What things did you buy in 2003 that are still optimally serving your needs in 2013? Ted Bernstein is guessing there aren't many - and that's the way you should view life insurance bought so many years ago.

"Think of all the tools most of us use every day - computers, mobile devices, telephones. If yours is even just a few years old, it's probably slow compared to what's available now and certainly much more limited in its functionality. And you probably paid more for it several years ago than you would for a new one today," says Bernstein, founder of Life Insurance Concepts, Inc.  (www.lifeinsuranceconcepts.com), and a leading voice for innovation in the industry for decades.

"It's the same with life insurance. Most people don't understand that the insurance they bought years ago could be either obsolete today or it just may not be serving them as much as it should be," Bernstein says.

"There is a crisis in the life insurance industry today, he adds, and it's leaving people uninsured, underinsured and most importantly, incorrectly insured."  It is the incorrectly insured that Bernstein is most concerned about as it is the fastest growing class of insured's in the United States.

"Life insurance makes a tremendous difference in the quality of a business or the lives' of loved ones should something happen to a primary breadwinner or key business person," he says. "It should be easy to purchase, easy to understand and it should be affordable - but unfortunately, that is usually not the case. I think there are too many people who should be adequately covered who are not.

Bernstein reviews some of the things everyone should know about life insurance:

How do you know if you are incorrectly insured?  Are you aware of the following, which are some things everyone should know about life insurance today:

1. Life Insurance can be purchased without sales commissions. Many insurance policies have commissions for the agent built into the policy by the insurance company. These are non-negotiable, even by the agent, and are usually not disclosed to the buyer. Without those built-in commissions, the performance of a life insurance policy is superior; creating an option every life insurance buyer must be aware of today. These "no-load" policies are purchased from experienced agents.  No load does not mean "no agent." Instead of built-in commissions, consulting fees are paid to agents who charge fees that are disclosed and transparent. The fees do not increase the premiums or affect the cash value performance.

2. For the first time since Ben Franklin introduced life insurance more than 200 years ago ... life insurance buyers can now choose an installment option to determine how the proceeds of their life insurance policies are paid to their beneficiaries. Until the deferred installment option was available, the only payout choice was a lump-sum, which some policyholders worried would be more than their loved ones could handle. An even bigger benefit, however, is that deferred payout gives insurance companies more time to hold the funds, which reduces premiums as much as 50 percent for the same amount of insurance with a lump-sum death benefit. This gives policyholders the option to purchase an amount that will better cover the needs of their beneficiaries.

3. Deferred payouts provide a guaranteed source of income that's not affected by market fluctuations. The Installment Life Option, which we have created and introduced to the market, allows policy owners to create a protected, ongoing source of income for their beneficiaries that is not affected by market or economic conditions. Options include proceeds paid in guaranteed, pre-determined amounts over a period of years.  The structure is a "win-win," because the provider is guaranteed more time to pay out proceeds, and the savings are passed to the consumer in the form of lower premiums, or more benefits.

About Ted Bernstein

Ted Bernstein has been a consistent innovator in the life insurance industry. He was also the first to introduce "no-load" life insurance in the mid-1980s. One of the few agents ever to address the Society of Actuaries, Bernstein is nationally recognized as an expert in alternative distribution strategies and life insurance product development. In the late 1980s, Mr. Bernstein launched the first fee based Life Insurance Policy Audit and Review service for Trust companies and life insurance fiduciaries.  He is a member of the Association for Advanced Life Underwriting.  A native Chicagoan, one of Ted's most notable professional accomplishments was having the honor of acting as Muhammad Ali's life insurance agent.

More and more small business owners are selling their companies, with sales hitting a four-year high earlier this year in the United States, and Canada predicting its largest small business turnover ever in the next five years.

"Many of our CEOs are baby boomers approaching retirement age," says Kathleen Richardson-Mauro, co-author with Jane M. Johnson of a practical new guide, "Cashing Out of Your Business," http://www.richardsonmauroandjohnson.com/.

"We're about to see a tsunami of ownership transitions and Kathleen and I worry that too many of  these small business owners are not taking steps early enough to plan for it," adds Johnson.

Richardson-Mauro, a Certified Financial Planner, and Johnson, a Certified Public Accountant, specialize in helping business owners successfully transition out of companies and achieve their goals. They recently launched an educational website, Business Transition Academy, to help owners plan their exits on their own.

"Most CEOs don't realize they need to start planning years before they might, potentially, be ready to sell or hand off their business," Johnson says. "And while a lot of that planning is to ensure they'll have the money to meet their lifestyle goals, there are other equally important considerations."

Small business owners tend to pour their lives into their companies and it doesn't take long before their identity is entirely defined by their job, the women say. In order to achieve a successful after-life, they need to start laying the groundwork early for their emotional separation.

Johnson and Richardson-Mauro suggest these steps for small business owners of any age to begin preparing mentally for their non-CEO future:

• Start now. You never know when you might receive an unsolicited purchase offer or what life events might rock your world. Most owners do not start thinking about transitioning out until some event gives them a jolt: a significant birthday; children graduating from college or starting their own families; illness or injury.

"Planning improves your chances for a successful outcome and gives you more control over the process," Richardson-Mauro says. "We sometimes don't realize just how much our lives revolve around our business - or we do realize it and don't want to think about it because the future looks scary."

With planning, you can ensure you still have a social life, a sense of accomplishment, challenges, and the other intangibles that make us satisfied and gratified.

• Identify what you want to get from your ownership transition. You'll have both financial and non-financial goals and objectives. Financial may include receiving enough money to live on for the rest of your life and creating a foundation to further a cause important to you. Non-financial may include regaining balance in your life and following a passion you gave up when you started your business.

Consider goals in every area of life, the authors say, from health, to family, to social connections.

"This is about remembering your true passions, determining what's most important to you, and deciding what you want to do when you can spend less or no time with your business," Johnson says.

"This will re-energize you and provide you with direction as you figure out the best way to transition the ownership of your business. It will also enable you to minimize any chance for regrets."

• Identify your fears, concerns and other barriers that prevent you from planning. Many owners fear what will come next and worry about losing their life's purpose. Most wonder if they will have enough money to live the lifestyles they desire, and they're concerned about their employees' futures, Johnson says.

"Take proactive action to address these concerns by having a family meeting; discussing the future with your spouse; and identifying your actual financial needs. That will allow you to find solutions and work through them," says Richardson-Mauro.

The two women say they've met many business owners who one day just decided they were tired of the headaches and ready to relax. They sold their business or otherwise transitioned out, only to discover they were bored, lonely and unhappy.

"After all of your years of work and sacrifice, you deserve a happy life after business," says Johnson.

"It's completely doable," adds Richardson-Mauro, "with planning.

About Kathleen Richardson-Mauro

Kathleen Richardson-Mauro, CFP, CBEC, CM&AA, CBI, has owned and operated five small companies and has successfully assisted more than 150 business owners in achieving their transition goals.

About Jane Johnson

Jane Johnson, CPA, CBEC, CM&AA, started her career in public accounting and finance at General Electric, then established her own practice. Fourteen years later, she negotiated the sale of her firm, retaining all of her clients and team members. In 2010, Jane received the Excellence in Exit Planning Achievement Award from Pinnacle Equity Solutions.

by U.S. Senator Chuck Grassley

Unemployment, at 7.3 percent, is still much too high and a pressing problem for our country.  Even worse, unemployment of young people under age 25, is at 15.6 percent.  This is a very large number of young Americans.  Many of these young people have invested in a college education and are still unable to find jobs.  Participation in the labor market is at an all-time low of 63.2 percent.  This is the lowest rate in 35 years.  Last month, 312,000 people stopped looking for work.

We need to increase production.  To do that we need two things: capital and labor.  Capital comes first.  We need capital to create jobs and lower unemployment.  One of the best ways to do that is to unleash investment.  Better policies in Washington can allow this to happen.  We need to reduce marginal tax rates, allow for the production of domestic energy, reform the tort system, and reform the corporate tax code.  We have one of the highest corporate tax rates in the world, which makes us uncompetitive in the global economy.

It's time to implement policies that will make us more competitive and, in turn, increase productivity and strengthen our economy.

Total of 94 New Jobs Created in Northern Illinois

MACHESNEY PARK - Governor Pat Quinn today announced that several Rockford area businesses are expanding, creating 94 jobs in the manufacturing and health care industries in northern Illinois. Manufacturing firms Curtis Metal Finishing Company and HMC Products Inc. joined medical billing company Practice Velocity, LLC at its headquarters in Machesney Park to talk about the new facilities that will bring new jobs and economic growth to the region. The announcement is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward.

"These thriving businesses need additional space for their expanding workforce, and they recognize that there is no better place to grow than in Illinois," Governor Quinn said. "These expansions are creating good-paying jobs, providing work for the construction trade and attracting additional investment to the region."

Practice Velocity is investing $5 million to turn a vacant department store into office space, creating 75 new jobs as demand for its medical billing software and server capacity grows. The new jobs - which increase the company's workforce by 33 percent - will include software engineers, billing specialists, administrative personnel and other professionals. Practice Velocity currently employs 228 workers.

"In the 10 years we have called northern Illinois home, Practice Velocity has grown from just a handful of employees to a company of more than 200," Practice Velocity CEO David Stern, MD, CPC said. "We are excited about our company's future and how we can continue contributing to the economic growth of this community."

Curtis Metal Finishing, an applicator of industrial coatings, is adding 27,000 square feet of plant space to an existing 93,000-square-foot manufacturing facility on North Alpine Road in Machesney Park. The family-owned company is investing $4 million in the expansion, which includes cutting edge equipment for a new line of surface finishing materials. The expansion will create 14 new jobs, boosting the firm's Illinois workforce of 60 by 23 percent.

"We are committed to growing our business in Illinois," Curtis Metal Finishing Company Vice President and General Manager Kurt Hoensheid said. "We've been operating our business in Illinois for 20 years and rely on the region's skilled workforce and easy access to transportation to support our company as demand for our products grows."

HMC Products' expansion comes as the manufacturer of packaging machines needs more space to accommodate new orders. Currently the company is located in a 44,000-square-foot building in Eastrock Industrial Park and rents space in another building within the park. The company is moving into a new 90,000-square-foot facility at The Park 90 Corporate Center at the corner of Interstate 90 and Highway 173, adding five new jobs to its workforce of 34 employees - a 15 percent increase. Their total investment is $5 million and includes plant wide air conditioning, a new paint booth system, a new customer training room and an additional three acres of expansion potential.

"We are excited to grow in Illinois and be a part of the future growth of the Northern Illinois area," HMC Products President David Kreissler said. "The close proximity to I-90 and Rockford will assist attracting the highly skilled employees our company requires."

All three companies will be eligible for tax credits under the Economic Development for a Growing Economy (EDGE) program, administered by the Illinois Department of Commerce and Economic Opportunity. The tax credits, based on job creation, can be used against corporate income taxes to be paid for up to 10 years. Curtis Metal Finishing is also eligible for an Employer Training Investment Program (ETIP) grant to keep its workforce trained in current technologies. Practice Velocity is also eligible for an ETIP grant, an Emerging Technologies grant and a loan through the federally funded Advantage Illinois program.

Under Governor Quinn's leadership, the state of Illinois has worked diligently to identify and recruit companies with the potential to bring jobs and economic growth to Illinois. The state has added 244,300 private sector jobs since January 2010, when job growth returned to Illinois following a two-year period of declines during the recession.

For more information on why Illinois is the right place for business, visit Illinoisbiz.biz.

About Practice Velocity LLC

Practice Velocity, LLC develops software for medical record keeping, practice management and organization, primarily for urgent care facilities. It was founded in 2002 by three urgent care physicians who realized there was a need for an electronic means of organizing patient flow, billing records and information storage. More than 850 clinics throughout the United States currently use Practice Velocity products. For more information, visit practicevelocity.com.

About Curtis Metal Finishing Co.

Curtis Metal Finishing Co. was formed in 1963 and continues to operate as a wholly owned subsidiary of Commercial Steel Treating Corp. Both companies service fastener manufactures in the automotive, military and construction industries throughout the Midwest. As one of the largest bulk metal finishing operations in the United States, Curtis specializes in the application of engineered coatings on fasteners and small stampings. For more information, visit curtismetal.com.

About HMC Products Inc.

HMC Products designs and manufactures packaging machinery, as well as case cutters for the distribution industry and ships their products worldwide. HMC's customers include companies in the snack food, food, cosmetic, healthcare, pharmaceutical, and household goods industries. In addition to office, inventory, engineering, and assembly staff, HMC employs skilled machinists to operate their 15 CNC machining centers as well as several conventional mills.  For more information, visit hmcproducts.com.