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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:

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Life insurance sales increase due to coronavirus pandemic

October 14, 2020

shapecharge | E+ | Getty Images

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

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:
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For example, what if the breadwinner of a family dies unexpectedly from Covid-19? Insurance is meant to plug that immediate gap in household income.

“It’s forced the idea of financial protection and mortality to the top of mind for consumers in a way very few

Big money managers flee cash despite coronavirus, election worries

October 13, 2020

| money

BMO Capital Markets chief investment strategist Brian Belski argues traders shouldn’t let near-term issues affect long-term investing.

Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank of America.

Cash holdings fell to 4.4% in October, down from 4.8% in September, and have now dropped 1.5 percentage points since April, the fastest decline since 2003. A reading below 4% is considered investor greed.

Respondents “said the recession is over, reduce cash, pause cyclical rotation, and price in contested election & February vaccine,” wrote Michael Hartnett, chief equity strategist at Bank of America. “We say sell SPX > 3600 and cyclical rotation via banks/energy to resume in Q4.”

Ticker	Security	Last	Change	Change %
SPX	n.a.	n.a.	n.a.	n.a.

TRUMP’S STOCK GAINS HIT

Coronavirus support measures for insurance customers extended until December 31

October 13, 2020

Insurers have confirmed that pledges to support people working from home due to coronavirus and motorists whose habits have also changed because of the pandemic will last until at least the end of this year.

The Association of British Insurers (ABI) said the extra support already in place, which was due to expire at the end of October, has been extended until December 31 2020.

The ABI said this could be of significant help to many of the UK’s 17 million home insurance policyholders and 27 million motor insurance customers.

Under the temporary support measures, if someone is an office-based worker who is working from home because of the pandemic, their home insurance will not be affected. They do not need to contact their insurer to update their documents or extend their cover.

And if someone has to drive to and from their workplace because

McDonald’s, Chipotle and Domino’s Are Feasting During Coronavirus While Your Neighborhood Restaurant Fasts

October 10, 2020

The coronavirus pandemic is splitting the restaurant industry in two. Big, well capitalized chains like

Chipotle Mexican Grill Inc.

and

Domino’s Pizza Inc.

are gaining customers and adding stores while tens of thousands of local eateries go bust.

Larger operators generally have the advantages of more capital, more leverage on lease terms, more physical space, more geographic flexibility and prior expertise with drive-throughs, carryout and delivery. A similarly uneven recovery is unfolding across the business world as big firms have tended to fare far better during the pandemic than small rivals, thinning the ranks of entrepreneurs who could eventually become major U.S. employers. In the retail world, bigger chains like

Walmart Inc.

and

Target Corp.

are posting strong sales while many small shops struggle to stay open.

The divide between large and small restaurants surfaced in the summer. Chipotle more than tripled its online business sales in the second quarter

On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package

October 9, 2020

| money

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

a man and a woman wearing a suit and tie: On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package | Vegas ties helped Trump score $21M windfall in 2016

© Greg Nash
On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package | Vegas ties helped Trump score $21M windfall in 2016

See something I missed? Let me know at [email protected] or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

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Write us with tips, suggestions and news: [email protected], [email protected] and [email protected]. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL-Trump fuels and frustrates COVID-19 relief talks: Washington is waiting for President Trump to make up his mind on coronavirus relief.

In one week, the president has shifted from chief cheerleader for a massive deal to principal pessimist

Fort Worth Stock Show and Rodeo canceled in 2021 due to coronavirus pandemic

October 9, 2020

Event organizers announced Friday the cancellation of the 2021 Fort Worth Stock Show and Rodeo — an annual event that brings over one million visitors to Fort Worth.

The stock show’s president and general manager, Brad Barnes, called the decision “heartbreaking,” and said it “was not made lightly.” The stock show and rodeo has only been canceled once before, he said, at the height of WWII.

“Then, as now, the stock show was canceled to overcome an enemy common to all Americans,” Barnes said. “With more than 1.2 million stock show guests, exhibitors, visitors and competitors converging into the various buildings on the Will Rogers complex during our 23-day show, the chances to harbor and spread coronavirus well beyond the North Texas region, especially in the midst of flu season, is too great a risk to take for the public good.”

The festival was originally scheduled for Jan. 15 through

Dallas Fed president supports winding down stimulus when coronavirus crisis eases

October 9, 2020

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

Dallas Federal Reserve President Robert Kaplan said on Thursday he sees no need to expand the central bank’s asset purchases to bolster the economic recovery and instead signaled support for winding stimulus down when the coronavirus crisis eases.

“I’d be skeptical about the benefits of doing more,” Kaplan told Bloomberg Radio. Long-term interest rates are already low, and trying to push them down further by adding to the $120 billion in bonds the Fed is already purchasing each month would do little to help the real economy.

CORONAVIRUS WILL DICTATE U.S. ECONOMY’S PATH: FED’S WILLIAMS

Kaplan added “the bond-buying needs to curtail, the Fed balance sheet growth needs to curtail,” when the crisis starts to lapse.

“I don’t think it’s healthy for the markets to be addicted, or too reliant, on Fed presence … it engenders fragilities.”

McDonald’s global sales improve in third quarter versus second quarter after coronavirus disruption

October 9, 2020

By Hilary Russ

NEW YORK (Reuters) – McDonald’s Corp <MCD.N> global sales improved in the third quarter versus the second quarter, down just 2.2% year over year, as drive-thru orders surged and special promotions lifted sales to double-digit percentage increases in September, the company said on Thursday.

Comparable sales had plunged nearly 24% the previous quarter as dining rooms shut and U.S. customers stayed home during the early months of the coronavirus pandemic.

Amid the uncertainty earlier this year about the outbreak and its impact on operations, the Chicago-based burger chain held back on advertising spending but has now begun to deploy that stash of cash in national campaigns.

In mid-September, it launched a limited-time promotional deal with rapper Travis Scott and quickly began to run out of ingredients to assemble its signature Quarter Pounder sandwich, which was featured in the meal.

It also added Spicy Chicken McNuggets and ran

Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn’t visited White House in two months due to coronavirus

October 8, 2020