WinSouth Credit Union

Help for today. Sound advice for tomorrow.

 

WinSouth Financial Services

FINANCIAL ANALYSIS

Now Available for WinSouth Members

When was the last time you had a complete financial checkup? WinSouth Financial Services, a subsidiary of WinSouth Credit Union, now offers this service free of charge to all members. It includes a full review of your current assets and liabilities, cash flow, retirement projections, educational funding needs, estate planning, long term care planning and more. Then your goals and objectives for the short, medium and long term future are developed. With this information, you and our Financial Advisor, Jim Houston, will review recommendations to help protect your family and reach your goals.

Send Jim an email by clicking on the email link below for a no obligation, no charge analysis at jim.houston@cunamutual.com.

Contact Information

What is a CUSO?

A Credit Union Service Organization (CUSO) is formed by a credit union or multiple Credit Unions to better service Credit Union members with products that are not normally or cannot be provided by the Credit Union.

What is WinSouth Financial Services?

WinSouth Financial Services is the Credit Union Service Organization (CUSO for WinSouth Credit Union. It is a subsidiary of WinSouth Credit Union to help reduce expenses and broaden member relationships by offering additional products to members of WinSouth Credit Union. WinSouth Financial Services was formed in 2004 and offers a variety of products for our members. Below is a listing of just some of the services they provide:

Life Insurance Annuities
Disability Insurance Homeowners Insurance
Health Insurance Workman’s Compensation
Long Term Care Commercial Insurance
Partnership Insurance Auto Insurance—personal or business
Employee Group Benefits  

 

For more information please contact us:
WinSouth Financial Services
1519 Rainbow Drive
Gadsden, AL 35904
256-543-7660
Fax – 256-543-7659
Monday, Tuesday, Thursday and Friday—8 a.m.-4:30 p.m.
Wednesday—8 a.m.-12 p.m.
Closed for lunch—12-1:15 p.m.

 

Check the background of this firm on FINRA’s BrokerCheck

WinSouth Financial Services, Inc. is a division of WinSouth Credit Union. Investment Advisor Representative of Investment Advisors, a Registered investment Advisor and division of ProEquities, Inc. Securities offered through ProEquities, Inc., a registered Broker-Dealer, and member of FINRA & SIPC. ProEquities, Inc., is independent of WinSouth Financial Services, Inc. and WinSouth Credit Union. Securities and Insurance products offered are not credit union deposits, have no credit union guarantee, are not ASI guaranteed, and may involve loss of principal.

Back to top

Life Insurance

One of the most devastating events that can happen in a family's life is the death of a breadwinner without adequate insurance. There are three basic types of life insurance to consider:

Term—The most affordable, basic coverage for a specific time such as covering a mortgage for a 15- , 20- , or 30-year period.

Universal—Flexible premium options and face amounts. Guarantees on level premiums are available. Provides more permanent death benefits.

Whole Life—Traditional permanent insurance with premium and cash value.

Once the right type of combination of types is determined, then the correct amount is next. Here are some factors to begin the process of how much insurance you need:

 

Income Replacement Final Expenses
Mortgage Payoff Education Funding
Car Loan Payoff Endowment to Heirs
Credit Card Payoff Estate Liquidity
Personal Loan Payoff  

 

To calculate a preliminary face amount needed click here. The best way to make sure that you are covered adequately is to have a conversation with a financial professional at WinSouth Financial Services. To set an appointment for an insurance review, call 256-543-7660, ext. 2202.

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.

Back to top

Disability Income Insurance

A disabling illness or accident that results in a loss of income-earning ability can be one of the most devastating personal as well as financial events in someone's life. There is a way to insure against the loss of income-earning ability by purchasing disability income insurance.

Disability income insurance can be customized to fit the needs and circumstances of each individual. The maximum amount of disability benefit that is payable is based on the occupation the person is employed in and the amount of income earned. Waiting periods, benefit amount, length of benefit payment and inflation increases are just some of the provisions that can be chosen by individuals.

Below is a hypothetical comparison of two jobs illustrating the importance of disability income insurance:

Job A Job B
Income = $50,000 Income = $50,000
Didn’t take out disability insurance Disability insurance premium = $3,000 per year
Income after disability = 0 Income after disability = $33,500
Net income = $50,000 Net income = $47,000

Which Job Would You Rather Have: Job A or Job B?

Call a financial professional at WinSouth Financial Services at 256-543-7660, ext. 2202.

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.

Back to top

Employee Group Benefits

Employee benefits are becoming more and more essential to recruiting and retaining quality people for all sizes of businesses. Group benefits include health coverage, life insurance, disability insurance, cafeteria plans, vision and dental plans. Cafeteria plans offer various products such as health, dental, vision and cancer insurance that can be purchased by payroll deduction on a pre-tax basis, saving the employee and employer money. For a free review of your benefit programs call WinSouth Financial Services at 256-543-7660, ext. 2202.

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.

Back to top

Partnership Insurance

Businesses that have partners or closely held shares by owners need to consider having a "buy-sell" agreement. This agreement is a contract stating, among other things, that the surviving partner or partners will have the first option of buying the deceased partner's share of the business in case of the death of one of the partners. There are two steps to the process of this arrangement—the written contract signed by the partners and funding of the agreement. While other means of funding can be used, the most common source of funding of the agreement is life insurance on each partner with either the other business partners as beneficiaries or the business as the beneficiary.

An attorney and an insurance professional are needed to make sure the documents and funding are sufficient to prevent a deceased partner's spouse or child from being an unintended partner with the rest of the business owners. Call WinSouth Financial Services at 256-543-7660, ext. 2202.

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.

Back to top

Long Term Care Insurance

A long term illness or accident resulting in skilled nursing care can wipe out a family's savings and deplete assets that were meant to pass on to the next generation. An insurance policy covering in-home care, assisted living, or skilled care nursing home expenses can save a family this devastation and enable the policyholder to maintain their dignity by not having to depend on their family for day to day care.

Most long term care policies are expense reimbursement policies and can be customized to the specific needs and budget of the individual. Some of the choices available are shown below:

Maximum Daily/Monthly Benefits Benefit Payment Length
Waiting Period Inflation Provision
Payment Mode Spousal Benefit Sharing

At least 40% of persons reaching the age of 65 will need nursing facility care.* The average cost of a skilled care nursing facility in Alabama is $54,750 per year.** Applicants for long term care are reviewed by underwriters and must be approved for coverage before needing care.

* America's Health Insurance Plans (AHIP). "Guide to Long Term Care Insurance" 2002.

** Metlife Mature Market Insititute. "The Metlife survey of Nursing Home and Home Care Costs".

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.

Back to top

Annuities

An annuity is a financial investment product that is designed to provide options for income either immediately or in the future such as a retirement. The two main features of annuities are tax deferral of returns and payment options such as guaranteed income for life, joint lives, or for a period certain. Some combinations of the options are also available. Annuities can prevent one of the most common retirement difficulties, which is outliving one's financial resources. Annuities are frequently used for IRAs and 401(k) transfers as well as lump sum contributions from non-qualified funds.

Annuities pay a rate of return by various means. There are fixed rate, equity indexed, and variable annuities available. Death benefit options are also available which can guarantee an amount to a beneficiary upon the death of the owner of the annuity. Some options carry an extra charge inside the contract. There is usually a surrender charge in annuity contracts which takes effect if the contract is cancelled within a specified period of time.

To determine if an annuity is suitable for your circumstances, get the help of a financial professional who can evaluate your goals and objectives. Call WinSouth Financial Services at 256-543-7660, ext. 2202.

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.

Back to top

Health Insurance

Individual health insurance policies are available with a range of deductibles, co-pays, drug cards and other options. One of the newer types of health care options is the Health Savings Account (HSA). This allows individuals to contribute a tax deductible amount into an HSA and use the funds tax-free to pay for approved medical expenses. The money can be used for out-of-pocket medical costs, vision expenses, dental expenses and more.

Individual health policies often require health underwriting and may result in pre-existing conditions being excluded from coverage or the individual being declined from coverage completely. For more information, call WinSouth Financial Services at 256-543-7660, ext. 2202.

WinSouth Financial Services is a subsidiary of WinSouth Credit Union and has agents licensed and authorized to conduct insurance business in Alabama. This website is in no way to be construed as an offer for the sale of insurance in unauthorized states or countries.