LifeDamian Gadal/Shutterstock

 

According to data from S&P Global, the life insurance industry lost a total of $50 billion in the first quarter of 2020. 
A big share of life insurance companies’ revenue comes from annuities, or insurance contracts which provide retirement income after purchase.
Since this money is invested, it’s especially vulnerable to market fluctuations. 
The least affected product from these losses will be term life insurance, a product that’s more insulated from the market.
Prices could increase marginally, but term life insurance will still be the most affordable way to cover your family. 
Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »

According to new data from S&P Global, the US life insurance industry saw big drops recently — in the first quarter of 2020 alone, the industry lost more than $50 billion. 

But the industry losses shouldn’t affect every type life insurance equally, says Steven Weisbart, a senior economist with the Insurance Information Institute. Because each product is so different, life insurance options like annuities and universal life plans will be more affected than options like term life insurance. See the rest of the story at Business Insider

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McDonalds coronavirus employee maskLiam McBurney/PA Images via Getty Images

Workers who are most at risk of severe cases of COVID-19 are likely to be the first who returned to on-site jobs, The New York Times reported.
Many receive health insurance through their employer and can not afford to lose it if they do not return to work, despite the health risks.
Despite the impact of the coronavirus, an AP poll found that views on healthcare have remained the same since prior to the outbreak. 
Many still prefer a private health insurance system over public government-funded ones. 
Visit Business Insider’s homepage for more stories.

Employees who are most at risk for the coronavirus, will likely be some of the first to return to work so they can hold on necessary health insurance, The New York Times reported.

Last month, Patti Hanks, who is 62 and had recently gone through chemotherapy returned to work at a furniture story so she could hold on to her insurance. See the rest of the story at Business Insider

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early retirement withdrawal covidAnchiy/E+/Getty

 

About half of Americans have taken or plan to take an early withdrawal from a retirement account during the pandemic, according to one survey.
Even if your retirement account is your best option for quick cash right now, tread lightly, says a financial planner.
If you don’t make a plan to replenish your account, it could be damaging to your retirement.
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If you had to pull cash from a retirement account lately, you’re not alone. 

The coronavirus pandemic has caused more than 40 million Americans to file for unemployment insurance so far. Small businesses have shuttered and pay cuts have become commonplace. These are dire financial straits.See the rest of the story at Business Insider

NOW WATCH: Tax Day is now July 15 — this is what it’s like to do your own taxes for the very first time

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Zurich Insurance Group on Thursday said property and casualty claims related to the coronavirus pandemic could total around $750 million this year, after booking $280 million such claims in the first quarter.

Original Source: cnbc.com

When you launch your own business, you’ll quickly learn how important it is to protect yourself, your assets, and your future. Not just from the standpoint of your business and customers, but also how your personal life, finances and family might be affected by your decisions down the road. For example, you might need to …
Continue reading “What Entrepreneurs Should Consider When Buying Life Insurance”
The post What Entrepreneurs Should Consider When Buying Life Insurance appeared first on Zac Johnson.

Original Source: affpo.st

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