Because the paperwork can take some time to process, I would elect to have the payments start in a month. However, I probably would not buy an immediate income annuity, ever. That type of product is designed to be good for the insurance companies and the agents, not to necessarily help the clients.

Different insurance products have different guidelines because different insurances cover different risks. While some questions on the applications are similar, such as the health background, the overall rates might not be affected in one insurance while significantly being affected in another type of insurance. For example just because a person is in a high risk category for disability insurance, it does not mean that person is also in a high risk category for life insurance. That is simply because different insurances have different factors and perils to consider.

Buying term insurance would make a lot more sense than buying that universal life (UL) policy Thomas was talking about. Don’t be “duped” into thinking a cash value life insurance policy would make sense ever over a term policy. Let use Thomas’ example, a 20yr level term policy at $25 per month vs. a UL policy at $75 with a $15,000 “guaranteed” cash value after 20 years, both for a death benefit of $100k.

I have clients that got renter insurance practically for free because they bought it with the auto insurance, and the auto insurance became cheaper. I will gladly give you a referral to my friends who takes care of my clients, they work in all 50 states.

Very good question… like Tim Murray, I too am a huge proponent of disability insurance, and my family was protected financially by it. Here is what I would recommend. Build up a solid emergency fund of three to six months of expenses and get a long-term disability insurance policy. Stay away from short term disability insurance.

The whole story with term life insurance being “renting” and whole life being “owning/buying” is a salesman trick. You “own” both types of policies but there’s a catch. Did you know that if you bought a whole life policy (insurance + savings program) and you died, the company usually keeps the savings. In essence you bought two products but only get one. Don’t get tricked by whole life salesmen, no matter what they call themselves, such as “advisers”.

After you become debt free (except your mortgage) I would recommend investing about 15% of your income between your 401(k), IRAs, and Roth IRAs. The details like to which account you should you allocate your money first will depend on your individual situation. Let me know if you have more specific questions.

I personally will work with any client who is serious about getting ahead financially. I do not have any minimum portfolio amounts to put together a financial plan. I provide a complimentary financial needs analysis to all clients.

If you are financially free with no debt, no dependents, and your spouse would be perfectly fine financially. Especially if you have plenty of cash in an emergency account. Then congratulations you absolutely have NO NEED for life insurance. I don’t care what the salesmen have to say.

No you are not obligated to buy anything from that adviser, especially if you don’t think what he or she is selling is right for you. If you have an agreement to pay certain fees then that is another issue. However keep this in mind If I sat down with you and you told me what you want to achieve financially, and I put together a plan that would help you do that faster than you would have done by yourself and it is an obvious improvement, why wouldn’t you go ahead with it? If the benefits outweigh the costs, if I the adviser explain well, why not do business? Do you want to reach your dreams and goals or don’t you? I just hope it isn’t some old bad habit that is keeping you from doing the right things. You decide, if the advice doesn’t make sense get another adviser of course. Good luck.

The Individual 401(k) (aka Solo 401k, self employed 401k) has an annual contribution limit of $49,000 ($54,500 for people 50+) for year 2010 and 2011.

Thinking about it? About age 50. Actually tapping your “retirement” assets such as in an IRA? At 59 1/2 at a minimum or when you actually retire. However do make sure that you re-evaluate your portfolio periodically to make sure you are properly invested and re-balance you portfolio if need be when you get closer to retirement.

Yes you need a will. Even if you have established beneficiaries. An attorney might ask you about something that you haven’t thought of, it happens all the time. Please save your “beneficiaries”, loved ones and others the headaches, drama, and time. Get a will.

Term insurance is “pure insurance” its cheap, you can customize it, and it covers your family financially from death while you buildup wealth to become self-insured.

Transfer/rollover the money directly into an IRA.