Personal Finance, Investments

- Credit Sources -

Credit Unions
A credit union is a not-for-profit financial institution that is owned and run by its members. It is a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one another usually at a less-than-normal bank rate. A person has to meet certain requirements to become a member such as place of employment, a group or groups of employees, or a member of a certain organization. The particular institution decides who it will serve. The money you place in a credit union is protected up to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF).

Federal Credit Unions Federal credit union members are provided with a safe, convenient place to save and borrow at reasonable rates, with savings insured to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF). It is member owned and board members volunteer their time. Membership is limited to persons sharing a common bond of occupation, community or association. Most credit unions have a "once a member, always a member" policy, and also permit immediate family members to join.

Additional Information:
Quincy Credit Unions
Federally Insured Credit Unions Directory
Financial Data on individual credit unions
Listing of Credit Unions Online
Hometown Credit Union

- Insurance Services -

Throughout our lives we plan for events, purchases, family, and usually those plans are carried out. We also plan for those major life changing events such as weddings, children, purchasing a home, and retirement. Once we reach retirement, there is no longer earned income coming in and if we thought about it at an early age, we began setting aside some of that earned income for our later years. In addition to the income it is also important to plan for the insurance we will continue carrying–life, health, and long term care insurance. It is also necessary to plan for the time when our estate will be dispersed to our heirs. There are programs, individuals and agencies to help with this planning.

Insurance
Insurance provides protection in many ways–in case of accident, ill health, fire and many other ways. It may take a little research and investigation to find the best company and policy for your situation. A listing of insurance programs is available at Estate Planning Links and some of those links will even provide online quotes for various types of insurance. At Insurance Web, links are available for various health insurance and life insurance companies, information, and insurance malls. Smart Money Magazine website also offers information on insurance.

Life Insurance
Life insurance helps to provide for your family in the event of death. It is especially important when there are young children left to be cared for. It will give you a more secure feeling knowing that your family will be provided with the resources that are needed. How much life insurance you need is based on the current family expenses, whether or not there are young children who will be needing a college education and how much debt you have incurred and expect will not be paid off soon such as a mortgage, as well as your estimate of final expenses for your funeral. For help in the calculations, use the calculator available online.

At InsuranceWeb there are informative topics regarding all aspects of insurance and new topics are added every week.

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Long Term Care Insurance
Long term care insurance may have very high premiums, especially for a fixed-income budget. The Consumer Law Page provides advice on what to look for and of what to be wary. Long term care is something no one anticipates but a large percentage of older people will need as they age. What many people do not realize is that this type of care may also be needed by some much earlier in life than anticipated. The need for this service is brought about by age, chronic illness, injury or disability. Therefore, planning ahead for this service is something that should be begun sooner than retirement age. However, long-term care policies are not for everyone. Never buy a policy if paying the premiums will cause financial problems. And if you have any existing health problems that will result in the need for long term care, there isn’t any company that will insure you.

If you or a loved one were to need long term care, your assets could be depleted and then your family may have the burden of caring for you financially. Most health insurance plans and disability insurance plans do not cover long term care. Long Term Care Insurance can be extremely expensive if we wait until older to purchase it mainly because premiums are based on age and the costs will continue to rise as the elderly population grows. Therefore, it is a good idea to purchase this type of insurance at a younger age to reduce the premiums.

Long Term Care insurance is regulated at the state level to protect the consumer. The law requires an accountable, knowledgeable person to oversee your choices and the application process. For this reason Long Term Care insurance rates are not available on the internet and must be purchased through a state licensed, long term care insurance professional.

Suggestions for purchasing this type of insurance are 1) find a specialist in long term care insurance; 2) avoid an agent who deals with only one company; 3) be leery of sales literature; 4) it may be necessary to use the service of someone out of your area due to experience; 5) research the situation, find out what is available and, as in any type of purchase, you will feel more confident if you know about the product you are purchasing; and 6) have an attorney review the contract before signing.

It is difficult to compare policies because the benefits and coverage are very different among different companies. Some pay a specific amount per day, others a percentage of the cost, some have inflation protection, and some life insurance policies include long term care benefits which may reduce the death benefit of the insurance as well.

The Federal Long Term Care Insurance Program is available for Federal and Postal employees and annuitants, members and retired members of the uniformed services and qualified relatives. It is administered by John Hancock and MetLife cooperating under the name, Long Term Care Partners. Check here for the eligibility requirements. Go to the Long Term Care Partners site for information on applying for this insurance as well as additional information concerning long term care.

There are several internet sites that give useful information about purchasing long term care insurance. How to avoid fraud when purchasing long term care insurance and other information is available and very extensive. Long term care insurance buyer’s advocate also has information about this problem.

AARP presents an extensive amount of information on Long Term Care Insurance on their website.

Health Insurance Association of America (HIAA) offers useful information on its web site, including a "Guide to Long-term Health Care."

United Seniors Health Council, which recently merged with the National Council on the Aging, publishes a newsletter and sells books on long term care and long term care insurance.

National Association of Insurance Commissioners (NAIC) represents state insurance regulators. They provide a "Shopper's Guide to Long-term Care Insurance" for $.50. Ordering information is on the website.

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Illinois Department of Insurance
The State of Illinois Department of Insurance provides general information and guidance about insurance coverages and laws in regard to auto, health, health insurance for seniors, homeowners, life insurance and annuities, travelers’ insurance, and Worker’s Compensation. You may file a complaint with this office as well as acquire consumer health insurance and health care provider information.

The section on Senior Health Insurance includes information on the Senior Health Insurance Program, 2002 Prescription Drug Information Guide, and Medicare. Of particular interest is the Senior Health Insurance Program (SHIP) which has offices throughout the state that are staffed with volunteers that are available to help on their toll-free line (800) 548-9034 or TDD (217) 524-4872. The contact person is Kathy Claunch, Program Director, Senior Health Insurance Program (SHIP), Illinois Department of Insurance, 320 W. Washington Street, Springfield, IL 62767-0001, (217) 524-1631. This department works closely with the Illinois Department on Aging to provide access to SHIP counseling services through the Area Agency on Aging offices throughout the state. Volunteers in Adams County are available in Quincy through RSVP of Adams County at (217) 224 3633.

Long Term Care Insurance information is presented which includes a listing of all the insurance companies in Illinois that offer long-term care insurance coverage. 

- Stock Brokers -

For the purchase of stocks, bonds or other securities, the services of a broker are necessary and Quincy has several from which to make a selection. They provide all of the normal services in addition to educational and informative seminars and meetings.

- Financial Brokers -

If it is a Financial Broker that you prefer, their services are available at some of the insurance companies as well as stock brokers’ offices.

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