Patrick S. Conley, president and owner of Regnier Insurance Services (RIS) addressed the Portage Exchange Club recently at its breakfast meeting at Miller’s Assisted Living on Lute Road.
Conley discussed some of the new developments and needs in insurance. He began by encouraging the members with children or grandchildren to set up 529 accounts. A 529 Plan is an education savings plan designed to help families set aside funds for future college costs.
“The cost of private colleges boggles the mind,” Conley said, quoting annual costs of $60,000 at Washington and Lee and $80,000 at Boston College.
“Of course the benefit of a private school is the alumni network that virtually guarantees your student a position in their field after they graduate.”
He went on to advise the members to be aware of prescription bargains at places such as Meier’s and WalMart.
“In many cases, you can get a prescription drug for a generic for about $1.00. They are counting on you using the rest of the store for your grocery and other needs, but this is still quite a bargain.”
Conley discussed the effect Obamacare has had on the insurance business.
“Increased government regulation is strangling small businesses. In 32 years, I’ve never seen the attitude of business so bad. The business owners who are financially conservative are afraid to hire because they don’t know what will happen next. That’s one of the reasons unemployment has remained so high."
“It has been tough for us in writing business insurance. We’ve had to hire a lawyer to be on retainer just to deal with all the legalities. The government regulations are difficult to read and understand.”
For his final recommendation, Conley suggested that anyone without a personal umbrella policy for at least a million dollars over their home and auto insurance should purchase one.
“It’s based on your number of cars, homes, boats, etc. For one home and two cars, it’s a bargain at about $150 per year. If you are involved in an accident or injury to someone else, this will protect your assets.”
For further information about Pat Conley and RIS, see the website, http://www.ris-ins.com