Andy Geftos - Transamerica Agency Network

02/16/2024

Last week my APHEA brothers and I severed dinner at St. Michael's Orthodox Church. That's what we do!! We serve our community.

01/29/2024

01/29/2024

82% Of Americans Overestimate The Cost Of Life Insurance

A recent survey reveals that the vast majority of Americans over the age of 25 think the monthly cost of a term life insurance policy is at least three times higher than it is. Life insurance, which provides your beneficiary with a payout after your death, can cost less than $20 a month. Rates primarily depend on your policy type, age, gender and health information.

Survey respondents also had confusion about what a beneficiary can spend a life insurance payout on. Payouts can be spent on anything the beneficiary likes—from paying for a funeral to taking a lavish vacation. However, only half (50%) of respondents thought they could spend the payout of funeral expenses, and just 49% thought they could use funds to pay off a mortgage.

Key Takeaways: Lack of Life Insurance Literacy
Life insurance policies cover deaths from illnesses (including Covid) and a death that occurs when you’re in another country. However, only 51% of survey respondents believed illness-related deaths would be covered, and only 27% believed a death outside the U.S. would be covered.

You can make any person or even a charity the beneficiary of your life insurance policy, but the majority of respondents were unsure about who can be a beneficiary: Only 32% thought it could be a friend, and only 18% knew a beneficiary could be a charity.

While many factors impact life insurance quotes, two factors that are not taken into consideration are income and the number of children you have. But over 40% of Americans erroneously believe these factors would affect a life insurance quote.

Term life insurance policies are known to be the cheapest life insurance option. However, a slightly higher percentage of Americans thought whole life insurance policies are cheaper compared to those who knew term life insurance is the cheapest.

Only 6% of respondents correctly identified that a life insurance rider is an add-on that provides extra coverage or features. Over a third of respondents (38%) thought a life insurance rider was a list of family members who should not get any funds from the life insurance payout.

Overestimating Life Insurance Cost
A majority of Americans over age 25 (82%) think a typical term life insurance policy costs more than it actually does. Only a small portion (3%) correctly guessed it costs about $20 a month. (Based on a 10-year, $500,000 term life insurance policy for a healthy 40-year-old buyer.)

The average cost for term life insurance coverage (10-year, $500,000) for a healthy 40-year-old is $20 a month.

Over a quarter of respondents (28%) guessed the monthly cost for this policy would be $60.

Nearly 15% of survey respondents weren’t sure how much the monthly cost would be.

About 6% of survey respondents estimated life insurance costs six times more than it does.

It is my hope that this information has given you some insight about the true cost of LIFE INSURSNCE!!

01/25/2024

Food For Thought!!

VALUE YOUR TIME

Imagine there is a bank which credits your account with $86,400 each morning, carries over no cash balance from day to day, and every evening cancels whatever amount you have failed to use during the day.

What would you do? Draw out every cent, of course!

Well, everyone has such a bank. Its name is TIME. Every morning, it credits you with 86,400 seconds. Every night it writes off as lost whatever time you have failed to use to good purpose. It carries over no balance. It allows no overdraft.

Each day it opens a new account for you. Each night it erases the records of that day. If you fail to spend the day's deposits wisely, the loss is yours. There is no going back. There is no drawing against the "tomorrow."

You must live in the present on today's deposits. Invest it so as to get from it the utmost in health, happiness and success! The clock is running. Make the most of today

To realize the value of ONE YEAR, ask the student who has failed his exam.

To realize the value of ONE MONTH, ask the mother who has given birth to a premature baby.

To realize the value of ONE WEEK, ask the editor of a weekly newspaper.

To realize the value of ONE DAY, ask the daily wage laborer who has ten kids to feed.

To realize the value of ONE HOUR, ask the lovers who are waiting to meet again.

To realize the value of ONE MINUTE, ask the person who has just missed the train.

To realize the value of ONE SECOND, ask the person who has survived an accident.

To realize the value of a MILLI-SECOND, ask the person who has won a silver medal in the Olympics.

--Author Unknown
Please call my office if I can be of service.

04/06/2023

The Secure Act made a big impact on federal retirement planning, and it's important to know what it means for you. This article dives into the specifics of the Act, including its changes to required minimum distributions and IRA contributions. If you're a retiree looking to maximize your financial stability in retirement, this is important information that can help you take advantage of the new rules.

The Secure 2.0 Act passed as part of the $1.7 trillion 2023 omnibus spending bill on Dec. 29.

03/16/2023

As a professional advisor, my goal is to secure your financial future by helping you prepare for retirement.

My specialty is Life Insurance Retirement Policy (LIRP). Yes, life insurance can be used for retirement benefits.

Is a LIRP right for you? Set up a consultation today with me to find out:


https://finsecurity.com/sgeftos/

03/14/2023

One day, you will retire. Do you have a retirement plan in place to support your lifestyle?

Then let me help. For years, I have been helping small business owners and individuals create wealth so they can enjoy their golden years.

Connect with me today for a better tomorrow:


https://finsecurity.com/sgeftos/

02/21/2023

Transamerica HSA: where Wealth and Health Collide A health savings account (HSA) is a helpful tool for accumulating money for present and future medical costs.

You can use it for current qualified medical bills or as an additional retirement account to pay for future medical expenses, offering three tax advantages. We are one of several integrated services we provide as part of our all-encompassing retirement strategy.

Click the link below to contact us.

https://finsecurity.com/sgeftos/

02/16/2023

At Transamerica Agency Network, we help small businesses with buy/sell agreements and offer tax-free retirement planning as the cornerstone of our operation.

This is achieved by adopting a strategy that actively listens to clients, engages them in lengthy conversations, and refrains from recommending particular products or insurance coverage amounts until after the conversation has concluded.

Click the link below to contact us.

https://finsecurity.com/sgeftos/

02/14/2023

Indexed universal life (IUL) insurance contracts provide an insurance component and a cash reward that owners can access whenever they wish, similar to other permanent life insurance products.

A possibility for tax-free retirement income is provided by index universal life insurance. Investments in IULs may be advantageous for CEOs of small businesses who want to lower their retirement tax burden.

The article below discusses more indexed universal life insurance

https://blog.massmutual.com/post/indexed-universal-life-insurance

02/02/2023

Building your retirement nest egg is difficult and time-consuming. Instead, why not boost the amount of money available to you to pay for things you want or need? You do that with solid retirement planning that boosts your tax-free retirement income. Tax-free retirement income achieves the same goal as a larger retirement savings balance. You end up with more money to spend. All it takes is thoughtful retirement planning. Your aim: Shift money into assets that generate tax-free income. Read more to find out the 8 types of tax-free income.

https://www.investors.com/etfs-and-funds/retirement/retirement-planning-8-types-of-tax-free-income/