Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - July 6, 2020

July 06, 2020
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Today's Key Question:

The article below from Wealth Advisor talks about estate planning in the COVID era. In particular, it mentions the importance of making sure your life insurance beneficiary designations are current.

Are yours?


"How Retail Companies Are Adapting to Improve Profitability⁠"⁠


* Plenty of retailers have accelerated adaptations that were already underway to meet the needs of an increasingly digital society. Regardless of your product category, taking these steps to adapt will prove essential for increasing profitability both now and in the future.



"Think Ransomware Can't Put You Out of Business? The impact of a ransomware attack is instant and painful. The aftershocks among your customers or clients might kill your company."

From Inc:

* We're not even halfway through 2020, and already it's been a record-breaking year for ransomware attacks. Barely a week goes by without reports of a new strain or variant of malware wreaking havoc among companies.


While corporate security fails are complex, a good leader needs only to be prepared for the day the inevitable happens. More than half of security personnel surveyed in 2019 believed that CEOs ignored security plans, and 14 percent said that their CEOs hadn't received any cybersecurity training. Another study showed that 40 percent of IT professionals specifically cited their company's CEO as the weakest link in their company's security. Only you know if this is true of your organization. And if it is, only you can take steps to get cyber right. 



Were COVID-19 Lockdowns Worth the Cost?

From Reason:

* Now that we have emerged from lockdowns with no real confidence that they actually reduced the ultimate death toll, many people are understandably asking what the point was. "Many Americans started in the pandemic with a strong feeling of solidarity, not unlike the days after Sept. 11, 2001," the Times observes. "They closed their businesses, stayed inside, made masks and wiped down their groceries. In a country often riven by politics, polls showed broad agreement that shutting down was the right thing to do. But months of mixed messages have left many exhausted and wondering how much of what they did was worth it."


They are right to wonder.



"Top 10 Estate Planning Tips in a Time of Coronavirus"

From Wealth Advisor:

If you already have insurance, update your beneficiaries, either online or with the insurance-provider's paper form. If you do not have insurance and there are others depending on you and/or your income, then you should buy insurance. It is best to buy it when you are young and healthy because the rates are cheaper. Some employers provide these benefits, but you should consider whether the employer-provided benefit would really be enough for your family if you could no longer work.



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