“I just didn’t think I needed it yet, and I’ve committed most of my financial resources to my business,” says Silkoff, 31, the president and co-founder of MyRoofingPal.com, an online marketplace that connects property owners with roofing contractors.
COVID-19, though, forced Silkoff to consider his mortality. “I don’t want to leave my wife in debt should something happen to me,” he says. “Also, during the slowdown, I had more time to do the research.” So Silkoff purchased a 10-year term life policy with $500,000 of coverage for about $30 a month.Life Insurance In The Age Of COVID-19 — https://insurancenewsnet.com/oarticle/life-insurance-in-the-age-of-covid-19?utm_source=feedly&utm_medium=rss&utm_campaign=life-insurance-in-the-age-of-covid-19#.X1PyadR7nb0
A life insurance policy is an act of love.
Think about it.
COVID-19 Has Many Americans Reevaluating Retirement Plans
Roughly two in five Americans (38%) say the COVID-19 pandemic has impacted their retirement plans by having to retire later than planned, now not being able to retire at all or being forced into retirement. Plus, 41% are currently reevaluating their retirement plans to assess the financial impact of COVID-19. These are among the findings revealed by a new COVID-19 Tax Survey conducted online in May 2020 by The Harris Poll on behalf of The Nationwide Retirement Institute® among U.S. adults 18+. Heightened uncertainty and complexity are driving a need for greater financial protection. Roughly half of Americans agree that the COVID-19 pandemic has made them recognize the need for annuities to protect their investments against market risk (47%) and to protect their retirement income (48%). More than half of all U.S. adults (57%) and investors (60%) also say the pandemic has made them recognize the need for life insurance.
More survey results can be found in the full article at the link above.
The heightened uncertainty and complexity have definitely affected my own retirement plans.
The massive number of people out of work have definitely affected my own thoughts and feelings about work.
Retirement = work.
As long as my health holds up and as long as there’s someone out there willing to pay me to do what I do I plan on working.
COVID-19 has had the biggest short-term effect on life insurance in two ways:
Insurers extending grace periods for paying premiums.
Placing a greater emphasis on accelerated underwriting.
Full article at the link below.
Underwriting Among Early Effects Of COVID-19 On Life Insurance
“We’ve been investing in our technological capabilities for years, and those investments really paid off when we needed to transition quickly to a 98 percent work-from-home model,” said Nationwide CEO Kirt Walker.
I’ve been working from home for nearly 14 years. Social distancing comes naturally to me at this point in time. It’s interesting to me a virus will be remembered as the Gladwell tipping point for showing the corporate world a better way of working.
98% permanent WFH!
Massachusetts Mutual Life Insurance Company (MassMutual) today announced the launch of MassMutual HealthBridge, which will provide free term life insurance to the brave and resilient frontline healthcare workers across Massachusetts and Connecticut risking their lives during the COVID-19 pandemic.
MassMutual Donates $3B Of Free Life Insurance To Healthcare Workers
Even if you’re a big insurance company hater you have to admit this is pretty awesome.
The ING International Survey Savings 2019, the eighth in an annual series, surveyed 14,695 people in Europe, the US, and Australia, and discovered the majority worry about not having enough money in retirement. The findings show that many people are “sleepwalking” into a financial crisis with little or no savings toward their golden years.
The ING International Survey Savings 2019 highlights the difficulties people are facing across Europe, the USA and Australia when it comes to meeting long-term savings goals, such as funding retirement. The survey, the eighth in a savings series repeated annually, canvasses the views of nearly 15,000 people in 15 countries, reveals that six in ten (61%) of non-retirees across Europe worry they won’t have enough money to live on when they retire. This is no surprise when you realise that high shares (27%) have no savings at all. Among this group, two-thirds (66%) tell us they simply don’t earn enough to put anything aside. And many who do have savings aren’t massively better off: 42% in Europe say they have no more than three months’ take-home pay put aside. Results from the USA and Australia are similar.
You can download the full study at this link.
The number of taxpayers who included private pension or annuity income in their 2016 returns fell 1.2%, to 28 million.
Read the source article here.
Here are the stats: The U.S. age-adjusted mortality rate—a measure of the number of deaths per year—rose 1.2 percent from 2014 to 2015, according to the Society of Actuaries. That’s the first year-over-year increase since 2005, and only the second rise greater than 1 percent since 1980.
Source: Americans Are Retiring Later, Dying Sooner and Sicker In-Between – Bloomberg