Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - August 27, 2020

August 27, 2020
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News. Insights. Analysis. Inspiration.

 

Today's Key Question:

Did you know that the life insurance industry takes extensive measures to regulate itself? 

See the article below from JD Supra about the latest move by the National Association of Insurance Commissioners.

  

"Handing Off Your Business? 14 Strategies For Success"

From Wealth Advisor:

* Every business owner eventually has to step aside to make room for his or her successor. Handing over the reins is more than just a formality, however—several important steps must be taken first. Without proper consideration and a clear transfer plan, the successor won’t have the necessary tools and information at their disposal to run the company competently. Similarly, if the original owner isn’t wholeheartedly involved in the handover, it can lead to awkward and even damaging situations following their retirement.

To help, 14 members of Forbes Finance Councilshare their insights about the vital strategies that must be implemented for a business succession to be executed successfully

  

"4 Clues That You’re About to Make a Bad-Hiring Decision"

From LinkedIn Business:

* The cost of your company’s bad hiring decisions can be staggering. To calculate this cost, I tell my clients to add the first-year turnover rate to the percentage of people who the company wouldn’t rehire. This number is your company’s Bad Hiring Rate (BHR). Next, I ask them to multiply the BHR with the total increase in payroll for new hires to calculate the cost of bad hiring decisions at your company.

 

"A Coronavirus Bailout Won't Save (or Fix) the USPS "

From Reason:

* In May, a report from the Government Accountability Office called the agency's business model "not financially sustainable"—a conclusion it had reached before the impact of the coronavirus was factored in. The report called for Congress to make changes to "critical foundational elements" of how USPS operates. In other words, COVID-19 might be an easy scapegoat to justify a federal bailout, but the pandemic is not the main problem, and a bailout would not be a permanent solution.

Rather than more bailouts or slightly different mandates, Congress should set the postal service free. Privatizing it in whole or in part would allow the USPS to make smart changes to its business model while guaranteeing that taxpayers aren't on the hook for yet another massive bailout in a year or two.

  

"Indexed Life Insurance Illustrations – NAIC Adopts Guidance over NY Dissent"

From JD Supra:

* On August 14, at its all-virtual summer national meeting, the National Association of Insurance Commissioners (NAIC) adopted guidance governing illustrations for index-based life insurance. In a key development, New York voted no on the proposal, which was taken up at the NAIC’s Executive Committee / Plenary session.

 

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