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Term or Permanent Insurance… How Do I Decide?

Posted by Catholic Financial Life

Oct 8, 2018 10:50:54 AM

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When shopping around for life insurance, it can sometimes be hard to decide which type will best fit your needs. Life insurance is broken down into two major groups: term and permanent life insurance. You may be thinking, what are the differences between the two? Let’s find out!

Term Life Insurance

If you’re looking for affordable coverage, Term Life Insurance may be right for you.

Term Life Insurance provides coverage for a certain period of time; typically in 10-, 20- or 30-years. Your beneficiary would only receive the death benefit if the insured dies during the policy term. Once the term is up, your coverage would end unless you renewed your policy or purchase a new one.

The cost of Term Life Insurance is generally much lower than Permanent Life Insurance, making it the most affordable option.

Many people who are just starting out or are looking to supplement an already established permanent policy decided to purchase Term Life Insurance.

Permanent Life Insurance

Permanent life insurance is just how it sounds… it’s permanent. It will cover you for your entire lifetime. With this type of policy, your premiums will likely be more than most term policies. However, premiums will remain the same throughout the life of the policy.

Two primary types of permanent life insurance are whole and universal life insurance policies. Whole Life Insurance policies offer level premiums and guaranteed cash value, whereas Universal Life Insurance policies have flexible premiums.

Permanent Life Insurance may be right for you if you want your premiums to remain the same, don’t want to outlive your policy and want to ensure you have a guaranteed death benefit for your beneficiaries.

To learn more and find out which type of life insurance is truly right for you, contact a Catholic Financial Life Advisor – http://bit.ly/2ujWofL

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Summer Forecast: Catholic Financial Life Events

Posted by Catholic Financial Life

Jul 3, 2018 10:12:46 AM

Summer is upon us! Looking for something fun to do? Check out some of our affordable member and young adult events!

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Pawtucket Red Sox - Sunday, August 5, 1:35 p.m.
McCoy Stadium, Pawtucket, R.I.

Come see the AAA Boston Red Sox affiliate Pawtucket Red Sox face the Rochester Red Wings. Game ticket includes a $10 concession credit. Limit 10 tickets per household. Deadline to purchase tickets is July 15.

NEW: Mexican Fiesta - August 24-26
Maier Festival Park, Milwaukee, Wis.

Join us for this annual celebration featuring authentic Mexican foods, music, cultural exhibits, and merchandise. Take advantage of discounted admission from Catholic Financial Life. Tickets are $8. Limit 10 tickets per household. Deadline to purchase tickets is July 27.

To learn more or register for these events, visit: https://www.catholicfinanciallife.org/AboutUs/News/events.htm

Young Adult Events

Urban Ecology Center (UEC) - Land Stewardship Program
Saturday, July 28, 9:30-11:30 a.m.
Menomonee Valley Location, Milwaukee, Wis.

Join us at the Urban Ecology Center-Menomonee Valley Location as we participate in their Land Stewardship Program. We will be helping, along with other volunteers, to remove invasive species of plants around the grounds of the UEC. All ages are welcome to participate.

Professional Development Night: Networking in Today's World
Tuesday, August 14, 6:00-9:00 p.m.
Catholic Financial Life Rooftop, Milwaukee, Wis.

Jeff Sherman from OnMilwaukee will lead a discussion on tips for networking, best practices and ways to develop as a young professional. Afterwards, we will have a networking event to put those tips into practice! All young adult professionals are welcome to attend.

To learn more or register for these events, visit: https://join.catholicfinanciallife.org/theyah

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Topics: Family

Five Ways Your Kids Can Earn Money This Summer

Posted by Catholic Financial Life

Jun 6, 2018 2:22:21 PM

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Summer is finally here! With your kids out of school, we understand as parents the need to find something constructive to keep them occupied. Why not encourage them to make a little extra money? Here are five ways your kids can make some extra cash and get in the healthy habit of saving!

  • Yardwork – There are plenty of yardwork opportunities available over the summer. Lawn mowing can be a great way to make some easy money. Many families will be on vacation and won’t be able to take care of their lawn themselves. This could be a one-time gig or turn into a weekly thing if they do a good job. For younger children that might not be old enough to use the lawn mower, planting flowers or picking weeds are other options.
  • Open a lemonade stand – Good old fashioned lemonade stands are one of the most common ways for a child to make some extra spending money. This will help them keep up their math skills and is a great introduction on how to run a business.
  • Host a garage sale – Do your children have toys they don’t play with anymore or clothes they don’t wear? Consider hosting a garage sale to sell their things. Encourage them to price each item and count the money for any items sold. Clothes that don’t sell could be donated.
  • Walk dogs – If your kids love animals, this is the perfect job for them. Most parents work during the day and might not have the time to give their furry friends the exercise they need. This is also a great excuse to get them physically active.
  • Babysit – Are there young kids near you? Encourage your teen to offer their babysitting services to families in the neighborhood. They don’t need formal training but many local communities offer CPR or first aid classes. These are great classes for people of all ages to take to ensure they know how to take care of younger children.

There are plenty of jobs out there for kids of all ages. Getting a summer job is a great way for kids to learn money management and be responsible for their own money. Encourage your kids to take advantage of one of these easy-money opportunities!

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Topics: Family

Millennials – It’s Time to Buy Life Insurance and Here’s Why!

Posted by Catholic Financial Life

Apr 20, 2018 1:56:07 PM

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Millennials have plenty of financial challenges to worry about such as paying off student loans, saving to buy a house or even a new car. Purchasing life insurance usually gets put on the back burner, which can be a huge financial mistake. Here are a few reasons why you should consider purchasing it today:

It’s cheaper.

When you are young and healthy, life insurance costs less. Everyone wants to save money so what are you waiting for? You are only young once – take advantage of it.

It’s financial protection for your loved ones. 

It’s hard to think about what would happen if you were gone. Imagine how hard it would be for your loved ones. Picking up the pieces while dealing with a mountain of emotions can be stressful. Without life insurance, any debt you have could fall to them. Do you really want to burden them with something else during an already difficult time?

Your employer coverage may not be enough.

It’s definitely a bonus to land a job that offers excellent benefits including life insurance. However, if something were to happen to you, would it be enough to cover all of your expenses? Did you know that when you leave a job that you lose your employer provided life insurance? Take control of your financial future by establishing your own life insurance policy.

You need it more than you realize.

You may think because you don’t have a family of your own that life insurance isn’t for you. Traveling and buying that cute new puppy might be at the top of the do list instead. What you don’t realize is that covering your debts if something were to happen to you should also be ranked at the top of the list. Life insurance should still be a priority when you’re just starting out.

You might be thinking, wow. Catholic Financial Life makes some convincing points. I really should consider purchasing life insurance… we agree! Contact a Catholic Financial Life Advisor today to help get you started.

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Special Member Benefits Just For YOU!

Posted by Catholic Financial Life

Feb 23, 2018 10:00:55 AM

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Did you know that as a member of Catholic Financial Life, you are eligible to apply for a number of special value-added benefits that can enhance your membership? These benefits are one component of membership that differentiates Catholic Financial Life from commercial and mutual life insurance companies.

Educational Benefits:

  • Scholarships – Last year, we awarded nearly $300,000 in scholarships to our members! This is one of our most popular member benefits, and are offered to students from elementary school through college.

Financial Benefits:

  • Member Rewards Program – Looking to save money at your favorite stores? Members may receive savings of up to 70 percent at hundreds of national and local merchants, such as Costco, Disney, Verizon Wireless, Starbucks, and Target! Last year, members saved nearly $75,000!
  • Additional benefits include estate planning, childhood cancer benefit, special needs benefit, and family protection.

Wellness Benefits:

  • Family Care Suite – We offer a hospitality apartment for members or members’ families hospitalized in the Milwaukee area. A home away from home, the suite is available at no cost, subject to availability.
  • Prescription Savings Program – Members and their families can receive prescription savings on name brand and generic medications, vision and hearing care, diabetes care and supplies, and daily living products.

Spiritual Benefits:

  • Camp – Do your kids enjoy going to summer camp? Members are eligible for up to $100 toward the cost of attending a Catholic summer camp.
  • Retreat – Retreats can be times of discover, prayer and spiritual growth. Members are eligible for $100 annually toward the cost of a Catholic retreat.
  • Sacramental – Are you celebrating your child’s First Communion? The sacraments of Baptism, First Communion and Matrimony are recognized with a commemorative gift. In addition, confirmands are eligible for $100 toward the cost of a confirmation retreat and seminarians are also eligible for scholarships.

 

For full eligibility requirements, to apply for any of these benefits or to request more information, contact us at 800-927-2547 or visit www.catholicfinanciallife.org/benefits

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Topics: Catholic Financial Life, Family

Life Insurance – The Ultimate New Year’s Resolution

Posted by Catholic Financial Life

Jan 22, 2018 10:33:05 AM

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The New Year means new resolutions. While many people focus on losing weight or quitting smoking, why not consider trying something different? This year, make a commitment that will protect your family. Make a resolution to get life insurance. You may be asking yourself, “what type of life insurance is best suited for my family?” This blog will provide you with basic information on the different types of life insurance to help you decide.

Types of Life Insurance

  1. Whole Life Insurance

Whole life insurance provides dependable, lifelong, and easy-to-understand insurance coverage.

  • A level premium that is guaranteed never to increase for life.
  • It's ideal for someone who wants lifelong coverage.
  • Cash value begins to accumulate after a few years.
  1. Term Life Insurance

If you need coverage but have a limited budget, term life insurance might be a great choice for you.

  • It's temporary. You can purchase it for ten-, twenty-, or thirty-year periods.
  • There's no cash accumulation. With term, you are paying for coverage only and not building any cash value like a whole life insurance plan will do. Think of term insurance as "renting vs. buying." When it expires, it's done.
  • Your payments are often cheaper than with other insurance options.
  1. Universal Life Insurance

Universal life insurance is somewhat of a mix between term and whole life insurance. If you want more flexibility with your life insurance plan, consider universal life insurance.

  • You can pay in level premiums, or you can increase and decrease payments at different times in your life. In addition, you can increase and decrease coverage as your level of need changes.
  • Your net premiums go directly into the cash value and earn interest at a guaranteed rate.
  • Deductions from your cash value are made to cover the cost of the death benefit and expenses.

To learn more about life insurance, contact a Catholic Financial Life advisor at 1-800-927-2547 or visit https://join.catholicfinanciallife.org/contact_advisor

 

Products are not available in all states. Catholic Financial Life is not licensed in all states. Nothing contained herein should be construed as solicitation for insurance, financial products or annuity products in any state in which Catholic Financial Life is not licensed. 

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Topics: Life Insurance, Financial Security

Tips on How to Save Money This Holiday Season

Posted by Catholic Financial Life

Nov 30, 2017 12:25:29 PM

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Christmas is quickly approaching! From gift giving to party throwing to traveling, the holidays can get expensive. Here are some tips to help make the most of your time and money this holiday season!

Make a list and check it twice – I’m sure many of us have gone grocery shopping without a list and felt the desire to buy all the snacks you see around you. Christmas shopping without a list can be a similar experience. Make a list of all the gifts you need to buy and do your best to stick to it.

Decide on a budget – Set a spending limit per person or draw names so your family and friends buy for one person. Include everything from wrapping paper to postage to mail your Christmas cards in this budget to make sure you’re realistic about the amount of money you need to spend.

Start early – Don’t procrastinate and wait until Christmas Eve to start buying your gifts. Keep your eyes open all year round for items your family and friends would enjoy.

Track your spending – It’s easy to get lost in the hustle and bustle of the holidays if you don’t track your spending. Check out some of the free apps available to help track and budget your spending.

Cut back on extras – We all spend a little more than we should during the holidays but we have to make sure we don’t get carried away. Consider going out to eat less this next month or buying one less thing for yourself to save some money to put towards your gifts.

Christmas is not the only time of year you should be making a budget and tracking your spending. Consider making a budget using one of our financial calculators - https://www.catholicfinanciallife.org/FinancialPlanning/financialcalculators/Financial-Tools-and-Calculators1.htm

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Topics: Catholic Financial Life, Gift

Give Back Video Contest

Posted by Catholic Financial Life

Oct 31, 2017 9:50:56 AM

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Want to win up to $5,000 cash for your school? To celebrate 150 years of protecting families and supporting Catholic Schools, Catholic Financial Life will be holding another Give Back Video Contest! Last year, more than 25 schools from across the country participated in our contest. We are hopeful that the 2018 participation will be even better.

In John’s Gospel, Jesus tells the Apostles, “I give you a new commandment: Love one another. As I have loved you, so you also should love one another. This is how all will know that you are my disciples, if you have love for one another.” (John 13:34-35).

We are inviting Catholic schools to submit a 2-3 minute video showcasing “How your school forms students to become disciples who live out this challenge from Jesus.”

To learn more about this contest and how to submit your school’s video, click on the contest tab on the left-hand side of our Facebook Page or visit https://give-back-catholic-schools-week.strutta.me/

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Topics: Catholic Financial Life, Education, Catholic Values in Action

Are You Saving Money?

Posted by Catholic Financial Life

Oct 23, 2017 10:58:24 AM

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It’s a known fact that saving money can be hard. Spending less than we make is often cited as the most important personal financial goal. It helps us get out of debt, save for emergencies, and stash money away for retirement.

Sometimes the hardest thing about saving money is just getting started. Here are five easy steps to help you start saving today.

  1. Set-up an emergency fund
    • The standard for an emergency fund is to have three to six months’ worth of living expenses stashed away before you can save for other goals. In the event that an unexpected emergency such as an illness or job layoff were to occur, you would have the funds available.
  2. Forget the plastic
    • Limit yourself to only one to two credit cards and only use them for emergency situations. Try to pay off more than your monthly credit card balance each month.
  3. Pay off debt
    • Take care of remaining debt by paying more than the minimum payments. Try to pay expenses early to save money in interest payments.
  4. Determine your wants from your needs
    • Make a list of your expenses for each month. Determine which are considered “wants” and which are “needs.” Work to cut back on some of those wants each month e.g., dining out less, cutting back on shopping.
  5. Plan by taking advantage of our easy-to-use financial calculators
    • Plan for the future by utilizing our financial calculators to help figure out things such as how long your money will last, how much are you spending, etc.

For more information about saving, contact a Catholic Financial Life advisor today - join.catholicfinanciallife.org/contact_advisor

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Topics: Financial Literacy

Who is Our Lady of Czestochowa?

Posted by Catholic Financial Life

Sep 18, 2017 3:16:49 PM

This September marks the 300-year-old anniversary of the crowning of our Lady of Czestochowa as Queen and Protector of Poland by Clement XI. But just who was she? What impact did she have? In honor of her recent feast day, we’ll take a closer look at the fascinating story of the “Black Madonna.”

History

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Tradition says that after the crucifixion of Jesus, the Virgin Mary moved to Saint John’s home. She took some personal objects with her, among them was a table made in St. Joseph’s workshop. Devout women of Jerusalem asked St. Luke to create a painting of the Mother of God, who used that same table, to paint the image. The painting remained in Jerusalem until the Romans started to destroy the city. The image moved to Constantinople, where the Christians protected it. It remained there for 500 years until St. Ladislaus, a Polish Prince, decided it would be best to bring it back to its birthplace. While traveling back to Jerusalem, the horses carrying the image did not want to move any further when they reached Czestochowa, a small town in Poland. In a dream, the prince saw Our Lady who told him she wanted to be venerated in Czestochowa. She has been there ever since and has had thousands of pilgrims travel to worship her.

Why is she called the Black Madonna?

Since thousands of pilgrims have venerated the painting by burning candles in front of it, soot residue has discolored the painting. The darkness can also be attributed to the poor conditions of the places where the painting has been hidden to safeguard her.

Why is this year important?

During the crowing of Czestochowa, Clement XI bestowed upon the painting a golden crown and jewel. In 1909, those items were stolen, along with a pearl robe. In 1910, the painting was crowned by St. Pius and then again in 2005 by St. John Paul, but the originals were never recovered. In honor of the 300th anniversary, a world renowned Italian artist, Michele Affidato, is replicating the original crowns. Pope Francis blessed the new crowns on May 17 at the Vatican. The crowing itself took place on September 8, the 300th anniversary of the first canonical coronation of the image of Our Lady of Czestochowa and the feast of the Nativity of Mary. Since 94% of Poland’s population is Catholic, the image of Our Lady of Czestochowa has a significant meaning for the people of Poland.

Summary

We are awed by the story of Our Lady of Czestochowa. Her journey is truly a miracle and an inspiration to all of us. If you’re interested in a prayer to Our Lady of Czestochowa, visit http://www.catholictradition.org/Mary/czesto.htm.

Information was taken from http://www.catholictradition.org/Mary/czesto.htm

 

 

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