Services
Annuities
Annuities, what are they? In their most basic and general sense, annuities are an agreement for one person or organization to pay another a stream or series of payments. Usually the term “annuity” relates to a contract between you and a life insurance company, but a charity or a trust can take the place of the insurance company.
In general, annuities have the following attractive features:- Tax deferral on investments earnings
- Protection from creditors
- An array of investment options
- Tax free transfers among investment options
- Lifetime income
- Benefits to your heirs
Life Insurance
What is life insurance?
Life insurance provides cash to your family after your death. This cash, known as a death benefit replaces your income and allows your family to grieve without concern of lost income.
Do I need Life insurance?
If someone depends on you financially, chances are you need life insurance.
Key Types of Insurance- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
Life insurance may help your family meet many important financial needs like daily living expenses, mortgage payments and college savings. What's more, there is no federal income tax on life insurance benefits.
Long Term Care Insurance
LONG TERM CARE PROVIDES THE CARE YOU NEED WHEN YOU NEED IT. LONG TERM CARE INSURANCE is private insurance specifically designed to cover some or all of your long term care costs. It will give you piece of mind to know that the care you need later in life will be paid for or partially paid for through the insurance versus the estate that you have created.
Long Term Care or (LTC) refers to a wide range and variety of medical care, personal assistance and social support that may be needed later in life. It is most often associated with the words “Nursing Home”, however, that is not always true. There are several different options for care, such as home health care, adult day services, assisted living facilities, and nursing facilities.
IS LONG TERM CARE INSURANCE RIGHT FOR YOU?
Costs of Long Term Care: In 2004, the average rate for a private room in a skilled nursing facility was $192 per day ($70,080) annually and $169 per day for a semi-private room ($61,685 annually).
By 2010, a private room will cost over $250 per day or ($94,000 annually). That’s an annual increase of 15%!
Health Insurance
Individual health insurance is a major concern throughout the country. If you do not have access to employer sponsored health care you will need to purchase an individual policy. Whether you can buy an individual health policy may depend on your health status, the kind of coverage you want to buy, and other circumstances. There are alternatives to individual health insurance coverage—such as COBRA coverage and conversion policies.
In general, insurers that sell individual health insurance in Florida are free to turn you down because of your health status and other factors. When applying for an individual policy, you may be asked questions about health conditions you have now or had in the past. Depending on your health status, insurers might refuse to sell you coverage or offer to sell you a policy that has special limitations on what it covers.
There are ten key ideas to consider when looking for and comparing health care plans:- Your Doctor—
- Specialists—
- Pre-Existing Conditions—
- Emergency and Hospital Care—
- Regular Physicals and Health Screenings—
- Prescription Drug Coverage—
- OB-GYN—
- Additional Services—
- Costs—
- Exclusions—
- HMO, PPO, POS
Disability Insurance
Did You Know:
441 people will suffer a disability within the next ten minutes
A fatal injury occurs every 5 seconds and a disabling injury occurs once every second
Are you Covered?
What is Disability insurance?
Disability insurance pays an insured person an income when that person is unable to work because of an accident or illness.
How can I insure against loss of income?
If you were disabled and unable to work as a result of an accident or illness, what would you and your family do for income?
Disability income insurance, which complements health insurance, can replace lost income. At the age of 40, the average worker faces only a 14 percent chance of dying before age 65 but a 21 percent chance of being disabled for 90 days or more.
Mortgages
What are the basic mortgage products?- Fixed rate mortgages
- Adjustable rate mortgages
- Home equity financing
Fixed Rate Mortgages - The fixed rate mortgage has long been the most popular home financing product. With an interest rate that never changes, it provides stable predictable monthly payments throughout the life of the loan. If you plan to stay in your home for more than seven years, and prefer the security of stable payments then a fixed rate mortgage may the best for your situation.
Adjustable Rate Mortgage (ARM) - An adjustable rate mortgage has a low starting rate, so your initial monthly payments on an ARM will be lower than that of a fixed rate loan for the same period. Here’s how it works;
- The interest rate starts out lower than the rate on a fixed rate mortgage, then adjusts based on market conditions.
- The starting rate stays fixed for between three months and ten years, depending on the ARM product
- Most ARM’s adjust annually, but some adjust on a semi-annual or monthly basis.
- Individual adjustments are capped at a certain amount, and the rate can never exceed the lifetime cap.
Keep in mind that the interest rate and monthly payments can increase during the loan term. You may get the most benefit if you plan to move before the end of the fixed rate period, or if you are buying at a time when rates are high
Home Equity Financing - As you repay your mortgage, you will gradually build up equity in your home. You can borrow against that equity when you need cash, using either a loan or a line of credit.
- Home equity loans give you the cash you need as a single up-front payment, which you can repay at a fixed rate. If you know exactly how much you need to borrow, a home equity loan may be the best option.
- Home equity credit lines give you a revolving source of cash that you can draw from as you need to, up to a maximum loan amount.
Reverse Mortgages
Since the majority of older Americans own their homes and have paid off their mortgages, many people find themselves in the position of being “cash poor” and “house rich”. Due to these situations there is activity in the market place to tap the value of the home without giving it up, as long as they live in it.
What are reverse mortgages?
Reverse Mortgages are loans secured by home equity. It is a loan in which you receive payments (5 different options) based on the remaining equity in your home. The loan does not need to be repaid until the end of the loan term, which is usually when the homeowner no longer occupies the home as a principal or primary residence, sells the home or dies.
Who is Eligible? To Qualify for a reverse mortgage you must:- Be at least 62 years of age or older
- Own your property
- Occupy the property as your primary residence
- Depending on the program-participate in consumer information session
- Age of the youngest borrower
- Current interest rate
- Property
- Or if the FHA program, the lesser of the appraised value or the FHA insurance limit.
- No income or credit qualifications are required of the borrower
- No repayment as long as the property is the primary residence
- Closing costs may be financed in the mortgage
- 1 family home or 1-4 unit home with one unit occupied by the borrower.
- Condominiums or planned unit developments (PUD) must be HUD-FHA approved.
- Cooperatives (COOPS) and Mobile Homes that meet HUD guidelines
- Meets minimum property standards (borrower may fund repairs in the mortgage)
Contact Information:
We look forward to serving your specific needs. Contact us today and put a Neu View Consulting plan of action together that gives you and yours peace of mind.
- 1844 Clover Cir.
Melbourne, FL 32935 - 321-626-5033
- 678-623-5033 Fax
- info@nueviewconsulting.com
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