Browsed by
Tag: due

Americans are ‘panic buying’ life insurance due to coronavirus pandemic

Americans are ‘panic buying’ life insurance due to coronavirus pandemic

  • Many firms have noted double-digit increases in the number of life insurance policies they’ve sold during the Covid-19 pandemic relative to last year. 
  • The increase is largely due to a fear of death and greater awareness of financial risks associated with mortality, experts said.
  • Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.





© Provided by CNBC


Life insurance is enjoying something of a renaissance as a result of the coronavirus pandemic.

Consumers, especially younger adults, have been buying insurance in elevated numbers since the spring, when thousands of Americans began getting ill and dying from Covid-19.

That result is logical, experts said, given the core use of life insurance: as a financial backstop in the event of death.

More from Smart Tax Planning:

12 million people asked the IRS for more time to fileGot a subsidy to buy health insurance? It could bite you at tax time

Closing a business? Avoid these tax surprises

For example, what if the breadwinner of a family dies unexpectedly from Covid-19? Insurance is meant to plug that immediate gap in household income.

“It’s forced the idea of financial protection and mortality to the top of mind for consumers in a way very few events have,” said Jennifer Fitzgerald, the CEO and co-founder of Policygenius, an online marketplace for life insurance.

‘Panic buying’

Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier.

But Google Search traffic for “life insurance” jumped 50% between March and May this year compared with the same period in 2019, said Fitzgerald, whose firm gets a large share of business from such internet

Read the rest
Half of Texans are facing financial hardship due to coronavirus pandemic, survey says

Half of Texans are facing financial hardship due to coronavirus pandemic, survey says

Half of Texans experienced some kind of financial hardship because of the ongoing coronavirus pandemic, a new survey finds.

The survey conducted by the Episcopal Health Foundation highlights how the pandemic affects people across the state from different household incomes, race, whether or not they have health insurance and other factors. Nearly 1,900 Texans were surveyed.

“From being uninsured to not having internet access for online school, Texans say these non-medical factors are not only shaping how they’re dealing with the pandemic, they also could be seriously affecting their future health in many different ways,” said Elena Marks, CEO of Episcopal Health Foundation.

Of the 50% of people who experienced financial hardship, roughly 22% of Texas residents, say they are facing “severe hardship,” the survey said, and about 28% of people are facing “moderate hardship.”

Those with less than $50,000 in household income were more likely to experience financial distress than those making more than $50,000, according to the survey. A third of all people surveyed said someone in their home lost a job, business or had work hours reduced.

Those who are deemed essential workers make up about 34% of Texans, the survey said. About 43% of essential workers are Hispanic, 38% are white, and 10% are Black. According to the survey, those who hold essential jobs are more likely to receive government assistance like food programs and Medicaid, and they are less likely to have health insurance.

Medical care was postponed or skipped altogether by 36% of people since the start of the pandemic, the survey found. Most Texans say their mental health is good, but 46% are worried about how stress related to the pandemic has had a negative impact on their health.

Texas continues to have the highest rate of people in the nation without health

Read the rest
WHO warns against COVID-19 lockdowns due to economic damage

WHO warns against COVID-19 lockdowns due to economic damage

The World Health Organization has warned leaders against relying on COVID-19 lockdowns to tackle outbreaks — after previously saying countries should be careful how quickly they reopen.

WHO envoy Dr. David Nabarro said such restrictive measures should only be treated as a last resort, the British magazine the Spectator reported in a video interview.

“We in the World Health Organization do not advocate lockdowns as the primary means of control of this virus,” Nabarro said.

“The only time we believe a lockdown is justified is to buy you time to reorganize, regroup, rebalance your resources, protect your health workers who are exhausted, but by and large, we’d rather not do it.”

Nabarro said tight restrictions cause significant harm, particularly on the global economy.

“Lockdowns just have one consequence that you must never, ever belittle, and that is making poor people an awful lot poorer,” he said.

He added that lockdowns have severely impacted countries that rely on tourism.

“Just look at what’s happened to the tourism industry in the Caribbean, for example, or in the Pacific because people aren’t taking their holidays,” Nabarro told the outlet.

VARNEY: WHY THE LOCKDOWN WARNING MATTERS FOR THE PRESIDENTIAL RACE

“Look what’s happened to smallholder farmers all over the world. Look what’s happening to poverty levels. It seems that we may well have a doubling of world poverty by next year. We may well have at least a doubling of child malnutrition.”

The UN agency previously warned countries against lifting lockdowns too soon during the first wave of the virus.

“The last thing any country needs is to open schools and businesses, only to be forced to close them again because of a resurgence,” said Director-General Tedros Adhanom Ghebreyesus.

CLICK HERE TO GET THE FOX NEWS APP

But Tedros had urged countries to bolster

Read the rest
Argument analysis: Due process, causation and stopping points for a 1945 doctrine in a 2020 world

Argument analysis: Due process, causation and stopping points for a 1945 doctrine in a 2020 world

Attorneys and justices explored competing causation standards and competing understandings of due process on Wednesday during oral argument in Ford v. Montana Eighth Judicial District (consolidated with Ford v. Bandemer). The cases present a question of personal jurisdiction: whether individuals injured in automobile accidents involving Ford cars can sue Ford in the states in which the accidents took place (Montana and Minnesota) if Ford regularly sells, ships and markets cars in those states but manufactured and sold the specific cars involved in the accidents in other states.


Sean Marotta, for Ford, and Deepak Gupta, for plaintiffs, phone in for arguments (Art Lien)

Arguments for Ford

Sean Marotta argued for Ford. He proposed that, for a state court to exercise personal jurisdiction over Ford, the company’s contacts with the state must be the “proximate cause” of the accident and injuries sued upon. The case is controlled by the court’s 2017 decision in Bristol-Myers Squibb v. Superior Court of California, which held that selling a similar product in a state could not provide a basis for jurisdiction in that state. In BMS, the plaintiffs were Ohioans suing in California, whereas in this case, the plaintiffs are citizens of the forum states (Montana and Minnesota). But the plaintiff’s home state is irrelevant under Walden v. Fiore. Personal jurisdiction, Marotta reminded the court, protects defendants, not plaintiffs.

Chief Justice John Roberts. The chief justice proposed a hypothetical in which a car manufacturer advertised cars in all states and the ads prompted the plaintiff to purchase the car, including by highlighting the car’s safety. Marotta said advertising was in the “but-for” causal chain but was too attenuated to be the proximate cause of the accident. A plaintiff “tells the story” of an accident, and only those contacts that are part

Read the rest
Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn’t visited White House in two months due to coronavirus

Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn’t visited White House in two months due to coronavirus

Welcome to Thursday’s Overnight Health Care.



Donald Trump wearing a suit and tie: Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn't visited White House in two months due to coronavirus | Employer-sponsored health insurance premiums rise 4 percent


© Getty Images
Overnight Health Care: Regeneron asks for emergency authorization of coronavirus treatment Trump received | McConnell says he hasn’t visited White House in two months due to coronavirus | Employer-sponsored health insurance premiums rise 4 percent

Regeneron filed for emergency authorization of its antibody COVID-19 treatment drug, just hours after President Trump claimed it basically cured him. Mitch McConnell hasn’t been to the White House in months, and a new analysis shows Americans’ job-based health care is continually getting more expensive.

We’ll start with Regeneron:

Regeneron asks for emergency authorization of coronavirus treatment Trump received

Biotech company Regeneron late Wednesday applied for emergency authorization for an experimental antibody treatment praised by President Trump.

“Subsequent to our discussions with regulatory authorities, we have submitted a request to the U.S. Food and Drug Administration for an Emergency Use Authorization (EUA) for our REGN-COV2 investigational antibody combination for COVID-19,” the company said in a news release.

The move came just hours after the president praised the efficacy of the treatment in a short video message posted on Twitter.

“They gave me Regeneron, it’s called Regeneron,” Trump said in the five-minute video Wednesday afternoon. “It was unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

Why it matters: Trump was taking several drugs for his illness, so it’s not clear which helped him feel better. He claimed he has the “emergency use authorization all set,” but the FDA is supposed to make decisions based on science and not demands from the president. Regeneron’s drug is still undergoing clinical trials, and while early results seem promising, the company has not released data to back up its claims.

Read more here.

McConnell says he hasn’t visited White

Read the rest