Bill Boone

Bill Boone

6502707123

Financial Professional

160 S Old Springs Rd
Suite 102
Anaheim Hills, CA 92808

w6502707123 m6502197773

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World Financial Group

Travel Insurance: What to know before you go

December 5, 2018

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Turn your hobby into a side gig

October 15, 2018

Turn your hobby into a side gig

Do you have a hobby that you really love? Could you use a little extra cash?

What if you could get paid for doing something that you already enjoy doing? We’re all good at something. Many people have turned their hobbies into a side business as a way to earn extra money. For nearly everyone, there’s a topic they know well or a skill they have that many other people don’t have. That niche can spell opportunity – and a chance to turn something you enjoy doing anyway into a money-maker.

Depending on the type of hobby you want to monetize, your startup expenses may be quite low. For writing, coding, or graphic design, you might only need a laptop or tablet – something you may already have. If your hobby is fixing up old cars, however, you might need a place to do the work – possibly adding to the expense. For that scenario, you could check out the possibility of putting in a couple of Saturdays per month at a local shop to help save on rent and insurance costs.

With a little ingenuity, you might be able to earn $10 to $40 (or maybe more) per hour doing work you enjoy. Artists can earn extra money by selling arts and crafts items through virtual stores on specialized websites. Freelance writers, coders, designers, and even teachers can find work as well on similar type websites that bring clients and service providers together. If you have a knack for knowing what’s valuable, you may be able to turn garage sale and estate sale buys into a rewarding online business on any popular consumer-to-consumer and/or business-to-consumer sales website. (Hint: If this is something you’d like to try, start out small. Concentrate on one type of item that might be near and dear to you, like brass musical instruments, or antique mason jars.)

The old saying that asserts “knowledge is power” applies here as well. Let’s say your childhood fascination with dinosaurs never quite went extinct. Maybe there’s a successful educational blog or a YouTube channel in your future. Technology has given us the power to reach a larger audience than ever before and to bring our knowledge to anyone who wants to learn more. Sharing what you know can be monetized in many ways and – if you love doing it – you might not feel like you’re working at all!

Do your research and understand any legal or insurance requirements that may apply to the area you want to get into, but don’t let a little legwork bar the way to your next great endeavor – even if it just starts as a side gig.


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The Birds Have Flown the Coop!

August 20, 2018

The Birds Have Flown the Coop!

The kids (finally) moved out!

Now you can plan those vacations for just the two of you, delve into new hobbies you’ve always wanted to explore… and decide whether or not you should keep your life insurance as empty nesters.

The answer is YES!

Why? Even though you and your spouse are empty nesters now, life insurance still has real benefits for both of you. One of the biggest benefits is your life insurance policy’s death benefit. Should either you or your spouse pass away, the death benefit can pay for final expenses and replace the loss of income, both of which can keep you or your spouse on track for retirement in the case of an unexpected tragedy.

What’s another reason to keep your life insurance policy? The cash value of your policy. Now that the kids have moved out and are financially stable on their own, the cash value of your life insurance policy can be used for retirement or an emergency fund. If your retirement savings took a hit while you helped your children finance their college educations, your life insurance policy might have you covered.Utilizing the cash value has multiple factors you should be aware of before making any decision.*

Contact me today, and together we’ll check up on your policy to make sure you have coverage where you want it - and review all the benefits that you can use as empty nesters.


*Loans and withdrawals will reduce the policy value and death benefit dollar for dollar. Withdrawals are subject to partial surrender charges if they occur during a surrender charge period. Loans are made at interest. Loans may also result in the need to add additional premium into the policy to avoid a lapse of the policy. In the event that the policy lapses, all policy surrenders and loans are considered distributions and, to the extent that the distributions exceed the premiums paid (cost basis), they are subject to taxation as ordinary income. Lastly, all references to loans assume that the contract remains in force, qualifies as life insurance and is not a modified endowment contract (MEC). Loans from a MEC will generally be taxable and, if taken prior to age 59 1/2, may be subject to a 10% tax penalty.

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Tap the Brakes! Life Insurance and Your Driving Record

July 23, 2018

Tap the Brakes! Life Insurance and Your Driving Record

Oh boy. It happened again: You hit the snooze button one too many times.

After a frenzied dash around your house – one sock on, a toothbrush hanging out of your mouth, and your kid asking why there’s a can of tuna in his lunchbox – you kiss the family goodbye and finally dive behind the wheel of your car.

The GPS says 20 minutes to your office. Problem is you need to be there in 15. It may seem like a good idea to go over the speed limit to get to work on time. (But just a little.) Say, maybe only 10 miles per hour over. But in reality, speeding doesn’t actually get you where you want to go all that much faster.

Take this scenario for example: Say there are 60 miles between you and your destination.

  • At the 60 mph speed limit, it would take 60 minutes (1 hour).
  • At 75 mph (speeding), it would take 48 minutes.

That’s only 12 minutes saved. And factoring in how quickly heavy traffic can negate any time you might gain or how going faster burns more fuel, speeding isn’t really helping is it? In fact, it’s costing you. And if any of the consequences of speeding earn you a citation, those will cost you when applying for life insurance. (More importantly, I wouldn’t want you to put yourself or others at risk by not abiding by posted speed limits.)

You might not be aware of this, but during the life insurance underwriting process, the underwriter takes everything on your Motor Vehicle Report (MVR) into account.

  • Accident reports
  • Traffic citations
  • DUI convictions
  • Vehicular crimes
  • Driving record points

Just like looking at your health history, occupation, and personal hobbies, an underwriter will examine your driving record as a factor in determining how risky you will be to insure. Even some violations that you might consider to be minor can have drastic consequences for your life insurance application. Any indication of reckless or risky behavior can be a red flag to an underwriter. The more negative activity on your driving record, the worse your insurance classification will be. (And the higher your life insurance rate will likely be.)

Another thing to keep in mind: time plays an important role for your driving history. Depending on your state, an MVR can feature violations that are 5-7 years old. Some violations will seat you in a lower classification for anywhere from 3-5 years after the fact. So if you’ve changed your ways (and made a personal pledge never to hit that snooze button and speed into the office parking lot again), some insurance companies may take that into account. But finding which one will give the most grace as time passes is key to a potentially lower life insurance rate.

No matter what your driving record looks like, working with me gives you access to numerous providers and life insurance policies, upping your chances for approval and a more affordable rate. It’s not a guarantee for success, but working together is one way to slow down and work on your options for a life insurance policy that will help protect you and your loved ones.

Your Life Insurance Rate & You: The Risk Takers

Your Life Insurance Rate & You: The Risk Takers

Lightning strikes and shark attacks and winning the lottery – Oh my!

Two big things to keep in mind:

  1. None of these are likely to happen to you. (The odds of winning the lottery alone are 175 million to 1.)
  2. Occasionally playing in the rain, swimming in the ocean, or buying a lotto ticket won’t affect your life insurance rate.

But…

Bungee jumping and kayaking and skydiving – Oh my! These 3 are a different story when it comes to determining your life insurance rate!

When you apply for a life insurance policy, the underwriting process involves reviewing a variety of different factors about you – your age, gender, family health history, lifestyle, etc. The underwriters need to help your potential insurer determine what kind of risk you pose to the insurance company.

What are insurance companies looking for? Ideally, someone who is young, healthy, and will not likely need their policy payout soon. These are the individuals who typically enjoy the lowest insurance rates. However, it’s important to note that no matter your age or how healthy you are, if you engage in some risky hobbies, they have the potential to bungee you right out of the easy-to-insure category.

Let’s take a look at skydiving, for instance. You voluntarily:

  • Strap a giant piece of cloth stuffed in a bag to your back.
  • Get into an airplane, take off, and then open the door mid-flight.
  • Approach said open door of the plane.
  • Jump. Out. Of the plane. Roughly 13,000 feet above the ground.

And we’re not even addressing the part where you trust the giant piece of folded up cloth to deploy correctly and carry you safely to the ground! This is textbook risky. (And certainly just one way to look at skydiving – most insurers don’t care that this might be a big check mark on your bucket list.)

When you raise your odds of being in harm’s way, you raise your life insurance rate – and sometimes your inability to be approved for a policy at all. And willingly leaping out of a plane is going to raise a red flag for any insurer.

Some other risky hobbies that may have an impact on your life insurance rate or policy approval:

  • Hot air ballooning
  • Scuba diving
  • Car racing, boat racing, bike racing
  • Skiing and snowboarding
  • Hang gliding

If you enjoy living a bit more adventurously than most, it doesn’t mean that you can’t get life insurance to protect your future and your loved ones. Working with me gives you an advantage: you’ll have multiple products and insurers to work with. This isn’t a guarantee for success, but we can embark on this journey together and explore your options. Finding a life insurance policy that suits your lifestyle isn’t an impossible task, but you should take that leap sometime soon. Why not start today? (Parachute optional!)