Insurance & Divorce
Table of Contents
|
Chapter 1 |
The Reality |
Page 1 |
|
|
American Statistics |
1 |
|
|
Plan, Plan, Plan |
2 |
|
|
Preserving the Creating Assets Financial planning steps for divorce |
4 5 |
|
|
Net Worth |
6 |
|
|
Chart: Net Worth |
7 |
|
|
Charts: Cash Flow |
9 |
|
|
Chart: Goals |
13 |
|
Chapter 2 |
Many Professionals Involved |
14 |
|
|
Finding the Right People |
14 |
|
|
Insurance Agents |
14 |
|
|
Financial Planners |
15 |
|
|
Bankers |
16 |
|
|
Accountants |
17 |
|
|
Attorneys Divorce is a 3-step process |
17 18 |
|
|
Division of Assets |
20 |
|
|
Using Life Insurance to Guarantee Future Security |
21 |
|
|
QDRO |
22 |
|
|
Avoiding Financial Ruin |
23 |
|
|
Specialists Everywhere |
24 |
|
Chapter 3 |
Insurance |
25 |
|
|
Insurance Consequences of Divorce |
25 |
|
|
Life Insurance |
25 |
|
|
Determining Life Insurance Requirements |
26 |
|
|
Determining Appropriate Life Insurance Amounts Determining Appropriate Type of Life Insurance |
28 30 |
|
|
Employee Life Insurance |
30 |
|
|
Teacher’s Life Insurance |
31 |
|
|
Term Life Insurance |
31 |
|
|
Ordinary or Traditional Whole Life |
34 |
|
|
Variable Life Insurance |
37 |
|
|
Limited Payment Life |
37 |
|
|
Endowment Insurance |
38 |
|
|
Universal Life Policies |
38 |
|
|
Insurance Riders |
39 |
|
|
Grace Periods – Reinstatement |
39 |
|
|
Incontestability |
40 |
|
|
Suicide |
40 |
|
|
Policy Ownership |
40 |
|
|
Finding the Right Company |
41 |
|
|
Changing Companies |
41 |
|
|
Life Insurance as an Investment |
43 |
|
|
Annuities in Divorce Settlements |
45 |
|
|
Deferred Annuities |
45 |
|
|
How Long Will Your Money Last? (Chart) |
46 |
|
|
Variable Deferred Annuities |
47 |
|
|
Health Insurance |
50 |
|
|
Universal Health Care |
51 |
|
|
Dental Policies |
54 |
|
|
Medigap and Medicare Policies |
55 |
|
|
Defining Medicare & Medicaid |
55 |
|
|
Social Insurance |
55 |
|
|
Enrollment Period |
57 |
|
|
Medicare Part A |
58 |
|
|
Hospital Benefits, Part A Chart |
59 |
|
|
Home Health Care |
60 |
|
|
Hospice Care |
62 |
|
|
Nursing Home Care |
63 |
|
|
Skilled Nursing Home Benefits Chart |
64 |
|
|
Levels of Nursing Home Care |
65 |
|
|
Medicare Part B |
66 |
|
|
Medicaid |
70 |
|
|
Medicare Deductibles and Copayments |
72 |
|
|
Long-Term Care Insurance |
74 |
|
|
ADLs |
78 |
|
|
Terms |
80 |
|
|
Non-Tax Qualified Versus Tax Qualified (chart) |
81 |
|
|
Partnership Long Term Care Policies |
83 |
|
|
Making Benefit Choices |
84 |
|
|
Daily Benefit Options |
85 |
|
|
Determining Benefit Length |
86 |
|
|
Policy Structure |
86 |
|
|
Home Care Options |
87 |
|
|
Inflation Protection |
87 |
|
|
Simple & Compound Protection |
88 |
|
|
Required Rejection Forms |
88 |
|
|
Elimination Period in LTC Policies |
88 |
|
|
Policy Type |
89 |
|
|
Restoration of Policy Benefits |
89 |
|
|
Preexisting Period in Policies |
89 |
|
|
Prior Hospitalization Requirements for Skilled Care |
90 |
|
|
Deciding Between Federal Tax-Qualified or State Non-Tax Qualified Policies |
90 |
|
|
Nonforfeiture Values |
91 |
|
|
Waiver of Premium |
91 |
|
|
Unintentional Lapse in Policy |
92 |
|
|
Policy Renewal Features |
92 |
|
|
Items Not Covered by the LTC Policy |
93 |
|
|
Extension of Benefits |
93 |
|
|
Affordability of Contracts |
93 |
|
|
Standardized Definitions |
93 |
|
|
Minimum Partnership Requirements |
94 |
|
|
Benefit Duplication |
94 |
|
|
Partnership Publication |
94 |
|
|
Truly a Partnership |
94 |
|
|
Saving Assets from Medicaid Qualification |
95 |
|
|
Accessing Policy Benefits |
96 |
|
|
Asset Repositioning |
98 |
|
|
Partnership Participation doesn’t Guarantee Medicaid Qualification |
98 |
|
|
Disability Insurance |
99 |
|
|
Types of Disability Policies |
100 |
|
|
Disability Policy Features |
101 |
|
|
How Many Benefits are Needed? |
102 |
|
Chapter 4 |
Maintaining Financial Balance |
103 |
|
|
What Does Credit have to do with Insurance? |
103 |
|
|
FICO Scores |
105 |
|
|
Changing from Joint Credit to Single Credit |
108 |
|
|
Credit Cards |
108 |
|
|
Good Debt - Bad Debt |
109 |
|
|
Interest Works Both Ways |
110 |
|
|
Where To Begin |
110 |
|
|
Chart: Short Term Goals |
112 |
|
|
Simple Record Keeping |
113 |
|
|
Financial Foundation |
113 |
|
|
The Agent’s Role |
114 |
|
|
Creating Organization |
115 |
|
|
Factoring in Age |
116 |
|
|
Investment Age Significance |
117 |
|
|
Managing Risk Through Insurance |
118 |
|
|
Insuring Health Care Requirements |
120 |
|
|
Financial Planners |
121 |
|
|
Determining New Living Costs |
123 |
|
|
Revaluating Investment Goals |
124 |
|
Chapter 5 |
Protecting The Assets for Both |
125 |
|
|
Individual Retirement Accounts (IRA) |
125 |
|
|
Retirement Funds |
125 |
|
|
Defined Contribution Plans |
126 |
|
|
Defined Benefit Plans |
126 |
|
|
Keeping Credit Ratings Intact |
128 |
|
|
Small Businesses & Closely Held Corporations |
128 |
|
|
Remaining Impartial during a Difficult Time |
129 |
|
Chapter 6 |
Building A Retirement |
131 |
|
|
After the Divorce |
131 |
|
|
Terminology |
132 |
|
|
Plan Participant Eligible Participant Plan Sponsor Summary Plan Description Accrual and Vesting Service Years (Years of Service) Breaks in Service Portability ERISA Qualified Plans Defined Benefit & Defined Contribution Plans Pensions 401(k) Plans Simplified Employee Pension Plans (SEP) Keogh Plans Other Pension Options Plan Trust Pension Benefit Guaranty Corporation Fiduciaries Actuaries |
132 132 132 132 133 134 134 135 135 135 136 136 136 136 137 137 137 137 138 138 |
|
|
Retirement Benefit Claims |
138 |
|
|
Achieving Retirement Goals |
140 |
|
|
Legal Changes Aimed At Equality |
144 |
|
|
Pension Payments in Peril |
144 |
|
|
Pension Payment Mistakes |
145 |
|
|
Financial Independence |
147 |
|
|
Today’s Enjoyment Versus Tomorrow’s Security |
148 |
|
|
Social Security |
148 |
|
|
A Government Supplied Pension |
149 |
|
|
Chart: Normal Retirement Age by Year of Birth |
151 |
|
|
Calculating Social Security Benefits |
153 |
|
|
Chart: When there are 2 wage earners |
154 |
|
|
Starting Small |
155 |
|
|
Taxpayer Relief Act of 1997 & IRS Restructuring Act of 1998 |
157 |
|
|
Roth IRAs |
157 |
|
|
Maximum Contributions |
158 |
|
|
Roth or Traditional IRAs? |
158 |
|
|
Catchup IRA Contributions |
159 |
|
|
Non-Qualified Distributions |
159 |
|
|
RMD Now Agent 72 & Additional Contributions Now Allowed |
159 |
|
|
Roth IRA Advantages |
160 |
|
|
Educational IRAs |
160 |
|
|
Choosing Between a Coverdell IRA or a 529 Plan |
161 |
|
|
Differences Between a Coverdell ESA and a 529 Plan |
161 |
|
|
Funds not used for Education |
162 |
|
|
Choosing the Right Plan |
162 |
|
|
Using Both Plans |
162 |
|
|
Eligibility of Education IRA’s |
162 |
|
|
Pension Plans |
164 |
|
|
Pension Basics |
165 |
|
|
Defined Benefit Plans |
165 |
|
|
Dollars per year of service Career average salary plan Final average salary plan |
165 165 165 |
|
|
Defined Contribution Plans |
166 |
|
|
Pension Plan Vesting |
167 |
|
|
Integrating Pensions With Social Security Benefits |
167 |
|
|
Receiving Pension Benefits |
168 |
|
|
Choosing Pension Payment Options |
169 |
|
|
Form: Excluding spouse from retirement benefits |
170 |
|
|
Pensions Must Last a Lifetime |
172 |
|
|
The Time Value of Money |
173 |
|
|
Paying Ourselves First |
174 |
|
|
Annuities As A Pension |
175 |
|
|
Keoghs For The Self-Employed |
176 |
|
|
Simplified Employee Pension Plans |
177 |
|
|
Life Insurance As A Pension |
178 |
|
|
Divorce Affects Retirement Benefits |
179 |
|
|
The Retirement Equity Act |
180 |
|
|
Qualified Joint & Survivor Annuities |
181 |
|
|
Qualified Pre-Retirement Survivor’s Annuity |
182 |
|
|
Prenuptial Agreements |
182 |
|
Chapter 7 |
Ethics |
185 |
|
|
Business Relationships |
185 |
|
|
Agent Ethics |
186 |
|
|
Ethics for Today |
187 |
|
|
Ethical Responsibility |
188 |
|
|
Caring For Others |
189 |
|
|
Ethics On The Job |
191 |
|
|
Education Requirements |
191 |
|
|
Accepting “No” |
193 |
|
|
Assertiveness versus aggressiveness |
193 |
|
|
Coping with Personal Failures |
196 |
|
|
Professional Standards |
196 |
|
|
Ethical Questions and Answers |
197 |
|
|
Professional Conduct |
198 |
|
|
Ethics In The Workplace |
199 |
|
|
Ethical Excellence |
201 |
|
|
Asking The Right Questions |
202 |
|
|
Listening Our Way To Success |
203 |
|
|
The Virtue of Patience |
205 |
|
|
Customer Satisfaction |
205 |
|
|
The Difficult Client |
206 |
|
|
Dealing With the Inevitable |
207 |
|
|
Using Positive Communication |
207 |
|
|
Family Obligations |
209 |
|
|
Acknowledging Free Choice |
209 |
|
|
Egoism (Psychological Egoism) |
211 |
|
|
Objectivist Theory |
211 |
|
|
Cultural Ethics; Perceptions of Ethics |
212 |
|
|
Moral Persuasion |
214 |
|
|
Rationalizing Morals |
215 |
|
|
Can Ethics Be Taught? |
216 |
|
|
A Moral Habit |
217 |
|
|
Violence In The Name Of Ethics |
219 |
|
|
The Addiction to Power |
220 |
|
|
Objective Morality |
222 |
|
|
Avoiding Negativity |
223 |
|
|
Re-enforcer and Negative Re-enforcer |
224 |
|
|
Who Is The Teacher? |
225 |
|
|
Are Manners Part of Ethics? |
225 |
|
|
Ethical Investing |
226 |
|
|
Investment Avoidance Approach |
229 |
|
|
Investing from a Positive Approach |
229 |
|
|
Investing from the Activist Approach |
231 |
|
|
Where does an Individual Begin Investing? |
233 |
|
|
Investment Portfolios |
235 |
United Insurance Educators, Inc.
PO Box 1030
Eatonville, WA 98328
(253) 846-1155