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the resource BLOG

A Little History Lesson...   How it All Began... "Wuz ya dere, Charlie?"

11/25/2015

 
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South Broad Street, Philadelphia (then and now)
PictureOffices at 19th and Spring Garden Street, Philadelphia
Foreword, by Who May be Generously Termed the 'Author' of the Following Pages

Years ago, probably well beyond the memory of any reader, there was a radio program in which one of the punch lines was: "Wuz ya dere, Charlie?" The answer was always: "Yes, I wuz dere."

This article is an attempt to trace the history of a not very important insurance enterprise, from about 1888, then termed the 'Provident Friendly Society' for the next one hundred years to its demise in the mid 1980s as the 'Provident Indemnity Life Insurance Company'.

Wrapped into the history is a father and his two sons. The father, William B. Corey, a South Philadelphian, aristocratic, dignified, entered the employ of the Society in 1895 as a boy fourteen years old. As mentioned on Page 1, his salary was $2.50 per week.
​
One of his sons, William S. Corey (note, the father's middle initial is "B", the son's is "S". "B" for big one, "S" for small one), entered his father's employ in 1933. His salary wasn't much bigger.

The younger son, Samuel C. Corey, followed in 1946. Nor could he splurge on his salary. ​

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Penn Square, Philadelphia (then and now)
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As the father was a cautions man, loathe to take a chance, with a famous saying, "Always leave the back door open. You don't know when you might need to escape.", his sons were the opposite. They, especially the younger, knew no restraints. Enthusiasm and confidence, he thought, conquered everything. The older was somewhat more subdued. Both, however, were unconventional, and might even be termed "screwballs".

And so the history progresses, through the ups and downs, the joys and the heartaches, of a company trying to achieve respectability, and in the process, hopefully make a buck.

I write this history because "I wuz dere".

~ William S. Corey
   February 18, 2004

​

​By Carolyn Portanova

Bipartisan Budget Act of 2015  -  How does this effect your clients preparing to draw Social Security?

11/23/2015

 
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​On November 2nd, 2015 President Obama signed the Bipartisan Act of 2015. This budget will provide funding for the 2017 fiscal year. Numerous changes were made to Social Security as part of this budget, and will go into effect May 1st, 2016. These changes will affect your clients who will be approaching retirement age and are looking to draw on their Social Security benefits.
What are the changes?

The biggest changes were the elimination of the ‘File and Suspend’ and ‘File and Restrict’ strategies. These changes will go into effect May 1, 2016. However, if your clients are at full retirement age under the current law, they can still file and suspend their Social Security benefits.

‘File and Suspend’

This allows a lower-earning spouse to receive a higher benefit based on their spouse’s work history. If your client chooses to suspend their benefits (which increase 8%/year until age 70), they will still be able to take advantage of delayed retirement credits, because they are not yet receiving their Social Security benefits.
​
‘File and Restrict’

This strategy allows clients at the full retirement age (normally age 66) to restrict their application to spousal benefits. Typically one worker claims benefits, and the spouse only claims spousal benefits to increase their total payment from Social Security. The spouse can then claim their own higher benefit at a later date, age 70 for maximum benefits . By doing this, they are not receiving their own benefits, allowing them to continue to grow.

Other Important Factors

If your clients are 66, or turning age 66 before May 1, 2016, they will still be able to file and suspend. Alternatively, if your clients already have one of these strategies in place, they will not be impacted by this new law. Your clients who are age 62 or older by December 21st, 2015 will only be able to claim spousal benefits when they turn age 66, and then switch to their own benefits at age 70. This provides greater benefits than each claiming benefits only from their own account.

By Carolyn Portanova

It's Long-term Care Awareness Month.  What Are you Doing to Prepare Your Clients?

11/2/2015

 
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Long-term Care Insurance
​November is LTC Awareness month. This is the opportune time to ask your clients about additional insurance needs. You’re already assisting them with their Medicare Supplement and Medicare Advantage policies, as it’s still AEP, but exploring other needs to assist your clients is imperative.

​Who Will Benefit from Having Coverage? 
Medicare alone only provides skilled nursing for long-term care; therefore, offering your clients additional coverage to protect their assets is something they can only benefit from.  As we age, our health costs increase and 70% of people 65 and over will require long-term care services.  Many seniors feel they can rely on family members to cover health expenses, and this is not a recommended solution.  The average cost of a nursing home facility is $85,000/year. If your clients can afford a policy, it’s something they should invest in. ​​​

Current Average Costs
Home Health Care
$22/hour
Assisted Living Facility
​$4,245/month
Nursing Home
​$85,048/year

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Questions to Ask Your Clients
  • How much can your client contribute comfortably to the cost of their care?
  • How much will they need their policy to pay in benefits each month?
  • How much time can they wait until their policy begins paying out benefits (do they have substantial savings to fall back on)?
  • ​How much risk is your client willing to assume?

Carriers We Represent
Mutual of Omaha, Genworth, North American, MedAmerica, John Hancock and Transamerica are just a handful of the carriers we represent who offer a range of long-term care solutions.  We can guide you and assist you with the multitude of policies out there, and can recommend the best solution depending upon your clients’ needs.

By Carolyn Portanova

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