government. New Jersey has 8.8 million residents, with about 1.3 million uninsured from 2009 to 2011, according to U.S. Census data.

Canada government certified meds less than HALF cost

Buying meds on the Internet from Canada can be safe using a CIPA.com approved pharmacies. EG: Abilify  15mg Tablets   30 tabs $227 at http://www.polarmeds.com/ but $592 at CVS. Both require script by real Dr. 

Is a “living trust” right for you?

Seniors are the target for this $2,000 sales pitch to “avoid the high cost of probate.” The Prepaid legal sales person then hands the paperwork to the deferred annuity person who clears another $2,000 or more by locking up savings in a 14 year contract. Most people will never need to probate their will since most assets are not governed by it. An IRA and life insurance as well as POD and joint accounts, and homes are usually paid directly to a beneficiary or joint owner. Most people also forget to change the title of their assets to the living trust so it is not used. Taxes can’t be avoided with this trust. Contact an estate lawyer for your specific situation, like property in multiple states.http://www.nytimes.com/2005/11/20/realestate/20home.html

States may tax your own money in a joint account

PA, NJ, NE, MD, IA, KY and IN will impose tax on your money if a joint owner of the account dies. The states consider the money split equally among the owners. A Financial Power of Attorney can be used in place of putting your grown child’s name on the account for convenience. This avoids the tax and allows any person you designate to obtain money when you are not able to make the withdrawal for emergencies. NOT LEGAL ADVICE

http://money.howstuffworks.com/personal-finance/personal-income-taxes/inheritance-tax.htm You can make a POA yourself at http://www.nolo.com/legal-encyclopedia/durable-financial-power-of-attorney-29936.html’

SCAMS           “Only the little people pay taxes.” Leona Helmsley

Amex fined for misleading customers 4 ways—Refunds to ¼ million customers

New Fed regulator, CFPB, fined American Express $14.1 million for promising $300 on signup cards then reneging. http://www.consumerfinance.gov/pressreleases/cfpb-orders-american-express-to-pay-85-million-refund-to-consumers-harmed-by-illegal-credit-card-practices/

Romney’s debate promise—pre-existing condition coverage—is already law

Health-policy specialists say Romney’s plan is the same protection already in a 1996 U.S. law and doesn’t show how it would help at least 36 million sick people at risk of being denied coverage.

Why don’t we all have the same health coverage as Congress and the President?

They pay for private plans like any large employer. The plans provide great care as you can wonder. We taxpayers pay for about 75% of the costs of about 300 choices according tohttp://www.factcheck.org/2009/08/health-care-for-members-of-congress/. There is no reason why all the uninsureds could not be offered the same deal as the our ‘representatives.’ After all, don’t they work for us?

http://www.opm.gov/INSURE/HEALTH/INDEX.ASP

Foreclosure rescue fraud charges against 530 in NY alone

More than 73,000 homeowners were victims of various frauds for which charges were filed during a year-long crackdown, including “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, the Justice Department said. The U.S. brought charges against 530 people over schemes that cost homeowners more than $1 billion, NY AG Holder says. 

MN curbs misrepresentations by Embassy of Heaven

State insurance regulators have ordered the Oregon- based Embassy of Heaven Church and its leader Paul Revere to stop making misrepresentations related to insurance in Minnesota, saying a type of auto insurance it promotes through Mutual Assurance is bogus.

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Are your bank fees higher?

Are your bank fees higher?

In Bankrate's 2012 Checking Survey, almost every checking fee they follow went up, with some bank fees rising 25% or more. The average monthly maintenance fee for a noninterest-bearing checking account rose to a record high $5.48, an increase of 25% over last year. The minimum balance to avoid a monthly maintenance fee has nearly doubled in the last two years, reaching $6,117.80. Making matters worse, if you don't make that threshold, you'll be on the hook for a $14.75 monthly maintenance fee.
ATM fees have become routine, especially for using other bank ATMs.  "Our recent survey showed that 72% of the largest credit unions still offered free checking." Members buy only what they need using the “tricks of the trade” and pay zero fees:http://www.amazon.com/Insiders-Guides-Discount-Financial-Services/dp/143480593X

Long-term care insurance and alternatives

Please read all the exclusions and restrictions in at least three policies before buying. Consider that half of all policies lapse before any benefits were paid. Most owners were unable or unwilling to continue paying their premiums. Even if an owner has LTCi and goes to a facility, only half collect from the policy. If you need home care or use a residential facility, you may not collect benefits. When LTC benefits were paid, they were usually far below the actual cost of care. For many of the longest-term residents, benefits were used up before the nursing facility stay ended. Consider using the premiums to buy assets that can be used for LTC or legacy or retirement supplement, whichever is needed.http://www.amazon.com/Long-term-Care-Insurance-better-alternatives/dp/147006877X/

Decades of federal dollars, NOT entrepreneurs, helped pay for the natural gas boom

Pioneers in gas drilling say government research and tax breaks helped launch boom. The current new gas billionaires did NOT put up the money to assure their own success. The government did. In 1975, the Department of Energy began funding research into fracking and horizontal drilling, where wells go down and then sideways for thousands of feet. But it took more than 20 years to perfect the process. Millionaires like Romney say they did it all themselves. Not true.

GOP wants to eliminate the Department and every other government bureaucrat in Wash.

RomneyCare—emergency room for uninsured—disputed by doctors

"Emergency care is not health insurance," according to Dr. David Seaberg, president of theAmerican College of Emergency Physicians, responding to a statement by Governor Mitt Romney on 60 Minutes about how uninsured patients get medical care in emergency rooms. Most people need comprehensive care and can save with a high-deductible policy:http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

KS regulator ask GOP governor to set health exchange plan

GOP governor declines. He is waiting for election to see if he will comply with law to have exchanges for citizens to buy insurance. This will make it more difficult for uninsured to meet the deadline in 2014.

AR Gov embraces health care overhaul

Arkansas Gov. Beebe now wants to use ObamaCare to widen government-funded coverage to thousands of additional families. He’s relying on the move to help prevent a Republican takeover of the state Legislature for the first time since Reconstruction. Gov. Mike Beebe, the first Southern governor to back the law's expansion of Medicaid, has become an unlikely advocate for a central part of the overhaul that would expand Medicaid, a position made easier by the fact that he's not seeking re-election. Beebe has said he thinks lawmakers will support expanding eligibility when they see the broad benefits. The Department of Human Services has estimated expanding the state's Medicaid rolls by 250,000 people will save the state $372 million over the next several years. Republicans have expressed skepticism about that figure, noting that it factors in savings from other parts of the federal health overhaul. 

SD agrees to Fed health exchanges

South Dakota will not set up its own health insurance exchange, instead deferring to the federal government to operate and pay for a key component required by the federal health care overhaul. Each state has the option of making or renting exchanges. 

Are extended warranties right for you?

Experts agree that you should choose warranties backed by manufacturers and not third parties. Most cars have solid reliability records on engine/powertrain so you won’t need one. Check reliability at JD Power, Edmunds.com etc.

Sellers have considerable mark-ups on contracts – as much as 50%. Warranties are the profit line for most retailers. Some use warranty sales as sales bonus plans. Staples is a good example of what companies use extended warranties for—extra profit, not service. According to Staples employees, they are told: no warranty, no computer. The advertised computer is not in stock if you don’t buy the computer but is in stock if you do.

65% of Consumer Reports respondents spent significantly more for the extended coverage than they reaped in repair savings. Twelve percent noted they had difficulty getting warranty repairs because of contract terms or disagreements with an administrator. CRrecommends you put the $1,500-$2,300 you might spend in a moneymarket fund and "insure" yourself. Members self-insure for all large purchases:http://www.amazon.com/Build-Your-Tax-FREE-Wealth-Reserve/dp/1456505041

NJ Gov Christie fails to help homeowners in foreclosure—losing $300 million

ABC News reporter Jim Hoffer asked the governor to explain why New Jersey ranks last out of 18 states who have received hundreds of millions in funds from the US Treasury Department to help unemployed or underemployed homeowners to avoid foreclosure.

Specifically, New Jersey has distributed less than $4 million of a $300 million grant, placing the Garden State in last place among states that have received grants from the Treasury’s Hardest Hit Fund. The GOP governor has spent a good deal of time during the month of September campaigning out of state on behalf of Republican presidential candidate Mitt Romney. He allocated only 5 employees to the program. 

Best homeowner’s insurance services survey

The 2012 survey by JD Power is done. Amica Mutual ranks highest in satisfaction (859) for an 11th consecutive year among homeowners award-eligible insurance companies and performs particularly well in all five factors that contribute to overall customer satisfaction. Following Amica Mutual in the rankings are ACSC (AAA) (824) and Erie Insurance (822), respectively. USAA, an insurance provider open only to U.S. military personnel and their families and therefore not included in the rankings, also achieves a high level of customer satisfaction. Find your carrier on the list athttp://www.claimsjournal.com/news/national/2012/09/27/214364.htm.

Members find that quality service need not be expensive when you buy what you need.http://www.amazon.com/Industry-Insiders-Guides-Buying-Insurance/dp/1466435712/

SCAMS           “Only the little people pay taxes.” Leona Helmsley

Romney violated his own rule: Extra tax payments make him “unqualified” to be president!

Romney’s returns showed that the couple paid $1,935,708 in taxes on income of $13,696,951. Romney had claimed fewer deductions than he was entitled to just to keep his rate at such a level. Romney told reporters in August he had never paid below 13 percent in taxes in any given year over the past 20. Had he taken the full charitable deduction, it would have pushed his tax liability below 13 percent. Romney also said that "I don't pay more than are legally due, and frankly if I had paid more than are legally due I don't think I'd be qualified to become president."

Redistribution of wealth . . . to the wealthy, by the wealthy, for the wealthy!

Americans don’t understand why the wealthy don’t pay Social Security tax on ALL income.

Currently, workers pay the tax on the first $110,000 in income. Everything above that threshold remains untouched. Why? The current cap was set in 1983 to expose "90% of total national wages to the Social Security tax." Because of inequality in income growthsince then (the rich growing richer), the amount of wages escaping such taxation has grown from 10% to about 15%. It is said that if we raise the taxable portion, we will return to historical intent and also address the erosion of income equality since 1983.

Removing that cap entirely while leaving benefit levels the same could ensure Social Security's solvency for the next 75 years. 

Since the wealthy make more they should pay more. This seems fair. If you make $110,000 you pay $6826 but if you make $220,000, you pay only $6826. If you make $22 million, you pay only $6826.

Americans don’t understand why they pay 40-50% taxes in total and Romney and friends pay under 15% taxes in total.

Who owns your account now?

Morgan Stanley dropping the Smith Barney name from the joint venture it co-owns with Citigroup Inc.

Auto insurers Permanent General and The General to American Family Insurance. 

IAN

41 Watchung Plaza, B242

Montclair, NJ 07042

973.746.2014

www.InsuranceAdvisorsNetwork.com