Volume 2, Number 5
Life, Disability and Long-Term Care Insurance News
IN THIS ISSUE...

  • IT MIGHT BE TIME FOR A FINANCIAL WELLNESS CHECK-UP
  • INCIDENCE OF OBESITY AND DIABETES INCREASES
  • DO I REALLY NEED LIFE INSURANCE?
IT MIGHT BE TIME FOR A FINANCIAL WELLNESS CHECK-UP
This is an excerpt (and edited) from an article by David Kilby in the December 14 issue of Employee Benefit News .

We’ve all seen the infamous statistics — 56% of American workers struggle financially, 75% live paycheck to paycheck. A majority of Americans can’t come up with $1,000 for an emergency.

It is quite obvious that financial worries have a massive impact on happiness and stress levels; this lack of financial wellness in the U.S. has a devastating effect on worker productivity.

Employees who spend time during their day worried about bills and loans are less focused on getting their work done. In fact, a staggering 46% of employees spend, on average, two to three hours per week dealing with personal finance issues during work hours. 
There are three major benefits that every business should employ if they want a stress-free and productive workforce.

Savings, investment and retirement solutions.  Offering employees the ability to automatically allocate their paychecks into savings, investment and retirement accounts will help them more effectively meet their financial goals without worrying about moving money around. These types of programs should allow employees to make temporary or permanent changes at any time to reflect any immediate changes that may occur in their life.

Credit solutions and loan consolidation.  Having a reliable source of credit is extremely important, but access to it can also be dangerous for big spenders. Employers should guide workers towards making informed financial decisions and teach them how to use credit wisely. Employers need to be able to refer employees to affordable and trusted sources for things like credit cards, short-term loan options and mortgages, so employees don’t have to spend time doing the research for themselves (or worse, potentially becoming victims of fraud). Companies should also offer resources that teach employees how to organize their finances to pay their debt off on time without accumulating unnecessary interest or fees.

Insurance (not just health).  While many large companies offer the traditional health, dental, vision, disability and life insurance, employers should also be offering resources that give easy access to vehicle, home, renters, boat, pet and other common insurance products. Some insurance carriers even offer volume discounts, so if a large percentage of employees in an organization utilize pet insurance, everyone can save some money.

While it is important for employers to offer these benefits, it is also important to follow up with employees and make sure they are utilizing all of the benefits they have access to. Sometimes people can have too much pride or can be afraid to ask for financial help. The use of these programs should be talked about, encouraged and even rewarded.
INCIDENCE OF OBESITY AND DIABETES INCREASES
Anne Sych reported in a November 15, 2018 article in BizWomen that the incidence of obesity and diabetes has increased in every state over the past 10 years.

The  Gallup-Sharecare Well-Being Index  shows that no U.S. states experienced lower diabetes and obesity prevalence rates from 2008-2009 to 2016-2017. 
The rate of adults with diabetes rose from 10.8 percent to 11.5 percent over that time period, an increase that means about 1.7 million more Americans have diabetes today than would have been the case had the rate not changed.

The rate of obesity rose in 34 states over the same time period, reaching 28.3 percent nationally. 

More than 100 million U.S. adults have diabetes or pre-diabetes, according to a July 2017 report by the  Centers for Disease Control and Prevention (CDC). More than a third of U.S. adults have pre-diabetes, and the majority doesn’t know it, per the CDC, and diabetes was the seventh leading cause of death in the United States in 2015. 

Read the entire article here .
DO I REALLY NEED LIFE INSURANCE?
Let’s face it. Most people put off buying life insurance for any number of reasons—if they even understand it. Take a look at this list—do any of them sound like you?

1. It’s too expensive . In the ever-burgeoning budget of a young family, things like day care and car payments and possibly student loans eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. But two things: life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café, and well, if money’s tight now, what if something happens to you? Here’s more information about the true cost of life insurance .

2. That’s the stuff for babies and old people, right? People of a certain age remember Ed McMahon telling them their grandparents couldn’t be turned down for any reason and figure that’s the target demographic for life insurance. Or, you might have been offered a small permanent insurance policy for your newborn, attractively presented with a cherubic infant on the envelope. The truth of the matter is that these are very specific insurance products—just as there are many insurance products for adults in their working years.

3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor indestructible. It’s not even that something could happen to you—though it could—so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.

4. I have life insurance through my job . Many people are offered life insurance as part of their employee benefit coverage –and often, it’s the first time they encounter life insurance and have no idea that a $50,000 policy, or coverage at one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money (and it is!), until you figure that it has to cover some or all the expenses for your loved ones in your absence. Plus, if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.

5. I don’t have kids . Sure, kids are a big reason why some people get life insurance. But that’s not the only litmus for needing protection. If there is anyone in your life who would suffer financially from your loss—your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still OK even if something happens to you.

6. Life insurance—it’s on my list … eventually . There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”

If any of this sounds daunting, just know that it doesn’t have to be. You can start by doing a quick calculation on your own to see if you need it with this Life Insurance Needs Calculator . And just know that you can also talk things through with us .We’ll help you figure out how much you may need, and also find a policy that fits into your budget. Please give us a call at 561-734-3884 or 877-734-3884 .
About Paul Cholak
Paul has over forty years of benefits experience and has been Director of Employee Benefits for large companies, as well as a benefits consultant with major consulting firms. He understands the life, disability and long term care insurance needs of individuals and families of all ages.

We guide you through the steps of getting life, disability, long term care, and health insurance, and remain available to help you AFTER you've made your purchase decision.
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