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Vast Majority of Americans Say Protecting Their Loved Ones Financially is Important Right Now, But Less Than Half Have Life Insurance

October 14, 2020

Global Atlantic Study Highlights Shifting Financial Priorities and the Need for Planning Amid Pandemic

New research from Global Atlantic Financial Group found that more than eight out of ten Americans (83%) say making sure their loved ones are financially protected is important to them right now, yet two in five (43%) have no life insurance and only one third (33%) believe they have enough life insurance or other assets to protect their family in the event of their own death.

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The “Perceptions of Life Insurance During a Pandemic” study was conducted in August by Artemis Strategy Group on behalf of Global Atlantic, among 1,065 American adults to examine their views on life insurance, estate planning and shifting financial priorities.

Aside from contracting Covid-19 personally or having a family member or close friend contract the virus, the

Americans are ‘panic buying’ life insurance due to coronavirus pandemic

October 14, 2020

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Many firms have noted double-digit increases in the number of life insurance policies they’ve sold during the Covid-19 pandemic relative to last year.
The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality, experts said.
Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.

Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.

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Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.

That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.

More from Smart Tax Planning:

12 million people asked the IRS

Americans need to separate health insurance from our jobs

October 12, 2020

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If we want to radically improve insurance and health care in our country to ensure that every American receives the care they need, we have to be bold. And that begins with divorcing insurance from where we work.

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Not only would that improve the choices of consumers, but it would also help lower costs and provide more options for people who aren’t covered in the current system. That would empower individuals to choose their health plans according to their needs.

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As of March 2019, the U.S. Census estimates that 91% of the population had health insurance. Nearly one third receive coverage from government health insurance, whether Medicare, Medicaid or state employees. Left out are approximately 29.9 million Americans without health insurance — public, private or otherwise.

The number of uninsured is an important metric because it is the target group for

1 in 5 Americans could be out of money by Election Day

October 9, 2020

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Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

More than 20% of Americans have less than three weeks of financial runway before their account balances hit zero, according to a new report from Credit Karma.

Based on that timeline, about one in five people could be out of money by Election Day, according to the data compiled by the personal finance company

Credit Karma has been holding weekly surveys in order to get a better picture of Americans’ finances since the onset of the pandemic.

NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH ON SAVINGS

Earlier this summer, however, the financial picture was different due to government relief efforts, McCreary, chief people officer of Credit Karma, told FOX Business.

“At Credit Karma, we saw a number of indicators demonstrating the success of early economic relief programs,” McCreary said.

Despite unemployment

New Study Predicts Gloomy Economic Times Ahead For Americans

October 9, 2020

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Sad evicted tenant moving home boxing belongings — New Study Predicts Gloomy Economic Times Ahead For Americans

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With unemployment sky rocketing as a result of Covid-19, there has been a corresponding rise in evictions and mortgage defaults. A new study from Washington University in St. Louis’ Olin Business School of the loan-to-value ratios in the wake of the 2008 financial crash issues a cautionary warning about the troubles ahead.

The study finds that the higher the outstanding mortgage is relative to the value of the home, the worse the future income growth and job mobility of the individual will be.

The researchers assessed wage data and credit profiles from around 30 million Americans working in over 5,000 companies. The analysis revealed a negative association between the income of the worker and their home loan-to-value (LTV) ratio, with this especially so when the principle owed was higher than the value of the house.

For instance, when homes were

Another 840,000 Americans filed for unemployment benefits last week as layoffs remain elevated

October 8, 2020

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Yardeni Research President Edward Yardeni and Cornerstone Macro Co-Founder Nancy Lazar discuss the September jobs report.

The number of Americans applying for state unemployment benefits remained historically high last week, indicating the pace of layoffs is still elevated even as the economy slowly recovers from the coronavirus pandemic.

The latest jobless claims figures from the Labor Department, which cover the week ending Oct. 2, show that 840,000 workers sought aid last week, about four-times the pre-crisis level. More than 63 million Americans have sought jobless aid since the coronavirus lockdowns began in mid-March.

Economists surveyed by Refinitiv expected 820,000 new claims. Last week’s figure was revised upward by 12,000 to 849,000.

The number of people who are continuing to receive unemployment benefits fell to 10.97 million, a decline of more than 1 million from the previous week.

NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH

1 In 5 Americans Say They Will Have No Cash In 3 Weeks

October 8, 2020

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Are you one of the millions of Americans who may be out of cash in three weeks?

Here’s what you need to know—and what to do about it.

Survey

According to a survey from Credit Karma, one out of five Americans could run out of cash by next month. The economy, lack of economic stimulus and job losses have led many Americans to face significant economic hardship.

“People are going to be forced to make tough choices,” Credit Karma Chief People Officer Colleen McCreary told USA Today. “There are a lot of Americans who either haven’t been in this situation in a long time or have never had to face this reality. Many will have to sacrifice and prepare because it could get worse before it gets better.”

Why are some Americans out of cash?

There are a host of issues that have led some Americans to

Personal resilience plays big part in heart health for Black Americans

October 7, 2020

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Black people who have a strong sense of psychological well-being may have better heart health, a new study indicates.

It suggests that feelings of optimism and a sense of purpose and control — hallmarks of psychosocial resilience — are more important to heart health than where people live, researchers said.

Lead researcher Tené Lewis, an associate professor at Emory University’s Rollins School of Public Health in Atlanta, noted that differences in heart health between Black and White Americans have been documented for decades. But individual factors affecting Black Americans have not been well understood.

“Almost everything we know about Black Americans and their health focuses on deficits, yet we really need to begin to identify strengths,” she said. “Understanding which strengths matter most for Black Americans — and under which contexts — will allow us to develop the most appropriate and applicable public health interventions for this group.”

For the

For Black Americans, Personal Resilience Plays Big Part in Heart Health | Health News

October 7, 2020

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By Steven Reinberg, HealthDay Reporter

(HealthDay)

WEDNESDAY, Oct. 7, 2020 (HealthDay News) — Black people who have a strong sense of psychological well-being may have better heart health, a new study indicates.

It suggests that feelings of optimism and a sense of purpose and control — hallmarks of psychosocial resilience — are more important to heart health than where people live, researchers said.

Lead researcher Tené Lewis, an associate professor at Emory University’s Rollins School of Public Health in Atlanta, noted that differences in heart health between Black and white Americans have been documented for decades. But individual factors affecting Black Americans have not been well understood.

“Almost everything we know about Black Americans and their health focuses on deficits, yet we really need to begin to identify strengths,” she said. “Understanding which strengths matter most for Black Americans — and under which contexts — will allow us to develop

As job loss strips Americans of health insurance, people with diabetes turn to insulin-sharing underground

October 7, 2020

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D.j. Mattern had her Type 1 diabetes under control until COVID’s economic upheaval cost her husband his hotel maintenance job and their health coverage. The 42-year-old Denver woman suddenly faced insulin’s exorbitant list price — anywhere from $125 to $450 per vial — just as their household income shrank.

She scrounged extra insulin from friends, and her doctor gave her a few samples. But as she rationed her supplies, her blood sugar rose so high her glucose monitor couldn’t even register a number. In June, she was hospitalized.

“My blood was too acidic. My system was shutting down. My digestive tract was paralyzed,” Mattern said, after three weeks in the hospital. “I was almost near death.”

So she turned to a growing underground network of people with diabetes who share extra insulin when they have it, free of charge. It wasn’t supposed to be this way, many thought, after Colorado

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