Shanahan Insurance Agency is a multi-million dollar full-service independent insurance agency and broker. The Agency wrote its first insurance policy in 1917, and has continuously provided risk management, safety and loss prevention, and insurance placement for thousands of clients. Our philosophy of service revolves around the team concept: more than one individual is familiar with our client's insurance needs which allows our Agency to provide you with timely professional service.
There are a number of factors to consider when purchasing any product or service, and insurance is no different. Here is a checklist of things you should consider when purchasing automobile insurance.
Base your decision on value. This is more than simply the lowest price. The premium you pay should be compared to the claims and policy service, protection and advice you receive. Independent agents, and the companies we represent, deliver excellent value.
Purchase the amount of liability coverage that makes sense to you.
You should decide which optional coverages you want. For example, do you want optional physical damage coverages or is the market value of your car too low to warrant purchasing them.
Once you have decided what you want in your automobile insurance policy, you can now decide from whom you would like to purchase the insurance from.
Whenever you knowingly loan your car to a friend or an associate, he or she will be covered under your automobile insurance policy, subject to any driver exclusions on your policy.
With the variety of investment choices available today, it is difficult to make a solid financial plan without researching your own needs and determining appropriate products to meet those needs. Unfortunately, our daily lives often prevent us from spending the necessary time to reach our financial goals. Working with a financial professional allows you to get assistance from someone who can pinpoint your needs and do the research for you. Taking a professional approach to meeting your investment needs and goals can save you time and allow you to make solid choices in regards to your financial plan.
What can a financial professional provide?
Financial professionals take time to get to know who you are. The most important information they receive is directly from their clients. Understanding your financial situation, goals, investment time horizon and risk tolerance enables your financial professional to assist you in creating a strategy that fits both your objectives and budget requirements.
Your financial professional is your personal financial instructor. From explaining financial terms to providing illustrations about various financial products, a financial professional's goal is to assist you in making educated decisions in the implementation of your financial strategy.
A financial professional has the expertise, resources and time to keep abreast of market news, legislation and industry trends. A financial professional can analyze how these trends could affect your investment portfolio. They can provide you with current information and explain how these changes affect your investment strategy and objectives.
Specifically, an advisor can:
As your life changes, so does your investment strategy. Your financial professional is here to help you continually, not just when you begin to invest your money. As trends and legislation change, your financial professional can update you on how these changes affect you. Your financial professional is available to address concerns and questions regarding swings in the market.
To assist you in developing a financial strategy that's right for you, it is important for your financial professional to understand as much about your finances as they can. For your protection, the National Association of Securities Dealers (NASD) requires your financial professional to ask about your financial situation, financial goals, investment time horizon and risk tolerance in order to assure your choice of investments are suitable for your financial situation.
You should plan to meet with your financial professional at least once a year to reevaluate your plan strategy. If you have a major change in your life - an inheritance, a new child, a death, marriage, health concerns - you should meet with your financial professional to make any needed adjustments. Remember this is your financial strategy and you should know how you are progressing towards your goals.
With tax-deferred growth, you do not have to pay taxes on your earnings until you withdraw your money. This allows you to keep more of what you earn and increase your savings.
One of a parents' biggest concerns is giving their child the best education possible. A solid education, a good job, a secure future - you want nothing less than a future filled with happiness and security for your child. It's never too early to start planning and it is never too late to evaluate your resources. There is a lot of information available on the Internet, through bookstores, and from financial agents in regards to saving for your child's future. Keep in mind that every family's situation is different and strategies should be tailored to an individual's situation.
Focus on the Goal
Your goal is to save for your child's education. You have an idea of how much college is going to cost you. Just as you would save for any other goal, save the same way for college. Estimate what you will need, figure in what you already have and how much you will need to save per month to get there. Utilize our calculators to assist you in determining how much you need to save. Also see our asset allocation models to see what strategies will help you reach your goal. If you can't afford right now to save the entire amount necessary, save the most you can.
Make a plan to save on a routine basis and make saving a priority. Saving routinely will keep you on track to meet your goal.
Your priority is to provide for your family. This should be your priority when considering life insurance as well.
You must have the means to take care of your financial obligations, as well as providing care for your children should your homemaker-spouse die. The opportune time to buy life insurance for your children is when they are young and the rates are low. This enables them to continue the coverage when they are grown with financial obligations of their own. This also protects their "insurability", should they develop any sort of health problem later in life. There are many types of policies that can be made into "family plans" at a lower cost than separate coverages for each individual. Talk to your insurance professional to determine your needs.
As a "rule of thumb" you should purchase an amount of life insurance equal to 6 to 8 times the annual earnings. However, many factors should be taken into account in determining a more precise estimate of the amount of life insurance needed. Important Factors include:
It is recommended that a person's financial professional be contacted for a precise calculation of how much life insurance is needed.
The answer will vary depending on your circumstances, need for the coverage, timing of the purchase and how much you are willing or able to spend. The best way to determine the right policy is to sit down with a qualified insurance professional to review the key points of your particular situation. This can be done through a very short (30 minutes or less) interview to determine your needs.
Most likely your mortgage company is offering something called "mortgage protection life insurance" or "decreasing mortgage protection" or a similar title. This sort of protection is a basic term life insurance policy that usually has a level premium, but the death benefit pays off your mortgage loan at your death. This level premium may or may not reflect the decreasing death benefit. What that means is that you will be paying the same premium each year for a death benefit that is decreasing over time (as your mortgage decreases with payments). This is the case with any sort of "credit life insurance", insurance taken out in conjunction with an installment loan. There may be better alternatives. You should talk to your insurance professional before purchasing any type of coverage to see what other alternatives are available.
That's great, and it's wonderful that you are fortunate enough to have an employer that recognizes the value of life insurance coverage for you and your family. Be sure to find out from your employer if this coverage is 'portable', meaning you can take your policy with you when you leave the company or become disabled. Not all policies are portable. When talking to your insurance professional, be sure that he or she knows you have this type of coverage so that can be factored into any determination of your additional needs.
Choosing the right IRA is dependent on several factors: your household income, your current tax rate, the length of time you plan to hold your investments, your estimation of your future investment returns, your estimated tax rate when you withdraw funds, and future tax law revisions. Because every person's situation is different, there isn't one simple answer. You need to compare your choices and decide which is best for you. Your financial professional can assist you in reviewing your financial situation.
The main difference between a Roth IRA and a Traditional IRA is when you pay taxes. Contributions to a Roth IRA are made from after-tax income. Roth IRA contributions grow tax-free and are not taxed when withdrawn for qualified reasons. These include a first-time home purchase, disability and medical expenses, and any withdrawal taken after age 59-1/2, as long as the account has been open for at least five years. Withdrawals that do not qualify may incur taxes and/or penalties. You may also want to consult a tax professional.
Contributions to a Traditional IRA are tax-deductible (subject to certain income limits) and taxes are paid when you withdraw the money. Contributions grow tax-deferred.
While the Roth IRA may provide significant benefits for many investors, it should be considered in relation to other retirement savings opportunities. If you are eligible to contribute to an employer's plan that matches all or part of your contributions, you may find the plan more advantageous than contributing to a Roth IRA. If your company is not matching any of your own contributions, a Roth IRA may provide more flexibility for you.
If your income prevents you from deducting your Traditional IRA contributions, you may be eligible for a non-deductible IRA or a Roth IRA. Since contributions are non-deductible for either the non-deductible IRA or the Roth IRA, the difference is in the distribution rules. The Roth IRA may be a better choice because withdrawals will be tax- free at age 59-1/2, and you are not required to begin distributions at age 70-1/2. Withdrawals from a non-deductible IRA are taxed as ordinary income at age 59-1/2, and minimum distributions are required at age 70-1/2.
If you're thinking of converting from a Traditional IRA to a Roth IRA, project your tax rate, income level, and date of retirement. If you're far enough away from retirement to offset the tax bite of closing your Traditional IRA when converting - and if you expect your tax bracket to be higher upon retirement - the Roth IRA may be a better alternative.
Anyone who has earned income may contribute to an IRA and also contribute to an IRA for a spouse who does not have earned income. However, not everyone can deduct his or her IRA contribution for his or her taxes each year. Since all Roth IRA contributions are made with after tax dollars, there is no deductibility opportunity for any person. On traditional IRAs, if you are eligible for a company sponsored retirement plan, even if you do not contribute to it, ability for you and your spouse to deduct your IRA contributions is based on your combined income level. These levels change annually so consult your tax advisor for the most updated information.
Experts estimate that you will need at least 80% of your pre-retirement income to live comfortably in retirement. By the time you are ready to retire, you probably won't have the expenses you do now, such as a mortgage or a child's college tuition but costs such as medical care may claim a sizeable share of your retirement income. With this in mind, some financial planning experts estimate you may need as much as 100% of your pre-retirement income just to make ends meet!
Auto insurance blends several types of coverage into one policy. Typically, your policy will include some combination of comprehensive, collision, medical, liability and uninsured motorist coverage.
So what do you need? It depends on your specific situation.
Liability pays for the damage you cause to others if your car is involved in an accident. It also protects you from being wiped out financially if you are sued following an accident. The greater your assets, the more you stand to lose. If you have substantial financial resources, you may need liability coverage that exceeds the coverage that you'll get from an auto insurance policy. In that case, a Personal Umbrella can provide the extra liability protection you need.
Collision covers damage to your car from an accident. We can help you decide whether or not to carry collision coverage by balancing the cost of collision insurance with the value of your car. It might not be worth paying $200 a year for collision insurance on a car that's worth only $1,000. But if the car is worth $10,000, you probably want this coverage.
Comprehensive coverage pays for your car if it is stolen, vandalized or damaged in some way other than in a collision. Medical coverage provides for medical expenses to you and your passengers that are the result of an accident. The way you use your car may make a difference in the amount of medical coverage you need. For example, we might suggest more coverage for a parent who regularly takes a carload of kids to soccer practice than for a driver who expects to drive mostly alone.
Keep in mind that many states require certain minimum levels of coverage. We'd be happy to talk with you about these and other factors.
The cost to rebuild your home is its replacement value. This can be very different from the estimated market value or actual purchase price. In most cases, it costs more to rebuild the home you own than to buy a new one. This is an important insight into why your Dwelling (Coverage A) limit is so important.
Deciding How Much Insurance is Enough
We'll work with you to estimate the replacement cost for your home and to adjust your policy limits from time to time as needed.
It is critical that you provide us with accurate, updated information about your home and contents. If your dwelling limit accurately reflects your home's true replacement cost, some companies will pay more than the limit if a covered loss is greater than the limit on your policy. Ask us if Home Replacement Guarantee or Extended Dwelling Coverage is available in your state.
Once a review of your home and possessions indicates you are properly insured, it's a good idea to reexamine your coverages and limits from time to time, especially whenever you make additions or improvements.
Be Sure You Have Enough Insurance
Here are some steps you can take to reduce the danger of being seriously underinsured:
Determining Your Need
The need for life insurance is dependent on your own personal and financial needs. We can assist you in determining what type and amount of life insurance is appropriate for you. Generally, you should consider life insurance if:
There are benefits of life insurance other than providing for your loved ones in case something happens to you:
Life Changes - So Should Your Policy
Your need for life insurance is dependent on your personal and financial needs. As your life changes, your life insurance coverage may need to change as well to adapt to your current needs. Some life changes that may require a policy "tune-up" include:
We provide many types of insurance. As independent insurance professionals, we can help you find the coverage that best suits your particular needs and provides you with the greatest value.
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