Surprise demolition of partially collapsed building in Buffalo, New York met with opposition

Saturday, June 14, 2008

Buffalo, New York —Wikinews has learned that, in a surprising turn of events, the city of Buffalo located in New York, has ordered and begun an emergency demolition on a three story 19th century stable which partially collapsed on Wednesday June 11 causing at least five homes to be evacuated. Residents are not happy, and despite the short notice of the demolition, nearly 30 people showed up to protest it. Demolition was not supposed to begin until Monday June 16.

At about 2:30 p.m. (eastern time) on June 13, demolition crew arrived at the stable located at 428 Jersey Avenue and began to unload heavy equipment which will be used to demolish the building. This came as a surprise to residents, as demolition was not supposed to start until Monday June 16.

During the early afternoon hours on June 11, the Buffalo Fire Department was called to scene after residents called 9-1-1 stating that part of the building had collapsed. Material from the building fell into the yards of at least three neighboring houses. Some of the bricks landed inside the building, while some fell into the yards of some houses behind homes on Richmond Avenue, leaving a ‘V’ shape.

At about 3:30 p.m. crews began to demolish a small portion of the stable located behind Joe Murray’s home, a resident who lives behind a portion of the building on Jersey and Richmond avenues. While demolition was taking place, the section collapsed into Murray’s backyard, prompting a call to police. Some residents who own home surrounding the building were inside Murray’s house holding a neighborhood meeting when demolition began. No one was injured when the section collapsed.

“[The building] can come down any minute,” stated Donna Berry of the Buffalo Police Department who also added that when police arrived on scene, they immediately put a stop to demolition, fearing the safety of surrounding residents and pedestrians.

“So many [of the] people [living around the building] are at risk, it makes me want to cry,” added Berry.

Police, local politicians and area residents are concerned that demolition crews and the city are not taking the proper precautions to ensure the safety of residents during demolition.

“[There is] no protection for neighbors. [This is] appalling and beyond negligence,” stated Tim Tielman, Executive Director of the Campaign for Buffalo who was referring to the negligence of the demolition crew.

“[In order to stop demolition] citizens must demonstrate direct harm to themselves,” added Tielman.

The city’s preservation board held an emergency meeting on Thursday to discuss the issue. Wikinews has learned that the owner of the building, Bob Freudenheim, gave the city permission to demolish the building because he would not be “rehabilitating the building anytime soon.” Freudenheim was part-owner of the Hotel Lenox at 140 North Street in Buffalo and was also an advocate to stop the Elmwood Village Hotel from being built on the corners of Forest and Elmwood Avenues in 2006 and 2007, which Wikinews extensively covered. He also financially supported a lawsuit in an attempt to stop the hotel from being built. Though it is not known exactly how long Freudenheim has owned the stable, Wikinews has learned that he was the owner while fighting to stop the hotel from being built.

Tielman states that he was in contact with Freudenheim this morning. Tielman states that Freudenheim “is not spending a dime” to have the building renovated. Tielman states that Freudenheim has offered to sell the building to any interested party for only one US dollar, but that he “flip flops [his decision] constantly,” sometimes wanting hundreds of thousands of dollars for the building. Wikinews has attempted to contact Freudenheim, but so far has been unsuccessful.

City building inspectors were also on scene evaluating the building and ensuring the safety of residents. Donald Grezebielucina states that “some people are on notice to vacate their properties”, but also stated that no other precautions were being taken other than placing “tires and scaffolding” onto the side of 430 Jersey, which sits less than eight feet from the buildings East side.

“The gas has been shut off in case we lost the building, so there would be no explosions or anything like that. It’s so unstable, the structural integrity is gone. The chemical composite of the trusses has changed dramatically and dry rotted. There are three vehicles in the basement which totally disappeared,” stated Grezebielucina to the press while protesters yelled “save our building, save our neighborhood.”

Wikinews has also learned that local residents have consulted a lawyer regarding the issue, and hope to petition the New York State Supreme court to issue an injunction to stop demolition. They states that Freudenheim should be “100% responsible” for his actions, and many are afraid that once the building is demolished, Freudenheim’s charges of neglect will be abolished. Freudenheim is facing housing violations for neglecting the building. Though residents are fighting, Tielman states that “an injunction is unlikely.”

“We had a letter of violation against him. He was supposed to have started work to stabilize the brick this Monday. We all hope this building could be saved. But we’ve got five houses evacuated and we cannot tolerate any further delay. We’ve got to get people back into their homes in a safe condition,” said Richard Tobe, Commissioner of the city’s Permit and Inspection Services.

Demolition is set to resume at 8:00 a.m.in the morning of Saturday June 14.

Mike Lombardo, the Commissioner for the Buffalo Fire Department, believes that the building was built in 1812 or 1814, making it nearly 200 years old. It is one of only three stables still standing in the city.

Retrieved from “https://en.wikinews.org/w/index.php?title=Surprise_demolition_of_partially_collapsed_building_in_Buffalo,_New_York_met_with_opposition&oldid=771930”

5-year old American girl dies after visiting the dentist

Friday, September 29, 2006

Diamond Brownridge, a 5-year old girl from Chicago, Illinois, has died after a visit to the dentist. Children’s Memorial Hospital officials say that the girl was rushed to the hospital when she never woke up after being sedated for a dental procedure. She had been in a coma, on life support, since being admitted to the hospital early in the weekend.

“She passed very peacefully and beautifully,” said the hospital in a statement that the family issued.

Ommettress Travis, the mother of the girl, was asked not to remain inside the room while dentists were operating on the girl to repair two cavities and to have at least two caps replaced. Travis says after thirty minutes she was asked to come back in and found Brownridge not breathing, in the dentist chair.

Hicham Riba, a specialist and professional in anesthesia, who was also licensed, was the dentist in charge of the procedure.

“My family and I are so sad. May God bless Diamond and her family. Every time you have a tragedy like this, you pray more. I don’t think I will ever go back to a normal life after an experience like this,” Riba said in a statement on Wednesday, September 28.

According to the family, the girl had been given at least a triple dose of medicine that sedated her. Those drugs include: nitrous oxide gas, a single dose of an “oral agent” and an IV.

A judge has ordered that all equipment and materials used during the operation be protected and examined. The girl’s medical records have also been ordered to be examined.

There is no word on whether or not any charges will be filed against Riba or any of the dentist’s staff.

Retrieved from “https://en.wikinews.org/w/index.php?title=5-year_old_American_girl_dies_after_visiting_the_dentist&oldid=434213”

Clinical Toenail Removal

Clinical Toenail Removal

by

Elizabeth Durham

The main objective of having clinical toenail removal done is to have a sterilized environment, and the peace of mind knowing that the offending nail is being removed professionally. There are a number of different conditions that can cause problems with the toenail, the most common being ingrown toenail. Another is black toenail. To determine exactly what disease is affecting the toenail, the doctor will normally perform a biopsy. This article will give you the information on the procedures currently being used to remove an ingrown toenail.

[youtube]http://www.youtube.com/watch?v=nfRsBijqS4E[/youtube]

An ingrown toenail is a very painful condition and it is not always possible to treat it without having surgery performed. The surgery is not such a difficult procedure and the simplest form requires removing the nail matrix with the use of phenol. To be certain of the surgery being successful, a sufficient amount of anesthetic must be used and the bleeding needs to be controlled. This procedure requires removing a longitudinal portion of the nail plate. Using a sterile cotton swab, phenol is applied several times to the nail matrix area and then cleaned with a saline solution or alcohol. Using the phenol prevents the nail plate from re-growing in that area. As the nail grows, it will fold and protect the nail bed from the phenol. For a number of weeks after the surgery there is likely to be drainage from the toenail, but it should heal to leave the nail plate looking good. Toenail surgery is a safe procedure, but as with other types of surgery there is always a chance of unseen complications. Having the toenail removed by a competent surgeon will minimize the risk of complications arising. The biggest problems after having a toenail removed are scarring and infection. Patients need to be properly prepared for the surgery, and anyone suffering from prosthetic (artificial) heart valves should be given a treatment of antibiotics if there is any chance of infection occurring. Scarring of the toe after surgery can be a problem, and this can be seen on the nail matrix. This is the part of the toe that is responsible for the formation of the nail plate. When the doctor is performing the biopsy, he will normally take it from the distal part to prevent the nail splitting. Another complication of the surgery, but less common, is dystrophy of the nail. The decision to have the toenail surgically removed should not be taken lightly. Although a simple procedure, the recovery time is longer than most people realize. Toenail removal should only be performed when all other treatments have been tried.

Elizabeth deals with a whole range of medical issues including

yellow toenails

and

black toenail

. Treatments are usually designed to speed up the healing process, so that normality can be resumed as quickly as possible.

Article Source:

Clinical Toenail Removal

California employees owe state US$13.3 million in unpaid loans

Sunday, April 24, 2011

The California Controller’s office reports that eleven state agencies have given US$13.3 million in pay and travel advances that have not been collected.

Governor Jerry Brown issued an executive order to recover uncollected loans by the agencies. A press release from the governor’s office states, “The Governor’s Executive Order seeks to recover taxpayer dollars by directing state agencies and departments to clear salary and travel advances within 30 days through an expense claim.” Any outstanding balance will be deducted from employees’ paychecks under the governor’s order after the 30 days.

Under California state law, state employees are permitted to receive advances for hardship, travel, and other circumstances. These advances cannot be collected by agencies after three years without the employee’s consent.

State Controller John Chiang said in a statement, “The state’s poor debt collection and accounting practices are fleecing public coffers at a time when vital public programs are being decimated by unprecedented budget cuts.” Chiang’s office expects there will be more money unaccounted for, including some from the California Highway Patrol (CHP). California state law mandates that anyone convicted of driving under the influence of alcohol is required to pay for the investigation. The CHP has not collected this money.

The California Department of Transportation, also called Caltrans, has the largest debt of the eleven agencies: $3.2 million. Cal Fire, or the California Department of Forestry and Fire Protection, “had an outstanding balance of $1.44 million as of June 30, 2008. An overwhelming portion of that balance was related to employee salary and travel advances,” according to a controller’s office audit.

Chiang’s office had informed former California governor Arnold Schwarzenegger there were outstanding debts, but Schwarzenegger’s administration did not take action.

All eleven agencies have agreed to hand over any delinquent accounts to the controller’s office, who will collect these debts.

Retrieved from “https://en.wikinews.org/w/index.php?title=California_employees_owe_state_US$13.3_million_in_unpaid_loans&oldid=4629244”

Australian government announces $52.5 million financial assistance package for Ford

Friday, May 5, 2006

Australian Prime Minister John Howard and federal industry minister Ian MacDonald today announced that the federal government would be providing Ford Australia with a AU$52.5 million (US$40.4 million) “financial assistance package”. Additional assistance will also be provided by the Victorian state government.

According to Mr Howard, the injection will secure Ford’s manufacturing operations in Australia “for the long term”.

From the package, AU$40 million will be used for the design and manufacture of Ford’s next model Falcon and Territory vehicles, which will be built in Australia.

Despite being given a major facelift in 2002 and another in 2005, the Falcon’s bodyshell dates back to 1998. The current Falcon will need to serve the company until at least 2007 when the new model is anticipated. In the meantime, it will face stiff competition from the completely new Holden Commodore (the Falcon’s major competitor) which will be released in the second half of this year.

The additional AU$12.5 million will be spent on the development of a light commercial vehicle platform, which will be built overseas and marketed to around 80 countries. Mr Howard said that the light commercial project would involve construction of a research and development centre, which will become the base for R&D projects in the region.

Mr MacFarlane said that the research facility was exciting for Australia and that it would put the Australian automotive in the spotlight.

“The funding has helped Ford Australia secure the largest automotive R&D project ever undertaken in Australia which is equally exciting news for local Ford employees and Australian component producers” he said.

“The project will see Ford Australia become a centre for automotive design and engineering excellence in the Asia Pacific region which will bring spin-off benefits for the broader industry,”

“This opportunity will put both Ford Australia, and the Australian automotive and components sectors on the world map as far as our automotive design and engineering capabilities are concerned.” Mr MacFarlane said.

Mr Howard claims that the projects will create 273 jobs and secure the future of the “iconic” Ford Falcon, which has been built in Australia since 1960.

The financial package is conditional upon Ford Australia giving the Australian automotive component industry an opportunity to supply components for the vehicles produced by the two projects.

Retrieved from “https://en.wikinews.org/w/index.php?title=Australian_government_announces_$52.5_million_financial_assistance_package_for_Ford&oldid=565461”

Should You Obtain An Heir Advance For Probated Inheritance Property?

By Simon Volkov

Heir advance can refer to two different methods of receiving cash through inheritance. The first method involves transferring property rights to a funding source in exchange for lump sum cash. This type of cash advance is not a loan and heirs are not responsible for repayment of advanced funds.

The second heir advance method involves receiving annuity payments through an irrevocable life insurance trust. Decedents establish estate planning protocol that gifts payments to heirs over several years or as a one-time lump sum payment. Heirs can sell future annuities in whole or part to a funding source. This type of transaction often requires court authorization.

Funding sources are usually private investors, but some cash advancing companies and lending institutions engage in this type of funding as well. Locating a source usually involves considerable research as this is a specialized niche.

Those who engage in this practice often require heirs to be entitled to assets valued at $5,000 or more. Heirs assign property rights to the funding source, but this does not guarantee the cash advance provider will receive the property.

Since funding sources are at risk for not receiving inheritance property used as collateral they assess fees for providing advanced funds. Fees usually range between 25- and 40-percent of the assets’ appraised value. When possible, heirs should comparison shop to obtain the best probate loan rate.

[youtube]http://www.youtube.com/watch?v=jYMDvcginqc[/youtube]

Distribution of inheritance property does not occur until estates undergo the entire probate process. It is not uncommon for assets to be suspended in probate for several months. In cases where heirs contest decedents’ last will or when third party claims are filed against the estate, probate can extend for years.

If decedents die without leaving a Will the probate process requires additional time. Courts must confirm an estate administrator to manage estate settlement proceedings. Rightful heirs must be identified to ensure appropriate distribution of assets according to state probate laws.

Estates without a valid Will are referred to intestate estates. Although probate law varies by state, inheritance property is most often distributed to the surviving spouse and direct lineage relatives such as siblings, parents, and children. Heirs entitled in intestate inheritance gifts often find it challenging to locate a funding source.

If the estate is comprised of real estate secured by a mortgage note the estate is required to remit installment payments to prevent foreclosure. The estate is also financially responsible for keeping homeowner’s insurance premiums and property taxes current. When estates do not have sufficient funds the court can order the property sold.

When decedents owe outstanding debts, but do not have sufficient funds to pay, the court can order property sold. This can be problematic if assets were used to secure an heir advance. Due to associated risks, funding sources require heirs to undergo an application process.

Cash advance applicants should be prepared to provide a copy of the decedent’s Will and death certificate; estate administrator or probate attorney contact information; and a current copy of their personal credit report.

Funding sources review credit reports to determine if applicants have pending bankruptcy petitions; child support or spousal alimony obligations; or outstanding liens or judgments. These obligations can interfere with property transfers when probate settles and often prevent heirs from obtaining cash advances.

Once inheritance advances are approved, funds are provided within 1 to 3 weeks. Cash advance recipients are not responsible for repayment of advanced funds should the estate be unable to transfer probate property upon estate settlement.

Funding sources are prohibited from pursuing the estate or heirs for restitution unless it can be proven that heirs provided untruthful information to obtain the heir advance.

About the Author: Simon Volkov is a private investor and probate liquidator who provides heir advance funding to qualified recipients. He specializes in buying probate real estate in SoCal, Nevada, Arizona, and Washington. Learn more about the process involved for obtaining inheritance funding at SimonVolkov.com.

Source: isnare.com

Permanent Link: isnare.com/?aid=748581&ca=Finances

West Papuans refugees forced to fly 4000ks despite tuberculosis fears

Friday, January 27, 2006

West Papuan asylum seekers, who arrived in Australia last week, were forced to make a 4000 kilometre journey to Christmas Island despite suspicions they had tuberculosis. The West Papuans were flown to Christmas Island on an RAAF Hercules last week.

Two of the group, a man and his child, have now been flown the 2,600 kilometres to Perth, Western Australia from the remote Indian Ocean island. Air force personnel had initially refused to fly them, concerned that the flight crew’s health would be at risk.

“It’s a complete farce, absurd” said one health official. “It has not only posed an unnecessary health risk, it has been hideously expensive.”

The West Papuans were among a group of 43 refugees found last week on the far north-west coast of Cape York in Queensland. They had made a five-day journey from the Indonesian province in an outrigger canoe. They arrived with banners accusing Indonesia’s military in the province ruled by Jakarta of genocide and intimidation. Their 25m traditional boat was fitted with an outboard motor and was flying the outlawed West Papuan flag.

Amid media scrutiny and the disapproval of the Indonesian government, the boat people underwent health checks before being sent to Christmas Island. X-rays and other medical examinations strongly indicated that at least one man had tuberculosis, yet the group were flown to Australia’s Christmas Island Immigration Detention Centre.

Upon landing at the Island, health officials recommended the patients be transferred to Perth. However, the crew of the RAAF Hercules refused to take them, saying they were not “adequately equipped”.

A Department of Immigration spokesman (DIMIA) said an alternative flight was arranged. “At this stage there has been no positive diagnosis for tuberculosis,” the spokesman said.

The removal of the asylum seekers to Christmas Island has been met with fierce criticism from many refugee rights groups and opposition parties, who say it was impractical, potentially traumatising and hugely expensive. The Immigration Department says it has interviewed most of the asylum seekers but won’t say if they have made formal asylum claims.

File:West-Papua-Rally Darwin2.jpg

Rallies in Sydney, Melbourne, Darwin, Canberra and Brisbane were held this week, in support of the West Papuan asylum seekers. Refugee rights advocates protested the forced transfer to the remote Christmas Island facility.

Melbourne auxiliary bishop Hilton Deakin told about 130 people demonstrating outside DIMIA headquarters in Melbourne that, “we know that already the Indonesian authorities, in Canberra and beyond, are trying to get to them.”

Yet the he Indonesian embassy in Canberra denied making any approach, saying: “I can guarantee that there has been no contact whatsoever, it hadn’t been requested, it was never even sought.”

But the Immigration Department has confirmed that “a junior delegation” from the embassy went to Weipa last Thursday seeking access to the asylum seekers. A spokesman for the Immigration Department said the Indonesians arrived in Weipa on Thursday but by then the Papuans had already been put on a plane for Christmas Island. The West Papuans were told they had a right to Indonesian consular assistance if they choose. “Not one has chosen to do so,” the spokesman said.

“The majority of these 43 people are leaders for free expression and self-determination and possible independence because of the oppression from which they suffer,” Bishop Deakin said. “Massacres, rapes and all the rest of it have gone on in that country for almost 30 years.”

He called on the Australian Government to cancel its training program with the Indonesian military.

Democrats leader Lyn Allison said the Australian Government had “got it wrong on this issue”. The 43 asylum seekers had been “whisked off” before they could tell their story, she said.

Greens Senator Kerry Nettle has called on the government to grant access to Papuan asylum seekers. The senator says they should not be in detention and they certainly should be allowed to communicate with the outside world.

Senator Nettle will go to Christmas Island this weekend to meet the imprisoned West Papuans. She said the immigration department is obligated under the Migration Act to allow her to meet them.

Meanwhile New Zealand Greens have offered to take the asylum seekers. “New Zealand can show the Howard government how to be compassionate, as we did back in 2001 when we took some Afghan asylum seekers from the Tampa,” the New Zealand Green Party Foreign Affairs Spokesperson Keith Locke says.

“It is shocking that the West Papuan refugees, having survived 450 kilometres of open water in a flimsy craft, are now bundled off to a Christmas Island detention camp – well out of range of those Australians who wish to help them,” he said.

“Under refugee law these Papuans deserve special consideration, having come directly from their claimed country of persecution, Indonesia, not via a third country, as is the case with most asylum seekers in this part of the world.

“The Papuans certain have a good prima facie case. I know from my own visit to West Papua last April that there is substantial and ongoing harassment of the local people, particularly those who assert their right to political self-determination,” said Mr Locke.

On Friday last week Indonesian security forces shot dead one Papuan protester, and wounded two others, in the Paniai district, where the 43 asylum seekers originate.

Retrieved from “https://en.wikinews.org/w/index.php?title=West_Papuans_refugees_forced_to_fly_4000ks_despite_tuberculosis_fears&oldid=2314405”

Calls for bottled water bans grow in Canada

Saturday, August 23, 2008

London, Ontario is the latest in a string of Canadian cities to have acted on increasing public demand to ban bottled water. On Monday, the decision to eliminate bottled water sales in city-run facilities was passed by London’s city council with a vote of 15-3 in favour. The move was driven by a desire to reduce waste and shipping, have a lower impact on the environment and promote tap water as a cheap and safe alternative.

London’s new restrictions will be implemented over the next several months in buildings that are already equipped with water fountains. Bottled water will still be permitted at many city-run events, such as upcoming summer festivals. Privately-owned retailers will not be affected by the ban.

Other cities, such as Vancouver, Ottawa and Kitchener, that are already engaged in debate on the issue, may now be watching London carefully for how the ban plays out. Other areas have already begun to phone London with questions on the details of its new regulations. Toronto has begun taking a look at bottled water packaging as part of its waste diversion strategy, and its public school board is looking into the possibility of a total restriction on bottled water sales.

In recent years, an awareness of the energy that is required to manufacture, transport and recycle the product has spread nation-wide. Proponents of the ban point to the fact that it can produce as much as 150 times the volume of greenhouse gas when producing bottled water as compared to supplying the same volume of tap water. They also point out that the water that goes into bottled water products is not inspected as frequently as tap water in Canadian cities.

Some have taken this cause to heart more than others, such as British Environment Minister Phil Woolas, who called the use of bottled water “morally unacceptable.” Restaurant critic Giles Coren of The Times of London criticizes those who use the product as “the new smokers.”

Canada’s beverage industry has come down with criticism on the increasing opposition to bottled water. Spokesman Scott Tabachnick for Coca-Cola Co., which produces Dasani brand bottled water, commented on the convenience of the product: “It’s hard to bring your kitchen sink with you.”

It’s hard to bring your kitchen sink with you.

Vancouver City Councillor Tim Stevenson thinks that bottled water’s time has come and gone: “Bottled water companies have had a fabulous ride on an unnecessary fad.” Vancouver officials are still determining how bottled water restrictions, which have been voted for by the City Council, can be phased in.

Next month, the city is planning to initiate a marketing campaign encouraging Vancouver residents to choose tap water and to remember to carry reusable drinking containers whenever possible.

Renowned environmental activist Dr. David Suzuki has praised London’s decision, saying that it represents a turning point for people’s perceptions on the issue: “I’m really delighted that London has done this because it really makes us focus on some fundamental issues.” He hopes that someday people will “look at anyone who hauls out a bottle of water and say, ‘What the hell’s wrong with you?'”

Retrieved from “https://en.wikinews.org/w/index.php?title=Calls_for_bottled_water_bans_grow_in_Canada&oldid=2541609”

Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng

This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_2020_Melbourne_Lord_Mayor_Candidate_Wayne_Tseng&oldid=4598699”

How To Determine The Right Length Of Term Life Insurance

By Dennis Jarvis

Outside of how much term life insurance to purchase, the other key concern is how long or what term the insurance should be purchased for. These two factors really determine cost so let’s take a look at the question of “how long?”

Term life terms usually come in fixed periods of time running 5, 10, 15, 20, 25, or 30 years depending on carrier. One of the reasons that term life insurance is so much less expensive than whole life insurance is that the carrier is only at risk for a period of time. Whole life insurance can continue…well..for a person’s whole life. The analogy of renting life insurance (term) versus owning (whole) is usually thrown out (most likely by someone selling whole life insurance!). Life insurance is quite different from home ownership (the basis for the analogy). One is an asset while the other is protection from risk. Whole life insurance can be 10 times the cost of term.

The key to term life insurance is that you use it to protect against a defined risk or to mitigate a defined financial responsibility. The most common goal is to provide for loved ones in case of the loss of an income provider be it the sole or partial provider. This is a common concern for families at all stages from newlyweds to older adults whose children have already left the house. Typically, people underestimate the financial strain a loss puts on the their families. If you were to imagine not only the stress of the loss but the financial impact of everything falling on the other family member(s), it becomes apparent pretty quickly how important sufficient term life insurance protection can be.

Let’s look at some typical term considerations.

[youtube]http://www.youtube.com/watch?v=kBsmuwkSvnE[/youtube]

Newlyweds/families with young children.

The cost of raising children is estimated at a quarter of a million dollars from birth to college these days and that will only increase with time. Clearly, the concern for newlyweds or families with young children is to provide financial protection out to where the children are adults and ideally through college (another ever escalating expense). This would argue for a longer term period between 20-30 years. Keep in mind that for a given budget, the longer the term, the less coverage can be purchased for the same life insurance premium amount. There’s a trade off and it’s best to use the instant quote engine to run multiple combinations of term and term life amount to find the right “mix” for your budget.

Established family with/without older children.

As mentioned above, college becomes a key concern for this group. College is estimated at $20K-$40K and that amount will grow significantly into the foreseeable future. Paying off existing debt and/or assets also becomes a competing consideration. Mortgages, business debts, credit cards, and loans should be equally considered along with income replacement to get past the college years successfully.

Older adults

For adults who no longer have the intense financial responsibility of children, the shift is towards providing for debt/asset payoff and income replacement over a shorter period of time. Term is ideal here as well due to the significant price savings versus whole life for equivalent amounts of coverage. Age is the primary factor in determining cost so buiying term life insurance at an older age can be expensive. Whole life almost becomes out of the question for any amount of significant coverage as it’s typically 10 times more expensive than term life insurance.

The best approach is to try multiple term limits when you run your instant term life insurance quote on our free engine to find the right “mix” for you.

About the Author: Dennis Jarvis is a licensed insurance agent concentrating on

term life insurance

. Shop, compare, and instantly quote multiple carriers with professional guidance and resources.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=394528&ca=Finances