Avoid cash value life policy switches unless clear gain
The article warns against replacing cash value life policies without clear financial advantage, noting the main beneficiary is usually the agent due to first year commissions. It advises evaluating current coverage, ensuring full disclosures, obtaining a second opinion, and never lapsing the old policy before new coverage starts. Gary C. Smith of MassMutual is cited.
MENTIONED IN THIS ARTICLE
New York State
Gary C. Smith
CLO
Chartered Financial Consultant
MassMutual
Syracuse Association of Life Underwriters
Buchanan
Florida
Lexington Financial
George Pierce
Pierce
Peat Marwick Kpmg
Louisville
Jerce
Hince
Consumer warns against life insurance churning risks
Consumer advocates urge careful policy consideration to avoid agents steering clients into switching plans for higher commissions. A Georgetown woman describes being sold a retirement plan as life insurance with misleading returns, while others recall early purchases as unnecessary.
MENTIONED IN THIS ARTICLE
Kitty Buchanan
Georgetown
Metropolitan Life
Buchanan
Adequately cover your home office equipment
Upgrading homeowners insurance with new home office tech helps avoid losses. Policies often cap computer gear at 2500 to 5000 dollars and limit other business equipment totals. Laptops used outside the office may have coverage as low as 260 dollars or none.
Insurers Expand Home Office and Computer Coverage
CNA Insurance raises limits under its Universal Security Policy for new and existing customers. A typical $200,000 wood frame Chicago suburb house premiums at $359. Home business users may need a separate business policy. Farm offers grades adding $15 to $20 annually. Business-property, home-computer, and incidental office options raise limits to $2,500 or $5,000, $10,000, and $5,000 respectively with limited liability coverage.
MENTIONED IN THIS ARTICLE
CNA Insurance
Chicago
Wk ‘Farm
IRS extends deadline as charities tardy on receipts
Donors awaiting IRS receipts for charitable gifts may claim deductions on 1994 returns with no receipt, as charities face delays. The IRS gave until Oct 16 for nonprofits to provide documentation, and donors should request receipts in writing if missing. Smaller charities struggle with volunteers and valuing donor benefits, with rules to be updated for 1995 returns.
MENTIONED IN THIS ARTICLE
IRS
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S&t
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