life insurance, protection

Job Change, Group Life Insurance and Russian Roulette

In the United States, there is a huge number of households which are unprotected or under protected by Life Insurance. In a recent LIMRA study 7 in 10 households believe would be in serious financial distress if an adult in the household passed away. (1)

37 million households have no life insurance.
Another 33 million households do not have sufficient life insurance to count themselves as protected.

One vehicle that many people rely upon for protection is Group Life Insurance. When offered as a company benefit, it can inexpensively provide protection for many people… but it only does so while the insured works for the company.

Currently, 1 in 5 people are only covered by Group Life Insurance.

The challenge is that recent employment trends show that people are changing jobs more often than in past years. (2)

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health, life insurance, protection, risk management

Diet, health, and the financial impact on life insurance

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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charitable giving, life insurance, protection, Taxes

A beloved relative has passed away and left me an inheritance… What should I do?

I have had several clients experience the passing of a beloved family member in the past 6 months. All ages, all walks of life. To a person they struggle with the desire to have their father or spouse or daughter back with them again, and how to move forward without them.

I have lost both of my parents; my mother passed away at 42 from lung cancer. I know the pain they suffer. Looking back, her illness and death really hurt my father and younger brother financially. She didn’t have life insurance. Due to the illness many of the family’s assets were exhausted. My father and brother did the best that they could do, but it was a difficult journey.

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disability, health, life insurance, protection, risk management

Deaths of Despair

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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life insurance, protection, risk management

The Risk To Your Child’s Future

Loss of a parent shatters the life of a child. Period.

Loss of a parent’s love.
Loss of a guide through life’s challenges.
Loss of protection and security.

These are losses that are beyond measure and replacement. But the truth is these losses can be worsened by the financial impact that comes from a lack of planning and losing a parent.

7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died. (1)

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health, life insurance, protection, risk management

How will your family survive?

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…

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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charitable giving, life insurance, Socially Responsible Investing, SRI

Creating Social Impact Through Giving

Every day millions are helped to improve their lives due to the generosity of others. As a community we each have a stake in the success of every individual, every family. Many organizations that make massive positive contributions are struggling due to cutbacks in government supports.

We as stakeholders in American society have a responsibility to give back and help those less fortunate. A recent example of this ethos:

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Climate change, entrepreneurship, environment, ESG, life insurance, new economy, protection, retirement, risk management, Socially Responsible Investing, SRI

Embracing the Future: An Interview with Charlotte Markward

I met Charlotte and her Husband Randy years ago at a Green Drinks in Philadelphia. It was before the days of Tesla, widespread solar power and organic food sections at the grocery store. People got together to share a beer and dream about a future that would be more sustainable. Things have changed a great deal in the past few years.

Charlotte is a graphic designer based in Philadelphia. She has agreed to share some of her experiences and insights so that we all might have an easier path to financial security.

Charlotte has been interested in supporting socially responsible investing for many years. I asked her what it means to her. Charlotte said, “For one thing it’s smart. We have a finite amount of resources and we are running out of them. To continue doing things in the old ways is to set yourself up for failure. Green investment is where the growth will be.”

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health, life insurance, protection, risk management

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

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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