The current economic downturn has many families worried about losing their job, struggling to keep up with bills and worried about the future. The outlook seems bleak – 11.6 million Americans are unemployed1 and third quarter 2008 foreclosures jumped 71% over the same time period the previous year.2
Primerica presents four tips to help your finances weather a recession.
Slash and burn bills wherever possible. An easy place to start: auto and homeowner’s insurance. “Some insurers give long‑time customers up to a 10% discount, but that can pale in comparison with the savings from switching insurers. At least once every two years, get a quote from another insurer.”3
Keep good credit. To keep that all‑important credit score attractive, make sure you pay your bills on time, limit the number of credit cards you have and avoid financing more than one big‑ticket item at once.
Boost income. Start a part‑time business or work a few hours a week at a second job to get through a crunch. The Primerica Business Opportunity is a great way to do something enjoyable while earning extra cash each month. You can do the business part time or full time and work at your pace, on your schedule!4
Times are tough, but following these simple tips can go a long way to helping you and your family come out on the other side of the recession with your long‑term financial goals still intact.
Kansas City Star, www.kansascity.com, February 6, 2009
www.CNNMoney.com, October 23, 2008
Money, November 2008
In Canada, the part‑time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.
In today’s uncertain economic climate, the last thing you and your family need is to be financially vulnerable. Homeowner’s insurance and life insurance are two key areas that many people overlook or undervalue. In fact, 66% of homeowners are underinsured by an average of 18%1 and an estimated 68 million Americans have no life insurance.2
Primerica encourages you to review your coverage to make sure your home and income are adequately protected.
Homeowner’s Insurance: Homeowner’s insurance should cover 100% of the cost to rebuild, not the home’s value (including the land). That amount of coverage protects you regardless of real estate market fluctuations. Concerned about the increased cost of correct coverage?
Consider changing your annual deductible from $500 to $1,000 and you can save about 20% on premium costs. Shopping around is another great way to potentially save money for the same coverage. It’s a good idea to get new quotes from multiple insurers every two years. Contact your local Primerica Representative to learn about Primerica Secure™, Primerica’s auto & homeowner’s insurance referral program.
Life Insurance: If you have children and are still relying on just your employer for life insurance, you are most likely under protected. If any significant life changes have occurred throughout the year – such as the birth of a child – you will need to review your policy to make sure it still meets your needs. Experts recommend that a family with young children have coverage that’s 10 times the parents’ annual income.3
Even if you think you already have the right homeowner’s or life insurance, it’s not a bad idea to get a second look. For more than 30 years, Primerica has offered financial solutions tailor‑made to each individual client’s needs. Visit Primerica Financial Needs Analysis to find out what Primerica can do for you.
With help from their team, a handful of Primerica offices are offering more than just financial solutions across kitchen tables in their community. They’re putting food on the table for hungry kids!
Ten Primerica offices in Ohio and Kentucky committed to a five-year, $500,000 commitment to the Kids Café program, a non-profit group started in 1996 that provides meals and tutoring to low-income children. Each week, hundreds of children get healthy meals and homework assistance at six locations around Cincinnati and Northern Kentucky.
Before the donation, the Kids Café budget was around $70,000, enabling the program to feed 2,000 children annually. Thanks to the ultimate “Primerica Makeover,” Kids Café will be able to expand its operations and ultimately feed 10,000 hungry children by the end of the year! Additionally, each Primerica office in the area will be sponsoring a Kids Café location where reps can volunteer their time.
“The representatives in Cincinnati and Northern Kentucky learned that thousands of kids in this area go to bed at night without a meal,” explains Primerica representatives Chris and Elizabeth Koob.
“Hunger is just unacceptable to us. It affects brain development and learning, not to mention health,” he says. “So we all made a collective effort to support Kids Café. Doubling their annual budget will make an immediate impact because they already have the facilities in place.”
This story reminds us that there’s no limit to the number of ways Primerica and its representatives can reach out to the people in our neighborhoods, whether they need a financial solution or just a decent meal.
While the rest of the financial services industry is shrinking and retrenching, Primerica is strong and growing. Just look at our strength:
Insures more than 4.3 million lives.
More than 2 million clients maintain investment accounts with us.
More than 100,000 licensed representatives (as of June 30, 2009).
Placed in force more than $87 billion in life insurance in 2008.
An average of $2.5 million in benefit claims is paid every day.
Investment clients have more than $25 billion in asset values in their Primerica investment accounts (as of June 30, 2009).
Primerica Life’s financial strength is rated A+ (Superior) by A.M. Best, the oldest and most prominent rating agency in the insurance industry.*
Year after year, through good times and bad, Primerica is highly profitable. Over the past seven years, we have reported average annual revenue of $2.2 billion and average annual net income of over $500 million.
We have zero debt.
Primerica has $4.7 billion in capital.
We are strong and growing, any way you measure it.
We do what’s right: for our clients and for our field force.
* A.M. Best ratings range in order from the highest ratings as follows: A++, A+, A, A-, B++, B+, B, B-, C++, C+, C, C-, D, E, F.
