We are pleased to announce the hiring of Debra D’Anniballe as an Account Manager on our Commercial Lines Team.
Debra D’Anniballe joined Emerling Floss Murphy & Associates in May 2022.
She specializes in large commercial accounts, and brings with her 21 years of experience in the insurance industry. She is a member of The Institutes and has her CISR.
Deb graduated from Monticello High School and Bryant and Stratton College.
She resides in Lockport, NY with her two sons and her Boxer, and loves spending time doing “anything outdoors.”
While no one likes thinking about their own mortality, writing a will is an important part of planning for your family’s future.
When creating a will, you start by deciding who will receive your assets when you’re gone. But this is just the first step. Once your plan is on paper, someone still has to make sure your final wishes are met and your family is cared for.
That someone is your executor – the person designated to perform all the legal tasks related to your last will and testament. It’s a big job. So before you write down a name, seriously consider the responsibilities to determine who might be a good fit.
WHAT DOES AN EXECUTOR DO?
Your executor doesn’t have to be a professional. All it takes is a patient, mature person who can handle the responsibility.
The duties of an executor include:
- Offering your will for probate
- Taking inventory and managing your assets
- Using your estate’s funds to pay bills, including taxes, funeral and burial costs
- Notifying banks, creditors, and government agencies of the death
- Distributing assets to beneficiaries
- Preparing and filing final income tax returns
- Paying off any debts
HOW TO CHOOSE THE RIGHT PERSON TO BE YOUR EXECUTOR
Because of the significant responsibilities placed on your executor, not everyone will be right for the job. Here are some tips on how to choose an executor for your will:
- Choose someone you trust. Pick someone who is emotionally and financially wise. It helps if you know your executor will be humble enough to ask for help if things get complicated, too.
- Name a successor. Ideally, your executor will outlive you. But in the event that doesn’t happen, it’s always wise to name a successor – just in case.
- Avoid any feuds. When it comes to dividing your estate, tensions can run high. Choose a neutral party that will cause the least amount of conflict. Consider a group who works well together, or someone outside of the family to minimize disputes.
- Choose someone qualified. Make sure your first choice is a legal one. In most cases, non-U.S. citizens, felons and minors can’t act as executors. If your executor is young – such as a son or daughter – you can request that he or she only acts as executor after reaching a certain age.
- Find a third party, if needed. Consider using a bank, trust company, or other professional to manage your estate. Third parties can ease the burden for loved ones, and the cost can be covered from your estate.
- Change if necessary. As your life and relationships change, you may want to consider changing your executor, too. Periodically review your will to ensure your executor is still someone you trust to serve your estate.
- Get their approval. Always talk to your executor about the role beforehand. Go over your will so they’re prepared for the work ahead. This will make it less overwhelming for them when the time comes.
The process to get a life insurance policy isn’t that different from what you’re used to. You find a company you trust and work with a trusted professional to determine how much coverage you need.
However, with some life policies, there’s one main difference: you have to get a life insurance medical exam. Keep reading to find out how it works and what to expect.
WHAT IS A LIFE INSURANCE MEDICAL EXAM?
A life insurance medical exam, more commonly referred to as a “paramedical exam” by insurance professionals, is an opportunity for your life insurance company to review your medical history and collect information for your life insurance application.
There are typically two stages to this exam: a verbal questionnaire and an examination done by a health professional, usually a paramedical professional or a nurse.
WHY DO I NEED A LIFE INSURANCE EXAM?
Just like an insurance agent asks you questions about your vehicle and driving habits when you’re quoting for an auto policy, your life insurance company wants to learn more about you before issuing you a life policy. An exam helps them to:
- Verify the information you originally gave when applying for a life insurance policy.
- Get a more complete medical history. The questionnaire goes into more detail about your family’s medical history.
- Identify any underlying conditions. A more in-depth view of your medical history and results from your bloodwork may reveal a condition you were unaware you are at risk for, or might already have – for example, diabetes.
However, not all life policies require you to get a life insurance medical exam. Life policies below $100,000 typically require you to only complete an application and answer several questions before it is reviewed by an underwriter.1 Your agent will assist you in completing the application, you will sign it and your agent submit it for underwriting review.