A Cigna survey found that 52% of workers without disability insurance took more than two years to recover financially after a disabling injury or illness. The survey also found that 52% of people without disability insurance felt unprepared financially for their illness or injury, 40% worried about paying a mortgage…
Financial planning is as much about emotions as logic for most clients, and financial advisors should use behavioral finance to best help them, writes David Geller, CEO of JOYN. Among the actions he recommends are concentrating on what clients can control, making planning a team effort and using questions to…
A Fidelity survey shows individuals know even less about annuities than they do about bank certificates of deposit. Among those responding, 60% didn’t know the current rate of return on CDs, while 76% didn’t know the current rate of return on deferred fixed annuities. ThinkAdvisor
Myths concerning disability insurance keep many people from purchasing it, says Leston Welsh of Prudential Group Insurance. Among these myths: People think they have little chance of becoming disabled; disability insurance is costly; and workers’ compensation and Social Security cover people if they become disabled. InsuranceNewsNet Magazine online
Annuities are the only financial products designed to generate lifetime income, and fixed indexed annuities have been garnering more attention, writes Ray Kathawa of M&O Marketing. He poses five questions for advisors to ask to help determine whether a specific FIA makes sense for a client. ThinkAdvisor
Financial advisors must integrate technology to survive, says Michael Kitces, who outlined five trends advisors should be aware of at a recent conference. In addition to technology reshaping the industry, he noted the importance of advisors finding a way to differentiate themselves. ThinkAdvisor
Olivia Mitchell, a Wharton professor of business economics and public policy, analyzed the financial consequences for two people aged 66, one with the option of buying deferred longevity income annuities and one without. “The bottom line is that people with the access to the deferred annuities are substantially better off,…
Working longer to boost retirement savings can be a good idea, but health conditions often force people to leave their jobs. Most Americans who are at least 65 years old have multiple chronic conditions, according to the CDC. CNBC
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