Category: health

health, life insurance, protection, risk management

Diet, health, and the financial impact on life insurance

James Cox

The purpose of life insurance is to manage risk. Individuals and families need protection in the event a primary bread winner passes away.

Several factors drive what life insurance costs for an individual. Women tend to live longer, so their cost for life insurance is lower than it is for men. The healthier a person is, the less expensive it is for them to obtain life insurance. People who smoke pay significantly more for life insurance.

Each person’s health situation is unique. Part of the process of obtaining life insurance is to collect medical samples for testing. The underwriter reviews records from your doctors over the past 5 years. They also examine driving records.

Once all of the information is collected the underwriter evaluates the data at hand and assigns the insured person a health rating. The better the rating, the lower the premium you pay. 

So how much of an impact do health issues have on a person’s ability to afford life insurance? 

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disability, economy, health, life insurance, protection, risk management

Deaths of Despair

James Cox

In recent months companies at the center of the Opioid Crisis have been fighting in court about the roles they played in the epidemic that has affected millions of Americans. The over prescription of highly addictive drugs has had severe impacts on families, businesses, and the economy. (1) But the Opioid Crisis is only part of a much larger problem facing American Society.

In March of 2017 a landmark study was released connecting opioid abuse, financial insecurity, and death rates in the United States. The information is sobering and should be the focus of policy changes at all levels of government.

A recent study by Princeton Professors Anne Case and Angus Deaton titled, “Mortality and morbidity in the 21st century,” shows the connection between the rising mortality rates of the middle class in the US and “a measurable deterioration in economic and social wellbeing”. (2)

This deterioration has not suddenly developed. Rather, “Case and Deaton document an accumulation of pain, distress, and social dysfunction in the lives of working class whites that took hold as the blue-collar economic heyday of the early 1970s ended, and continued through the 2008 financial crisis and the subsequent slow recovery.”

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health, income, protection, retirement, risk management

5 Tips to Make Your Retirement Savings Last

James Cox

The statistics are troubling…
10,000 Americans begin their retirement every day.

The Social Security Administration has said the SS Trust Fund will become exhausted by 2035, unless benefits are reduced, the retirement age is raised, or other solutions are put into action. (1)

76% of Baby Boomers are not confident they have saved enough for retirement. (2)

One third of retirees retire with mortgage debt. (2)

Only 18% have more than $200,000 saved. (2)

56% have less than $10,000 saved. (2)

Women live substantially longer than men and yet have much less saved for retirement. (3)

About 25% of non-retired adults have no retirement savings (4)

Many Americans have experienced reductions in pay and not been able to save as much as they would have liked since the Great Recession of 2008/2009. (5)

In addition, the Great Recession resulted in many workers in their 50s and 60s getting laid off, not being able to find comparable employment and choosing early retirement.

55% of seniors working during retirement say they do so because they need extra money. (4)

It’s not an optimal situation for many people. Adding to the stress on finances is the fact that people are living longer.

So, the question is how can we improve our retirement situation with the resources we have at our disposal?
Listed below are 5 strategies you can implement today to make the most of your retirement savings…

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Climate change, environment, ESG, health, new economy, Socially Responsible Investing, SRI, Taxes

Pending Meat Tax Could Change Economic Behavior

James Cox

In the past year plant-based meat products have made real inroads into many popular restaurant chains. Many plant-based brands have developed models that make them cost competitive and flavor competitive with animal-based meat products.

Animal-based meats have been criticized on several levels. The role that CAFOs (concentrated animal farming operations) play in deforestation, methane release, pollution, and accelerating climate change. In addition, several recent studies have shown that meat products have many negative health consequences, including cancer. (1)

In a recent paper Fitch Solutions Macro Research found that meat could be the target of new consumption taxes, similar to sugar taxes to fight obesity that have proliferated over the past few years.

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health, life insurance, protection, risk management

How will your family survive?

James Cox

My cousin died from a heart attack two years ago.

He was 48 years old. He left behind a wife and two teenage children. Their plans for the future were shattered and his family is left to pick up the pieces.

My son was born when I was 30 years old. Honestly, I didn’t get life insurance until I was 36. I had never been taught the importance of using Life Insurance to help manage risk and protect your family. Recent studies show that I’m not alone. There is a huge gap in the level of financial literacy in the United States.

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disability, health, life insurance, protection, risk management

A few life lessons…

James Cox

In the past few months I have seen several friends pass away…

I have seen several people in my circle struggle with illness, addiction and disability…

All are under the age of 50. None of them planned on what happened to them.

None of them planned on the impact it would have on those around them.
Life is not a straight line.
We all are forced to deal with situations that are beyond our control.

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economy, health, income, risk management

New Employment Realities As Recession Risks Rise

James Cox

“I’VE BEEN LET GO…”

It’s a terrifying experience… being fired or laid off from a job you have done well for a number of years. It seems daily that you see headlines focused on labor, hiring, and the shortage of trained help.

While the monthly jobs numbers are heralded as a sign of a strong economy there are undercurrents of weakness. New weekly unemployment claims continue to run over 375,000. While many businesses are expressing frustration about being unable to find new employees, such an elevated level of layoffs is confusing. (1) For decades more than half of all American’s have little or no savings. In 2020 personal savings rose as people saved much of the money received due to government programs to support the economy through fiscal policy. In 2021 73% of households had saved $1,000 to $5,000. That said, only 5% of households had more than $10,000 in savings. (2) Many companies report a weakening expectation for revenue and growth. The renewed outbreaks of COVID with the Delta variant, no prospect of more fiscal support, and elevated inflation are taking a toll. (3) CEOs are concerned about the effect of oncoming changes in Fed policy and it has caused many companies to delay capital investments and expansion. (4)

Many analysts have already indicated that China is in a recession. Some expect a slowdown or recession in the US within the next 6 to 12 months. Many are looking at the current economic environment and using the term “Stagflation” … a term last used in the 1970s. (5)

With that being the case, it pays to be prepared and understand what unemployment means in this new economic environment.

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health, life insurance, protection, risk management

The Benefits to a Healthy Diet: Quality of Life, Financial Security and Legacy

James Cox

Its no secret that human longevity has been growing due medical advances over the past 30 years. Life expectancy in 1960 was 66 for men and 73 for women; in 2010 the average expectancy was 80 for men and 84 for women. (1)

However, in addition to longevity, one of the issues people have struggled with is a decreased quality of life in a person’s later years. Chronic diseases play a major role in limiting peoples experience and inflicting pain on the elderly and their families… cancer, strokes, dementia, respiratory, Parkinson’s, Alzheimer’s. 

These issues not only reduce a person’s enjoyment of life but affect their financial health as well. The expenses associated with medical care and long-term care are substantial. But baby-boomers are not sitting still…

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economy, entrepreneurship, health, key man insurance, life insurance, protection, risk management

Protecting your business, and your legacy

James Cox

Most business owners, CEOs and executives are laser focused on driving their business or enterprise towards success. They are responsible for preserving and expanding sales and revenue. They are responsible for hiring and firing. They are responsible to investors and stakeholders to manage risk and ensure success. They handle client relationships, research and development, marketing and IT… As leaders they wear many hats and carry a lot of weight on their shoulders.

But what happens when a CEO or leader within a company passes away? What is the impact on the business and the employees who depend on that business for their livelihood?

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health, life insurance, protection, risk management

Protecting Your Family’s Financial Future in an Age of COVID

James Cox

As of August 5th, 2020 COVID-19 has claimed 156,311 American lives. (1)

In a story that is far too common in 2020, a Las Vegas news station reported that a husband and father recently passed away from COVID-19. He was 42 years old and “the picture of good health.” (2)

“He was furloughed from his job so he didn’t have health or life insurance and now medical bills are mounting for his wife and her three young daughters.” 

“Nobody ever anticipates that someone is going to pass at 42 years old so honestly when he was laid off, it never crossed my mind that oh my gosh we’re losing our life insurance,”

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