Progressions Credit Union is Safe and Strong The recent failure of California-based IndyMac, the largest regulated thrift to fail in the last 20 years, has prompted some of our members to ask the question: Are my deposits safe? The answer is yes, all insured shares at the credit union are safe and secure. You see, while credit unions and banks are both full-service financial institutions, credit unions differ from banks in that credit unions are not-for-profit financial cooperatives who are in  More...

Terms of Use: How do I choose an agent? Collect the names of several agents through recommendations from friends, family and other sources. Find out: Is the agent licensed in your state? All states require agents to be licensed to sell life insurance. In addition, agents who sell variable products must be registered with the National Association of Securities Dealers and have additional state licenses. What company or companies does the agent represent? Ask the agent which company he or she   More...

Terms of Use: Term Insurance Advantages Initial premiums are generally much lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest. It's good for covering needs that will disappear in time, such as mortgages or car loans. You can lock in term rates for a specific period of time, usually between 1 and 20 years. Disadvantages Coverage may terminate at the end of the term or become too expensive to   More...

Terms of Use Whole Life or ordinary life is the most common type of permanent insurance. The premiums generally remain constant over the life of the policy and must be paid periodically in the amount indicated in the policy. Universal life or adjustable life allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums or maximums. You also can reduce or increase the death benefit more easily than under a traditional whole life pol  More...

Terms of Use About 1,700 companies in the United States sell life insurance. While some consumers prefer to buy policies directly from a company, most people buy life insurance through agents or brokers. Before purchasing a policy, check the company's financial condition. Make sure that the company you buy from is financially stable so you know they will be around to pay any claims. The following companies rate insurance company strength: A.M. Best Company, Inc. Ambest Rd. Oldwick, NJ  More...

Terms of Use Choosing a life insurance product is an important decision, but it can be complicated. As with any major purchase, it is important that you understand your needs and the options available to you. Why do I need life insurance? The main purpose of life insurance is to provide cash to your family after you die. The money your dependents will receive (the death benefit ) is an important financial resource: It can help pay the mortgage, run the household, end ensure that your depend  More...

Terms of Use The cost of long term care varies for individuals living in different parts of the country, but the general consensus is that it is expensive, regardless of the level of care you receive. For example, an estimated cost of nursing home care is between $30,000 and $50,000 a year or more, with most individuals staying an average of 2.5 to 3.5 years. Costs of in-home care are harder to estimate and vary widely. So how can you protect your nest egg and that of your loved ones?   More...

Terms of Use: What are the different types of life insurance? There are many kinds of insurance, but they generally fall into two categories: term insurance and permanent insurance. What is term insurance? Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of the term -- which can be from one to 30 years. The premium rates increase at each renewal date. Many po  More...

Terms of Use While most every state requires that you buy a minimum amount of liability coverage, consider what you are paying for additional collision and comprehensive coverage, especially when you're driving an older vehicle. With most policies, your coverage reflects the market value of your car and the cost of repairing it. You may want to consider a liability-only policy which can reduce your insurance costs by 50 percent or more, according to the National Association of Insurance C  More...

Terms of Use: Here are a few tips to keep in mind about your life insurance purchase: Take your time. On one hand, don't put off an important decision that would provide protection for your family. Make sure you fully understand any policy you are considering and that you are comfortable with the company, agent and product. When you purchase a policy, make your check payable to the insurance company, not to the agent. Be sure to get a receipt. After you have purchased an insurance policy  More...