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Why It’s Getting Harder for Older People to Get Life Insurance

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life insurance for older people

The coronavirus pandemic has made waves in pretty much every industry. Life insurance, being an industry that thrives on interest built on their cash reserves, is no exception. Not only that, but there are obvious health risks that make it harder to get life insurance right now. For older people, life insurance being hard to get is nothing new, but it is somehow getting even more difficult. There are many different factors that go into life insurance eligibility; to make sure you are properly educated to prepare for your future, let’s discuss life insurance for older people. Namely, why is it becoming even harder to get?

Health Risks

With the presence of a global pandemic, risk for life insurance companies has shot up across the board. Compound this with COVID’s tendency to be extremely aggressive for older folks, and you have a big problem for the elderly. This makes it far more likely, as long as the pandemic persists, that life insurers will be paying out to the families of older policyholders. Just like any other form of insurance, an increase in risk typically comes with an increase in price. As a result, it is more difficult to afford. Insurance companies also tend to be stricter when it comes to eligibility, and life insurers are notoriously thorough.

Interest Rates

With the current state of interest rates, and the federal reserve constantly shrinking them, income for life insurers is dwindling. One of the major income sources for these companies is the interest they are able to make on the money they hold. When you shrink a major income source, risk inherently grows. Their ability to recover from losses, as well as their ability to absorb them in the first pl;ace, are put in jeopardy. This means that they will have to become stricter in order to stay afloat. Raised prices aren’t a surprise either, as they need to compensate for lost income in order to cover their current liabilities. Insurance companies are intricate beasts, and money can be lost at every turn. So, it makes sense that they are having to compensate heavily, at least for the time being.

Uncertainty

The biggest issue for insurance companies is not knowing what to expect. While risk is inherent, they are constantly looking for ways to minimize it. So, the issues aren’t just the massive global pandemic, and the extremely low interest rates; the issue lies in the fact that we don’t know when either will end. These companies have to be aggressive out of the gate, because they don’t want to be left bankrupt because they were optimistic. These issues are temporary, but how temporary? There are executives paid big money to figure that out, and you bet your bottom dollar that they are going to overcompensate. After all, when the company goes away, so do those big bucks. Being one of the guys in charge when something like that happens doesn’t bode well for future jobs, either; this is especially true in this job market.

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Uber’s Face Mask Requirement Begins Today

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Uber's Face Mask Requirement

Starting Monday, May 18, Uber is requiring all Uber drivers, delivery personnel, and riders to wear face masks. In addition to Uber’s face mask requirement, the company has also announced it will be rolling out a new user interface to ensure riders can stay healthy and safe while using the service.

What is Uber’s Face Mask Requirement?


The new requirements for drivers and riders isn’t the only change. There are several things that will be different the next time you go to call for a ride or delivery.

“It’s important to us that you know what to expect when you take that ‘second first trip,'” Uber officials stated. “Over the last two months, our tech and safety teams have been hard at work building a new product experience that will help protect everyone, every time they use Uber.” Here are the major changes…

  1. You’ll need to stop and take a selfie before your ride request will be accepted. That’s right! You have to prove you’re wearing a face mask before your Uber driver will come to pick you up.
  2. Any driver not wearing a face mask is not permitted to pick up riders after May 18.
  3. Uber will ask you questions about your handwashing habits within the app.
  4. Riders will be asked to agree to sit in the back seat and open windows for ventilation.
  5. The suggested number of riders per car has been reduced to three from four.

Drivers have been mailed supplies, such as face masks, sanitizers, gloves, and other essential items directly to prepare for this change. Both riders and drivers are being encouraged to cancel trips if they feel their safety is at risk (i.e. a driver or rider refuses to follow protocol).

Uber says these changes will remain in effect through the end of June and possibly longer, depending on CDC recommendations.

In The COVID-19 Era, Plan Ahead

When it comes down to it, COVID-19 has provided an opportunity for many people to learn a valuable lesson in planning ahead. Most of us found ourselves ill-prepared for a global pandemic like this. That’s not surprising, considering the last time something like this happened. However, that means that each and every one of us can take notes from what we’ve experienced during this time so that we are financially and socially prepared.

Additionally, if you rely on services like Uber, it is important to have a plan in place for times like these. Not as many drivers are available and Uber may put even more drivers out of the game this week. Plan ahead and be sure you know what to do if you can’t lean on your normal day-to-day routine.

Readers, what do you think about Uber’s face mask requirement? 

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Working From Home Is Here to Stay (Even After COVID)

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working from home

There have been millions of people put out of work due to the COVID-19 pandemic. If you’re not laid off, you’re probably working from home. While many remote workers are just happy to be able to continue their jobs, many of them are still looking forward to eventually returning to the office. However, that may never happen.

The Future of the Workplace

The global coronavirus pandemic will undoubtedly have a profound impact on multiple facets of life, including the workplace. And business certainly hasn’t been as productive since all of this started. According to CNN, 71% of employers are struggling to adjust to remote workplaces. Sixty-five percent of employers said maintaining employee morale during this time has been a difficulty as well.

So, how will all of this change the future of the office?

Well, unsurprisingly, many more people will be working from home. Around 64% of Americans are already working from home in some capacity as it is, but you will begin to see more businesses allowing employees to work from home more often. Once leases are up, some companies may choose to eliminate their office spaces altogether.

Those looking to maintain a physical workspace will likely have to make huge changes to the traditional office to keep a physical distance between coworkers. Many offices will get rid of shared workspace and return to closed-off offices and cubicles.  As quickly as the coworking space was born, it may be stripped away.

Tips for Working From Home

A key component to being a productive remote worker is being able to adapt to changes as they come. In the current environment, it is safe to say most people are able to adapt to change on some level. But, many employees and employers are having a difficult time adapting to this change. Once you start working from home full-time, you should employ some of these tips to help your workload stay on track.

  • Set a schedule for yourself. Having a set schedule will help you maintain productivity. Get up at the same time, get dressed, have breakfast. This will motivate you throughout the week.
  • Make sure you check-in. A daily check-in with a coworker is always a good idea, especially if you’re missing the camaraderie of the office. Set up a quick Google Chat or Skype check-in to see how things are going.
  • Use virtual tools. There is an endless number of tools to help remote workers. Do some research and see what will integrate well with your devices. Google Suite can do wonders with helping you stay organized.
  • Designate a workspace at home. Don’t just crawl out of bed and mosey to the couch. Consider setting yourself up in an office at home. If you don’t have office space, be sure you set up a space that feels like a workspace before getting started.
  • Turn off the distractions. Namely, your smartphone. When you were in an office, you could be seen messing around on your phone (or otherwise). While you’re at home, do everything you can to eliminate these distractions by turning on do not disturb or other notification silencers.

And if you need a few more, check this out…

One thing is for certain. All of this will pass with time. The job market in the United States is no stranger to crisis. Roll with the punches and keep pushing forward.

Readers, how are you handling working from home?

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Should You Be Shopping for Nonessential Goods Right Now?

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nonessential goods

Most of the United States was shut down throughout the month of April. Despite this, many people hit online stores to shop for nonessential goods during the pandemic. Is now the best time to be buying these items?

Essential vs. Nonessential Goods

The COVID-19 pandemic has made many of us question what is (and is not) essential when it comes to purchasing things. Most of us aren’t leaving the house to buy a new treadmill right now. However, because so many people are stuck at home, online retailers are holding sales, and many folks are buying things they normally wouldn’t.

According to U.S. News & World Report, there was an increase in book and magazine purchases by 292%. Video games and baby/kids items also saw an increase of 140% and 150%, respectively. While these items aren’t necessarily essential, they are making it easier for people to pass the time indoors.

When it comes to deciphering the difference between essential and nonessential goods, it will differ from person to person. For instance, some individuals may not see buying a new computer monitor as a necessity, but if your computer stopped working and you need it to make a living, it is.

Should You Be Making Nonessential Purchases?

There are two concerns when it comes to shopping for nonessential goods right now. Obviously, there are some health concerns (everybody is concerned about their health right now). There is also an additional financial aspect to be considered as well.

Any time you’re making a nonessential purchase (even outside of pandemic times), you are more likely to stop and browse more nonessential items. This means you’ll spend more time in the store, exposing yourself to more surfaces and germs. Not to mention, it is fairly likely you’ll spend more money than you meant to.

Many people are also receiving stimulus checks and other government assistance that may be considered “extra” money right now. If you’re thinking about using your stimulus check on nonessential items, be sure you have your finances in order first. Ensure you have an adequate emergency fund and essentials before using it for anything else.

When it comes down to it, deciding whether or not you will go to buy nonessential goods will depend on how much you feel you need the item. It is important not to forget to protect your own financial future and security as well. Don’t allow your desire for an item hurt that! 

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8 Helpful Apps to Navigate the Coronavirus

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apps for navigating coronavirus

The coronavirus outbreak has altered the daily lives of the masses. Everything from our finances to our family time have turned into something right out of a sci-fi novel. Navigating this unique situation is challenging, especially for those under stay-at-home orders. Luckily, there are numerous apps that can make it easier. Here’s a look at eight helpful apps to navigate the coronavirus outbreak.

  1. Google News or Apple News

Depending on your smartphone platform, Google News or Apple News can each be a wise addition. They don’t cost a dime and ensure you can follow the latest stories. Additionally, you can view news by categories, giving you the ability to focus on specific kinds of information.

Using these services also enables you to track news from numerous sources. You aren’t limited to a single news outlet or online publisher. At times, this can give users a more holistic view of a given situation, as they can review several perspectives from a single app.

  1. Pocketcasts

If you love podcasts, Pocketcasts makes it easy to keep up with your favorites. All of your audio will be in one place, which is incredibly convenient.

Plus, searching for new-to-you podcasts is also a breeze. You can find newscasts from a variety of major publications, including The New York Times, CNBC, and more. It can be a great way to track new information during times when reading isn’t convenient.

  1. Smiling Mind App To Help Navigate The Coronavirus

For many, the coronavirus pandemic has caused their stress levels to skyrocket. The outbreak fundamentally altered daily life and led to widespread unemployment. All of that increases anxiety.

Smiling Mind is a free app that focuses on mindfulness and stress reduction. It has options that can help adults and children navigate daily stresses with greater ease, including meditations.

  1. Marco Polo

Staying connected with loved ones can be challenging during times like these. With Marco Polo, it can be much easier, especially for those who can’t stop to chat at a moment’s notice. The app allows users to record and send video messages. It’s essentially video-chatting, but not in real-time.

The benefit is that people can see the person and then respond with a video message at their leisure. Additionally, messages can be saved, so you can always go back and rewatch your favorites.

  1. CDC

Yes, the Centers for Disease Control and Prevention (CDC) has its own app. If you want information that can make keeping your family healthy easier, it’s a great option. The content is all scientific, and automatic updates ensure you have access to critical public health information as soon as possible.

  1. Zoom

This quintessential video conferencing software for business is also great for personal use. Setting up private calls is a breeze, and downloading it is completely free. Plus, the group video meetings can support up to 100 participants at once. That’s a ton of capacity.

  1. COVID Symptom Tracker

If you want to help track the spread of the coronavirus, get tips on how to slow it down, or get local area estimates, COVID Symptom Tracker can help you do just that. Plus, you can provide details that can help the healthcare system track the pandemic and prepare, ensuring areas can request the right equipment when it’s needed.

User data gives scientists a leg up in the fight against the coronavirus. Additionally, the information you provide could ensure that others who may be at risk are identified sooner, supporting earlier intervention.

  1. Doctor on Demand

Virtual doctor visits help keep communities safer, reducing the risk to patients, physicians, and others in the local area. Doctor on Demand makes virtual appointments simple. You can get urgent care assistance, emotional support, and care for chronic conditions. Even preventative health concerns can be addressed, all from the comfort of your home.

Doctor on Demand takes a wide variety of insurance. Additionally, those without insurance only pay a $75 flat fee for medical (not including psychiatric) visits.

 

Can you think of any other apps to navigate the coronavirus outbreak? If so, tell us about them in the comments below.

 

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Obesity, Stress, and Race All Play a Factor in COVID-19 Cases

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COVID-19

As the coronavirus spreads across the globe, it is becoming more clear as to who is more at risk. Individuals who are obese or have chronic illnesses are more likely to get sick. Because these two conditions typically impact people of color in the United States, COVID-19 cases are more prevalent among African American citizens.

So, who is COVID-19 affecting the most and what will the financial impact be?

What Demographic Has the Most Cases?

Among individuals who got sick enough to be hospitalized due to COVID-19, 89% of them have some type of chronic illness. Of those, about half were obese or had diabetes. Around one third had cardiovascular disease.

Experts say that obesity is likely a marker for a number of other health issues. It can also lead to a compromised immune system. Not to mention, previous research has pointed to evidence that obese people may also be less protected by the flu vaccine than their healthier counterparts. “What we see with obesity is that these [immune] cells don’t function as well,” said Melinda Beck.

Beck, a health researcher at the University of North Carolina, Chapel Hill, stated, “The [immune cells] are not using the right kinds of fuels.” Because of this, being obese seems to “impair that critical immune response [needed] to deal with either the virus infection or [the ability] to make a robust response to a vaccine,” she said.

With coronavirus claiming a higher death rate among obese individuals and people with heart conditions, it has impacted the African American community heavily as well. Among the 26 states currently reporting racial data on COVID-19 cases, 34% of deaths have been African American citizens.

The Economic Impact

There are several factors making African Americans more susceptible to the virus. However, this demographic also typically suffers disproportionately to the rest of the United States population in terms of the economy as well.

“Chronic stress can make one more vulnerable to infection because it can lower your body’s ability to fight off an infection,” said Renã Robinson, professor of chemistry at Vanderbilt University. Anyone experiencing racial discrimination or financial trouble may suffer from chronic stress.

Due to this fact, low-income communities and African American communities could be at a higher risk of COVID-19 cases spreading through their area. “Every major crisis or catastrophe hits the most vulnerable communities the hardest,” said Marc Morial, president, and CEO of the National Urban League.

It isn’t yet clear what the long-term economic impact on the U.S. will be. For low-income neighborhoods and communities, it will undoubtedly change lives forever.

Readers, what do you think about the demographic information regarding COVID-19 cases?

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