Ask Terry Archives

not a question..a comment..In your article, you indicated a carpentry might want to consider professional liability.. A carpenter or plumber wants to purchase General Liability insurance...for the loose board or scalding liability.. Overall..your suggested coverages were very good..and frequently overlooked. Terry Says:  Good point - and thank you for the correction in words.  It helps…

I wanted to know the approximate cost of a combination policy of life and long term care. I read that it is an upfront deposit. I am sure it depends on age and health of the individual. Thank you. Terry Says:  Yes, combo policies that pay death benefits if the policy is not used for…

Can you get longterm care insurance with a pre-existing illness? Terry Says:  No, sorry.  Once your life expectancy is compromised, it's tough to get any kind of long term care insurance.  You'll have to rely on savings, or on relatives, if you need long term "custodial" care  -- that is care for basic activities of…

I have purchased small EEbonds for my grandchildren but need to know where to find information on them. In fact, I'm not sure we have copies of them now. I understand they aren't selling them anymore, but I wondered IF I can get info and IF they can still be redeemed and numbers and addresses…

I need to invest retirement funds safely. I have to live off the interest. Invested with one firm and lost a lot of it. They now have it in international I shares , and I am not comfortable with this. I think this company is motivated by commissions at my expense. I talked about no…

I have 3 children aged 29, 28 and 25. Now that all of their college education expenses are done, I am thinking of starting a Roth IRA for each of them. We never had the "extra" money to do this while saving and paying for college. Do you think this is a good investment option?…

In 07-08 I was fighting stage 4 cancer. Thank God survived. Went back to a great job but they then went bankrupt. Without another job, I filed early (62) for SS., and then had to myself claim bankruptcy. I fough hard with my mortgage lender to re finance my loan so I would not loose…

I'm turning 65 in February and am overwhelmed by Medicare, its options and supplements! Where do I begin and how do I make my choices? Thank you! Terry Says:  Gosh, I think I will write a column as a guide because you are not alone.  First of all, you sign up for Medicare at www.Medicare.gov. …

My husband recently died at age 54. We have a HELOC with Chase Bank that became due just before his passing which ballooned our payment to 3 and a half times the monthly amount we were paying. I had to resign my position at work to care for him during his illness. His pension was…

My 98 year old mother's savings are depleted and her pension is not enough to cover her assisted living costs. My sister and I are committed to keeping her where she is well taken care of and are trying to make up the difference. My husband and I are still supporting our son in college…

Listen to you on WGN recently. Please repete quote from teacher about capitolism and socialism. You were just in Cuba. Thanks Terry Says:  The quote is:  "Yes, capitalism is the unequal distribution of prosperity, but socialism is the equal distribution of poverty!"   I don't know where I heard that long ago, or I would certainly give…

I heard you talk about LTC insurance on WGN radio a couple of months ago. I don't see anything specific on your website that discussed LTC insurance, only the home page link to Medicaid state benefits. Do you have information on the subject that will help me learn about the benefits of such a policy…

I have about 50K in 5-6 stocks. I have been losing since the '08 meltdown (prior to '08 had 70-80K).. I know its time to put the money in a different investment but not sure what. Maybe an ETF, mutual fund or index fund? That's where I need direction. I currently put money into deferred…

Terry, I have a baby on the way and would like to purchase a vehicle that is safer and easier to deal with, logistically, for baby's car seat. Unfortunately, I am upside down on my current car loan, owing more than it's worth. What do you recommend for me as a course of action? Just…

How long are you able to keep I bonds without having to cash them in and report interest like 30 years for series EE bonds Terry Says:  You must cash in the I-bonds on their "final maturity date" -- 30 years from the date of issue.  If you want specifics, go to the savings bond…

Hello, I would like to put $5,000 for each of my kids into some sort of an investment account. What is the best vehicle for doing this. Ultimately, when they graduate high school they will have money to invest, spend, or whatever they need at the time. Thank You Terry Says:  Well,  if you want…

My mother recently passed and while going through her desk we found a bond made out to me for my Confirmation Day April 1977 Series E $25.00 From my Godparents at the time Trouble is, it's obviously made out in my maiden name and says "or" to her name and SSN. Questions: I realize it's…

Hi Terry! I love watching your segments on WGN. I have a CC with a purchase finance charge at 13% and an additional 26% cash finance charge. The bank has been applying the minimum payments to the purchase balance (of course!). Now I want to pay down the cash balance but they say no. Do…

I lost my job in 2013 and my husband took on my debt. Our home was once worth $315,000 but with the crash the value dropped significantly and is slowly climbing back to where it is now, $210,000. We need to get major work done, our interest rates are high 8.075 k 11.6 on our…

Terry, we have less than five years of payments left on our mortgage and we will be retiring in about eighteen months or so. (Balance approximately 24,000) at this point, does it make sense to make an additional 100.00 extra payment towards the principal until we pay it off with savings from a money market…