Frequently Asked Questions

Yes. Several people have reached out to me because they've already sat down with a financial planner or a broker and just want to know what else is out there. I'll give you an opinion on a life insurance policy or fixed annuity you own, in plain language. I can't give you an opinion on variable annuities, variable life, stocks, bonds or mutual funds. If what you have is working for you, I'll tell you to leave it be.

No. There's no obligation. Education comes first, and I'm here to give you the information. If you want to work with me, great. If you'd rather take what you learned and go somewhere else, that's fine too. At the end of the day, it's got to be your decision.

That's fine, and you can still call me with a question down the road. I'm here to help you make the right decision for your family, and sometimes that's not me. If I'm not the right person, I want you to know what's out there so you still make the right decision with somebody else. I'm not going anywhere, so you'll know who to call.

No. If you like the stock market and you understand the risk you're taking, that's perfectly fine, and I'm not going to move you off of that. What I can do is show you what insurance products do and don't do, so you can decide whether any of your money belongs in one.

No. I'm licensed to sell insurance, and I'm not an investment adviser or a securities broker. I don't manage investment accounts, and I don't tell people which securities to buy or sell. My work is insurance products: life insurance and annuities. Managing a portfolio takes a registered investment professional, and that isn't what I offer.

I'm based in Columbus, Ohio, and I can only sell insurance in a state where I hold an active license. Call me and I'll tell you where I'm licensed. You can also look up any agent's license on your state insurance department's website, which is worth doing no matter who you work with.

It's a fair question. I'm here for a while, so I don't need to push anything, and one day your family will need someone to call. I'll explain it in plain language and tell you where the risk is. Then you decide.

An annuity is a contract you make with an insurance company. You pay in, either a lump sum or over time. The money generally grows tax‑deferred, and the company can turn it into income later, including income for life if you choose that option. Guarantees depend on the financial strength and claims‑paying ability of the company. Most annuities charge you for taking out too much too early, so money you may need soon usually doesn't belong in one.

Some annuities let you turn your balance into a stream of payments, or add a feature that pays income for as long as you live, even if the account value runs out. The idea is to cover a set part of your monthly expenses with income that doesn't depend on the market. The trade‑off is access: money committed to income is harder to reach, and fixed payments can buy less as prices rise. Guarantees depend on the financial strength and claims‑paying ability of the insurance company.

A fixed annuity pays an interest rate the insurance company declares. A fixed index annuity credits interest based partly on how a market index does, such as the S&P 500, up to limits like caps and participation rates. Your money isn't invested in the index. With both, the company sets the terms, and the rate you start with may not be the rate you get later. A fixed annuity is simpler. An index annuity has more moving parts to understand.

A market drop doesn't reduce your value directly in either one, as long as you follow the contract. You can still come out behind. Surrender charges apply if you take out too much too early, optional riders can charge fees that reduce your value, and early withdrawals can bring taxes and an IRS penalty. Any guarantee also depends on the claims‑paying ability of the insurance company.

You choose how much to put in, and some fixed annuities have no separate annual fee. The costs show up in other places: surrender charges, fees for optional riders, and limits on how much interest you can earn. Before you sign anything, ask to see every one of these in writing. I'll go through them with you.

It's what the insurance company charges if you take out more than the contract allows during the first several years. The charge usually shrinks each year until it reaches zero. Many contracts let you take out a set amount each year without one. Before buying, find out how long the period lasts and what the charge is in each year. If you already own an annuity, those numbers are in your contract.

Some are a poor fit for some people. An annuity trades access and some growth potential for guarantees from an insurance company, which depend on that company's claims‑paying ability. If you don't need those guarantees, you may be better off without one, and I'll say so. What matters is whether the contract fits what you want this money to do.

Usually, once your plan allows it, which is often when you leave the job. An IRA can generally be moved at any time. A direct rollover generally avoids current taxes. Before you do it, compare what you'd give up, such as the plan's investment choices, costs and protections, with what you'd get. An annuity inside an IRA adds no extra tax deferral, and surrender charges limit your access. Leaving the money where it is may be the better answer.

IUL is short for Indexed Universal Life. It's permanent life insurance with a cash value. The insurance company credits interest to that cash value based partly on a market index, such as the S&P 500, up to limits set by the policy. Your money isn't invested in the index. The policy's charges come out every year, whether or not any interest is credited, so a policy that isn't funded properly can shrink or lapse.

Yes. A falling index doesn't subtract from your cash value directly, but the policy's charges keep coming out, including in a year when no interest is credited. Those charges usually rise as you get older. If the cash value can't cover them, the policy can lapse, which can mean losing the coverage and owing taxes. Surrender charges also apply in the early years. An illustration shows what might happen, and it isn't a promise.

Often, yes. A parent or grandparent can usually buy permanent life insurance on a child, and insuring someone young generally costs less. Who can own the policy and who has to consent varies by state and insurer. It only works if the policy keeps getting funded for many years, so be honest about whether that's realistic for you. It's life insurance, not a savings account. I'll show you what's guaranteed in the contract and what isn't, so you can decide whether it makes sense for your family.

Term covers you for a set number of years and then ends, usually with no value left. It generally costs the least for the most coverage up front. Whole life is meant to last your entire life, with level premiums and a cash value that builds under the contract's terms, and it costs more. Term usually fits a need with an end date, such as raising kids. Whole life fits a need that lasts as long as you do.

It's a small permanent life insurance policy meant to cover a funeral, final medical bills and other costs your family would otherwise pay. Many have simpler health questions than a larger policy. Some pay a reduced amount if you die in the first couple of years, so ask about that before you buy. Compare the total premiums you'd expect to pay against the benefit, too.

No. I'm not an attorney, and I don't give legal advice. I help with the insurance side of a plan, such as life insurance and beneficiaries, and I work with an attorney for wills and trusts when you need one.

No. I can explain in general terms how life insurance and annuities are taxed, and I'll coordinate with your CPA so your tax professional sees the full picture. The advice on your own return should come from that person. If a decision has a tax consequence, ask your CPA before you make it.

It's the amount the IRS requires you to withdraw each year from most retirement accounts once you reach a certain age, currently 73 or 75 depending on the year you were born. It's generally taxed as income. Original owners of Roth IRAs don't have to take them. Missing one can bring a penalty of 25% of the amount you should have taken, which can drop to 10% if you fix it in time.