NLIC.org

Cody Said:

Career Vs Stability.. what option should I take?

We Answered:

You two are about to open Pandora's Box. Loan, mortgage? That is already a huge threat to your security. Since we have all those energy and environmental crises coming up, trying to cope with long-term mortgage and large debts in general as well as advance your career in an economy which ain't about to get more stable is iffy.

Feeling ambitious? You can probably satisfy your urges for greater achievement without replacing your job. Art is a typical outlet for this. Hobbies with profit or performance orientations are even more common.

On the other hand, the very idea of a stable workplace is quickly hurtling towards extinction and five years' tenure is a questionable guarantee. And if you don't like where you are now (for whatever reasons) changing it is quite reasonable.
It's a wacky world out there: stay too long in one workplace and interviewers will actually demand to know why you did so when you do want to change. Happened to a sort of distant acquaintance who works as a mid-level manager in logistics, but she got the new gig all the same (and left it a few years later IIRC).

Marvin Said:

which is the best college saving plan for kids?

We Answered:

OK, first define your needs. Figure out how much you'll need for college in 7 years, and again in 12 years. That's the college goal.

How long do you want life insurance for? And do you want it to pay for college, also? Figure out what you'll need, money wise, for the payout. That's the life insurance goal.

Now, I don't believe in that mortgage protection thing. Foreclosure insurance - PMI, won't ever cover YOU, won't prevent a foreclosure, and won't keep the lender from coming after you for any negative equity. Mortgage protection - disability coverage - well, if you get disabled, likely you'll have more bills than just the MORTGAGE - I'd rather have a real disability policy, that pays, well, food, taxes, utilities, etc - not just the MORTGAGE (fat lot of good it does to have the mortgage paid, if you can't keep the lights on and EAT.)

So, now you want disability, life, and savings. Now that you have the goals, you should probably pay a fee to sit down with a non-commissioned investment advisor, financial planner, etc, to select the tools which will get the job done cheapest, in your area.

Going with someone who's trying to sell you insurance, will skew the opinion towards their product - you won't get unbiased information.

Bill Said:

Working as an independant insurance agent?

We Answered:

OK. If you want a real answer, shoot me an email:

roland_reardon@yahoo.com

I own an independent agency in the Atlanta area (check out my answers to some other questions, if you like).

I started it from the get-go: cold.

In December it will be 10 years old.

I have been in the business 14 years total.

Always as an agent (producer) always property and casualty, always independent agency system.

I'm not trying to flim-flam you by getting you to send me an email.

I could write about this for days on here.

The best way to do it would be for me to explain some stuff, you ask questions - back and forth.

Agency salespeople don't know what goes on behind the curtain, even if you can talk to one.

Right out of the gate:

Life commissions are big first year and go to almost zero after that.

P & C commissions are almost always flat/level from year to year.

If you start a life agency, it has no 'equity' - you would not be building a 'snowball' - with 70% the first year and 3 % for succeeding years, your 'residuals' as you call them, are zip in the life business.

Anyway, it's up to you.

I'll tell you the real deal.

Linda Said:

Insurance Advice, do I have enough cover?

We Answered:

Apart from Home/contents the others are insurance against death or incapacitating illness. Life Assurance payouts when you die, mortgage protection covers your life during the term of the mortgage. Critical Illness pays out possibly a lump some if you are incapacitated through illness and Income protection pays your income whilst you are ill.
Insurance companies obviously like to sell you as much insurance product as they can and, yes, you could say that a lot overlap.
I always think you are more likely to be overinsured than underinsured.You may have life assurance in your pension package. You usually have compulsory mortgage protection from your mortgage provider (this is very cheap).
Also don't get investment muddled with insurance. Some companies advocate endowment assurance, or term asssurance as a form of investment and life assurance together. Make sure that is really what you want.
By the way you INsure against events that MAY happen and you ASsure against events that WILL happen at some stage (like death).
The actuarial probability of horrible things happening to you at a youngish age are very low. Don't get talked into paying for something that you probably will not need. Of course you need basic mortgage protection but the rest is probably a luxury.