Edward M. Burnett Earns Retirement Income Certified Professional® (RICP®) Designation

Posted on May 16th, 2016 in News by

Ed-BurnettKenosha, WI – May 16th, 2016 – Edward M. Burnett, RICP®, with The Schaeffer Financial Group, LLC has earned the Retirement Income Certified Professional® (RICP®) professional designation from The American College, Bryn Mawr, PA.

Candidates for the RICP® designation must complete a minimum of three college-level courses and are required to pass a series of two-hour proctored exams. They must also have three years of experience, meet stringent ethics requirements, and participate in The College’s continuing education program.

The RICP® educational curricula is a robust and comprehensive program available to financial advisors looking to help their clients create sustainable retirement income. The rigorous three-course credential helps advisors master retirement income planning, retirement portfolio management techniques, mitigation of plan risks, maximize employer–sponsored benefits and help determine the best Social Security claiming age.

The RICP® provides a wealth of practical information for advisors using the most current techniques to identify retirement income needs and objectives and evaluate a client’s current situation relative to those goals. Individuals who earn a RICP® can provide expert advice on a broad range of retirement topics including income needs and objectives, estate issues and other risks to the retirement income planning, Social Security, health insurance and housing decisions, and income taxation.

Ed Burnett is a Financial Advisor with The Schaeffer Financial Group, LLC, where he implements a team approach to provide financial solutions for his clients. A life-long resident of Southeast WI, Ed is married with three terrific kids, is active in his church and community, and enjoys woodworking and running. Please contact Ed for a free financial consultation at 262-551-8900 or Ed@TheSchaefferGroupLLC.com

The American College is the nation’s largest non-profit educational institution devoted to financial services. Holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others for over 86 years. The American College’s faculty represents some of the financial services industry’s foremost thought leaders. For more information, visit TheAmericanCollege.edu

The Schaeffer Financial Group, LLC is dedicated to helping you in some of life’s most important financial challenges, decisions and milestones. Our business is based on trusting relationships – rooted in industry expertise, integrity and a personal touch. We’re a team of financial experts but we also consider ourselves a family – one that will support yours.

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

The Schaeffer Group, LLC Welcomes New Partner, Bill Waddle

Posted on September 23rd, 2015 in News by

SchaefferTeamPersonal Finance and Wealth Management Firm Continues Expansion

Kenosha, Wisc. – The Schaeffer Group, LLC announced today that Bill Waddle has joined the firm and is now accepting new clients to support the firms growing efforts in personal finance and wealth management.

Bill Waddle joined The Schaeffer Group, LLC as a licensed financial representative in January of 2015. He is securities licensed in multiple states including Wisconsin and Illinois, and is also licensed for life, health, variable life insurance, and variable annuities.

“We are pleased that Bill has joined our firm,” said Greg Schaeffer, President of The Schaeffer Group, LLC. “As a family man, he understands how circumstances in life require solid financial foundation and will add value to the services our firm provides.”

His professional affiliations include: National Association of Insurance and Financial Advisors, and Financial Services Institute. Bill became a client nearly 20 years ago and has studied the business for many years. He maintains his membership in IBEW Local 127 as a Journeyman Electrician. Bill is involved with Toastmasters International and Meals on Wheels.

Born and raised in Kenosha, Bill and his wife Melissa have five children. They had quadruplets, Luca, Kenzie, Tate, and Taylor, in 2013, and a fifth child, named Phillip, born in 2014. Spending time with his wife and kids is Bill’s main priority outside of work. He enjoys golfing and attending sporting events.

 

About The Schaeffer Group, LLC
The Schaeffer Group, with a combined 65 years of experience, is a team dedicated to helping individuals in financial and wealth management. With values rooted in family, this team places emphasis in the organizational process with the goal of helping clients build a more prosperous financial future.

Services include stretching income, planning for the future, planning for the unexpected (such as divorce, death or loss of job), retiring, saving for college, securing future for loved ones. The Schaeffer Group includes Greg Schaeffer, President of the firm with 40 plus years in the financial management industry; Kristi Schaeffer, Vice President and Certified Senior Advisor since 1999; Edward Burnett, financial advisor since 2009; and now, Bill Waddle, licensed financial representative. For more information on The Schaeffer Group, visit theschaeffergroupllc.com.

 

The Schaeffer Financial Group, LLC is dedicated to helping you in some of life’s most important financial challenges, decisions and milestones. Our business is based on trusting relationships – rooted in industry expertise, integrity and a personal touch. We’re a team of financial experts but we also consider ourselves a family – one that will support yours.

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

The Dry Wood Pile

Posted on October 16th, 2014 in Stretching Your Income by

campfire in the mountainsAs we approach another winter in the upper Midwest, we are probably spending some time and consideration on how we can plan if we have another bitterly cold season; checking coats and boots, mittens and scarves for the kids, and of course having plenty of hot chocolate on hand! And if we do have another rough winter, we will feel the impact in many ways – especially with regards to heating expenses.

For just a moment, let’s think back in time… How did people heat their homes 200 years ago? We didn’t have forced air heating systems powered by natural gas.  Back in the day, they used wood burning stoves of course!

Back then this was a life or death necessity, so how did folks properly prepare for the ensuing winter cold? Someone would have to chop trees down and get firewood split early enough so that it could dry in time for it to be ready to burn when the snow flies. This was commonly referred to as, “the dry wood pile.” They would chop what they needed for that winter, and the remaining hardwoods were left for continued growth so that future generations could feel confident in their ability to heat their homes for years to come.

George Washington inside a grocery cart riding down the roller coasterHow big would they need to make that dry wood pile? Well, that would depend on how long and cold the winter would be. Could we use our experience from previous winters to estimate for this year? While we cannot accurately predict the coming winter based solely on history, we can probably guess within reason. Most likely, reasonable people would plan to have a little extra wood on the pile – just-in-case.

If they had a particularly brutal winter like the one we just had in 2013, or maybe even a few of these bad winters in succession, would there EVER, EVER be a time when someone would chop down the ENTIRE FOREST to make the dry wood pile? Of course not – that would be ridiculous. If they did, then someone would have to plant saplings so that the forest could regrow and future generations could plan for their survival. Some of those saplings would flourish and grow while others would die off. In any case, how would that affect those families and their abilities to plan for the next generation?

Neat story, right?  What does this have to do with investing…?

With all of the recent economic volatility, some people have been asking if they should be invested in the stock market now. Or if they are invested, should they sell and get out of the markets?

With this analogy in mind, I might respond to that question with, “how is your dry wood pile looking right now?” Do we have enough (cash and low or no risk money) available to pay our bills for a while – pay our rent or mortgage, buy groceries and clothes, provide for our transportation and medical needs? If not, then maybe we should look at options to help grow our “dry wood pile” by enough to make us feel safe for some amount of time – 6 months, 1 year, 3 years – whatever amount is right for you.

In any case, do we really want to chop down the entire forest? The next time you’re feeling anxious about the markets, why don’t you schedule a visit so we can analyze your “dry wood pile.”

We’re there when life happens.

Ed Burnett is a Registered Representative with The Schaeffer Group, LLC, where he implements a team approach to provide financial solutions for his clients. A life-long resident of Southeast WI, Ed is married with three terrific kids, is active in his church and community, and enjoys woodworking and running. Please contact Ed for a free financial consultation at 262-551-8900 or Ed@TheSchaefferGroupLLC.com

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

Back to School for Small Businesses

Posted on September 22nd, 2014 in Retiring by

tipsWith school back in session, now is a fantastic time for business owners to review some year-end “big-picture” strategies to help finish this year strong and also carry that momentum beyond December 31st.

Financially speaking, here are 5 tips to consider:

One: Review and inventory where your money is currently held.  Life is constantly changing and so too can your needs.  Review that account for the fees and confirm the transactions of what’s been added or withdrawn.  Is the account still the best fit now from when you first opened it?

Two: Evaluate your cash inflow and cash outflow.  Does this year look similar or different from last year?  Can you plan to take any expenses before year-end?  Make a household budget and also one for the business, and establish some goals.  Successful businesses are always looking for ways to improve, be it expenses or revenues.

nest eggThree:  Are you planning for your retirement?  Identity what your goals now and for the future.  Do you know what you will need for income when you retire or sell your business?  As business owners and life-long learners, we strive to protect ourselves with the goal of growing an asset that will generate future income which our family will someday depend upon.

Four:  Use your “back- to-school” energy and strengthen your networks.   Our kids reconnect with their friends, and we also might consider reconnecting with our community personally and professionally.  Set your goals for working your “center of influences.”  If you give or receive business referrals from a particular client or industry, dedicate some time to nurture those relationships.  Break bread together and meet over a meal.  The more you learn of others’ businesses the more you can glean insight into your own.

Five:  Plan for your next break.  This can be a very counterintuitive suggestion.  In many businesses, if “I’m out of the office, I won’t make a paycheck.”  While this may be true in a literal sense, consider the value of taking necessary breaks, refocusing, and recharging.  You may find that this process may pay dividends down the line.

Plan smart with a “back-to-school” attitude so you can dream big!

We’re there when life happens, how can we assist you today?

Best Regards,

Kristi

Kristi Schaeffer Kleutsch, Vice President and Financial Advisor with The Schaeffer Group, LLC, works with a team of Advisors in providing financial solutions for her clients. Kristi and her husband reside in Kenosha with their three active children. She is active with the kids’ organizations, community and her church, while enjoying concerts and cooking. Please reach Kristi for a confidential financial review at 262-551-8900 or Kristi@TheSchaefferGroupLLC.com.

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

Price Check

Posted on July 31st, 2014 in Stretching Your Income by

squeezing every penny out of a dollarThink for a moment about the routine shopping trips you take to the store to purchase frequently needed items.  Perhaps you are loyal to your store and name brand and don’t even think about where to shop or which item to buy no matter the cost.

What if we took a few moments to make a master list for frequently purchased items? Why would we want to go to the trouble of doing that? Let’s see . . .

  1. Start with price checking. Write down the price you generally pay. This step could save you money as you compare the price at your store to other stores’ advertised sale prices. Having a master list enables you to quickly recognize if the sale price is a good deal for you.
  2. Stores occasionally try to sweeten the deal, by providing gift cards or coupons as an example. If the price is a good deal and you need the item anyway, buying in bulk and taking the deal may save you time and money.
  3. Consider where and how often you shop for items. Generally, the less you’re out, the less you spend. How easy is it to be distracted from your list by a quick impulse purchase? Maybe with your list in hand, you can change that weekly visit to a monthly visit. You will save time and money.
  4. Take advantage of online shopping. As you are aware of prices, you may find it cost-effective to shop online. Combining items from your list, you may qualify for free shipping.  Some retailers offer additional discounts if you sign up for their email list.
  5. brunette woman cutting cuponsDon’t forget to keep an eye out for manufacturer’s coupons to combine with the sale prices. Keep these with your list so you have them when you shop.
  6. As always, whether you shop at the store or online, review your receipt/confirmation to verify you receive the sale price and discounts you worked to earn!

Happy shopping!

Best Regards,

Kristi

Kristi Schaeffer Kleutsch, Vice President and Financial Advisor with The Schaeffer Group, LLC, works with a team of Advisors in providing financial solutions for her clients. Kristi and her husband reside in Kenosha with their three active children. She is active with the kids’ organizations, community and her church, while enjoying concerts and cooking. Please reach Kristi for a confidential financial review at 262-551-8900 or Kristi@TheSchaefferGroupLLC.com.

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

The Power of Standing Your Ground on Your Investments

Posted on June 24th, 2014 in Retiring by

SSchaeffer 14061711330The target is 8 feet high and 24 feet wide. As the kicker hurls the ball at speeds near 125 miles per hour, the sole defender has about a quarter of a second to react – and to get it right! I’m talking about the penalty kick. With the World Cup in the spotlight this month, let’s spend a few minutes and talk about SOCCER!

Most of us actually have a lot in common with soccer goalies. During penalty kicks, goalkeepers almost always choose their action before they can clearly observe the direction of the kick (see photo). You can plainly see that the goalie has already decided to move to his right – even before the ball is kicked.

Has there ever been a time when the markets were SO volatile that you’ve decided to take action on your investments – to do something – anything – with your investments?

An *analysis of 286 penalty kicks in the top leagues and championships worldwide shows that the overwhelming choice (94% of the time) is to move – either to the left or right. When the goalkeeper guesses the correct direction, they save 25-30% of the shots.

Yet 30% of the shots are kicked at the center of the goal, where, if keepers do not move, they save 60% of the shots directed there. We could logically conclude that the optimal strategy would be for goalkeepers to remain in the goal’s center.

How often do you suppose the goalkeeper stays his ground? Goalies held their ground only 6% of the time – yes, SIX percent! Wondering why they do that? According to researchers in this analysis, the reason relates to the fact that a goal scored produces worse feelings for the goalkeeper following inaction (staying in the center) than following action (jumping left or right). In other words, if you don’t make the save, at least you tried, and you feel better for having acted. Which leads us to a bias for action.

shutterstock_196096955Goalkeeper behavior reveals a widespread human tendency: a predisposition to act when facing stressful or dangerous situations, including the possibility of loss.

As investors, we go into “fight or flight” mode where flight means taking our money out of the market. It’s our instinct to hold onto or protect what we have because, for early humans, holding onto one’s assets was a matter of life and death.

Our compulsion to act, coupled with a fear of loss, can really trip us up – especially during periods of challenging investment times. Perhaps we can help…

When you feel compelled to move, why don’t you call us? Let us help you analyze your situation so that you can make an informed decision based on needs – not feelings. Sometimes it’s more powerful to just stand your ground.

Best Regards,

Ed Burnett

Ed Burnett is a Registered Representative with The Schaeffer Group, LLC, where he implements a team approach to provide financial solutions for his clients. A life-long resident of Southeast WI, Ed is married with three terrific kids, is active in his church and community, and enjoys woodworking and running. Please contact Ed for a free financial consultation at 262-551-8900 or Ed@TheSchaefferGroupLLC.com

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

When is the right time to start saving for kids’ college?

Posted on June 10th, 2014 in Saving for College by

adorable-baby-with-capRecent observation: Parents start worrying about paying for their children’s higher education when they are in middle school or beyond.  Although there are still options at that time, ideally the best time to start is when they are infants.  The more time you have, the better you and other loved ones can prepare for college costs.  Maybe you will be able to pay expenses out of regular household cash flow while your child is in school, but the reality is most cannot, and many have postponed saving until their child has begun or nearly begun their higher education.  Additional years of saving, even with smaller contributions, can make a significant difference in the monies available to buffer the gap between costs and resources.

There are attractive tax-advantaged college savings options that offer ease and flexibility.  One option allows you to contribute as little as $50 per month to $250,000 per beneficiary.  These funds will grow tax-free as long as the money, when withdrawn, is used for college costs.  Additional advantages are that anyone can add to your account — perhaps as gifts to your child for birthdays and holidays — which will aid your efforts to save, and provides no income limitations on this account, so you’re able to contribute whether or not you have earned income, and a high contribution maximum.

Each state sponsors their own college savings account but that doesn’t necessarily mean yours offers the best option.  Make yourself aware of the comparisons.  Your state’s plan could qualify you for a state deduction but if the accounts’ costs are higher and its performance track record not up to par, are you really ahead?  If you decide to use another state’s sponsored program, it doesn’t mean that your child can only attend a school located in that state; your child can choose any qualified institution.

A Coverdell Educational Savings Account (ESA), formerly known as Educational IRAs, is another option which allows you to build savings on a tax-free basis.  Be aware of contribution limitations of $2,000 per year as well as income limits.

female-college-gradIf your child needs to take a loan, keep in mind it is usually more advantageous for your student to take out student loans versus parent loans.  First, the student can later deduct the interest whereas the parent can’t.  Secondly, this helps your child begin establishing a credit history.  Parents will still have the flexibility to help pay towards the loan.  This simply buys time if the funds aren’t readily available.

When your child nears high school age, begin ongoing conversations around the game plan to pay college expenses, whether or not you can help financially and to what extent.  This will impact where they are headed and provide time for them to search and get creative with funding options as well as encourage them to put forth the effort to obtain scholarships and grants that may be available with some hard effort put into their school work.

Please call Ed or me, if we can assist you or someone you know!

Best Regards,

Kristi

262-551-8900

Kristi Schaeffer Kleutsch, Vice President and Financial Advisor with The Schaeffer Group, LLC, works with a team of Advisors in providing financial solutions for her clients. Kristi and her husband reside in Kenosha with their three active children. She is active with the kids’ organizations, community and her church, while enjoying concerts and cooking. Please reach Kristi for a confidential financial review at 262-551-8900 or Kristi@TheSchaefferGroupLLC.com.

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

Be Cautious on Common 401(k) Mistakes

Posted on May 28th, 2014 in Retiring by

retirement-401k-schaefferFor many of you, the biggest pot of money you have invested is your 401(k). This News & Insights article is intended to help you think about your retirement accounts, and some common pitfalls to avoid.

If you found a $100 bill on the sidewalk, would you just pass it by? No way! You would pick it up! Well, that’s exactly what you’re doing if you passing up a matching 401(k). While a matching 401(k) plan is becoming less and less common, there are still many employers offering a match, and if you don’t participate in the match, you’re leaving FREE money on the table!

One of the first questions (and perhaps the most important question) you need to ask your company benefits person is “How much is the match, and how much do I need to contribute to maximize the match?” With the answer to that powerful question, you may be able to get a raise without asking for it!

Another question to find out… “What are the available investment choices?” Now that you are contributing and getting the match, where do you invest? Some 401(k) plans have dozens of choices, and others just a few. In either case, it is important to make your investment choices based on how much time you have and your appetite for risk. There are some other factors to consider as well, and these factors may change When Life Happens.

Benjamin-black-eye-SchaefferSpeaking of life changing events, what about forgotten plans? Many people change jobs over the span of their working years. What happened to that “old” 401(k) – who’s watching over that plan? Have you moved since you changed jobs? Did you let your old company know of your move? If they can’t find you, then you may no longer be receiving that statement. Don’t forget your retirement accounts or pension plan assets from previous employers.

If you’re living well within your means, then you may be able to fund your account to the limit. In some years these limits periodically adjust, and current limits are $18,000 per year and if you’re age 50 or older, the maximum is $24,000. You’ll want to confirm these limits with your company benefits department for your specific situation.

With all of these details in mind, if there is anyone that you care about, that could benefit from a second pair of eyes, we would be glad to help them.

Best Regards,

Ed Burnett

Ed Burnett is a Registered Representative with The Schaeffer Group, LLC, where he implements a team approach to provide financial solutions for his clients. A life-long resident of Southeast WI, Ed is married with three terrific kids, is active in his church and community, and enjoys woodworking and running. Please contact Ed for a free financial consultation at 262-551-8900 or Ed@TheSchaefferGroupLLC.com

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

So, you earned a raise. Now what?

Posted on May 12th, 2014 in Retiring by

Thanks A MillionCongratulations if this question speaks directly to you.  There are in fact people out there in the world that are currently earning raises.  The times of pay freezes in some industries seems to be slowing. After you have earned a raise, you may ask yourself: What should I do now with the extra money?  This speaks to financial literacy and the trend that people are embracing financial responsibility.

Perhaps the natural tendency for us when we receive a raise, is to celebrate, and spend this extra income on luxuries, a car or things for the house.  But in fact, the first thing to do is actually calculate the increase to know what you’re working with. Often people don’t take the next step of understanding the difference between your gross income, versus net income which is your take home amount.

Did you know that the general rule of thumb when you receive a raise is to save half and then put the remaining half towards reducing debt, if applicable?  By saving half, I’d recommend first looking at your emergency fund to have some available dollars accessible to handle unexpected dilemmas. This is the buffer and support you need when life happens to throw you a curve ball.

manwithplansThen it’s wise to move on to your pre-tax salary deferral plan that is available whether that is your 401k, 403b or company retirement plan. How much do you currently contribute to this account? If you’re able to contribute even 1% more, there are advantages. These pre-tax advantages need to be analyzed before you decide to apply your entire raise toward debt.  Reason being is the pre-tax savings could save you the equivalent of your income tax bracket, perhaps even 25%, whereas your credit could be at 12%.  As your budget allows, an overall goal is to work toward saving a minimum of 10% of your income and funding your pre-tax plan to the maximum.  Each company plan has different maximum IRS and plan funding limit.  This is not the same thing as the amount your employer is matching.  Employees often think they are funding the maximum, while we later discover they are funding the maximum their employer is matching; for example 5% or 6% so that’s a big difference versus $17,500, or $23,000 if you’re 50 or older.

If you’re working on reducing a substantial amount of debt the natural first inclination is to apply most money from your budget to that.  While it is true getting organized and creating a strategy to tackle debt is the priority, it will also be important to take the next step and rank the debt versus the advantage of putting more into your retirement account.

By having a game-plan and organizing your finances, when changes happen in your life, you’ll be equipped to address new opportunities and address financial concerns more quickly. You will have provided yourself with the framework to handle most unexpected events. Though it may not be fun to put the most you can into a pre-tax savings plan, if you’re used to living on your current budget it will be to your advantage to most efficiently account for increased take home money.  By deferring it immediately you won’t miss it and you’ll do yourself a huge service over time by accumulating investment potential, tax advantages as well as future income availability.  That could be the key to perhaps allow you an earlier retirement, stronger cash flow of future income and stability near the bridge of retirement.

Please call Ed or me if we can assist you or someone you know!

Best Regards,

Kristi

Kristi Schaeffer Kleutsch, Vice President and Financial Advisor with The Schaeffer Group, LLC, works with a team of Advisors in providing financial solutions for her clients. Kristi and her husband reside in Kenosha with their three active children. She is active with the kids’ organizations, community and her church, while enjoying concerts and cooking. Please reach Kristi for a confidential financial review at 262-551-8900 or Kristi@TheSchaefferGroupLLC.com.

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.

Why Buy Life Insurance For Your Kids?

Posted on January 10th, 2014 in Planning for the Future by

Abby_with_hatPrior to getting into the financial planning business, I really never understood the reasons – and importance of – life insurance for young people…

Thankfully, most of you have never faced a serious illness with your child, and I pray that you never know how that feels. I would like to share a story with you about my little girl and her near death experience as an infant.

Shortly after birth our daughter Abigail became quite ill. She lost the use of her left arm and much of the left side of her body and she seemed to be in constant pain and distress. Upon examination they found a mass growing on the INSIDE of her spinal cord. Further investigation discovered aneurysms in her circulatory system with the largest one located on top of her heart. At just a few weeks old, she underwent an open heart surgical procedure which was recommended, in the doctor’s words, “…to prevent death.”

That procedure did prevent her death, and to this day she still has that tumor in her spine. Many elements of her case are extremely rare and even after genetics testing, we have no definitive answers as to why the aneurysms formed, if they might form again, or what the mass is inside her spine.

What does any of this have to do with Life Insurance?

Abby_birthday_partyLife Insurance is simply where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person, and may include “benefits” for loss income or funeral expenses. Life Insurance protects your family from your loss of income due to an untimely death. But outside of a group employer, you can’t just apply for life insurance and automatically get it. You must medically qualify for the coverage. That means that the insurance company will determine if you are an “acceptable risk” for them to take. They will ask questions about your medical history, and test your blood and urine. At the conclusion of the underwriting process, if you are very healthy, then you may get the policy at a “preferred rating”, which means you receive the policy as close to free as possible. If you are at “reasonable risk”, but not squeaky clean, then you may receive a “standard rating” – this is average. On the other hand, if you are too great a risk then they may “decline” your application.

We applied for life insurance for my Abigail after she fell ill – she was declined. Today, her disease remains to be undiagnosed. So when my daughter becomes of age, she will likely never have the choice to protect her future family with life insurance.

What if we had purchased life insurance before she got sick?

If we had purchased life insurance for her in the few short weeks between her birth and when her symptoms began, she would already have it and would have the choice to keep it forever! Additionally, she would have had the options of increasing her coverage amount in the future WITH NO MEDICAL QUESTIONS.

Do you want to protect your grandchild or your child’s future insurability?

Many of our clients have chosen a low cost plan that has future increase options, which would max out at $400,000 of life insurance in their future.

The cost (or “Value”) for that option: for a girl age 0 to 10 is $42 per year, or $48 for a boy of the same ages. This option has an initial death benefit of $25,000 and we can begin this policy as late as age 25.

The real question should be, “Why wouldn’t we buy life insurance for our kids?”

Please call Kristi or me, if we can assist you or someone you know!

Best Regards,

Ed Burnett
262-551-8900

Ed Burnett is a Registered Representative with The Schaeffer Group, LLC, where he implements a team approach to provide financial solutions for his clients. A life-long resident of Southeast WI, Ed is married with three terrific kids, is active in his church and community, and enjoys woodworking and running. Please contact Ed for a free financial consultation at 262-551-8900 or Ed@TheSchaefferGroupLLC.com

The material contained herein has been prepared from sources and data we believe to be reliable but make no guarantees as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell a security or investment product. Opinions and estimates are of a certain date and subject to change without notice.