Blackstocks.com: In the Know

Protecting Your Family

Families often consider life insurance as necessary as a sound roof over there heads when it comes to protecting them from the harsh winds of fate, especially when children are small. We want assurance that if the worst happens, the house will be paid for and the youngsters can go to college.

But they often forget the second worst thing: a disability that could put the family bread winner out of the work. While industry studies show that workers are three to five times more likely to be disabled than die early, disability insurance is often neglected.

"Much less disability insurance is sold in this country than life insurance. But anyone who relies on income to support his family needs it.
--------------------------------------------------------------------------------

insurance often overlooked

--------------------------------------------------------------------------------

While premature death tends to have a bigger emotional impact, as we saw in “The Open Letter” disability can be equally, if not more, devastating to a family's financial stability.

The ABC's of Annuities

The ABCs of Annuities

Annuities are money contracts between you and an insurance company. You contribute a sum of money to your contract, and the insurance company provides income payments according to the type of annuity you purchase.

This security comes at a price, however. Traditionally, annuities have higher costs than other retirement vehicles. The trick to buying annuities is knowing your income and investment objectives, and your annuity's tax and estate-planning implications.

The three main types of annuities are fixed, variable, and immediate. But the annuity product line is broad, rounded out by several other options, including charitable gift annuities, split and joint annuities, and some 403(b) plans known as tax-sheltered annuities, which are the granddaddy of tax-sheltered retirement plans.

Since investors can use annuities in a variety of different ways, and because they have a few considerable drawbacks, it is essential for would-be buyers to understand the ins and outs of opting for an annuity. For those seeking the peace of mind of a guaranteed income stream, they can be a very useful tool.

Annuities take different forms, but common features include unlimited contributions when purchased outside employer-sponsored retirement plans, flexible distributions, and lifetime income. They also bear interest and offer tax-deferred gains.

It doesn't have to be this way

dLife profiles Irvin and Carrie Staley

dLife profiles Irvin and Carrie Staley as they manage Irvin's diabetes and health insurance requirements.

Life style choices, and lack of knowledge impacts a thousands of people with diabetes, especially African Americans. Irvin and Carrie Staley are a family dealing daily with diabetes. the total annual costs for a person with diabetes on dialysis is over $65,000 and rising.   

Click to see Video

The economic impact can be crippling.....We don't have to wait...we can take action now.

According to the American Diabetes Association diabetes is a disease in which the body does not produce or properly use insulin. Insulin is a hormone that is needed to convert sugar, starches and other food into energy needed for daily life. The cause of diabetes continues to be a mystery, although both genetics and environmental factors such as obesity and lack of exercise appear to play roles.

There are 20.8 million children and adults in the United States, or 7% of the population, who have diabetes. While an estimated 14.6 million have been diagnosed with diabetes, unfortunately, 6.2 million people (or nearly one-third) are unaware that they have the disease.

How to Prevent or Delay Diabetes

Pre-diabetes is a serious medical condition that can be treated.  The good news is that the recently completed Diabetes Prevention Program study conclusively showed that people with pre-diabetes can prevent the development of type 2 diabetes by making changes in their diet and increasing their level of physical activity. They may even be able to return their blood glucose levels to the normal range.

Nutrition

ADA's guide to the basics of eating healthy

ADA's statement for health care professionals on nutrition

Exercise

Tips on how to include a healthy amount of physical activity into your daily routine:

Exercise and Diabetes

Technorati tags: American Diabetes Association, Health, Living Well, Prevention, Alton Perkins, www.Blackstocks.com, Exercise, African American

7 Hot Mortgage Tips to 2007

7 Hot Tips to 2007

Whether you already have a mortgage or you plan to buy a house in the next year, here are seven mortgage tips for 2007.

According to Bankrupted.com there are a number of things you can do in 2007 to stay on top of your mortgage game plan.

1. If you have a mortgage, review your mortgage to make sure it still fits your circumstances. According to bankers, homeowners with mortgages should assess their home loans annually. Circumstances change. Interest rates change, children are born and grow up, sometimes you need to fix up the house and sometimes you need to move on.

And one other question: "How much is my house worth?" Ask a real estate agent who is active in your neighborhood. It's a good way to introduce yourself to the person who might someday help you sell the house. For a quicker, but less-accurate estimate, consult Zillow.com or check out myFICO Property Reports.

2. Watch out for reset. The rate adjustment is called the "reset," and on hybrids such as 3/1 and 5/1 ARMs, the rate can jump as much as 5 percentage points. More realistically, a lot of borrowers face jumps of 3 percent to 3.5 percent in 2007. For interest-only borrowers, that might mean a doubling of the monthly payment.

3. Like credit card debt, do not pay the minimum on an option ARM which is an adjustable-rate mortgage that lets you decide how much you pay each month. You can make a payment that's big enough to pay off the mortgage in 15 years or in 30 years, or you can pay only the interest, or you can make a minimum payment that doesn't  even cover that month's interest.

Just like credit card debt, when you make the minimum payment on an option ARM, you will owe more and more on your house. Bottom-line instead of your equity increasing, the amount of money you owe will.

4. Shop around. Start by visiting a site like Bankrate.com and check out their mortgage tables. And don't just talk to the lender with a desk inside the office of your real estate agent or builder. If you want to get the best possible deal - shop around. Note: it is not legal for a builder to require you to use the builder's in-house lender. If the builder tries to pull this trick on you, document everything and report it to the state attorney general.

5. Make an extra payment. If you make 13 mortgage payments every year, you will pay off a 30-year, fixed-rate mortgage in less than 25 years. .

6. Think about getting mortgage insurance instead of a piggyback loan. If you buy a house in 2007, and you make a down payment of less than 20 percent, you'll either have to buy mortgage insurance or get a piggyback loan -- a primary mortgage for 80 percent of the home's value and a second mortgage for the rest that you owe.

In the past, piggyback loans were usually a better deal because the interest on both loans was tax-deductible and mortgage insurance wasn't deductible. But a change in tax law for 2007, allow the mortgage insurance premiums to be deductible from federal income tax.

7. Be skeptical. "If it sounds too good to be true, it probably is. Finally remember that some individuals experience greater challenges than others when looking for loans that could cost you hundreds of thousand of dollars - see our article on a study indicating foreclosure rates will be up; Don't be one of them.

Technorati tags: Mortgage, ARM, 30-year fixed rate, www.blackstocks.com, Alton Perkins, piggy back loans, FCIO, mortgage insurance, real estate, broker, African American

Rethinking Insurance Needs for 2007

Rethinking Insurance Needs for 2007 - WSJ Video

Reassessing your  homeowners insurance policies can payoff.

Start the year off right in 2007. Make sure that you keep track of all of the things that you have in your home. Keep pictures, videos and receipts for expensive items you buy. You should also remember jewelry, watches and other expensive items are probably not covered under your regular policy. A good insurance broker can help you determine the type of policy you need as well as provide you service is a claim is processed. IIAA.org. gives a list of insurance brokers available to help you through the process.

Year End Clean Up

Year End Clean Up

Most of us know that you can get a free credit report each year from the three credit bureaus. But have you heard of a C.L.U.E.? I know you don't have a 'Clue." Most do not know that there is such a thing as a C.L.U.E. Report. Why is this important? When you look around to buy insurance - any kind of insurance - it will cost you if your report is out of whack.

The C.L.U.E. ^®Personal Property report provides a five year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name.

The C.L.U.E. ^®Auto report provides a five year history of automobile insurance losses associated with an individual. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name.

Note: If you have not filed a claim against your auto or property insurance policy in the last 5 years, you will likely receive a clear report.

EACH REPORT OFFERS YOU:

• Detailed insurance loss information including:

• Insurance Company
• Address
• Policy Number
• Policy Type
• Loss Date
• Amount Paid
• Loss Type
• Loss Status

• List or record of companies that have inquired about your loss history in the  last two (2) years
• 30-day online access to your report
• How to dispute your information if it is incorrect or incomplete.

To get your Free C.L.U.E. ® Report go here.

Technorati tags: personal, life, money, Alton Perkins, wealth, investing, African American, Auto, Insurance, Blackstocks.com, Credit Report, C.L.U.E, African American