financial tip of the week...

by Genya Harley 

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Do you want income if you are sick?

Hello All:
Hello All!

Thank you for reading my tip of the week. What's important to you?
Life Insurance, Final Expense, Disability, Mortgage Protection, Retirement....what about College for the kids?

Most parents or grandparents, I am assuming, would like to see their child(ren) go to college. It would be great if every child we see or know was able to obtain a full-ride scholarship in order to pay for college. We know this is not reality. It would also be great if we didn't have to use student loans or go into debt trying to fund a college education.

This past year had your child been accepted into University of Chicago and didn't receive a scholarship...don't have a heart attack!...Wait for it?!?.........this is your cost:
Tuition and fees:
$41,091 (2010-11)
I just recently showed a friend of mine how he could set aside roughly $100k (tax free) and guaranteed for his daughter's education, this amount is based off of a monthly contribution of $200 a month.

Some of you may have started saving accounts for your children at a bank, this is a good start but your money is not accruing any interest. Interest rates at the bank right now are no higher that 1%.

Some of you have 529 college saving plans, these are good plans, have tax benefits etc., but you have to spend the money only on college expenses in the year that your child attends that college. What if you wanted to purchase a car or an apartment for your child? You could explore a Roth IRA or a Traditional IRA, these are pretty good savings vehicles but there are TAX CONSEQUENCES!

I encourage you to explore all of your options. Wouldn't it be nice to write a check for your child's yearly tuition and not feel stressed about it? What about having the ability to pay for other unforseen expenses associated with their education? I can show how to do this and not incur huge debt!
Start planning and preparing TODAY!

For those of you who would like to learn more (especially those of you with children under the age of 15), please call me or email me at 773-251-1865 or or
As always - be safe, use wisdom!

Today, I want to you tell about Disability Income Insurance. I am finding that many people do not have this coverage and it can make all the difference in the world if you become disabled while you are employed or even self-employed. This coverage allows you to continue your income if you become disabled or have a critical illness like a stroke or cancer.
FYI- My father (is retired) and just went into the hospital this past week with a blood clot in his lung...he won't get out of the hospital until Tuesday this week...can you imagine if he didn't have insurance or if he was working what the effects might be to his income with short or long term illness???
Your most valuable asset is your ability to earn a living. How would you continue to support yourself or your family if you were disabled for any length of time because of an illness or injury?
You may have heard of it simply as short-term or long term disability coverage. If you don't have this coverage as a part of your benefits at work I would seriously consider obtaining this supplemental coverage. You will be amazed how little this coverage costs per month. I have a client who is in his early 40's paying a little as $30 a month.
It is imperative if you are a business owner or self-employed that you obtain this coverage!
Here is a summary:
*Short-term accident only - you can obtain monthly income coverage (max. $5000) for up to 2 years if you are disabled due to an accident.
*Short-term accident & sickness - you can obtain monthly income coverage (max. $5000) for up to 2 years if you are disabled due to an accident or sickness.
*Long-term accident & sickness - you can obtain monthly income coverage (max.$10,000) for up to 2, 5 or 10 years or until age 67 if you are disabled due to an accident or long-term sickness(this can include critical or terminal illness).
*Business Operating Expense - you can obtain monthly income coverage (max. $15000) for a year or 1 1/2 years if you are disabled due to an accident or sickness and you are a business owner.
The monthly income you receive will help you with your monthly mortgage/rent, bills, education expenses, medical bills etc. Think about it!
There are more benefits that you can add to these policies by obtaining additional (riders)...I strongly encourage all of you to consider. If you would like to sit down and review your current coverage's, I can provide a no-cost, no obligation financial analysis.
Give me a call if you have any questions or email me at my information listed below.

As always, be safe, use wisdom.


If you would like more information or if you have any comments, questions or suggestions, please call me or email me at 773-251-1865 or, or

Genya Harley
Financial Consultant
Mutual of Omaha
19255 Everett Lane, Suite C
Mokena, IL 60448

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