We all want our kids to live long, healthy lives, which is why child life insurance may not feel like a top priority. It’s worth considering, though, as it can lock in low rates and act as an investment vehicle for your children. As your insurance agent, we care about you and your family so we’ve compiled the following list of pros and cons to help you determine if life insurance for your child is the best choice for you.
What is child life insurance? Child life insurance covers the life of a minor and is typically purchased by a parent or grandparent. In general, these policies are whole life products — a type of permanent life insurance. This means coverage lasts for the child’s entire life, as long as the premiums are paid. Coverage amounts tend to be low and premiums are locked in, meaning they won’t go up. Whole life insurance also builds cash value — the policy’s investment component. A portion of the premium is paid into the account, which grows over time.
At certain ages, the child can take ownership of the policy and continue coverage, buy more or cancel the policy altogether. You can also choose to maintain ownership.
The pros and cons of life insurance for children
1. Guarantees future insurability
Child life insurance policies typically include or offer a guaranteed purchase option. This means the child can purchase additional coverage without completing a medical exam. The additional coverage available varies among policies, and your ability to buy more may be restricted to certain ages or life events, like marriage.
Pros: This feature can be useful if the child develops a pre-existing condition, such as diabetes, or chooses a risky career, both of which can dramatically impact the cost of insurance and your child’s insurability.
Cons: Healthy applicants in their 20s are likely to secure competitive rates, so if you think the chances of your child developing a health issue are low, child life insurance may not be worth it.
2. Acts as an investment vehicle for your child
You can withdraw money from the cash value account or borrow against it. When the child reaches adulthood, he or she can surrender the policy and receive the funds in full.
Pros: The money can cover costs like school fees or a down payment on your child’s first home. It also grows tax-deferred, meaning you don’t pay taxes on the gains until you withdraw the cash.
Cons: Cash value accounts rely on you paying premiums, and can take time to grow. Some financial advisors recommend using other options before considering child life insurance as an investment vehicle.
3. Covers costs if the worst were to happen
Losing a child can be extremely painful, and you may incur unexpected costs. Child life insurance policies pay out a lump sum in the event of a death, as long as the premiums are paid..
Pros: The payout can be used for expenses like burial costs or grief counseling. It can also help cover the costs of running a business if you’re the owner and need to take time off.
Cons: It’s relatively uncommon for a child to die in the U.S. Therefore, the risk of going without coverage may not outweigh the cost of the policy.
We can provide coverage from many insurance carriers so you receive the right life insurance for your budget and needs!
Source: https://www.nerdwallet.com/article/insurance/should-you-buy-life-insurance-for-children https://www.marketwatch.com/story/is-life-insurance-for-children-a-good-investment-for-them-11616194253
The holidays are a time for family, friends, fun, and food. Unexpected fires are not a popular addition to anyone's holiday to-do list. Unfortunately, cooking-related fires make up the majority of home fires, with an average of 455 occurring every day.
Thanksgiving, Christmas Eve, and Christmas have the highest number of kitchen fires of any day in the year, with four times as many fires occurring on Thanksgiving. Keeping your loved ones safe is the most important aspect of having a happy holiday season. As your insurance company, we want to help you and your family have a great holiday!
Here are some tips to make this an enjoyable holiday season:
Even when following these tips there is still a chance an injury or fire could happen. In the event of an accident here are some tips to follow:
At Daisey Insurance, Inc. you and your family's holiday cheer is important to us. Give us a call at 302.337.9400 or visit us online at http://www.daiseyinsurance.com/individuals/Home-Owners-Insurance-Delaware.htm we can help you get the coverage you need. We hope you all have a wonderful and safe holiday season this year. We all have so much to be grateful for, and we wish you all the best!
Source: https://fireavert.com/holiday-cooking-safety/ and https://www.pcfd.org/guides/cooking-safety-tips-for-the-holidays/
While most home owners know the importance of having smoke alarms, almost three out of five fire fatalities from 2014 to 2018 happened in properties with no alarms or where alarms failed to operate, according to a report by the National Fire Protection Association. In homes with working smoke alarms, fire officials reported 22% of those killed had been alerted by the alarm but failed to respond. Eleven percent were not alerted by the working smoke alarm.
To keep your family safe, you should have a working smoke alarm on every floor - preferably in every bedroom. The Consumer Product Safety Commission has the following recommendations to make sure your home smoke alarms are properly installed and maintained:
Having carbon monoxide alarms in your home are just as important as smoke alarms. Carbon monoxide (CO) is a poisonous, colorless and odorless gas which is impossible to detect without an alarm. The U.S. Fire Administration estimates more than 150 people die every year from accidental carbon monoxide poisoning. These types of incidents happen when things like appliances, equipment and vehicles are faulty, improperly used or not properly vented.
While you should have a carbon monoxide detector installed in your home, the Consumer Product Safety Commission wants you to be aware of the symptoms of poisoning which include:
As with smoke alarms, carbon monoxide detectors should be installed on each level of the home and outside sleeping areas. The batteries should also be tested monthly.
Hopefully these tips about protecting yourself and your loved ones from smoke or carbon monoxide were helpful. You can always get a fast, free quote today to see if you could save on your home insurance with Daisey Insurance at 302-337-9400 or visit our website http://www.daiseyinsurance.com/individuals/Blog.htm.
Source: https://www.mapfreinsurance.com/blog/smoke-alarm-carbon-monoxide-safety-tips/
As the weather warms and summer returns, it's time to GRILL! There are risks that come along with grilling, regardless of which type of grill you are using. Every year, 7,000 Americans are injured while using barbecue grills. It's usually a case of good products used incorrectly. You can prevent grilling accidents and insurance claims by 'brushing up' on these tips.
Source: https://www.usfa.fema.gov/downloads/pdf/publications/grilling_fire_safety_flyer.pdf and https://abcnews.go.com/Business/ten-tips-safe-summer-barbecues-learn-dos-donts/story?id=13918382 and https://www.lawleyinsurance.com/personal/12-grilling-safety-tips-now-that-summer-is-upon-us/
The dog days of summer have arrived. Escaping the heat can seem impossible some days, especially if you don't have an air conditioner! Try some of these easy hacks to beat the heat and stay cool!
We all need to keep our cool in this summer heat! Not only for comfort, but also for our safety. Visit https://www.cdc.gov/disasters/extremeheat/warning.html to learn the signs of heat related illnesses so you or a loved one can identify them and get the help you need! Stay cool, stay safe, and enjoy the sunshine! If you have any questions you can contact Daisey Insurance, Inc. at 337-9400 or online at http://www.daiseyinsurance.com/index.htm. .
Source: https://www.bobvila.com/slideshow/12-clever-hacks-to-help-you-beat-the-summer-heat-50305#keep-doors-and-windows-closed-when-you-re-not-home
The primary purpose of life insurance is to protect family members financially after their loved one's death. However, a life insurance policy is not offering guaranteed protection. In many cases, insurance companies keep their promise and pay the benefits to the beneficiary after the insured's death. Very often, however, life insurance claims get denied for a variety of reasons. Why would a life insurance claim be denied? As your insurance agent, we want you to be prepared in understanding why your claim could be denied so we've put together a list with the most common reasons why and when life insurance companies won't pay beneficiaries out.
Every delay or denial should be reviewed by an experienced life insurance attorney and contested if it appears that a claim was wrongfully delayed or denied. At Daisey Insurance, you and your family are very important to us. Call us at 302-337-9400 or visit our website at http://www.daiseyinsurance.com/index.htm to discuss your life insurance needs. We can provide coverage from many insurance carriers so you receive the insurance for your budget and needs!
Source: https://life-insurance-lawyer.com/reasons-life-insurance-companies-use-to-deny-your-claim/ and https://www.forbes.com/advisor/life-insurance/reasons-for-claim-denial/
You don't have to live in a flood-prone area to encounter flooding in your home. This can happen at any time to anyone! Flooding can be caused by more than just natural disasters. If you own a home, you need flood insurance. There are two different types of flood insurance: the National Flood Insurance Program and private flood insurance. The area you live in will determine which type of flood insurance is best for you.
The National Flood Insurance Program is a flood insurance that is offered through FEMA. If you are located in one of the 21,000 communities that participate in this program, you should be eligible for both types of coverage offered by the National Flood Insurance Program. The two types are building property coverage and personal property coverage. Building property coverage is "replacement cost value" coverage. This means that building property coverage covers the cost to repair or replace your home up to $250,000. Personal property coverage replaces up to $100,000 of items in your home.
The other type of flood insurance is private flood insurance. Private flood insurance premiums vary based on the insurance companies that offer it. Speak with your insurance agent regarding cost and coverage plans.
You may qualify for both the National Flood Insurance Program and private flood insurance. Depending on the value of your home and contents in it, you might be better off getting both to protect yourself in the event of a flood.
Flood Facts:
Give our office a call to discuss all your flood insurance options! (302)337-9400
http://www.daiseyinsurance.com/quote_request.htm
https://www.daveramsey.com/blog/need-flood-insurance
While crop insurance is a government program offered by insurance companies at the same rates, it can be beneficial to have a local insurance agent to purchase crop insurance. Purchasing from a local insurance agent can offer services that you can't get from an online insurance agent or one from several states away. These include:
Crop insurance can protect against many natural disasters that the Delmarva area faces such as:
At Daisey Insurance we offer the Delmarva area many different crop insurance options. Contact our office to schedule an on-farm or in office appointment. 302-337-9400
Trouble happens. You left your lights on and now you're stuck with a dead car battery. While learning how to jump start a car can be easy, there are risks in it if done so incorrectly. As your insurance agent, we care about your safety so we put together the following guide on how to properly get you and your car charged and back on the road.
What do you need to jump start a car?Before you can recharge and get going, you need a few basics: jumper cables and a power source - either a portable jump battery (a jump box) or another vehicle.
Jumper cables are long, thickly insulated cables with toothy clips on one or both ends. These clips are called alligator clips. The clips are distinguished by color, usually red and black, to indicate positive and negative polarity. The red clip is positive. The black clip is negative.
Jump boxes are portable batteries used to jump start a vehicle without connecting to another vehicle and come with special jump cables. These cables connect the jump battery directly to the dead car battery. Road side assistance usually uses a jump box when helping stalled vehicles.
What do you need to know about car batteries to jump start a car?Car batteries have two larger nubs, called terminals. There is a positive terminal and a negative terminal. Each should be clearly marked. Connecting cables to the right terminal is important to completing the circuit and gives power to the dead battery.
A quick test that there is enough voltage for the donor, be sure that the car giving the jump start headlights are steady and bright when the car is started. If the headlights dim, that can signal that the battery is low.
How do you use jumper cables to jump start a car from another vehicle?
If the jump works and your car starts, don't shut off your engine! Drive around for at least 15 minutes to recharge your battery. If the car won't start the next time you use it, the battery isn't holding a charge and needs to be replaced. Watch these steps for jump starting a car from Safe2Drive.
At Daisey Insurance, Inc., your road safety is very important to us. Call us at 302-337-9400 or visit our website at http://www.daiseyinsurance.com/index.htm to discuss your auto insurance needs. We can provide coverage from many insurance carriers so you receive the insurance for your budget and needs!
Source: https://www.idrivesafely.com/defensive-driving/trending/how-jump-car-simple-steps-bring-your-car-battery-back-life and https://www.dummies.com/home-garden/car-repair/how-to-jump-start-a-car/
Life insurance is part of a responsible financial plan. And while you should feel secure knowing it will be there to meet your financial responsibilities and protect your family, there are a handful of situations where you may need life insurance more than you thought. As your insurance agent, it's important to us that you and your family feel prepared during these milestones so we've compiled the following list of critical times in life that you need life insurance the most.
Getting MarriedWhen you get married, financial obligations become a joint effort. If one of you dies, a life insurance policy can help ensure the surviving spouse has the financial stability to maintain their current standard of living. Additionally, as the cash value in a permanent policy grows, more assets become available to pay down a mortgage, eliminate business debt, or settle outstanding tax obligations. Death benefits paid to the surviving spouse can also help fund a child's education or supplement retirement.
Having a ChildWhen your children are young, having sufficient life insurance for each parent is critical. If you or your spouse were to suddenly die, life insurance limits need to be able to pay for daycare, help fund a college education, and cover everyday living expenses.
Supporting Aging ParentsSupporting your aging parents up until and including their death can be a financial burden. Life insurance is one way to potentially recoup some of the money you've spent on their care or to help pay for final arrangements like a funeral.
Buying a House with a MortgageLife insurance is often purchased in amounts sufficient to cover the loan amount of a mortgage so that if you die, your beneficiaries will have enough money to pay off the balance.
Starting a Business / Becoming Self-employedIf you're self-employed, chances are the investments you've made in your business have been substantial. If the value of your business has recently changed (the purchase of a new building, inventory, or equipment), be sure your life insurance limits are set high enough to cover business debts that your family could be held responsible for when you die. Don't risk them having to liquidate assets to cover outstanding debt.
Becoming Stay-At-Home ParentsAlthough stay-at-home parents don't bring home a paycheck, they provide substantial support for their families. If they weren't around to take care of children, make meals, run errands, or manage other household tasks, someone would have to be hired to fill those roles. That's a cost the working parent would have to shoulder if something happened to the stay-at-home parent. If that parent had ample life insurance, the death benefit could cover the cost of childcare so the family's finances wouldn't take a hit.
Daisey Insurance, Inc. is an independent insurance agent located in Bridgeville, DE. We can provide coverage from many insurance carriers so you receive the right life insurance for your budget and needs! You can reach us at 302-337-9400 or online http://www.daiseyinsurance.com/index.htm
https://www.protective.com/learn/seven-life-stages-that-affect-your-life-insurance-needs
https://www.nerdwallet.com/article/insurance/life-insurance-for-your-parents
https://www.forbes.com/advisor/life-insurance/stay-at-home-parents/
According to the National Fire Protection Association, there are an average of 385,500 residential fires every year. While taking out a Homeowners insurance policy with fire insurance coverage will help protect you from the costs incurred from a house fire, following these fire safety tips can help prevent a fire from starting in your home.
Fire Safety Tip #1: Don't Smoke IndoorsSmoking indoors can cause more damage than you may realize. Over 18,000 fires are started by smoking materials annually, causing $476 million of property damage. While it's best not to smoke indoors or on exterior balconies or porches, if you do, be sure to completely extinguish any cigarettes and never smoke when there's a chance you might fall asleep.
Fire Safety Tip #2: Keep Your Dryer CleanIt may surprise you but completing common household chores like cleaning the lint trap in your dryer can help prevent fires. In 2010-2014, U.S. fire departments responded to almost 16,000 home structure fires involving clothes dryers or washing machines each year. In addition to keeping your washer and dryer clean, it's best to only run them when you will be home to supervise, that way if a fire starts, you can take immediate action.
Fire Safety Tip #3: Practice Summer Grill SafetyOver 10,000 house fires a year are attributed to grills and fire pits. Whether it's because people use their grill too close to their home or they use the wrong fire starter to ignite the charcoal grill or fire pit, practicing summer grill safety can help prevent fires from starting. This includes everything from grill placement, making sure your grill is clean, safely disposing of charcoal briquettes, and never leaving your grill on while unattended.
Fire Safety Tip #4: Don't Leave Candles UnattendedCandles can create a relaxing ambiance for your home, but unattended candles can be incredibly dangerous. In fact, from 2011-2015, over 8,500 fires a year were started by candles, with $295 million in property damage. Never leave candles in a room unattended, especially if you have children or pets, and always make sure to clear the area around a candle of anything that could possibly ignite, including decorations, curtains, papers, etc.
Fire Safety Tip # 5: Practice Firework SafetyFireworks and sparklers account for roughly 15,000 fires per year, including house fires, vehicle fires, and outdoor fires. To avoid injury and potential fires, it's important to practice firework safety, including only using legal fireworks, having a designated area for setting off fireworks, only lighting off one firework at a time, only letting responsible adults use sparklers and fireworks, and properly disposing of firework remnants after they've been used.
Fire Safety Tip # 6: Create a Wildfire Defensible SpaceWhile wildfires are powerful and unpredictable, there are safety tips you can try if you live in an area threatened by wildfires to help create a wildfire defensible space, which could prevent the spread of wildfires. To do so, you might consider actions like keeping your lawn and plants watered, clearing away brush and debris, using fire-resistant shrubs and plants, storing firewood away from your home, and keeping your roof and gutters clear of leaves, needles, and debris. You'll also want to practice additional fire safety if your area is experiencing a drought like nearly half of Washington state.
By Grange Insurance
We hope these fire safety tips help protect your home and family from house fires. In addition to following these tips, it's important to have a Homeowners insurance policy in place.
As an independent insurance agency, we, at Daisey Insurance, can meet all of your insurance needs with the companies we represent, providing personal and business solutions under one roof! Head over to our website or give us a call to learn more. 302-337-9400 http://www.daiseyinsurance.com/index.htm.
Amid all the green lawns and manicured gardens of summer lies a grim statistic: Every year, while mowing the grass, cutting a branch, or power washing a deck, at least 100 people die and an estimated 143,000 are injured badly enough to require a trip to the emergency room. The injuries people suffer run the gamut from overexertion and dehydration to cuts and amputations from using all kinds of power equipment. It's also worth noting that in our research, we also came across a disturbing number of injuries associated with a common piece of equipment that doesn't have a motor at all: ladders. Falls from ladders cause more injuries than all the power equipment in our research combined, resulting in broken backs, ankles, legs, and hips. But using power equipment can cause far worse accidents. When working in the yard turns deadly, it can be due to carbon monoxide poisoning from a gas-powered engine running in an enclosed space, for example, or people getting trapped under large equipment, like a riding lawn mower. And it's not just the person doing the yard work who's at risk. Bystanders also get hurt, such as children who have been killed or injured when playing near a mower or other outdoor power gear. As your insurance agent, we strongly urge you to read and follow the following safety prevention tips to keep you, friends, and family safe this summer.
Prevention TipsPower Equipment safety is a priority for every homeowner. You may not want to spend the extra few minutes checking the function of the equipment and inspecting the lawn. However, doing so can help prevent risks, including those related to injury to you or your family. More so, power equipment can also do damage to your home when operated improperly. We proudly insure the residents of Bridgeville, DE, and are your local independent insurance agent. We can provide coverage from many insurance carriers so you receive the insurance for your budget and needs! You can reach us at 302-337-9400 or online at http://www.daiseyinsurance.com/index.htm.
Sources: https://www.consumerreports.org/outdoor-safety/yard-work-safety-tips/ and https://www.lifespan.org/sites/default/files/lifespan-files/documents/centers/4-safety-program/Lawn-and-Garden-Safety-Navy-and-Marine-Corps-Public-Health-Center.pdf and https://www.firstindependentinsurance.com/blog/lawn-mower-safety-tips-how-to-reduce-home-insurance-claims-from-careless-accidents.aspxSummer is almost here! The weather is warm, and due to social distancing, people are spending more time enjoying nature than they have before.
If your family intends to enjoy this summer to the fullest, practicing sun safety should be your priority. Regardless if you're grilling in your backyard, or spending time at the beach, here are tips to keep your whole family from getting unwanted sunburns!
1. Make the most of your accessories: If you're unable to find a shady place to do your outdoor activities, make the most of your accessories! Wide brim hats provide additional protection for your face, neck, and scalp, while a loose cotton cover-up will give a layer of protection over the rest of your body.
2. Find ways to shade your children while they play outside. If you have equipment like a swing set or sandbox, try to place these playground accessories in shaded areas of your yard. You can also invest in a shade sail to keep the sun from hitting their skin directly.
3. Limit your outdoor activities between 10 am and 4 pm. This is the sunniest part of the day! If you want to be active outside, but are concerned about sun exposure, start earlier in the morning. You'll also enjoy cooler temperatures during this time of day.
4. Take canopies or umbrellas along with you. If you're going camping or heading to the beach for vacation, you can't avoid being outside between the hours of 10 am and 4 pm. Being prepared with a fold-up canopy or umbrella will keep your skin safe and allow you to have fun without getting a sunburn.
5. Sunscreen is still your best friend. Enjoying the shade while outside is nota replacement for using a broad-spectrum sunscreen that protects from both UVA and UVB radiation. You should always use both shade and sunscreen together to prevent sunburns, and more importantly to prevent skin cancer!
We hope your family has a safe and healthy summer! Remember these tips and you'll always have a good time.
Thinking about your death isn't the most enjoyable part of your life. However, ensuring your family's future is protected when you're gone is very important! Life insurance can help your family pay for funeral expenses, pay off any debt you left behind, and much more.
So why do people avoid buying life insurance before it's too late? Easy! There are many myths and misconceptions about life insurance and we're here to debunk those myths! 
Myth 1: Life insurance is expensive. FALSE! Life insurance can cost less than your daily cup of coffee. On average, millennials overestimate the cost of life insurance by 213%! For a young and healthy adult, the average cost of a $250,000 life insurance policy is around $160 annually.
Myth 2: The choices are overwhelming. FALSE! While there are many different varieties of life insurance, the best choice for most people is a term life insurance policy. You should always consult your insurance agent about your options and they will help you choose the best policy.
Myth 3: I'm young and healthy. I don't need life insurance. FALSE! The younger and healthier you are the cheaper your life insurance policy will be. You are never too young, or too healthy, for life insurance!
Myth 4: Stay-at-home parents don't need life insurance. FALSE! If you're a stay-at-home parent and you pass away, who will take care of the children? Your elderly parents? Your pets? Your surviving spouse will need to continue working and may need to hire help. Life insurance could help him or her pay for these costs.
Myth 5: Life insurance through an employer is sufficient. FALSE! While group life insurance is a great benefit, the payout is typically low and may not support a young family. What happens if you lose your job? A workplace policy doesn't follow you. Having a personal policy is the safest and best option.
Family always comes first. Their future depends on you! Protect your family and loved ones today by calling Daisey Insurance at (302) 337-9400 or visiting us online at http://www.daiseyinsurance.com/individuals/Life-Insurance.htm.
In the everyday insurance world, coverage may sometimes be hard to come by.
That can be true if you've had a disaster - such as a fire in your home - or live in an area at high risk for disaster. Car insurance coverage may be more expensive or even denied if you are a very young or very old driver, even if you've never had to file a claim.
Crop insurance is different.
Under the crop insurance system that has become the centerpiece of America's farm policy, private-sector insurance providers must offer insurance to growers who are eligible for coverage and want it - regardless of a farm's size, location, or cropping choice.
Additionally, crop insurers don't have control over premium setting. A farmers' rates are calculated and published by the USDA and, unlike other lines of insurance coverage, prices will not fluctuate between insurance providers.
Crop insurers compete on customer service, not price. And they cannot choose to simply do business with well-established farmers from areas that have a history of lower risk crops.
In fact, the crop insurance system must always look for ways to cover more and more farmers. Such inclusivity is a shared responsibility of the public and private sectors, which have partnered to bring additional public and privately augmented insurance options to the marketplace and keep pace with a constantly evolving agricultural sector.
While crop insurance was originally only available to major crops - such as corn, cotton, and wheat - it now offers coverage on 130 different crops, including most fruits and vegetables. Today, more than 1 million insurance policies provide $100 billion in protection to nearly 400 million acres - including about 90 percent of U.S. crop acreage.
And more policies and options are regularly being added through the USDA's program to encourage new product development, where insurers work along-side farm leaders and researchers to create new and unique policies for everything from alfalfa seed to all-encompassing whole farm revenue protection.
Furthermore, this partnership teams up to deliver in-depth training services across the country for small and socially disadvantaged farmers to strengthen and broaden their familiarity with the inner workings of business planning and risk management strategies.
It's a system that has married the best of the private sector with the best of government, and the result has been the most effective, popular farm safety net in the history of agriculture.
Contact Daisey Insurance to get your crop insurance locally! Call Harry at (302) 337-9400 or visit our website to get a quote at, http://www.daiseyinsurance.com/quote_request.htm.
Source: https://cropinsuranceinamerica.org/crop-insurance-basics-available-to-all/
Life is the most precious gift and we love insuring yours! Daisey Insurance values every single one of our loyal clients and this month, we are sending you love and gratitude for welcoming us into your families and homes. It is our pleasure and honor to provide you protection and assurance in these times of uncertainty. Some of the most impactful services we proudly provide are:
Farm Insurance - Protects your both personally and commercially. It covers your home like normal home insurance as well as your machinery and livestock.
Crop Insurance - Protects against either the loss of crops due to natural disasters, such as hail, drought and floods, or the loss of revenue due to declines in prices of agricultural commodities.
If you have questions, we would love to answer them! If you have concerns, we would love to address them! We love insuring you - and all the things that come along with it! Get to know us better at Daisey Insurance, and let us give you the support and protection you so very much deserve!
(302) 337-9400. http://www.daiseyinsurance.com
When it comes to retirement planning, Americans are often way behind. In fact, in 2019, almost half of households headed by someone 55 or older had no retirement savings at all, according to the U.S. Government Accountability Office. Many people won't have enough money to live comfortably and will rely solely on Social Security to pay for their living expenses. But retirement doesn't have to look this way for you. Here's everything you need to know about the best types of retirement plans available and how to decide which one is best for you. Best Individual Retirement Plans Not everyone has access to an employer-sponsored retirement plan. Even if you do have a retirement plan through work, like a 401(k), you may want to save additional money beyond the annual 401(k) contribution limits. If that's the case, some of the best retirement plans for saving on your own are Individual Retirement Accounts (IRAs) and annuities.
Anyone who earns taxable income can open a traditional IRA. If you don't have a retirement plan through work, the contributions you make to a traditional IRA are usually tax-deductible. Contributions to a traditional IRA may be invested in a range of different assets, like mutual funds and ETFs, and the investment earnings are tax-deferred. Once you start making withdrawals after age 59 ½, your IRA distributions are taxed as ordinary income. In 2020 and 2021, you can contribute up to $6,000 per year into a Traditional IRA. If you are 50 years of age or older, you can contribute up to $7,000 per year.
If your annual income isn't too high, a Roth IRA is one of the best retirement accounts available. While your Roth IRA contributions aren't tax-deductible today, you don't have to pay income taxes on the withdrawals you make once you retire. Plus, you can take out the money you contribute to a Roth IRA before retirement without paying a penalty, so your Roth IRA can also double as an emergency fund in a bind. The total annual Roth IRA contribution limits are the same as for a traditional IRA, although there are income thresholds that limit who may contribute directly to a Roth IRA. You may only contribute directly to a Roth IRA in tax year 2020 if you earn less than $139,000 or less than $206,000 if you're married and file a joint tax return. For tax year 2021, the income thresholds are $140,000 for individuals and $208,000 for married couples.
A spousal IRA isn't really a special type of individual retirement account. Rather, it's a strategy married couples can use to maximize their retirement savings using an IRA. If you're married and you or your spouse doesn't work or earns significantly less than the other, a spousal IRA allows you to save more for retirement. The non-working spouse can open up a traditional or Roth IRA in their own name and make contributions based on their household income. Ordinarily, you are limited to contributing the amount you, not your household, earns in a year. Being able to open another IRA-and max out the account with contributions-allows some married couples to double their IRA retirement savings each year.
An annuity is a type of insurance contract that can supplement your retirement savings. There are many forms of annuities to choose from, but we believe that fixed annuities are your best choice.
Fixed annuities are easier to understand and compare to one another than some different kinds of annuity contracts, like indexed or variable annuities. Fixed annuities generally have predictable benefits, tax-deferred growth and, in some cases, a death benefit that can be paid out to a beneficiary if you pass away.
And, unlike other retirement plans, annuities aren't subject to IRS contribution limits, so you can invest as much as you want for your future.
Contact Daisey Insurance to discuss the best option for your IRA plan at (302) 337-9400. http://www.daiseyinsurance.com
Source: Forbes.com
The Office of Management and Budget (OMB) today released a proposed Fiscal Year 2021 budget that includes steep cuts to the USDA and federal crop insurance.
The National Crop Insurance Services released this statement in response:
"Last year brought unprecedented challenges for rural America. Even now, farmers and ranchers across the country are dealing with the lingering consequences of weather events that destroyed fields and ruined crops. And there looks to be no reprieve from the ongoing rural recession: The USDA estimates that farm cash flow will tighten this year, dropping more than $10 billion, or 9%, from 2019.
"The federal crop insurance program reacted quickly and efficiently to keep many farmers afloat during this difficult time. It's no wonder then that the nation's farm organizations teamed up in late 2019 to ask Congress to reject any attempts to cut crop insurance and weaken the farm safety net when it's needed most.
"It's inexplicable as to why OMB would target such a critical risk-management tool for budget cuts. The proposed cuts will make crop insurance unaffordable and unavailable for farmers, seriously undermining the farm safety net."
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What is Green Snap?
Green snap, also known as brittle snap, occurs when strong winds break the corn stalk resulting in a damaged plant. Most often it takes place when corn plants are growing rapidly through the vegetative stages, especially from V8 to the tasseling timeframe. During these COR stages the corn plant is playing some aggressive offense. The plant aims to get to the reproductive stage as quickly as possible so that it can start producing the ear of corn. The race through these stages means the plant gives up stalk strength.
How Does Green Snap Impact Corn Yield?
Green snap can happen anytime throughout the growing season, however timing is everything when it comes down to looking at the grower's bottom line. Joel Ransom from North Dakota State University did a study showing yield reduction due to green snap from the V12 stage to almost the tassel period. In the table below, you can see that the earlier green snap occurs the less impact it has on yield.
(The data reflected in this table was based on the following information. If the plant snapped below the ear node it was NOT included when figuring up the yield estimate. However, if it was snapped above the ear node, and the conditions were right throughout the growing season, the plant may still put on half of an ear and these WERE counted in the yield estimate.)
How to Prevent Green Snap
In order to prevent green snap, there are few things that need to be considered. First, it is important to carefully select your hybrid. Although there is not one hybrid that is resistant to green snap, hybrid selection is crucial because some grade far better than others. Along with careful hybrid selection, it is also important to manage your plant population. Decreasing your plant population will eliminate the need for plants to compete for sunlight. Which in return will shorten up the plant's height. Finally, one should be cautious when spraying any type of growth regulator on corn. Whenever corn growth is accelerated a major side effect is that the corn will be more brittle and prone to snapping.
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Sources and More Information:
https://www.ag.ndsu.edu/cpr/plant-science/green-snap-in-corn-07-05-18
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