More Changes are Coming so Be Prepared

{3 minutes to read}  Today’s blog is going to be about change, and how much change we’ve gone through in the last year since COVID-19 broke out. A worldwide pandemic began, and it changed our lives forever. What we are living through is remarkable with so many having been affected.

Along with the changes to ourselves and our lives, COVID-19 has changed the way we’ve done business, moving to virtual environments so that people can work but still be socially distant. Many businesses have gone out of business, and many people are struggling.

The business that I’m in — financial planning — has gone through tremendous changes as well. Life and disability insurance companies have been adjusting their underwriting to accommodate people so that they didn’t have to take blood and urine tests in order to qualify for life insurance.

The interest rates have continued to be very, very low, so another change that has occurred is that the government instituted a policy at the end of 2020 that’s going to affect life insurance tremendously. In 2021, all the insurance companies will be adjusting their products because they are now mandated to have a lower guaranteed interest rate on those products. Many insurance companies had a guaranteed 4% interest rate on their policies, but that will now be lowered to 2%. This coincides with the planning that many people are doing. They’ve had a little bit more time to assess their financial life as they’ve been home and doing projects. Whether it be fixing up their house or fixing up their finances, people are looking more and more at their life insurance. This is a good time to review your life insurance.

More changes are going to be happening, especially when it comes to life insurance products. My message to everybody is to take advantage of this opportunity and review your situation. Look at your financial plan, your life insurance, your disability insurance. There can’t be a more important time for you to make sure that your house is in order, and that you have the right stuff to protect your loved ones.

If we can ever be of help to anybody regarding this subject matter, and what’s going to be happening in the next year with life insurance products, please contact us. We’d be happy to help.

Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS.  Strategic Wealth Advisors Network and Gassman Financial Group are not affiliated with APFS.

Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors.

This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.American Portfolios Financial Services, Inc.(APFS) and American Portfolios Advisors, Inc.(APA) are not affiliated with any other named business entities mentioned.