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By Allison Bell
On a per capita basis, the United States is not even close to the top of the new Swiss Re charts.By Allison Bell | July 13, 2020 Here are the 5 jurisdictions in the new Swiss Re report where people spend the most per person, in U.S. dollars, on life insurance, annuities and similar products...(Map images credit: WPClipart.com) 5. TaiwanLife premiums per resident: $4,129 Life premiums as a percentage of GDP: 16.5% 4. IrelandLife premiums per resident: $4,490 Life premiums as a percentage of GDP: 5.7% 3. DenmarkLife premiums per resident: $4,757 Life premiums as a percentage of GDP: 8.0% 2. MacaoLife premiums per resident: $4,999 Life premiums as a percentage of GDP: 5.5% 1. Hong KongLife premiums per resident: $8,979 Life premiums as a percentage of GDP: 18.3% Economists at Swiss Re estimate that the people of Earth spent the equivalent of $2.9 trillion on premiums for life insurance and annuity products in 2019. That amounted to an average of $379 for each of the world’s 7.7 billion people, and about 3.35% of the world’s $87 trillion in total gross domestic product (GDP). Resources
The Swiss Re economists have published those figures in a new review of the world’s insurance markets. “The COVID-19 pandemic will spark the deepest recession since the 1930s, and we forecast that global gross domestic product… will contract by around 4% in 2020,” the economists say in the report. “This will lead to a slump in demand for insurance, more so for life…. Overall, however, we expect the industry to ride out what will likely be a short-lived recession, and for premium growth to bounce back as the economy enters a more protracted recovery.” The United States continued to be the biggest single market for life and annuity revenue, with about $629 billion in life and annuity revenue. But the countries in Europe that Swiss Re classifies as “advanced” combined for $972 billion in life and annuity premiums. Many markets in the Swiss Re rankings generated far more life and annuity premiums per person than the United States. The United States generated just $1,915 in life and annuity premiums per person in 2019, and it devoted just 2.9% of its GDP to life and annuity premiums. For a look at the five markets with the highest life and annuity premiums per person, see the data cards in the slideshow above. (Wiggle your mouse pointer over the first data card to make the control arrows show up.) — Read Student team helps Swiss Re size up G8 pandemic fund, on ThinkAdvisor. — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. Copyright 2020. ALM Media Properties, LLC. All rights reserved.
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 https://www.bankrate.com/ When considering downsizing your home, there are issues and stressors you may have never encountered. For seniors, this is a situation that sometimes comes from necessity. And now, as the coronavirus pummels assets and incomes, downsizing may be more necessary for many as a way to reduce spending. Already, as the number of baby boomers entering retirement continues to climb in the US, more people were considering downsizing than ever. And as many of these individuals have been empty nesters for years, some probably should have downsized already to save money. Reasons for downsizing include:
Here are some key considerations for those thinking about downsizing: Budgeting for a downsize. Choosing to downsize to a smaller home in retirement isn’t always motivated by economics but is always affected by it. Even for retirees in a high tax bracket, downsizing is often a goal for practical reasons. A smaller home, particularly in a multifamily building or development is far easier to maintain. This is a priority for people as they age and are less physically able to take care of a larger home. Regardless of why you’re considering a new home, putting together a well-thought- out budget you can stick to is a wise first step. Some key considerations: What are you paying now? What will you pay in a downsized home?Make a list of all the expenses associated with your current home. This should include: mortgage payments, utility bills, maintenance costs, HOA fees, and everything else you pay on a monthly basis. You’ll be able to calculate these same expenses for your new, smaller home (or at least come up with a realistic estimate). If you need to finance a downsized home, figure out the monthly mortgage payment for your new home, note its list price minus your down payment and plug that amount into Bankrate’s mortgage calculator. You’ll be able to change the mortgage term, down payment amount, and mortgage rate—giving you an idea of what your mortgage payment will be at the new home you’re considering. After coming up this number, you should also be able to determine a rough estimate for utility costs. If you’re thinking about moving out of state, take a look at the U.S. Energy Information Administration’s recent numbers for average monthly bills for single family homes by state. If you’re downsizing but also moving to a state where energy costs are on average higher, the savings may not be as great as you’d hoped. However, differences in energy costs can also work in your favor. Let’s say you currently live in Connecticut, where average energy bills are among the highest in the nation–about $142 per month. If you move to Florida, where monthly energy bills are $123 on average, you’ll save a couple hundred dollars a year on energy alone. Find out if your target home has an HOA with a monthly maintenance charge. Add these expenses up and the overall cost benefits of downsizing will become clear. What’s your current income?Preparing for a move is a great reason to reassess your financial big picture. Everyone’s financial outlook is unique, so taking the time to piece together all sources of income you have, as well as savings accounts and more, will help you develop a game plan. Critical questions to ask yourself:
Although there are many reasons for downsizing, budgeting carefully to make your new home less expensive than your current home is a huge benefit. It’s easy to lose track of all the small expenses that come with a move, but with a little diligence, you can save big in the long run. What’s the plan?Once your budget is in order, you’ll have to get the wheels turning on a strategy. There are a lot of moving parts in play, so breaking down your plan into simpler terms is a good place to start: Will you use an agent or opt to sell the home yourself? Keep in mind that selling the home yourself will entail a whole new list of responsibilities and tasks that may delay your moving process beyond your original timeline. Will you be selling a car? If you don’t do much driving, don’t want the responsibility, do want the money, or have a health concern keeping you from driving, selling a car is a wise decision. Many retired couples who have two cars and will sell at least one when downsizing as a way to collect some cash and free up space. What other assets do you have? A bittersweet, yet rewarding, part of downsizing is getting rid of stuff you no longer need. Whether that means valuables you no longer need or junk taking up space in your garage, let it go! You’ll be surprised at how freeing it is to clear out the basement and get paid for the stuff you haven’t used in ages. Finding a place to live Would you prefer to stay in the same area or are you excited about moving to a new place? If you’re moving somewhere new, take into consideration all the amenities you’ll need now and later on. Check for proximity to hospitals, grocery stores, and other essentials. Downsizing should make life easier—if you have to travel 45 mins to weekly doctor appointments, think about how that will affect your quality of life. Considering all housing options Single-family home — With a smaller single-family home, you can expect a similar lifestyle to the one you live now, but with fewer responsibilities and less clutter. Condo/townhome — Condos and townhomes are excellent options for retired seniors who value their freedom and self-sufficiency and also want to get off the hook for property maintenance. Don’t forget to take a look at HOA fees. Assisted-living community — Assisted living communities provide housing, meal prep, and health-related services for seniors. Many include luxurious amenities and a more thorough level personal care. Assisted living is an option for seniors with health concerns. Move in with your adult children — If you’ll be living with family, any financial burdens you had in your own home will be eased. Being close to children and grandchildren is another benefit of moving in with family. Not enough room at their home? Do some research on “Granny Pods,” the latest trend in senior living. Granny Pods are essentially tiny homes that can be built in the backyard of your adult child’s home. Seniors who want to live with their kids can buy a Granny Pod and be close to home without feeling like a burden. Finding a new mortgage Downsizing to a new home in your retirement years puts you in a unique position when it comes to finding a mortgage. After selling your old home and extra assets, you’ll be in a position to apply for a decent short-term mortgage with manageable monthly payments. Be sure to check mortgage rates often and track trends in your new area to secure the best loan you can. You’ll most likely be interested in one of the following:
Written by Griffin MillerSource: https://www.bankrate.com/mortgages/retirees-guide-to-downsizing/  Long-Term Care Riders vs. Chronic Illness Riders on Life Insurance: 5 Key Points to Consider6/30/2020 It’s a burning question for many people: “How will I cover my health care and other expenses in retirement, especially if I suffer a debilitating chronic illness or have to pay for extended and pricey long-term care costs?”
The available options, among others, include long-term care (LTC) riders on life insurance and chronic illness (CI) riders on life insurance. These may be of interest to people who find stand-alone long-term care insurance policies too expensive or restrictive. And in many cases, CI riders, in particular, may be the best choice to provide access to cash while living. 5 key points to consider when reviewing these riders on life insurance. 1. Reimbursement vs. Indemnity Design Two primary types of rider design exist: the reimbursement model and the indemnity model. With the reimbursement design of many LTC riders: •A benefit is available if the policy requirements have been met and the policy holder has paid for an eligible service. •The benefit may be as much as the insured’s total costs, within a predetermined maximum. However, the insured first must incur expenses and the receipts must be submitted for review and payment. •In some cases, only the care provider, not the insured, can receive payment. With the indemnity design of all CI riders and some LTC riders: The insured receives a benefit after fulfilling the requirements of his or her contract. The person doesn’t have to use the payout to cover direct costs of the chronic illness. The benefit can be used for any expense, to help make up for lost wages or to supplement personal savings. The indemnity design, therefore, reflects the need for flexibility. It offers the insured access to the benefit when he or she is medically certified as eligible under the rider’s terms. Further, an indemnity design offers payment of the entire monthly benefit for the whole time the insured qualifies. In contrast, products based on a reimbursement structure pay only for the eligible monthly expenses incurred. If that total is less than the insured’s monthly benefit, the insured likely won’t receive the maximum monthly benefit. 2. Permanency Requirements For payout, which occurs as an acceleration of the life insurance policy death benefit and reduces the death benefit accordingly, most CI riders on life insurance historically have required – like LTC riders – that the insured’s qualifying condition be certified as permanent by a licensed medical practitioner. But recent innovation in the life insurance market has made it possible to purchase a CI rider that carries no permanency mandate. 3. Protection Features LTC riders are required to have specific consumer protection provisions. These are designed to help keep the insurance policy and the rider from lapsing due to unintentionally missed payments (in the case of an uninsured who develops a severe cognitive impairment). They’re also designed to permit a lapsed policy to be reinstated without additional underwriting. Although CI riders are not required to include such provisions, some CI riders do offer them. For reinstatement, conditions such as a time limit typically exist and proof that the insured’s condition caused the lapse likely will be needed. 4. Payout Methods When reviewing LTC riders and CI riders, note that a variety of CI rider payout methods exist. In the interest of brevity, this blog post won’t go into detail, but take the time to review life insurance carrier resources that describe the discounted death benefit method, the lien method, and the dollar-for-dollar acceleration method. 5. Policy Premium Waivers Now that some CI riders no longer have a permanency requirement, it’s vital to understand whether premium payments still will be required if an insured comes off claim. If the policy premiums aren’t paid while the insured is on claim and the rider doesn’t offer a waiver of charges, the policy holder may owe all missed charges assessed during the claim. This could result in the need for a very substantial premium to keep the policy in force. However, some CI riders have a feature through which all policy charges are waived while the insured is on claim. Learn More While a CI rider on a life insurance policy may be precisely what some clients need, others may want to consider different types of riders, as well – for example, to address financial needs that arise from a critical illness (such as a heart attack, stroke or invasive cancer, among other contingencies) or longevity. The more you know about available riders on life insurance and how newer offerings are designed to work, the more insight you have at hand to help with determining the most appropriate choice. For more information about available solutions. For more information, click here. 43% of homeowners don’t have lifeinsurance. Also, 43% of people say they would have immediate trouble paying living expenses after the loss of a primary wage earner. See a pattern? lifeinsurance Getting Life Insurance to help protect your mortgage is easier than you think. Click Here for more information.  Change happens quickly. Reviewing your life insurance policy periodically helps ensure your coverage continues to meet your needs and that your beneficiary designations are up to date. What life changes have you experienced since your last life insurance discussion?
• Marital status • Children • New job • New home • Health change • Empty nest • Retirement To help you keep up with changing time, we offer free policy reviews. Let’s reevaluate your existing life insurance policies and find out if you have the right types and amounts of coverage to meet your family’s needs as they are today. You have no obligation to alter your present policies or to buy any new ones. Contact us today to schedule your free, no-obligation policy review. 73% of people ages 18-36 think life insurance is too expensive, but overestimate its cost by more than 3x. Find out about options to fit your needs with FLQ life options.
https://promotions.lpage.co/campaigns/1221672 The average worker spends almost 27 minutes commuting each way. That’s about an hour a day—or five hours a week or almost 10 days a year—spent sitting in the car or on public transportation. If you’ve ever been one of those commuters, you’ve probably found yourself wondering at least once, “Can’t I just do this from home?” The answer is yes, you probably can. In the last five years, remote work has grown 44%—and it’s pretty easy to see why. In addition to giving team members almost eleven days of their lives back, it can also boost morale, increase productivity, and reduce stress in employees. Keep reading to learn more about:
Here are four of the top benefits of remote work for your average employee. 1. Remote workers have more flexibility. In a traditional work setting, you’re typically out of your home from the early morning until late evening. Depending on your commute, you could spend around 12 hours in total at work, on your way to work, or on your way home:  In cities like New York, Los Angeles, and Chicago you could save almost 300 hours annually by working from home. This means you end up with very little “free” time—and we’re not just talking about hobbies or fun activities. It’s also less time to do chores, spend with your family, and just relax. Working remotely gives workers more freedom and flexibility in how they spend their time. Rather than taking a 10-minute break to grab a cup of coffee from the Starbucks down the street, workers can use that same 10-minute break to throw in a load of laundry or empty the dishwasher. Remote work can also encourage teammates to better prioritize their schedules. Because they’re not trapped at a desk for eight hours straight, they can work more efficiently to make the most of their time. 2. Remote workers have more autonomy. In an office, you’re stuck working in whatever conditions are set up for you. That might mean cubicles, or an open floor space, or even no assigned desks at all. But what if you want your own desk? These things might seem small, but they can be frustrating if they accumulate over time. If you can’t focus because the coworker sitting next to you is chewing their lunch too loudly or you’re freezing because of a way-too-low air conditioning setting, you’re out of luck. These uncomfortable work situations can kill productivity—and in some cases even push the employee to look for work somewhere else. Remote work gives employees the power to set up their home office just the way they like. They get to control everything from the temperature to what they wear, allowing them to create an environment that makes them most productive. They’re not confined to their home either—they can head out to a coffee shop, a coworking space, or even a park to get away if they need a temporary change in atmosphere or some fresh air. 3. Remote workers have better health. While sitting in an office all day might not necessarily be bad for your health, you’re probably spending over eight hours a day sitting and sharing spaces with other coworkers who might be sick. Not only that, the UK’s Office of National Statistics found that people who commute over half an hour to work each way (hello, rush hour) report higher stress and anxiety levels compared to people with shorter or no commutes. This even extends to eating habits. Coso Cloud found that 42% of remote workers in its survey ate healthier working from home than they did in an office-based environment. Which makes sense—when you’re working from home, you can choose to cook your own healthy lunch or heat up leftovers and stock up on healthier snacks throughout the day. And of course, remote working gives you more opportunities for exercise. With the time you get back from not commuting, you could go for a workout—or even squeeze a quick one in during a break or during lunch. 4. Remote workers save money. Working costs money. From commuting expenses like train tickets or gas to business-casual office attire and eating out for lunch, we spend a lot of money on work-related stuff. While these things might be factored in during a salary negotiation, wouldn’t it be nicer if you didn’t need to spend your hard-earned cash on a pair of pants you’ll never wear outside of the conference room? Remote work means these expenses disappear (or at least makes them much, much lower). You no longer need to pay for that monthly train pass, and you don’t need to pick out a different outfit for every day of the week—meaning you can put that money towards something you really care about:  In some cities, working from home can save you upwards of $500 in commute costs.
That free time also means you have more time to put into side projects, second jobs, or even continuing education. Although it’s not really “saving” you any money now, it could set you on a path to increasing your income in the future. No wonder so many people are worried about paying for long-term care! Just look at the facts:
•70 percent of people turning age 65 will likely need some type of long-term care during their lives, according to the Administration on Aging •Unfortunately, an American reaching age 65 today can expect to incur nearly $140,000 in future long-term care expenses, according to the Centers for Disease Control (CDC). •Yet, Medicare doesn’t pay for services extending beyond 100 days in skilled nursing facilities. •In fact, most people who need long-term care reside in private homes and receive their informal care from loved ones, according to the Congressional Budget Office. •And by the time the youngest baby boomers turn 86, in 2050, the number of available family caregivers is expected to be nearly 60 percent lower than in 2013, according to the AARP Public Policy Institute. In light of these types of concerns, some people consider purchasing a traditional, stand-alone long-term care (LTC) insurance policy, designed to pay benefits when qualified expenses occur. Examples of situations in which benefit payment can be triggered include medical certification of a severe cognitive impairment or an inability to perform two of the six activities of daily living (eating, toileting, transferring, bathing, dressing, continence). However, the condition must be expected to impact the insured for a minimum of 90 days. Furthermore, far fewer LTC policies are available now than in years past, as many carriers have exited the market. Some people find the cost of the available LTC policies cost-prohibitive and seek more flexible, affordable solutions. Consider Combination Products Among the alternatives to traditional, stand-alone LTC products are combination products. These solutions include life insurance policies with built-in or available living benefit riders for long-term care specifically or for chronic illness (which often leads to the need for long-term care). These two types of riders are designed to allow the policy holder access to an accelerated portion of the life insurance policy’s death benefit (with a corresponding decrease in the death benefit), when the terms of the rider have been met. In other words, these products are structured as multi-purpose solutions and may represent the best value for some people. Learn about some of the differences between LTC riders and chronic illness (CI) riders on life insurance products – and why CI riders, in particular, may be the perfect choice to provide access to cash while living. For more information, CLICK HERE. Life insurance can help provide funds to meet your family’s immediate and ongoing needs in the event of either spouse’s premature death. But how much life insurance do you actually need? Use this handy worksheet to help determine how much life insurance you and your spouse need to help protect your family’s standard of living. Please email me at himmelreichb@familylifequote.com or call/text (904) 290-8730 if you for more information or if you would like a personalized proposal for you and your family.  |
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