[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] Great pairs provide great things like: great music (Lennon & McCartney); great lunches (peanut butter & jelly); financial protection (life & health insurance). Each component of these famous combos is distinctive. John & Paul’s differences have been well chronicled. Peanut butter and jelly’s differences are clear. But life and health insurance are sometimes confused. The graphic below highlights key differences from the perspective of a whole life policy and a comprehensive health insurance plan, perhaps one offered by … Continue reading "Lennon & McCartney. Peanut Butter & Jelly. Life & Health Insurance?"
[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] Congratulations to women’s soccer superstar Alex Morgan. She and her husband announced in October they are expecting a daughter. Like most soon-to-be parents, it probably won’t be long before Alex thinks about life and disability income insurance. She has enormous income potential. She will want to make sure that in the event something unexpected occurs preventing her from earning money, her family will have the financial resources it needs long into the future. Alex and other soon-to-be moms … Continue reading "Soccer Superstar Alex Morgan May Be in the Market for Life Insurance"
[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] There’s more that unites us than divides us. Like our love for freedom. And baseball, hot dogs and apple pie, of course. Let’s not forget reality TV either. Insurance unites us as well. Almost every adult in America has some form of insurance. Yet, it’s mostly overlooked, not surprisingly. Not a lot of pizazz in insurance. Just a lot of stability. Stability deserves a little love too. Insurance brings people together in ways they rarely appreciate. With an … Continue reading "People Joining Together. That’s Insurance."
A bricklayer in Hartford. An office worker in Indianapolis. A tour guide in Phoenix. All three are “X’ing” the days on their respective calendars before they announce their retirements. They’ve figured out how much monthly income Social Security will provide. And, each wants to use some retirement savings for a lifetime stream of income to supplement Social Security. Creating their own pensions, in other words. They’re all looking at annuities, the only financial products that can guarantee lifetime income. It’s a scene playing out across the country – people in different jobs and different places with similar plans, hopes and … Continue reading "States Eye Protecting Guaranteed Lifetime Income Choices for Retirement Savers"
I was at my sister’s house recently with the task of driving my nephew to hockey practice. It wasn’t going to happen. After leaving my car in her lot during the day, it wouldn’t start at night. Not even a click from the ignition. I shouldn’t have been surprised. If I had done the right thing and taken it for its regular tune up, I’d have delivered on my promise to get him to practice. The sinking feeling of disappointing my nephew struck hard, even though he quickly forgave me. As a life insurance guy, it wasn’t long before I … Continue reading "Do The Right Thing for Life Insurance Awareness Month: Protect Loved Ones"
The New York Department of Financial Services (NYDFS) on September 6 updated guidance for life insurers reviewing applications from people who have a prescription for the anti-opioid drug naloxone – also known as Narcan. NYDFS says it’s illegal for insurance companies to deny life, disability income or long-term care insurance to applicants based solely on whether they carry a prescription for the drug that reverses opioid overdoses. Life insurers supported New York’s efforts on the Narcan issue this year. They also worked closely earlier this year on the issue with the state insurance legislators group and Texas lawmakers. The goal … Continue reading "Life Insurers Support Initiatives to Reduce Opioid Overdoses"
Fascinating – and depressing – research from the investment advisory group United Income shows 96 percent of Social Security recipients likely have tapped their benefits too soon. They’re missing out on $3.4 trillion in benefits – an average of $111,000 per household. The research report notes that not everyone should wait till age 70 to start receiving benefits. But for those who can, Social Security will annually boost its payout by 8 percent. Still, too many people are bypassing this option. And as suggested in a Bloomberg News story, “Americans Losing Trillions Claiming Social Security At the Wrong Time,” financial … Continue reading "Financial Professionals Must Consider All Options for Retirees, Including Annuities"