About your Insurance Policies

Worried about the economy? You're not alone. Most of us are looking at our finances in a completely different way than we did a year ago. As an Insurance Agent for hundreds of clients, I've been on the phone a lot lately: talking to concerned parents, going over policies with company leaders and mapping out plans for retirees who aren't sure they can stay retired anymore.

Ask yourself, "What kind of CEO am I for my own 'Family Corporation.'" Take our 7-Minute Test and find out. It's a great conversation starter for family members and even between generations.

Also in the newsletter:

Find out what Barack Obama's administration might mean for insurance and your premiums
Special section for CPAs and Financial Planners
Read about a new surprising new study that shows Americans are underinsured by 49%
Free Downloads to help your Get Organized and Be Smart about your Insurance Policies
What words to use when your talking to your parents about their plans for the future.

Remember: Insurance policies are designed to protect your income and assets. To be honest, the present economic situation illustrates perfectly why everyone... and I mean EVERYONE, needs a sound insurance plan. If I can help you answer your insurance questions or see if you have gaps in your insurance coverage, please give me a call. Enjoy the newsletter.

Danny Mensh

President, Mensh Insurance Company
324 N. Spring Street | Winston-Salem, NC 27101
Phone: (336) 631-5503 | Toll-Free: (888) 532-3334 |

Fax: (336) 631-5504
askdanny@menshinsurance.com

7 Minute Take-Home Test: What kind of CEO are you for your own "Family Financial Corporation?"

n the December '08 issue of TriadLiving Magazine, I asked readers what kind of grade they would give themselves as, "CEO of their own Family Corporation." The point was to encourage people to look at the "big picture" of their finances and not just the fact that their Wachovia stock has decreased exponentially in value. The BIG PICTURE includes an insurance porfolio that includes several different types of insurance policies designed to protect your income and assets. This is not the entrance exam for Harvard. In fact, this is relatively simple and definitely worth 7 minutes of your time.

A couple of sample questions to see how you're going to do:

Do you have Life Insurance for yourself? How about your spouse? YES NO
Do you know if you have enough life insurance/savings/investments to pay off your mortgage and send any kids through college if you should die unexpectedly? YES NO
Does everyone in your family have health insurance? YES NO
Have you told your family members and the executor of your will where to find your important paperwork and given them a copy? YES NO
Do you have health insurance for every member of your family? YES NO
Do your parents have a plan in place for their long term health care needs? Are they going to expect you to pay for their retirement home? Have you asked them? Can you write a check for $6,000 of nursing home care every month starting this month? YES NO

Download and Take the Test Now

Note from Danny: I've had several friends take the test as a trial-run. And they were very surprised at the results and the grade they would give themselves as the CEO of their family. See how you do and share your thoughts with me: askdanny@menshinsurance.com. We'll post some of the comments on our web site at www.menshinsurance.com.

For CPAs and Financial Planners

An insider's view from Danny: Many of the CPAs and Financial Planners I consult with are seeing a rise in the use of Insurance vehicles in their financial and fiscal planning. Here are three of the trends I am seeing:

Major trends:

1. Corporations offering LTC to key employees taking advantage of new tax laws

Tax laws in recent years have made it possible for companies to offer LTC (Long Term Care) insurance to select key employees. This type of policy is becoming more common in the corporate environment and more sought after by savvy employees. Given the recent downturn in the economy, many of your clients may be asking about LTC for the first time. I do have a designation in LTC and would be happy to advise you with your clients on different policy types. Many high income clients have previously believed that existing assets would pay for any health needs, nursing care or other emergency issues. But using today as a snapshot, it's just foolish for clients to rely solely on market success. My advice for you on LTC is generally not to insure every dime of expense but to have something rather than nothing if the need arises.

2. Using Term Life Insurance to protect the assets of heavily leveraged clients

At this point, most professionals are pretty well aware of what Term Insurance is and its role as the chief income replacement tool. However, its value might be greatest in the business world. This low cost and fixed premium life insurance can be used heavily in industries such as real estate development where there may be large amounts of personal and business loan debt, in medical practices to fund buy-sell agreements, and technology or manufacturing for key person coverage to protect the "braintrust" or central figure of the business model. There is great flexibility in these plans that allow for 10-30 year structures and the opportunity to convert to permanent fixed or cash accumulation products without new underwriting or medical review. I am available to consult with you and provide support when structuring this type of package.
3. More information please.
Because some type of insurance can be complicated, many CPAs and Financial Planners have asked me to step in and answer specific policy questions. If you would like to offer an question and answer or informational seminar about any insurance policy types I would be happy to help with a power point presentation. I can also work with you in advising individual financial planning clients. To make a appointment, please e-mail me at

askdanny@menshinsurance.com.

As always, thank you for your business and let me know where I can be of help.

New study shows that most Americans are coming up short on their Insurance Coverage

A new study published on IndustryNews.net reports that most Americans have a serious "Insurance Gap" -- they don't own enough insurance to cover their own goals for their family -- even if they think they do.

The article reports that, "American families, already confronting a difficult economic environment, face the danger of missing widely-held goals such as paying off a mortgage, funding a four-year college education or financing a secure retirement because they lack adequate life insurance protection."

According to the report, "Americans typically have just 49 percent of the financial protection they need to achieve their own stated financial goals for their families. This Life Insurance Gap exists despite the fact that over 80 percent of American breadwinners surveyed feel they have enough life insurance coverage."

How do you know if you have enough Insurance. Why not just ask? That's what Insurance Agents are for.

To read this article, click here,

Note from Danny: A friend recently said that they knew they had an Insurance Agent but, "They wouldn't know him if they ran into him on the street." I think you should have an insurance agent that you communicate with on a regular basis -- and at the least when you have major life changes. If you're not communicating with your insurance agent -- I recommend you find someone you feel comfortable talking to. It's just too important.

The Obama Factor: What will Democratic Leadership mean for the Insurance Industry (and your own financial planning)

How will Barack Obama's presidency affect your bottom line? There's certainly a lot to be determined. One area that seems to be clear is in regards to the estate tax. The estate tax would be effectively repealed for 99.7 percent of estates. For the remaining 0.3% of estates over $7 million per couple, Obama will retain a rate of 45%. This policy would cut the number of estates covered by the tax by 84 percent relative to 2000.

More to come.

Talking to Your Parents about Their Insurance Planning

Talking to your parents or even your in-laws their insurance can be awkward. But I can't say this enough, if you don't know if your parents are expecting you to pay for their Long Term Care bills, it's time to ask. The average nursing home costs approximately $6,000 a month. Are you going to be able to pay that bill, plus your mortgage and other expenses? If you don't know what your parents are planning, plan to talk to them this week.

What to say:

"Mom and Dad, we were thinking about buying Long Term Care Insurance. Do you have that?"

"I don't even think I know where you keep your Insurance papers. Is that something you want to show me?"

"Mom and Dad, we have just been looking at our Insurance Policies to make sure we have enough coverage. Have you all looked at your policies lately?"

"Mom and Dad, here is a copy of our insurance information, just in case. Do you want to give me a copy of yours so I will have it?"

"Mom and Dad, I downloaded a great new Insurance Organizer. Do you want me to get your Insurance Policies organized for you?" (You can download the Insurance Organizer below.)

Note from Danny: I would love to get some feedback from you if you try these methods. I think because I grew up in an insurance family, we talked about insurance every single night -- and nothing was taboo. If you're simply not comfortable talking to your parents about Insurance, try this: "Mom and Dad, I have a great new insurance guy. Would you like him to review your policies for free to see if you are covered on everything?"

	Insurance Info: some quick downloads
Here are our most popular insurance downloads. We've made the "Insurance Organizer" Interactive now for those folks who want to fill out the forms on the computer and print them. Download these now: THE TOP 6 INSURANCE MISTAKES WOMEN CAN MAKE CAN YOU AFFORD NOT TO HAVE LONG TERM CARE INSURANCE 6-MINUTE INSURANCE CHECK LIST FOR MEN FREE INSURANCE ORGANIZER

	Welcome New Clients!
If you're a new client to Mensh Insurance, this may be your first newsletter. If so, we hope you'll find it interesting and informative and we're glad you've already taken steps to protect your income and your family. Let us know if you have any comments! E-mail: danny@menshinsurance.com. We're proud to be your Insurance Representative.

The holidays are a great time to relax, enjoy your family -- and count your blessings. If you have questions or are ready to purchase an Insurance policy to protect your assets, your income and your family, just give me a call. Here's to a less stressful 2009!

Danny Mensh

President

Mensh Insurance Company