Life insurance is a tricky but necessary topic to discuss among millennials as they move forward in life. Pernon Dunston is the CEO of Golden Life Group LLC, and he comes into the Bold TV studio to discuss with GenBiz and the C-Suite Network the advantages of putting money away now to save for later. He explains the advantages of saving money so that the end of your life can be as easy as possible. Gold Life Group structures its whole life policies so that you do not need to wait a certain amount of time to get that money back. It is essentially a non-taxed savings account for those who are trying to keep themselves comfortable moving forward. Unlike other plans though, you control when you take out your money. You can take the money out with a loan and the interest paid back on the loan is paid to yourself as part of the death benefit. Dunston explains to GenBiz and the C-Suite Network how this allows for your loved ones to be taken care of after you’re gone.

Life Insurance For Gen-Z and Millennials

Considering life insurance as part of a retirement savings plan to shelter taxes and minimize risk can be particularly important for Millennials and Gen Z for several reasons:

1. Tax Benefits: Certain types of life insurance policies, like whole life or universal life, can offer tax advantages. The cash value accumulation within these policies grows tax-deferred. Moreover, if structured correctly, policyholders can access this cash value through loans or withdrawals without incurring taxes, which can be beneficial in retirement.
2. Long-Term Growth Potential: For younger generations like Millennials and Gen Z, the long-term nature of life insurance can be advantageous. These policies often take years to build significant cash value, making them more suitable for individuals with a longer time horizon.
3. Diversification of Retirement Portfolio: Life insurance can be a way to diversify retirement savings. Unlike traditional retirement accounts, which are often subject to market fluctuations, life insurance policies can offer more stable growth and guaranteed death benefits, thereby adding a layer of financial security.
4. Estate Planning and Wealth Transfer: Life insurance can be an effective tool for estate planning and wealth transfer, ensuring that beneficiaries receive a tax-free death benefit. This is particularly important for individuals who want to leave a financial legacy.
5. Risk Management: Life insurance provides financial protection against the unexpected. For young people, who might not have substantial savings or assets, life insurance ensures that their dependents or future dependents are financially secure in the event of their untimely death.
6. Insurability While Young and Healthy: Obtaining life insurance at a younger age, when one is typically healthier, can be more cost-effective. Premiums for life insurance policies tend to be lower for younger, healthier individuals, and securing coverage early can protect against the risk of becoming uninsurable later due to health issues.
7. Supplementing Retirement Income: For those who max out their IRAs, 401(k)s, or other retirement accounts, a life insurance policy can serve as an additional vehicle for retirement savings, especially if they are looking for tax-advantaged growth.
8. Financial Discipline: The structured payment of premiums required for life insurance policies can instill financial discipline, which is beneficial for long-term savings goals like retirement.
9. Flexibility: Some life insurance policies offer flexibility in terms of premium payments and death benefits, which can be adjusted based on changing life circumstances, financial goals, and needs.
10. Protection Against Market Volatility: Since the cash value growth in certain life insurance policies is not directly tied to stock market performance, it can offer a buffer against market volatility, which is a significant consideration for long-term financial planning.

It’s important to note that life insurance should be one part of a comprehensive financial plan. Millennials and Gen Z should consider their entire financial situation, including their risk tolerance, investment goals, and overall financial needs when considering life insurance as a component of their retirement strategy. Consulting with a financial advisor to understand the different types of policies and how they fit into individual financial plans is recommended.

Health Insurance for Gig Workers

Here’s a chart listing the top 25 gig jobs. Gig workers in these roles can benefit from specialized insurance options like COVID Insurance and Accident Insurance, especially since traditional group insurance may not be available to them due to the nature of their work. For gig workers interested in such insurance solutions, you can explore options at AccidentSicknessPay.com, which provides tailored coverage for the unique needs of gig economy workers.

These diverse gig jobs range from creative and technical roles to service and consultancy positions, reflecting the broad spectrum of opportunities in the gig economy. If you’re a gig worker in any of these fields and looking for insurance options to cover you in case of sickness or accidents, AccidentSicknessPay.com offers a solution tailored to your needs.

COVID INSURANCE

COVID insurance is a type of insurance policy specifically designed to provide coverage for various contingencies related to the COVID-19 pandemic. The nature and extent of coverage can vary depending on the insurer and the specific policy, but here are some common features that COVID insurance might include:

1. Medical Expenses: Covers the costs of medical treatment if the policyholder contracts COVID-19. This can include hospitalization fees, doctor’s consultation charges, costs of medication, and other related medical expenses.
2. Hospital Cash Benefit: Some policies offer a daily cash benefit for each day the policyholder is hospitalized due to COVID-19. This is to help cover the loss of income or additional expenses incurred during hospitalization.
3. Quarantine Allowance: Provides a lump sum or daily allowance if the policyholder is legally required to quarantine due to COVID-19, even if they are not diagnosed with the virus.
4. Critical Illness Cover: Offers a lump sum payment if the insured is diagnosed with a severe case of COVID-19 or if the infection leads to critical health conditions covered under the policy.
5. Death Benefit: In the unfortunate event that the policyholder succumbs to COVID-19, the policy may provide a death benefit to the policyholder’s beneficiaries.
6. Travel Disruption Cover: Some COVID insurance policies might cover costs associated with travel disruption caused by the pandemic, such as canceled flights, extended hotel stays due to quarantine, or repatriation if stranded abroad.
7. Coverage for Pre-existing Conditions: Some policies may offer coverage for complications arising from COVID-19 even if the policyholder has pre-existing conditions, although this can vary greatly between policies.
8. Vaccination Side-Effects: A few policies might cover adverse effects or complications arising from COVID-19 vaccinations.

It is important for individuals considering COVID insurance to carefully review the terms, conditions, and exclusions of the policy. This type of insurance emerged in response to the unique challenges posed by the pandemic, and as the situation with COVID-19 continues to evolve, so do the offerings and specifics of related insurance products.

It’s advisable to consult with insurance professionals or conduct thorough research to understand what is covered under a COVID insurance policy and to ensure it aligns with the individual’s needs and circumstances.

SICKNESS PAY INSURANCE FOR COVID

“What about the income you lose when sick” Gig Workers typically do not have this type of insurance, but it is now available with a ACCIDENT SICKNESS PLAN from AccidentSicknessPay.com