Introducing a whole new product line at the East Coast Regional Conference

Greetings from the East Coast Regional Conference for the Knights of Columbus

Introducing a whole new product line!

Million Dollar Round Table (MDRT)
Moderator: Robert Abbate FIC, CSA, LACP, LUTCF. Panelists: Kevin Moran FICF, CLTC, Jeffrey Denehy FIC, Robert Canter Jr. FICF, CSA, LUTCF, Joseph Spinelli FICF, LUTCF, CLU
From all over the East Coast....
Knights of Columbus Advisors gathered in Baltimore this week to stay up to date on the best ways to serve our owners.

Advisors from all over the East Coast gathered in Baltimore, MD, to learn how to better take care of our owners. Bob Abbate, our General Agent, moderated the discussion on Million Dollar Round table and three out of five panel discussions featured our advisors. 

A key topic at training was the whole new suite of products is available now allowing our advisors to provide a broader range of services. Policies can now be designed to pay off in specific years, making it very, very flexible. This is an exclusive to our agency and the Knights of Columbus. 

For example, we can now design a financial product with any amount of money with pay cycles that vary from 5 years to 100 years and anything in between.  

We are now able to provide solutions that are as unique as our clients are. Ask your Abbate Agency Advisor for more information.

Together, the advisors focused on a principle alive in well in our Agency: 

“I don’t sell products. I solve problems.”

The following are some comments from the moderator and three panelists from the Abbate Agency.

Robert Abbate, FIC, CSA, LACP, LUTCF: Moderator, MDRT Panel

"MDRT represents the top 2% of all financial advisors in the world. 60% of the advisors in the Abbate Agency have qualified for MDRT. The panelists talked about how MDRT improved their practices and their family lives. Through that greater efficiency, our advisors have stronger practices that can better serve our clients. Everything about MDRT is about better serving our clients. Many advisors struggle with finding referrals. Our advisors primarily work on referrals, as our owners' friends want to join in our creed and have a part of "Excellence in Life Planning"®."

Max Abbate, FIC, MDRT: Panelist, In Depth Fact Finding

"The whole process begins with fact finding. No one can build a full in-depth financial plan or create a profitable portfolio with out in-depth fact finding. That includes setting expectations, setting financial goals, analyzing what do you have in place, and more. It's the beginning of where all the planning takes place. People don't plan to fail, but they often fail to plan. You can't achieve your financial goals without a plan. That's where everything comes into place. We gather all the information about a client and form a relationship, and the rest is history. We have an agency-wide 90%+ retention rate with all of our clients because of how in depth and personal we are when we meet with all of our clients. It's not only financial planning, it's life planning. And we're a family that provides Excellence in Life Planning"®."

Nick Abbate, FIC, MDRT: Panelist, Retirement Planning

"How do you have a healthy and happy retirement? Financial security is key to the peace of mind you need to enjoy retirement. Retirement isn't just for clocking time after your job is done. You should enjoy it, not worry, and have fun! Proper planning makes that possible. Together we achieve Excellence in Life Planning"®." - Nick Abbate

Kevin Moran, FIC, CLTC, MDRT: Panelist, MDRT

“I’ve been a member of MDRT for 3 years. It has been an enlightening experience, and there is so much more for me to learn by attending the worldwide Million Dollar Round Table conferences. Every time I return from them, I’m inspired with new gained knowledge on how we, my team and I, can better serve our clients and how I can instill more thoughtful and productive management within my staff.

I am happy and proud to be a member of the top 2% of Advisors in the world as an MDRT member.

The Abbate Agency, Knights of Columbus, has 11 advisors serving within the Richmond Diocese. Did you know that six of those eleven advisors, Ben Salazar, Nick Abbate, Raymond Selg, Max Abbate, Sal Fillapelli, and myself, are Million Dollar Round Table members?

The Abbate Agency is proud to represent the best of what the Knights of Columbus can offer to its members and their families through these processes.

We are here to protect every single Catholic Family with the diocese, every single day, by providing them “Excellence in Life Planning ®️.”

My question to you is: have you revisited your plan with to your Catholic advisors lately? Contact us to see what the KofC can do for you. Cntact your Abbate Agency Advisor today!”

Take the first step toward achieving your financial goals.

Learn More: Building Your Nest Egg

Are you confident in your emergency fund? Do you know how much you need or how to build one?

What To Expect From The S&P 500 Over The Next 20 Years

 What does “Rate of Return” mean? Most of us understand the principle, but what about the meaning? 

Having a positive cash flow over a long period of time, 15 – 30 years, is what we all hope for!

But having a diverse portfolio where you have assets in the marketplace, through your work 401(k) or 503(b) and through no risk investments like a Knights of Columbus Guaranteed Annuity or Whole Life Insurance is a perfect balance towards anyone who truly wants to build wealth and retirement security later on in life. 

Always remember when it comes to your portfolio, the first rule of investing: diversification.

– From one of our Million Dollar Round Table Advisors

What To Expect From The S&P 500 Over The Next 20 Years

"In the 20-year period ending 2018, the S&P 500 has compounded at an inflation-adjusted 3%." - Wayne Duggan Benzinga, June 22, 2019, Yahoo! Finance

Take the first step toward achieving your financial goals.

Disability Income Insurance

Disability Income Insurance

Your most valuable asset is your ability to earn an income.

Should you or your spouse experience a serious illness or injury, how would the loss of income impact you? Combine the loss of income with increased expenses due to necessary medical care, and the financial stress of a disability can become just as taxing as the disability itself.

While your employer may cover you with some form of company-paid disability insurance, often coverage is only partial and/or short term. Purchasing a Personal Disability Income Insurance policy can help you cover any financial gaps that you may have, with the added bonus that these benefits are paid to you tax-free.

Because the benefit period of short-term policies last a maximum of two years and long-term policies have a typically extensive waiting period, it is wise to acquire both long-term and short-term disability insurance policies. Having both policies will assure that you are covered from the unfortunate moment you fall ill or become injured through the entire period of disability, or even the rest of your life.

Policy Considerations

l Definition of disability: Some policies pay benefits if you are unable to perform the duties of your regular occupation, while others pay only if you can engage in no gainful employment at all. Some policies also pay benefits if you become ill or injured and are unable to earn a specified percentage of your income.

Amount of income: This amount varies by policy, but a policy that pays 50 to 60 percent of your monthly salary (not including bonuses or commission) is the most common and most affordable option.

Length of benefit period: You can choose to receive benefits that are payable from one year, two years, five years or to retirement age. Opting for coverage that lasts through age 65 affords the best protection against an injury or illness that permanently removes you from the workforce.

Residual benefits: Selecting this feature will give you partial payment in the event of an income reduction due to being unable to fulfill all of your job responsibilities.

Cost of living increases (COLA): Adding optional COLA to your disability policy means that the coverage you purchase today will keep up with the pace of inflation during the lifetime of the policy.

Short-term disability policies have a waiting period of up to 14 days with a maximum benefit period of no longer than two years.

Long-term disability policies have a waiting period of several weeks to several months, with a maximum benefit period from a few years to the rest of your life.

When disability occurs, most options, except insured income replacement, may be inadequate or quickly exhausted. 

Disability is difficult enough – disability without income is even worse. Disability income insurance can be a sound long-term solution to a long-term disability.

PROPER PLANNING FOR DEATH AND DISABILITY SHOULD BE CONSIDERED BY EVERYONE.

Odds of Death Chart

Use the chart below to learn more about current statistics of death before 65yo.

Odds of Death at Age

25

30

35

40

45

50

Within 15 Years

1 in 50

1 in 39

1 in 27

1 in 18

1 in 12

1 in 7

Within 30 Years

1 in 14

1 in 9

1 in 6

1 in 4

1 in 3

1 in 2

Before Age 65

1 in 6

1 in 6

1 in 7

1 in 7

1 in 7

1 in 8

Odds of Disability Chart

Use the chart below to learn more about current statistics of becoming disabled before 65yo.​

Odds of Disability at Age

25

30

35

40

45

50

Within 15 Years

1 in 37

1 in 31

1 in 21

1 in 14

1 in 9

1 in 6

Within 30 Years

1 in 11

1 in 7 

1 in 5

N/A

N/A

N/A

Before Age 65

1 in 5

1 in 5

1 in 5

1 in 5

1 in 6

1 in 6

 

Source for odds of death: 2001 Commissioners Standard Ordinary Table for Male, Age Last Birthday.

Source of odds of disability: 2012 Society of Actuaries IDEC Table for Male, Occupation Class 1, 90-day elimination.

Take the first step toward achieving your financial goals.

Learn More: Do I Need Disability Insurance

Read more about how disability insurance can keep and your family safe in a stressful time of need.