FOUR REASONS LIFE INSURANCE IS IMPORTANT

Speak to a local licensed agent today for the best options on health insurance for yourself and your family. Shopping for medical insurance can seem like a scary task and can get overwhelming very quickly. For this reason, Goodwin Insurance Associates in Daytona Beach area has made it a focal point to offer various health insurance options to Volusia and Flagler county residents. We represent over 75 insurance options and will do all of the hard work for you. We offer plans for all ages, those with pre-existing conditions, and even those who don't currently have medical insurance. As a local health insurance broker, we will compare all options for you that will suit your needs and budget. Goodwin Insurance offers health insurance, medical insurance, medicare supplement insurance, dental, vision, and more! Volusia County & Flagler county health insurance specialist Medical insurance Dental insurance Vision insurance Medicare Supplement Group Benefits Life Insurance Shop Health Plans Today in any of these 3 steps: Call our local Port Orange Office at (386) 756-4991 Send us a Quote request - Click here Stop by our local office at 4393 S Ridgewood Ave Ste 4 Port Orange, FL 32127

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Annuities provide stable investment income over time. Read about some of the ways you can benefit from the assurance and reliability that annuities afford.

As they approach retirement age, many people start to look for ways to mitigate the financial risks associated with this time in life. Older savers often have less tolerance for risk and benefit from reducing their exposure to risky finances. If you are in this category, here are five ways to mitigate your financial risk in retirement. Health Insurance One of the largest retirement expenses — and one of the most unpredictable — is health care expenses. Some experts have found that a couple who retired in 2017 could spend up to $275,000 in health care costs during retirement. The best way to prevent unexpected health care problems or costs to rob you of your retirement is to have usable health insurance coverage. For many retirees, Medicare and Medicare supplements provide options after age 65. But if you are not yet 65, talk with your insurance agent about options to stay healthy and covered before retirement. Annuity If you don't have a traditional pension, the closest approximation to this classic retirement vehicle is an annuity. Annuities are investment products in which you make a payment or series of payments in return for periodic payments in the future. These payments provide a regular monthly amount of income that continues for a defined time or your lifetime (and possibly also your spouses' lifetime). Research any company with whom you are considering signing an annuity contract to make sure they have a reliable history. And ask your agent about fees and limitations to the contract. Roth IRA If you worry about future tax rates, a Roth IRA could be a good way to hedge your bets now. Unlike a traditional Individual Retirement Arrangement (IRA), Roth IRA contributions do not lower your current tax obligation. However, the earnings and withdrawals later are generally not taxable. This means that you can contribute during times when tax rates are lower — such as they will likely be for many Americans in 2018) and withdraw without facing higher future taxes. You can even use a Roth IRA as an emergency fund before retirement since contributions (but not earnings) can be withdrawn without adding tax liability or penalty. Dividend Stocks As you approach retirement, you will probably tolerate less risk in your investments. This could preclude many stock investments as these go up and down frequently. A good alternative is to invest with an aim to purchasing stocks that yield dividends. Dividends are a share of the company's profits usually paid quarterly or annually to shareholders. Dividends are more regular sources of earnings than relying on selling individual stocks at a high value. And even if the market is not doing well, you could still see dividends paid anyway. Look for companies with a good history of regular dividend payments and reinvest dividends when possible. Life Insurance Many baby boomers who are planning for retirement find themselves also caring for children and aging family members. This means other people are counting on you to provide for them and may be hard pressed if they lost that support. If you find yourself in this situation, be sure to have sufficient life insurance coverage. Life insurance provides a source of income to replace your lost earnings if anything happens to you. You can choose between contracting for a specific term or for your life. Any of these financial and planning tools will help reduce your risk during retirement. Combining some or all of them will help you achieve peace of mind. For more information on ways to protect your financial future, contact the insurance pros at Goodwin Insurance Associates today. Facebook Twitter Google+ pinterest

Do you have dental insurance? If not, you may want to consider adding it on. Because dental insurance is optional, many people get basic medical insurance and forego the additional dental and vision riders. But these additional insurance policies can actually save you a lot of money. Dental Issues Can Be Incredibly Dangerous Dental issues are more serious than people think. Many people assume that cavities and other issues are just a matter of pain, but when a cavity gets infected or a gum abscess forms, the bacteria can enter into your bloodstream, causing much more serious issues. Infections can also degrade bone and eventually lead to death. Aside from the fact that dental issues can seriously affect your overall health, dental issues can be very painful, and over time, they can become more difficult to treat. Infected areas, for instance, don’t numb as easily when given a local anesthetic, which means that you may experience pain during the dental procedure. Some Dental Policies Take Time to Kick In Many dental policies require that you wait a little bit before you get full benefits. For instance, you may sign up for a policy, but during the first year, implants may only be partially covered until the second year when they become fully covered. These waiting periods occur so that individuals don't sign up for policies purely when they need expensive work done, which makes sense from the insurance standpoint but can complicate things if you really need work done. Preventative Maintenance Is Covered by Dental Insurance Cavities and wisdom teeth aren’t the only things covered by dental insurance. Dental insurance also covers preventative maintenance, such as regular cleanings. Regular cleanings help you avoid dental issues by catching cavities and gum disease during their early stages. Preventative treatment not only saves you a lot of agony and inconvenience but also reduces the amount that you ultimately have to pay. A covered cleaning is much more affordable than paying for a cavity later. Dental Problems Get Worse Over Time Over time, dental problems get worse. The older a person is, the more likely they are to have dental issues — and these issues become more expensive. As a young adult, you will usually only experience occasional cavities. But as you get older, you may experience gum and teeth issues that require implants and other advanced dental care. And just as your dental health declines, your dental costs will go up over time, making dental insurance more important as the years pass. Most Dental Policies Are Affordable Health insurance is usually more expensive than the associated dental insurance. In fact, you may be surprised to find out how affordable a dental insurance policy is. For the most part, you should be able to recover the cost of your dental policy through the cost of preventative care. Just cross reference the cost of your dental policy with the full cost of your dental care. Don’t forget that you will likely have a deductible you need to meet and that you can apply a secondary insurance policy. You should also be aware that you can't get dental insurance without purchasing health insurance, so you should consider the price of your health plan as well. Because dental insurance has to be purchased with health insurance, it becomes imperative to consider your insurance options as the open window for enrollment closes. Dental insurance is the best way to make sure that you get regular care and maintenance for your teeth and cover any emergency costs. For more information about dental insurance or to get a quote for your new dental insurance policy, contact the insurance experts at Goodwin Insurance Associates . Facebook Twitter Google+ pinterest

Businesses have several ways to purchase the insurance coverages they need. Which of the available options is most suitable for a business often depends on the nature and size of the business. If you run a business, here are three ways to insure your business, along with what kind of business these policies are best for. Stand-Alone Insurance Policies Stand-alone insurance policies are one type of coverage sold by themselves. All of their protections are found within the one policy's terms and conditions, so they typically don't provide as much protection as package policies that include multiple coverages. However, their premiums usually aren’t as high as those of package policies. There are three situations where stand-alone policies are the right way to purchase insurance: When a particular coverage (e.g. workers compensation insurance or flood insurance) has to be purchased through a government-run program or marketplace When a business needs only one insurance coverage (e.g. professionals who only want professional liability insurance) When a business needs to supplement a package policy with one specific coverage the business's package policy doesn't offer (e.g. when a business needs event insurance for a single event) If your business needs only one insurance coverage or wants a coverage that's not readily available through package policies, you'll probably want to look for a stand-alone policy that provides the protection your business needs. Business-Owners Policies Business-owners policies are basic package policies that offer a few main coverages. Most provide the following three protections: General liability coverage, which offers protection from a variety of common risks Business property coverage, which offers protection for commercial buildings and equipment Business interruption coverage, which offers protection for revenue losses caused by covered events Some business-owners policies also make commercial auto and cyber liability coverage available, but these aren't included as frequently as the three other coverages. Many of these coverages are needed by small businesses that have typical risk exposures. Insurers further entice small businesses to purchase these package policies by offering steep discounts for lumping coverages together rather than purchasing them separately through stand-alone policies. The combination of coverages and discounts that business-owners policies offer make them perfect for lots of startups, home-based businesses and family-operated companies. If you run a smaller business that doesn't need a highly specialized coverage (e.g. pollution liability coverage) this is likely the most affordable way to get your business the protection it needs. Commercial Package Policies Commercial package policies are more sophisticated and flexible multi-coverage policies. These policies typically include all of the coverages found in business-owners policies as well as one or more other coverages. The other coverages may be just about any type of coverage. Some common coverages that businesses frequently add to commercial package policies are: Liquor liability coverage, which businesses that sell alcohol often need Pollution liability coverage, which businesses that use chemicals (e.g. landscapers) often need Contractors liability coverage, which businesses that are in the construction industry often need Leased equipment coverage, which businesses that use equipment they don't own often need These kinds of coverages are needed by all sorts of businesses, and commercial package policies are, therefore, purchased may many different businesses. Restaurants, breweries, landscapers, barbers, manufacturers and retailers are just a few of the businesses that may want this type of commercial insurance policy. If your business has more complex insurance needs, a commercial package policy is probably the best way to insurance the business. This type of policy will offer multi-coverage discounts like business-owners policies do while giving you more options and solutions to make sure your business is properly protected. For help finding the right commercial insurance solution for your business, contact our team at Goodwin Insurance Associates. Facebook Twitter Google+ pinterest

The individual retirement account, or IRA, is a widely used method of saving for retirement. It is also sometimes used to save for certain other major expenses. There isn't just one kind of IRA, though; there are many different types available. Here's a look at some of the most popular kinds of IRAs. TRADITIONAL IRA The Traditional IRA was the first IRA created, initially making its debut in 1974. This IRA lets people invest pre-tax income in a savings account, only paying tax when they withdraw money during retirement. Traditional IRAs are usually used by people who are nearing retirement age. ROTH IRA The Roth IRA is very similar to the Traditional IRA, except taxes are paid when money is put into the account rather than when it's withdrawn. Once money is in the account, it's allowed to grow and be taken out at retirement without any additional tax payment. Roth IRAs are mainly used by younger individuals. SEP-IRA The Simplified Employee Pension, or SEP, IRA works very much like a Traditional IRA, and it has identical tax benefits. Rather than being set up by an individual as Traditional IRAs are, however, SEP-IRAs are set up by businesses for their employees. These IRAs let employers contribute to employees' IRAs directly. SEP-IRAs are often created by small businesses. SIMPLE-IRA The Savings Incentive Match Plan for Employees, or SIMPLE, IRA is also like a Traditional IRA that is set up by employers. With the SIMPLE-IRA, though, employers base their contributions on employees' own contributions. Employers offer to match employees' contributions up to a predetermined amount. SIMPLE-IRAs are also used by small businesses. SPOUSAL IRA A Spousal IRA may be set up as either a Traditional or a Roth IRA. What makes this IRA unique is who it's for and who it's set up by. The Spousal IRA is created for spouses who earn less than $2,000 per year. These IRAs are created in their name, and contributions are made by their spouses who do earn more than $2,000 per year. INHERITED IRA When a deceased person's Traditional or Roth IRA is passed onto their non-spousal heir, their IRA becomes an Inherited IRA. This type of IRA doesn't have the same tax benefits for contributions as the other kinds of IRA, and there are specific regulations that govern how the money in the IRA must be withdrawn. EIRA An Education IRA, or EIRA, is a newer type of IRA that's used to pay for educational expenses. Contribution limits to EIRAs are different than those that are placed on retirement savings IRAs. The money in EIRAs can be used for any qualifying educational expense from kindergarten through college. They can be used for expenses related to both public and private schooling. A ROLLOVER IRA A Rollover, or Conduit, IRA is used to roll over the savings that an employee has accumulated through one employer's retirement plan to another employer's retirement plan when they switch jobs. These IRAs aren't subject to the same contribution limits as other IRAs, but they also don't provide the same benefits. They're used solely to transfer funds from one account to another. INDIVIDUAL RETIREMENT ANNUITY An Individual Retirement Annuity can be set up as either a Traditional or a Roth IRA. What defines this type of IRA isn't the tax benefit or allowed uses of the money in the account. Instead, it's that these IRAs are set up through an insurance company that offers annuities. EMPLOYER AND EMPLOYEE ASSOCIATION TRUST ACCOUNT An Employer and Employee Association Trust Account, or Group IRA, is also defined by how it's set up. This type of IRA is set up by businesses, unions and employee groups for employees who are members of the group. It's not available to non-members. There are several types of IRA accounts available, and which kind you choose will depend on your individual situation. For more information about the different kinds of IRA accounts or for help selecting and setting up an IRA, contact Goodwin Insurance Associates today. Facebook Twitter Google+ pinterest

Life insurance is a key part of a sound financial plan that many people skip out on. Young people in their 20s often feel that they do not need coverage while those who have waited until their 50s and 60s to purchase life insurance may worry that the premiums will be too high. However, in the case of unexpected death, life insurance can be a lifeline for loved ones left behind. Here are five reasons why life insurance is a must at any age. To Provide For Loved Ones Perhaps the biggest reason to get a life insurance policy is to be able to provide some sort of income for family and loved ones in the case of untimely death. This is especially important for people who are their family's sole financial support. Life insurance is there to replace this income and help loved ones maintain their current lifestyle. Anyone with young children or a dependent spouse should strongly consider a life insurance policy. A good rule of thumb is to purchase coverage that is 10 times as much as the insured's income. However, other future costs such as children's college expenses should also be factored in when purchasing a life insurance policy. To Pay Off Debts After death, it's not just a person's loved ones who are left behind. Debt is something that still exists and it often falls to spouses and other family members to discharge this debt. While some forms of debt, such as federal student loans, can be discharged, others cannot. Anyone who carries significant debt from a mortgage, credit cards or private student loans should consider a life insurance policy that sufficiently covers these costs. Leaving enough for loved ones to pay off remaining debt is essential for leaving them in a financially sound position. Funeral Expenses and Estate Taxes What many people do not realize is that dying can be expensive. Burial expenses can cost thousands of dollars. While estate taxes do not apply to every estate when they do they can be costly. The money from a life insurance policy can cover these costs and give loved ones peace of mind. Life insurance can make the days and weeks after the death easier on the recipients of the policy since it will ensure that they have the funds to cover these final expenses. There Are Plenty of Options to Choose From When it comes to life insurance, there is no one-size-fits-all policy. Life insurance needs will also change over time. The good news is that there are plenty of life insurance policies to choose from. Term, universal, and whole life insurance policies are what many find themselves choosing between. There are various levels of coverage that can be purchased. It's also possible to purchase more than one policy. Life insurance policies can even be used as investment tools with some policies paying out dividends. Every few years, it's a good idea to take a look at any existing policies and to determine if any changes need to be made. Coverage Can Be Affordable Another reason to get life insurance is that it is more affordable than many expect. With the various policies that are available, it's possible for almost everyone to find one within their budget. Even a small policy can be a great help to family trying to get back on their feet. Life insurance premiums tend to be lower for the young and healthy which is why it's never too early to seek out a policy. There are also policies that will cover people in their 50s, 60s, and even beyond. To find a policy that may work for you, get a quote from us. Facebook Twitter Google+ pinterest