Insurance

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

Many people have been working from home during the pandemic. For many, what was once an office environment surrounded by your colleagues, and all of the other distractions that come with being in a workplace has turned into a living room with printers, scanners and video conferences.

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

When it comes to life insurance, the basics are easy. There are tons of online tools that can help you decide how much to own. Some may even be able to help you discern the type of life insurance to buy. Is it better to own annual renewable term or 20 year term, universal life or whole life?

By: John P. Napolitano, CFP®, CPA, PFS, MST

Whether it’s called home or room sharing, short term rental arrangements (or whatever the regulators ultimately call it), millions of people have jumped on the bandwagon of either renting or advertising rooms for rent for as short as a single night. This may work wonders for your cash flow if you need extra money, but it also has a set of income tax and risk management considerations that can’t be ignored.

By: John P. Napolitano, CFP®, CPA, PFS, MST

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

When it comes to insurance, most people look for ways to keep their premiums as low as possible. But the smart money looks to pay as little as possible for the best coverage they can find. The best coverage is hardly the cheapest, but it often provides more protection. It could be more protection as in higher limits for losses or lower deductibles, replacement cost coverage versus depreciated value coverage or no excess liability coverage versus $5 million of coverage.

By: John P. Napolitano, CFP®, CPA, PFS, MST

Many people buy their life insurance and then don’t think about it until the next premium notice arrives. Even if you’re in the early stages of a 20 year term policy that was to replace income for the premature death of a young parent, there may be issues for you that were not addressed by your agent.  But if your life insurance has any purpose beyond that, such as to help pay death taxes or to assist with the continuity of a business, life insurance is not a set it and forget it asset class.

By: John P. Napolitano, CFP®, CPA, PFS, MST

You may not have known it, but September is life insurance awareness month. Life insurance is a tough topic to promote because many people don’t want to discuss their own demise. But if your lack of adequate life insurance would leave a financial shortfall for your family, business or debt service – pay attention.

By: John P. Napolitano, CFP®, CPA, PFS, MST

In the wake of Hurricane Harvey, it makes everyone think about catastrophes and what could happen to you if something as horrible as Harvey descends on your neighborhood. Needless to say, use this warning to be sure that your insurance is adequate and that you’ve done everything you can to prevent devastation from natural weather disasters.