Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - June 25, 2020

June 25, 2020
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Today's Key Question:

The article below from Think Advisor talks about how more younger consumers want their life insurance policies to also cover critical illness and long term care.

Have you heard about this? Please let me know if you need additional information.

 

"Opportunities Abound for Wealth Transfer"

From Barrons:

* It’s been a rough year for investments. After an injurious first-quarter pullback in the stock market, continued volatility has added insult to portfolios. Meanwhile, aggressive monetary and fiscal policy in response to the Covid-19-fueled economic slowdown has squashed interest rates and squeezed yields.

But the gloomy climate has opened up some rare opportunities in another area of wealth planning: wealth transfer. The low interest rates and reduced asset prices combined with the ultrahigh estate tax exemption that was enacted under the Tax Cuts and Jobs Act in 2018 create a perfect storm for maximizing the amount you can pass to beneficiaries while avoiding or minimizing a tax hit.

 

"Walking into a gym, salon or a campaign rally? Read this before you sign any coronavirus liability waivers"

From Wealth Advisor:

* But rather than wait for court decisions or legislation on coronavirus waivers, here’s what to consider the next time one is handed to you. 

 

"Many Young Consumers Want Long-Term Care Insurance: MassMutual"

From Think Advisor:

* About 32% of consumers surveyed said they are thinking about buying insurance that would cover chronic care, or long-term care, and 22% said they believe they already have such coverage

 

"DROZ: Name of the game: Isolate the few to protect the many"

From North State Journal:

* Despite what some doomsday predictions claim, a return to normalcy can be done safely.

Public health officials and the doctors who have dealt with coronavirus patients have learned a lot since the start of the pandemic — notably, who is most susceptible to the virus. More than 80% of coronavirus-related deaths are people over the age of 65, and 42% of fatalities occur in nursing homes or alternative assisted living communities. Additionally, less than one-in-10 deaths list the coronavirus as the sole cause; the rest involve a pre-existing condition that inflamed the effects.

The fatality rate when including the entire population? Just 0.4 percent. For Americans who are 34 years old or younger, the death rate is even lower: 0.0005 percent, or one fatality per 2,000 cases.

At-risk groups — including older people and those with pre-existing conditions — should continue to take more precautions and limit human contact. Visitation and isolation policies should remain in place at nursing homes and other establishments where vulnerable populations live or frequent. Younger, healthier people can do their part by following common sense, facile health practices.

Frequent hand washing, being cognizant of crowds and staying home if symptoms reveal themselves are among recommended protocols. New reports indicate that asymptomatic spreading of the virus — which was initially a major fear — is rarer than previously thought. It’s easier to limit the spread when it’s obvious who is potentially infected. Optimizing your immune system with a good diet, exercise and enough sleep will also help your body fight the virus, or the common cold for that matter!

The name of the game is to isolate the few to protect the many; not the other way around.

 

Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here