Edward Wendol Tumblr Blog

An experienced  insurance broker, Edward Wendol launched his career after earning a Bachelor of Arts in Marketing from Hofstra University in Long Island, New York. In 1993, he began working as a Series 7 Licensed Stock Broker with...

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The Ins and Outs of Annuities with Death Benefit Riders

As the head of Total Retirement Security Planning and Mentoring Group, LLC, Edward “Ed” J. Wendol provides dedicated financial services to customers in 13 states. Edward J. Wendol emphasizes tailored solutions through products such as annuities with death benefit riders. Fixed Indexed insurance products with riders fall into either the living benefit rider or death benefit rider category. The former offers a guaranteed payout during the insured’s lifetime. The latter does not guarantee a specific payout but provides protection against declines in contract value, which reflect real-world market fluctuations. Death benefit riders come in a variety of forms, with some only guaranteeing the initial principal investment amount as a payout. Others offer a death benefit equivalent to an annual growth percentage set at contract issue. An example of the latter type is a contract that grows a death benefit at 5% annually, regardless of the performance of the annuity. This guarantees that the beneficiary will inherit a larger cash value upon the annuitants death. A drawback is that the death benefit portion is only available to the beneficiary, not the contract owner. Another aspect of annuities with death benefit riders to keep in mind: they can help meet the needs of individuals with health issues, who cannot easily purchase life insurance. The major difference is that unlike life insurance, the death benefit growth is taxable to the beneficiary.

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Universal Indexed Life Insurance

As owner-partner of Total Retirement Security Planning and Mentoring Group, Edward “Ed” J. Wendol helps clients obtain post-retirement tax savings while they build assets. Edward J. Wendol also offers plans that accrue interest based on stock market performance, such as universal indexed life insurance. Universal indexed life insurance is based on the concept of universal life insurance, which is tied to a savings account. Premiums go into the savings account on a monthly, quarterly, half yearly, or annual basis. As money earns interest, part of it goes to administrative fees and life insurance premiums. Owners can augment their policy with additional premiums that increase the death benefit. With universal indexed life insurance, instead of being deposited into a savings account, the premium goes into an indexed stock market account. An index, such as the Standard & Poor’s 500, reflects the performance of a measure of the market. The market fund uses a so-called participation rate to determine how much of a market increase goes to an account’s interest. Thus, a 10 percent market rise with a participation rate of 75 percent translates to a 7.5 percent rise in interest for a policy. That interest is capped to a maximum rate of return that may limit a policy owner’s earnings. Conversely, the policy has a minimum rate of return (normally 0 percent) that prevents an index decrease from cutting into the principal. Therefore, the advantage of stock market success is balanced by the downside of a non-growth period of principal.

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Guaranteed Indexed Universal Life Insurance - Mitigating Market Risks

Edward “Ed” J. Wendol is founder and managing partner of Total Security Planning and Mentoring Group, LLC, which provides comprehensive insurance solutions spanning 13 states. Among the products Edward J. Wendol offers is guaranteed indexed universal life insurance. Ideal for younger clients seeking to ensure a steady income stream during their later years, this policy type was introduced in the late 1990s and continues to steadily increase in popularity. The indexed policy is rooted in universal life insurance (UL), which offers a guaranteed interest rate, with money credited to a cash account based upon a declared amount of interest. Indexed universal life insurance differs in having the money deposited into the cash account pegged to a financial index, such as the Standard and Poor’s 500. The indexed policy does not involve a direct investment in a stock index. Rather, the index’s financial value is used in computing the interest credited to the policy’s cash account. This mitigates the downside risks related to market fluctuations found with products such as variable universal life insurance policies. The penalty for this risk-averse approach is that the carrier can cap the amount of the upside that can be credited to the account.

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QLACs - Preserving Larger Non-taxed Retirement Distributions

As managing partner with Total Retirement Security Planning and Mentoring Group, LLC, Edward “Ed” J. Wendol guides a company with an agent presence spanning 13 states. Edward J. Wendol offers clients a number of leading-edge retirement strategies, including the Qualified Longevity Annuity Contract (QLAC), which enables individuals to delay part or all of the required minimum distribution (RMD) from retirement accounts. When they hit 70 and a half years of age, many people are surprised to learn the amount of the RMD that the IRS requires them to withdraw from a qualified retirement account. Introduced in 2014, QLAC annuities mitigate this by keeping a larger portion of retirement savings intact and untaxed. As much as 25 percent of the funds in retirement accounts can be withdrawn and exempted from RMD calculations. This decreases the taxable portion of retirement distributions. A key benefit of the QLAC approach is that it addresses longevity issues, in which an increasing number of people are outliving their retirement savings and running out of money. Operating by a mechanism similar to a pension, QLACs ensure that those living into their 90s enjoy a larger income annuity than otherwise possible. The product is particularly suitable for clients in the upper income brackets.

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The Advantages of Single-Premium Life Insurance

Edward J. Wendol serves as owner and managing partner of Total Retirement Security Planning and Mentoring Group. As such, Edward J. Wendol provides clients with dedicated insurance and retirement planning solutions that take into consideration time frame and risk tolerance. Ed Wendol offers products such as single-premium life insurance as part of a wealth transfer program. As its name implies, this type of insurance involves the deposit of a single premium. A key advantage is that it creates a guaranteed, immediate death benefit. In most cases, the younger the policyholder, the higher the benefit, with the insured’s beneficiaries potentially receiving twice as much as the actual policy premium. For example, a 65-year-old woman who is healthy and does not have smoking as a risk factor could deposit $50,000 and have $100,000 distributed to recipients, tax free. The advantages of single-premium life insurance extend to the fact that the cash value of such a policy, when fully funded, can grow rapidly. Should unforeseen financial needs arise, the policy functions as an important fallback source of income.

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A Primer on the Social Security Earnings Limit

An insurance executive based in Florida, Edward “Ed” J. Wendol owns and operates Total Retirement Security Planning and Mentoring Group, LLC. In his leadership role with the firm, Edward J. Wendol helps clients understand the impact of additional income on Social Security benefits, which depends on the Social Security earnings limit. Under the provisions of Social Security, individuals who have reached retirement age can earn as much as they want without sacrificing any of their benefits. All wages are subject to Social Security and Medicare taxes, regardless of the age of the earner. Retired workers may also qualify for an increase in their benefits, based on the amount of earnings credited to their records. If an individual is younger than the full retirement age, he or she will only receive full benefits up to an earnings total of $15,720 (as of 2016). Past that point, the government will withhold $1 for every $2 earned. If individuals expect to earn more than $15,720 in a given year, they must inform the Social Security Administration.

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Advantages of Fixed Annuities

The owner and partner of Total Retirement Security Planning and Mentoring Group, LLC, Edward “Ed” J. Wendol oversees office and/or agents in 13 states across the country. Edward J. Wendol delivers a comprehensive selection of insurance solutions to clients, including fixed index annuities. At the most basic level, annuities are insurance products that pay out income to investors at set dates in the future. Investors can opt for either a guaranteed payout, known as a fixed annuity, or a payout dependent on the performance of an underlying investment or index, known as a variable annuity. Because they provide guaranteed payouts at set intervals, fixed annuities allow for a great deal of convenience and predictability. As such, they have become popular with investors who distrust the volatility of the stock market. Fixed annuities also require considerably smaller investment minimums, often ranging between $1,000 and $10,000. Furthermore, investors do not pay taxes on earned interest until they cash out the investment itself.                            

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Filing a Disability Insurance Claim

An experienced insurance broker and financial advisor, Edward J. Wendol leads Total Retirement Security Planning and Mentoring Group, LLC, as owner and partner. In this capacity, Edward “Ed” J. Wendol oversees his team of insurance agents as they help clients find everything from life insurance and medicare plans to disability insurance plans. Filing a claim for disability insurance benefits can be complicated, but it is important that the typical steps are followed to ensure insureds have the best chance to getting the support they need. When an individual first starts thinking about making a claim, it’s important that they determine whether or not their condition qualifies them for benefits. If the insured determines that they do qualify, they should file the claim immediately and have their doctor write to the insurance company to confirm and explain the disability. Once the claim has been filed, it may take some time to receive approved funds depending on whether or not a policy contains an elimination period. Even when a policy does, the insured must make their claim immediately to lessen their risk of being denied. Throughout the waiting process, disabled individuals should write down all communications they have with claims adjusters over the phone or in-person. This information may be helpful in case a claim is denied or the insurance company says they never received the claim.                            

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The Next NRA World Championship to Be Held in September 2016

Edward J. “Ed” Wendol concentrates in his professional career on helping customers with retirement planning, life insurance, and disability insurance. Apart from his professional work, Edward J. Wendol is also involved in the National Rifle Association (NRA) Outdoor Sportsman Group. Every fall, the NRA hosts its World Shooting Champtionship event, in which marksmen and women from around the globe demonstrate their skill in different shooting disciplines. Over 10 stages are set up with competitors going through different obstacle courses and testing their endurance and precision in diverse shooting ranges. Every stage has an equal scoring system, which gives competitors points in their accuracy when shooting pistols, rifles, shotguns, and more. The 2016 NRA World Championship is slated to be held in mid-September in West Virginia. Over $250,000 in cash prizes will be distributed to the top four finishers. Guns and ammunition are provided to professional shooters. Past competitors describe the NRA World Championship as an extremely challenging and unique shooting competition.

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Short-Term Versus Long-Term Disability Insurance

Florida-based insurance and retirement planning professional Edward J. Wendol oversees agent contracting at all Total Retirement Security Planning and Mentoring Group, LLC, offices. Having previously worked as an insurance agent for Amerilife, Edward “Ed” Wendol is familiar with several types of insurance, including disability insurance. There are two main types of disability insurance: short-term and long-term. Short-term disability insurance typically pays for a percentage of the insured’s income for a maximum amount of two years. It covers income lost due to an inability to work resulting from illness or injury and begins paying the insured once any available sick leave payments have been exhausted. Most individuals receive a large portion of their income near the beginning of the benefit duration, but after a few weeks the amount paid out usually decreases. Given the short duration of most short-term disability insurance plans, they are good options for major but brief disabilities. Long-term disability insurance pay out a portion of the insured’s income for a minimum of two years and up to the age of 67. Depending on the plan, it may cover a specific time frame, such as five or ten years, or simply pay out until a designated age. Payments through long-term disability insurance start after any short-term disability insurance and sick leave payments have ended and are best for catastrophic illnesses and injuries that prevent the insured from ever returning to work. These types of plans often have more options than short-term disability ones, allowing individuals to tailor their insurance for their specific needs.                            

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Choosing the Right Insurance Company

Edward J. Wendol is the owner and partner of Total Retirement Security Planning and Mentoring Group, LLC, a Florida-based insurance company. Possessing more than a decade of insurance experience, Edward “Ed” J. Wendol leverages his extensive knowledge to provide a variety of insurance options, including life, health, and disability, to clients in 13 different states. The United States is home to a huge range of insurance companies, and choosing the best company for your individual needs is often difficult. It’s important that you do your homework when looking for an insurance company to ensure they are the right fit. While researching, pay close attention to each company’s ratings to get a good idea of the company’s financial health and its track record with previous clients. Also consider looking into any complaints that have been filed against that company by consumers. You can seek direct recommendations from close friends and family as well. Good reviews do not automatically mean a particular company is best for you, though. Once you have a few options that you like, look into details like licensing and services offered. It is wise to buy insurance from a company that is licensed by your state, though it is not always a requirement. Further, you want to make sure the company offers, and is familiar with, the type of insurance you are seeking. Company size can have an impact on the insurance types that are offered, but other than that, size is not a good indicator of a company’s experience or success, so it should be considered on a case-by-case basis.                            

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An Introduction to Index Universal Life Insurance

Over the course of his career as a finance and insurance executive, Edward (Ed) J. Wendol has established his businesses as leading life insurance provider in several states. Edward J. Wendol has acquired a wealth of experience with such insurance products as index universal life (IUL) insurance, a somewhat uncommon life insurance option that offers a number of benefits. Like universal life insurance, IUL insurance gives policy holders the flexibility to change their premiums over a set period of time. While both policy types allow for cash accumulation over the life of the policy, IUL insurance links cash accumulation to the percentage change of an index. Some of the most common indices used by IUL insurance policies include the Dow Jones Industrial Average, the NASDAQ-100, and the S&P 500 Index. Insurers typically offer a system known as a crediting rate zone, which includes a minimum crediting rate floor and a maximum crediting rate cap. As such, policy holders are limited in terms of both downside and upside, placing IUL squarely between universal life and variable universal life in terms of risk.

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Why People with No Children Should Consider Buying Life Insurance

Edward J. Wendol, an expert in insurance related products, helps clients navigate planning for retirement and financial security. Among the many services Edward J. Wendol provides is advising clients on life insurance policies. Some people, particularly those who are younger or have no children, might not be too concerned about life insurance. They might hold the view that since they don’t have dependents, there is little reason to purchase a policy. However, there are several benefits to life insurance that they might want to consider. First of all, life insurance can offer mortgage protection. If a person has a mortgage and then passes away, anyone else who shares the home, such as a spouse, might have to move if the mortgage isn’t paid. Likewise, the spouse or significant other might become accustomed to a certain lifestyle due to sharing in the person’s income. If something were to happen to the income earner, the significant other might struggle to maintain the couple’s old standard of living. Finally, young people should keep in mind that the younger they are when they buy a life insurance policy, the cheaper it will be. Getting approved for a policy can be easier as well.

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Why Disability Insurance Is Important

As the owner of Total Retirement Security Planning and Mentoring Group, LLC, Edward J. Wendol helps individuals prepare for their retirement years. In addition to offering retirement-related services, Edward J. Wendol also provides various kinds of insurance policies as part of clients’ overall financial planning, including disability insurance. Many people may be hesitant to get disability insurance. They might think it’s too expensive or that they’ll never need it. However, it is important for workers to seriously consider getting disability insurance for a number of reasons. For example, individuals need disability insurance more often than many people think. A person in his or her 20s has a 30 percent chance of experiencing a disability of some type by the time he or she is old enough to retire. Additionally, people should consider the fact that having a disability can negatively impact their financial situation and that Social Security doesn’t always help. This is because Social Security disability benefits have strict eligibility requirements. If the disability is expected to last for less than a year, for example, the person typically does not qualify for benefits. Even if the person is eligible for Social Security disability, the amount of money he or she receives is often far less than the income he or she would have been able to earn at work. For these reasons, having disability insurance is often an important form of protection for workers and their families.

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How to Save on Life Insurance Expenses

Previously a stock broker for Ladenburg Thalmann, Edward “Ed” J. Wendol serves as managing partner of Total Retirement Security Planning and Mentoring Group. Edward J. Wendol had dedicated much of his career to managing stocks and offering guidance on mutual funds and bonds, but has since extended his specialization to include health and life insurance. There are several factors that go into determining a person’s life insurance policy premium. The following are options to consider that can save a customer from overpaying. 1. Instead of purchasing an entirely new policy to cover additional needs, a person should take into consideration the possibility of adding a rider. This provides more coverage to an existing policy and avoids loss of built-up cash value. 2. Customers may want to opt for term life insurance over whole life insurance, which according to the Society of Actuaries costs up to 10 times more. Likewise, purchasing a longer term life insurance plan is a better choice because it reduces the need to pay extra money for renewals. 3. Since life insurance premiums are based heavily on the insured’s health, maintaining a fit lifestyle and diet is recommended to lower costs. However, if a person improves their health after purchasing life insurance, he or she may request a rate reevaluation to save on fees. Certain restrictions may apply, including the ability to provide evidence that the insured has sustained better health for at least one year.

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Strategies for Minimizing Social Security Tax

As owner of Total Retirement Security Planning and Mentoring, Edward J. Wendol helps clients across 13 states to optimize their retirement income. Edward “Ed” Wendol offers advice on a variety of topics, including the maximization of possible tax savings for Social Security beneficiaries. Although as much as 85 percent of Social Security benefits may be subject to taxation, a number of strategies can help a beneficiary to reduce tax responsibilities. To begin, a person can transfer funds from a traditional into a Roth IRA, which as a nontaxable program does not affect benefits. However, because a transfer is taxable in the year it happens, experts recommend the implementation of such a strategy before benefits commence. Similarly, beneficiaries may be able to convert other types of taxable income into nontaxable products, such as deferred annuities. Investors may also save by delaying distributions from a traditional IRA or other tax-deferred products, which requires the individual only to pay capital-gains tax. Finally, for those individuals for whom Social Security is their sole source or one of only a few sources of income, there may be an advantage to strategically planning income so that it falls below the threshold of taxable benefits.                            

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Guaranteed-Issue Life Insurance

The managing partner of Total Retirement Security Planning and Mentoring Group, Edward J. Wendol brought 20 years of experience to the firm when he founded it in 2009. After earning his bachelor’s degree from New York’s Hofstra University, Edward Wendol earned his Series 7 license and worked as a registered representative, managing client portfolios and training new agents. Ed Wendol later shifted to insurance, and works today to help his clients develop solutions to help protect their assets in retirement and pass them along to the next generation. It’s often the case that people who have life insurance provided by their employer do not purchase any other life insurance. When they retire, though, they find that the only way they can keep the insurance is to convert it to whole life insurance for a cost that exceeds their budgets. Many find other coverage at an affordable price, but those with significant health issues like cancer, a heart condition, or insulin-dependent diabetes, among many others, often find themselves turned down by every company to which they apply for life insurance. To address this particular market, some insurance companies offer guaranteed-issue life insurance, either whole-life or term. Anyone who applies for coverage and pays the premium is guaranteed to be issued a policy. The death benefits are relatively small, in many cases no more than $10,000 or so, and the premiums are relatively high when compared to those of policies issued to applicants in good health. In addition, the insurance companies won’t pay the full death benefit if the insured dies before a certain period of time has elapsed since the policy was issued, usually from two to four years. The death benefit paid for policyholders who die before that time is the sum of all premiums paid for the policy, plus interest. Guaranteed-issue life insurance policies aren’t designed to help a family pay off a mortgage when the insured dies, or fund a college education. Instead, most people buy them to help their families cover funeral and other costs.