Baby Boomers - adults born between 1946 and 1964 - are famous for their frugality.  Baby Boomers were raised by Greatest Generation parents to think that another Great Depression was around the corner. Yet, growing up in 20th Century, America provided unprecedented economic security and opportunities. The frugal, money-saving mindset of the Baby Boomers enabled them to create a very stable retirement plan as they aged into their golden years. 

In fact, according to this "Generations Ahead Study" conducted by Allianz Life Insurance, the majority of retirees stated they felt financially prepared as they continued to put more money away rather than spend it on themselves.  Encouraging baby-boomers to transition from being a saver into being a spender in retirement is difficult.  The fear of over spending their retirement nest egg is a valid concern especially considering people are living longer than ever before.

But retirement is supposed to be the ideal period of an individual's life.  Spending your Golden Years stressing out over money you've worked so hard to save is obviously counterproductive.  America' economy is triggered by spending and spending a little money on yourself is nothing to be ashamed of. Retirees who find the right balance between saving and spending lead by example. Living comfortably while also enjoying the fruits of your labor encourages younger generations to better prepare for their own financial future.  

Retirement Balance: How to Have Fun On A Fixed Income
As long as your fixed expenses are covered, you should really feel good about spending just a little more on yourself whenever you hit retirement age.  Existing expenses for retirees frequently include matters like insurance, utilities, and mortgage payments if they still have them.  These costs should be about 50 percent of one's total income and should be paid using guaranteed income such as Social Security or pension payouts.  In the event that it is possible to get these expenses down below 50%, all the better.  However, do not make the error of doing something like down-sizing your home because sometimes the costs of such a decision outweigh the advantages.
There's no reason to abandon those good saving habits so long as enables you to do more for yourself later. Spending less on little things you do from day to day can mean that you do have more money when you go on vacation, buy presents for loved ones, or wish to treat yourself.  

If you are in Sacramento, CA Yreka, CA, or Minneapolis, MN and interested in learning about how Life Insurance we can help you secure more money for your retirement, please let us contact us. 

It's true.

Most people don’t think twice about insurance fraud.

Out of sight out of mind is the motto for most, but that’s not actually the case.

Most of us, myself included, would like to take the mindset that since I don’t commit fraud it’s not my problem.

...Unfortunately, insurance fraud is a serious problem that doesn’t only impact those who are victims of it – nor does it only affect the insurance company.

Insurance fraud is far from a victimless crime. It affects every driver, homeowner, and business owner by raising insurance rates for everyone

A few extra dollars squeezed out of an insurance company may not seem like it’s a big deal. Right?

Wrong.

Unfortunately, when those extra dollars are taken many times over and over and over again, the financial burden on insurance companies is exponential.

It’s estimated that the annual cost of insurance crimes are in the billions.

…and it’s not slowin’ down.

What’s this mean for us as a consumer, as a purchaser of insurance, as someone just trying to protect the things we've worked to build?

Think of it like a restaurant; if an ingredient’s price becomes inflated eventually a restaurant will have to adjust its prices for recipes that require that ingredient.

Why would they do this?

Restaurants are here to make money. It’s important to offset the cost of the ingredient and reach a middle ground where its fair for the buyers and still adds profit to the restaurant.

Fraud is similar for the insurance company. 

That means that the more fraud that occurs, the more everyone winds up paying for his or her insurance policies.

The cost to the insurance company is passed on to the insured, even though they likely had nothing to do with the crime.

Insurance fraud from inflated claims, false injury and property damage claims, and of course large insurance crime rings adds up quickly to an amount of money that insurance companies can’t simply absorb.

Instead, everyone pays the price.

So are you curious how much it’s costing you?

Insurance fraud is a big deal in our country. An average person will pay an extra $200-$300 a year in insurance premium to offset the cost of fraud.

That's a lot!

Wondering why your rates are so high? Take it out on the guy down the street that reported a trailer stolen and it wasn’t…

Fraud can come in many forms.

It could be an injured employee that is collecting workers compensation without truly being injured. It might be as simple a roofer waiving your deductible when you get a new roof. (yes, that’s fraud!) Click Here to read how that instance is fraud.

The top five most common fraud claims are interesting though. Number one is reporting stolen vehicles not really missing. The 2nd most common is creating minor car accidents to get insurance money. The third is a staged house fire and the fourth is false work comp accidents. The last is false burglary, theft, or robbery of your house, car, or business.

Insurance fraud is not a small crime, nor it is victimless.

The common attitude that insurance companies can absorb the loss leads to large financial losses that affect everyone’s insurance rates. We all can help to keep insurance rates lower by avoiding fraudulent claims and reporting it when necessary.

Have questions regarding your insurance? ECI is always here.

A life insurance policy provides a death benefit at the time of the policyholder’s death. In most situations, the process of filing this claim is easy to do. However, insurance companies need to have verifiable information about the death to ensure it is appropriate to release the funds. In some cases, things can become a bit more difficult than expected. Your Oklahoma City life insurance agent will work closely with you throughout the process. What can you do to make the process easy?

Finding a Life Insurance Policy

If a loved one has a life insurance policy, the beneficiary listed on it should know of its existence. There is no nationwide database to track down any policies out there when a person dies. For this reason, communication before death is essential. Sometimes, an attorney will maintain the policy. In other cases, it may be through employers, human resource managers, or even through an existing insurance provider. In some cases, they might not contact the beneficiary to notify them of a death.

Contacting and Filing the Claim

Once you have the policy in hand, the beneficiary can file a claim with the agent. This is much like filing any other insurance claim.

You will contact the agent. The agent will gather information about what happened. And, he or she will need proof. This usually comes in the form of a death certificate. Most of the time, local governments, health departments, or other agencies handle the death certificate. They issue it within 30 days of the death, in most cases. However, it can take longer when the case is not as clear-cut. For example, if there are concerns about the cause of death, this will delay the process.

The insurance agent needs to learn this information. Most life insurance policies have some limits. For example, they may not apply in instances of suicide. This is why the death certificate becomes critical. Anything slowing this down will slow down the payment of funds.

Most of the time, the process is very fast. You contact the agent. The agent processes the claim. The death verification takes place. The policy verification exists. The life insurance company verifies the beneficiary’s identification. And, then the claim process occurs.

Life insurance does not go through probate court. It is not dependent on a will. Rather, the funds go directly to the person listed on the policy. For this reason, most policies will pay out within a few weeks of the loved one’s death. This helps families get the funds they need right away.