Fall Extra Credit 2019

Announcements

The Holidays are Coming - Tell Your Friends!

Enjoy the Holidays Your Way this year! Have you been wanting to renovate and decorate your home, take a family vacation, pay tuition bills, or just check off everyone’s wish list? We’ve got great ways to pay for the holidays and more. Spread the magic of the season with a variety of options like a Home Equity Line or Loan, a Visa^® Credit Card, or a Personal Loan.

The best gift this year is the recommendation of a UVA Community Credit Union membership! When you refer a friend to the Credit Union and they open a full-service account (savings + checking + debit card) you both get $50! Tell your friends about The Credit Union Difference and earn cash rewards – it’s that easy. Learn more and review the complete program details.

 Did You Know?

Get a Free Credit Report Annually

On Sunday, November 3 we will adjust our clocks for the return to standard time. We've made it a habit to use this as a reminder to check the batteries in our smoke detectors too. It would be wise to check your credit report as well.

Identify theft is on the rise. Checking your monthly financial statements for fraudulent charges is helpful, however you need to make it a habit to check your credit report at least once annually.

You’re eligible to get a free annual credit report. Visit AnnualCreditReport.com, the only source of your free credit reports authorized by law, for a copy of your report from each of the big three credit reporting agencies. You may want to consider staggering your requests throughout the year for consistent identity theft monitoring.

Need help understanding your report? We're here for you. Schedule a one-on-one and learn how-to:

• identify the warning signs of identity theft
• correct name and address errors
• understand your credit score and how to improve it
• avoid surprises when applying for an auto loan or a mortgage

Schedule a one-on-one appointment today, call us at 434-964-2001, option 3.

How-To Tips Provided by Member Wealth Management

Life Insurance with Long-Term Care Benefits

If you are concerned about the high costs of long-term care but don’t want to purchase traditional long-term care (LTC) insurance, you might consider two strategies that combine permanent life insurance coverage with long-term care benefits. Keep in mind that any payouts for covered LTC expenses reduce (and are usually limited to) the life insurance death benefit that would go to your heirs, and benefits can be much less than those of a traditional long-term care policy.

Accelerated death benefit (ADB) rider. An ADB rider attached to a permanent life insurance policy allows the insured to begin receiving benefits while he or she is still living, under specific circumstances. In the past, ADB riders only paid when a policyholder was diagnosed with a terminal illness. However, more insurers now offer riders that start paying when a policyholder is diagnosed with a chronic illness, is permanently disabled, or needs to enter a nursing home.

Although some policies may include an ADB rider at little or no cost, ADB riders are generally optional and will increase the premium.

Hybrid life–LTC policy. This policy combines permanent life insurance and long-term care coverage. Many such policies require a substantial up-front premium, but buyers don’t have to worry about future rate increases or the issuer canceling the policy.

For the same premium, a hybrid policy typically has a smaller death benefit than a life policy with an ADB rider. However, the LTC coverage is more generous than an ADB rider, and benefits typically begin when the policyholder needs help with two or more activities of daily living such as eating, bathing, and dressing. With an optional continuation-of-benefits rider, payouts for covered LTC expenses could continue for a specified period or your lifetime, even if they exceed the death benefit.

Financial Flexibility

Another advantage of these strategies is that policyholders can tap into the cash value of the permanent life policy during retirement if money is needed for income or emergencies. Loans and withdrawals will reduce the policy’s cash value and death benefit.

It would be wise to explore your LTC options while you are healthy. If you consider a hybrid life–LTC policy or a life policy with an ADB rider, you should have a need for life insurance and evaluate the policy on its merits as life insurance.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. In addition to the life insurance premiums, other costs include mortality and expense charges. If a policy is surrendered prematurely, there may be surrender charges and income tax implications. Any guarantees are contingent on the financial strength and claims-paying ability of the issuing insurance company. Riders are subject to the contractual terms, conditions, and limitations outlined in the policy, and may not benefit all individuals.

For more information, please call the Member Wealth Management Coordinator today at (434) 964-2046 to schedule an appointment.

NOT A CREDIT UNION DEPOSIT; NOT NCUA INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY;NOT GUARANTEED BY THE CREDIT UNION; MAY GO DOWN IN VALUE

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2019 Broadridge Investor Communication Solutions, Inc. Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of  MML Investors Services, LLC, Member SIPC: 222 Central  Park Ave Suite 1100 Virginia Beach VA 23462 (757) 490-9041. Member Wealth Management is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies.

We have individuals licensed to sell insurance products in the following jurisdictions: DC, DE, GA, MD, NC, NJ, OH, RI, TX, UT, VA, WA
We have individuals registered to offer securities in the following jurisdictions: DC, DE, GA, MD, NC, NJ, OH, RI, TX, UT, VA, WA

CRN202109-253458