Panic Shopping For Life Insurance

The panic shopping for coronavirus planning doesn’t end with food, water and toilet paper. Some consumers are also panic shopping for life insurance. In the face of widespread fears about infections and quarantines, many Americans are getting their financial houses in order. Fabric, which offers instant online life insurance, saw a 50% increase in life insurance applications since mid-February. LifeQuotes, an online life insurance agency, reports a 29% increase in applications requested since Jan. 20, 2020 – a date commonly used as the day the coronavirus became widely known. Any traditional life insurance policy, such as term life insurance, will be a suitable financial safety net, and consumers now have options for speedy applications. No-exam life insurance policies skip the medical exam and shorten the underwriting time.

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Annuity Rankings: A New #1 in 2019

According to the newest annuity sales rankings, Jackson was the top seller of total annuities in 2019. Jackson retakes the lead position after losing it to AIG in 2018. In 2019, Jackson aimed its focus on its fixed annuity market share, propelling its overall growth in 2019, and its fixed indexed annuity sales jumped a staggering 1,293% in 2019, and its fixed-rate deferred annuity sales climbed 169%. Total annuity sales across the nation were $241.7 billion in 2019, an increase of 3% over 2018 results, representing the highest annual annuity sales recorded since 2008. The top 3 manufacturers represented 22% of the market share in 2019, down from 25% market share in 2014.

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Market May Bode Well for Fixed Annuities

Last year saw record sales for annuity products as a whole, at $241.7 billion, with Fixed Indexed Annuities selling well in the first part of the year. And an industry lobbying group predicts the annuity market may expand in short order: low interest rates that hindered sales of fixed annuities will rise, and demand for guaranteed-income products will continue to grow as the vast number of Baby Boomers head into retirement, according to the Insured Retirement Institute. About 10,000 Boomers turn 65 every day, a pace that will continue until about 2033. The passage of the SECURE Act also bodes well for sales long term, IRI noted, citing the legislation’s fiduciary protections for plan sponsors. Favorable conditions for those products would give FIA sales a big boost, as would increased sales through broker-dealers, according to Cerulli Associates, who says FIA sales will soon outpace variable annuities.

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You Can Be Young and ‘Old School,’ Too

Old School” works better than any other manner of professional commerce. Old School is getting to work early, setting yourself up for success and hitting the ground running. Old School is doing more than’s expected and going the extra mile; it’s keeping your word, contract or no contract. Old School is saying thank you and sending a handwritten note or a thank-you card. Old School is a telephone call or a face-to-face conversation. Old School is a sense of pride in a job well done. Old School is making a contribution to something greater than yourself. You can do this, regardless of your age.

 

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More Americans Are Working Longer

The share of retirement-age Americans participating in the workforce crossed the 20% mark for the first time in 2019 – that’s double the rate of “retirees” employed in 1985 – thanks to longer life expectancies and better health care. That means more than 10.6 million Americans 65 and older were working or looking for employment last year, according to the Bureau of Labor Statistics.

 

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The 2020s and Baby Boomers’ Future

Within 10 years, all of the nation’s 74 million Baby Boomers will be 65 or older. The most senior among them will be on the cusp of 85. Even sooner, by 2025, the number of seniors (65 million) is expected to surpass that of children age 13 and under (58 million) for the first time, according to Census Bureau projections. What lies ahead in the 2020s, as society copes with this unprecedented demographic shift? A crisis of care. Never have so many people lived so long, entering the furthest reaches of old age and becoming at risk of illness, frailty, disability, cognitive decline and the need for personal assistance. Living better, longer. Could extending “healthspan” – the time during which older adults are healthy and able to function independently – ease some of these pressures? Working longer. How will economically vulnerable seniors survive? Many will see no choice but to try to work past age 65, not necessarily because they prefer to, but because they need to.

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