Category: Brandpoint Business & Finance

2023-08-16T14:01:00

(BPT) – National Nonprofit Day (Aug. 17) provides an important reminder for companies. Partnering with the right nonprofits can help them achieve social objectives and make a greater impact.

The rise of corporate social responsibility (CSR), environmental, social, and governance (ESG), and diversity, equity, and inclusion (DEI) initiatives have many companies reevaluating how to operate ethically, responsibly, and sustainably. Fortunately, the strategies that result can guide companies in evaluating the right nonprofit partners to help advance their goals.

Do your research

According to Nonprofits Source, 90% of companies said partnering with reputable nonprofit organizations enhances their brand. In addition, 89% believe doing so leverages their ability to improve the community.

Companies looking for the right partner can start by researching nonprofits with a reputation for effecting change.

Wounded Warrior Project^® (WWP), for example, is celebrating 20 years of serving the nation’s post-9/11 wounded veterans and their families. WWP invested nearly $250 million in programs in 2022 and offers free services in mental health, career counseling, long-term rehabilitative care, and policy advocacy.

More than 90% of the organization’s donors said they would recommend supporting WWP to a friend or family member, according to a recent WWP survey.

“The support we receive from partners and other supporters helps us deliver free programs and services that improve the lives of hundreds of thousands of warriors and their loved ones,” said WWP’s Vice President of Business Development Brea Kratzert Todd. “Corporate partners, in particular, help to expand our reach, enhance our programs, and improve our advocacy efforts for warriors and their families across the nation.”

Commit to a cause

Mission alignment is important when it comes to corporate-nonprofit partnerships. According to Edelman’s 2022 Trust Barometer, 65% of U.S. consumers buy or advocate for brands based on their beliefs and values. Consider supporting organizations committed to causes that company stakeholders admire.

For instance, C4 Energy^®, owned by Nutrabolt, found natural alignment with WWP among its energy drink consumers.

“Throughout our company’s 20-year history, veterans and active military have been an important part of our consumer base given their high-performance lifestyle,” said Katie Geyer, VP of talent, partnerships & experience at Nutrabolt. “Working with Wounded Warrior Project gives us a unique opportunity to partner with a leading organization that could directly relate to a consumer that we care deeply about and are authentic users of the brand.”

C4 Energy’s partnership with WWP includes exclusive energy drink and pre-workout flavors. The co-branded cans feature a dedicated QR code for consumers to support the mission of WWP and learn how to get involved. C4 Energy also impacts local communities by hosting WWP fundraisers and sponsoring WWP’s Carry Forward^® 5K races.

Measure impact

The more companies can show value to investors, consumers, employees, and the community, the better. Setting measurable key performance indicators (KPIs) to reach CSR or ESG goals is one way companies can track their progress.

CSX, a national transportation company, provides a great example of tracking and providing impact metrics from its Pride in Service initiative. In their recently released 2022 ESG Report, they highlighted their support of over 315,000 military, veterans, first responders, and their families in the past year. This included the 212,000 wounded warriors whose voices were amplified through the company’s sponsorship of WWP’s Annual Warrior Survey, which provides insights on the current needs and challenges of warriors registered with the organization.

CSX is now helping remove veteran employment barriers by supporting WWP’s Warriors to Work^® program. This program provides warriors and their family members the necessary tools to succeed in civilian jobs. In fiscal year 2022, Wounded Warrior Project placed over 1,700 warriors and family members in new careers.

“We’re proud to have reached so many wounded warriors across the country, providing them with the support they need to make the challenging transition to the civilian workforce,” said Bryan Tucker, CSX vice president of corporate communications. “Our work with partners like Wounded Warrior Project is more than just writing a check; it’s about investing time and resources in true partnership to combine our talents in service of communities in need.”

Take the next step

These steps help narrow the prospective nonprofit partner list and lead to conversations about ways to work together.

Collaborating with nonprofits can make company initiatives easier to define, measure, and celebrate. In turn, nonprofits benefit from the company’s contributed resources and reach.

Together, the two entities can be a driving force for change that benefits the corporation and its communities.

Sponsor a program or become a partner like C4 Energy and CSX to help Wounded Warrior Project empower, employ, and engage veterans in communities nationwide.

2023-08-09T07:01:00

(BPT) – Will I be able to retire? How much do I need to save? What if I outlive those savings? Questions like these are common across America’s current working population. Whether Gen X, Millennial or Gen Z worker populations, they each have hopes for a financially secure retirement, despite current economic uncertainty.

When it comes to retirement, research shows 70% of Americans plan to but are unsure they will really be able to, according to a recent Prudential survey. Having enough savings is a primary concern for almost half (40%) of Americans who are not confident they can retire. Concerns such as this may cause people to continue to work as they age — be it full time in their career or part time in a less demanding position.

Financial knowledge needed

This lack of confidence is coupled with a lack of financial knowledge. Just over 1 in 4 respondents (26%) said they do not have a strong understanding of what to do when it comes to retirement planning, and over half (59%) do not have a 401(k) account, one of the primary savings vehicles for retirement. Of those who do, 21% are unsure of how much money is currently in their account.

Captured in the survey, which polled 2,000 working adults across generations this spring, was a strong desire to retire and openness to receiving professional advice, yet a general uncertainty about how to begin. Fortunately, online tools are becoming more widely available, and some provide important insights that can bridge the retirement planning gap.

Online retirement insights

If you feel anxious about retirement and are confused about where to start, you are not alone. The survey found that among those who expressed confusion about retirement planning or are worried about being behind, most (65%) said they are open and willing to use digital tools. Because of their convenience, digital tools may be a smart option for people looking to take the first step in their retirement planning journey, but they aren’t one size fits all.

One free online option is Prudential Stages for Retirement, a platform that offers a personalized digital experience with access to a team of financial advisors. By answering a few questions, the platform provides customers with a “Retirement Confidence” score and shows them the ways in which they are strong in their retirement preparedness as well as where they may need to adjust to get closer to their goal. Users can also access a retirement calculator to see just how much they need to save to achieve their individual vision for retirement.

A human touch in retirement planning

Even as online tools help bridge the retirement confidence gap, the survey shows that most people still want access to a financial advisor — even if they aren’t physically in the room with them. A whopping 94% of all respondents say they are interested in receiving advice from a financial expert in some manner.

On Prudential Stages for Retirement, people of all age ranges, levels of wealth and retirement preparedness have one-click access to an advisor, virtually or in-person, if desired. There is no minimum savings required to access an advisor, so everyone can ask questions to help them gain more confidence in their retirement planning choices.

Getting started

While most working people across generations have retirement as a goal, many don’t know what to do to plan appropriately. Online retirement planning tools like those from Prudential can be an effective first step in gaining knowledge and boosting confidence that retirement dreams will become reality.

2023-08-02T13:57:00

(BPT) – If money is tight and you often find yourself juggling multiple finances, you are not alone. Consumers across the country still feel the effects of record-high inflation and are always looking for new ways to save.

The reality is there isn’t a way to snap your fingers and make the increasing prices go away, but what if there was a way to at least ease the weight of everyday finances, like groceries and gas? The good news is that through credit card rewards, this is possible!

Rewards Toward Gas and Groceries

Credit card rewards can be a great way to save on groceries, gas and more. Once you are signed up for a rewards program of your choice, you can shop and get gas at applicable locations. Over time, your reward points will add up. Before you know it, you could have enough points toward a free grocery run or a full tank, cost-free.

Cashback Programs

Thanks to credit cards, you can get rewarded every time you swipe your card and put those rewards back toward your everyday expenses. Cashback programs are a great way to earn cash based on your credit card spending. There are also a variety of other types of rewards programs out there depending on which card you choose, so it’s important to do your research to figure out which benefits are a priority to you before you decide which card to go with.

Benefits Consumers of All Income Levels

The best part about credit card rewards is that they do not cater to one specific group. In fact, consumers of all levels can benefit from rewards, and data shows that they do. A 2021 survey from Phoenix Marketing International reveals that 98% of credit cardholders owned a rewards card, including 82% of cardholders earning less than $20,000 annually.

It’s safe to say that consumers rely on their credit card rewards for a variety of reasons. There are several different cards available with different programs depending on your needs. If you haven’t taken advantage of your credit card rewards yet, then what are you waiting for? Simplify your life with credit card rewards today!

2023-08-02T12:21:00

(BPT) – Amid a period of high inflation nationwide, everyone stands to gain from extra savings. Whether your aim is to reduce travel and entertainment expenses, cut down on grocery bills, or perhaps accumulate funds for a vacation, credit cards offer advantageous perks that boost the contents of your wallet. Below are five ways to take advantage of your credit card rewards:

1. Cashback

Many co-branded credit cards today offer great cashback which can be a helpful tool to offset expensive costs. It’s also useful to save the accumulated cashback over time, allowing it to grow and serve as a financial cushion or contribute toward larger financial goals like a vacation or gift.

Choosing the right cashback rewards program can help you save money and ensure your credit score stays high.

2. Save on Everyday Purchases

Cashback isn’t the right fit for you? No worries, you can also save money when making everyday purchases. By choosing a credit card that offers generous rewards for grocery store or gas station purchases, you can gain points and miles, which can then be redeemed for discounts or freebies.

Strategically utilizing these reward programs allows you to turn your routine spending into an opportunity to save money.

3. Save on Travel

Often, credit cards allow you to earn 2-3x the rewards points for flight purchases, car rentals and hotel stays. Reduce your hotel expenses by utilizing a top-tier credit card and secure premium hotel rooms for any destination.

Premium cards offer helpful ways to make your airport experience seamless from check-in to baggage claim. For example, if you’re often running late, some cards offer reimbursement for Global Entry or TSA PreCheck application fees. With a credit card, you can also access a number of airport lounges, making wait times a lot easier.

4. Save on Entertainment

You can leverage your credit card rewards to enhance your entertainment experiences and indulge in your favorite activities. For instance, redeeming cashback or points toward concert tickets, movie theater outings, or even streaming subscriptions provides a premium experience.

Remember waiting in line for your Taylor Swift tickets? With a credit card, you could have exclusive access to VIP events, allowing you to secure tickets to attend live shows that may otherwise be difficult to attend.

5. Store Brand Credit Cards

Finally, store brand credit cards allow shoppers to enjoy exclusive discounts, special promotions, and loyalty rewards tailored specifically to the store’s products. For example, these credit cards often offer additional benefits such as extended warranties, free shipping, or flexible financing options, all of which can contribute to significant savings over time.

2023-08-01T23:01:00

(BPT) – Nearly 100 million Americans quit their jobs in 2021 and 2022 as part of the “Great Resignation,” with many making major career changes. Despite a less certain economy today, career shuffling continues. One-quarter of workers expect to change jobs in the next 12 months. If you are one of them, you can find a golden opportunity in financial advice — a field with growing demand, high earning potential and a focus on helping others achieve their goals, hopes, and dreams and build a lifetime of financial security.

You may be surprised by the independence and entrepreneurialism this career path offers — and the potential for career-changers to thrive. Tim Gerend, Chief Distribution Officer at Northwestern Mutual — a FORTUNE 100 company providing comprehensive financial planning to over five million U.S. clients through expert advisors — discusses the growing demand for financial advice, the skills and characteristics needed to succeed, and training opportunities for those looking to get started.

Why is financial advice worth a look for those exploring a career change?

First and foremost, this is a noble profession. Advisors help free people from financial anxiety and reach their life goals. Few careers are as impactful on a human level.

This industry is experiencing incredible demand. Two in three Americans believe their financial planning needs improvement. Many Gen X’ers are feeling anxious as they begin to see retirement on the horizon, and younger generations face a future with fewer pensions and uncertainty around Social Security. At the same time, much of the current advisor workforce is moving toward retirement. Moreover, there’s an exciting opportunity to reach more diverse communities that have been historically underserved. Given these trends, the need for advisors is real and growing.

On a more micro level, this career offers a chance to build your own business with high earning potential. You can decide how high you want to aim based on your goals and ambition — the opportunity is limitless.

What qualities are a good fit for the job? Do you have to be a finance expert?

You have to enjoy and care about other people. Human interaction and connection are paramount in financial advice. The best advisors are also natural problem solvers. They are creative, curious, resilient and good at simplifying complex topics. Yes, you must be able to master a variety of financial concepts, but we don’t expect prospective advisors to have that expertise at the outset. We look for high aptitude individuals who are eager to learn, and we provide comprehensive training to help build the financial acumen they need to flourish.

Are there certain sectors or roles that are conducive to a transition into financial advice?

Many people transition into advice from other positions in insurance and banking. We also see more professionals coming from healthcare and education. Roles that often lend themselves to this field include sales, marketing, corporate strategy and management — but at the end of the day, it’s more about the individual and their desire to pursue an impactful and entrepreneurial venture.

How can people get started? Are there training programs prospective advisors must pursue first?

As a first step, sit down with an advisor and go through the planning process to understand the experience. From there, reach out to firms that interest you and look to meet with a local leader to discuss career opportunities in your area. As part of those conversations, ask about training, opportunities for hands-on practice, mentorship and joint work. Beyond on-the-job training and company-driven development opportunities, there are great certification programs offered by the CFP Board and The American College of Financial Services that I highly recommend.

2023-08-01T07:01:00

(BPT) – Generative AI technology has the potential to revolutionize the way we work, learn, and solve problems. By democratizing access to powerful software, generative AI has humanized technology and made it accessible to everyone. It allows us to expand our knowledge and skillsets far beyond what we previously thought possible.

“We are now on a journey through uncharted territory, an evolutionary leap,” said Ravi Kumar S, CEO at Cognizant, a global professional services firm working with companies across industry sectors to help them modernize their businesses through technology. “Generative AI places boundless potential at our fingertips — shrinking the digital divide, empowering users, and transforming business and work through new levels of human-machine collaboration.”

Amplifying human potential

The public unveiling of OpenAI’s ChatGPT has brought about a tectonic shift in the role technology plays in our lives. Tasks and talents that were once exclusive to humans, and even defined our humanity, are now shared with algorithms. This technology is accessible and easy to use, making it an ideal solution to solve some of humanity’s most pressing challenges. Generative AI can boost sustainability, find cures for deadly diseases, and alleviate poverty through personalized, automated education and agricultural innovation.

Generative AI’s business and work impacts

Generative AI technology can also benefit businesses, governments, nonprofits, and the scientific community by helping them operate more efficiently, and enhance the value they deliver. In addition, new services are emerging along the AI value chain as underlying data has to be curated and algorithms have to be trained by humans for context and decision-making cues.

Generative AI also has the ability to shrink the digital divide by removing barriers to insights and innovation, empowering less digitally mature organizations to transform their services faster. To navigate this landscape successfully, Ravi Kumar S said that businesses will require a “more diversely skilled workforce” — one that understands human behavior (sociology, psychology, anthropology), can create and optimize different processes (design thinking, six sigma, industry-specific knowledge), and engage audiences intellectually and emotionally through storytelling and design.

Governance and education: Our dual responsibility

With the rapid advancement of generative AI toward human-like capabilities, technology providers and integrators have a responsibility to ensure the responsible and ethical use of this powerful technology. Laws and regulations cannot be adopted and modified quickly enough to be effective, considering the rapid pace of change. Technology companies and integrators are at the core of developing and incorporating generative AI into new products and services, and are therefore in the best position to ensure responsible, ethical use. Closely related to governance is education, which can help illuminate the ethical and legal aspects of AI usage such as privacy concerns, bias issues, and intellectual property rights.

“As we navigate this uncharted terrain together, with boundless potential at our fingertips, it is important that we proceed with excitement, continued curiosity, and a sense of collective responsibility,” said Ravi Kumar S. “It’s in our hands to shape this powerful technology into a tool for progress.”

2023-07-25T08:01:00

(BPT) – There are 33.2 million small businesses in America, according to the U.S. Chamber of Commerce, which combined account for an incredible 99.9% of all U.S. businesses. These businesses are the lifeblood of the American economy and there’s no better time to recognize their importance than right now.

Small businesses are generally defined as independent businesses having between 1 and 500 employees, according to the U.S. Small Business Association. They employ almost half (46%) of America’s private sector workforce and represent 43.5% of gross domestic product.

If you’re a small-business owner, you know it takes passion, commitment and agility, especially as markets evolve. Finding affordable and easy-to-implement technologies to help streamline your business needs can seem like a challenge. Case in point: virtual meetings.

The need for virtual meetings

No matter what industry you’re in, video meetings are a necessity today. Whether you’re a solo entrepreneur or manager of a fast-growing startup, being able to meet with clients, vendors, employees or investors at any given time, especially if people are in different locations, makes a big difference in positioning your business for success.

The problem for small businesses is that many virtual meeting options are poorly designed and riddled with glitches that make for a less-than-desirable experience. Still others are expensive and complex, and while they may be appropriate for large enterprises, are not a great fit for your small-business needs. Fortunately, now there’s an option with features that appeal to small businesses that come at no cost.

A free virtual meeting technology

BlueJeans by Verizon is offering a new, free video conferencing plan that allows users to meet for as long as they want with no time limits. BlueJeans Basic provides users with a premium video conferencing experience alongside unlimited free meetings for groups of up to 25 people, so small businesses can thrive while eliminating time-bound meeting constraints and expensive service charges.

“We realize there is no one-size-fits-all approach to business, just like one size doesn’t really fit all when it comes to the clothes we wear. To better fit the needs of entrepreneurs and small businesses that may not require the complexity of enterprise-level services, we’re excited to expand on our BlueJeans Meetings platform with a solution that emphasizes the most important basics — better audio quality and HD video reliability — to help them grow their business,” said Chris Lewter, VP and General Manager, BlueJeans.

Key features for small businesses

BlueJeans Basic is always free and comes with a plethora of features that help create a superior virtual meeting experience. Here are some notable features that small businesses appreciate:

Cross-Platform Support: For today’s hybrid world, small businesses need a flexible video platform that adapts to their day to day, whatever that ends up looking like. Whether joining from the desktop, a browser tab or while on the go, the experience will always provide rich functionality across any mode or device.

Crystal-Clear Sound: World-class Dolby Voice^® audio built into the platform provides enhanced sound quality. High-definition video, spatial audio and industry-leading noise reduction all work together to provide impeccable call quality so small businesses don’t miss a beat and make the most of their valuable time.

Robust Collaboration Features: BlueJeans Basic provides small businesses with a powerful toolkit that brings virtual and physical teams closer together than ever before. HD screen sharing, interactive digital annotation, dynamic polling and participant reactions are just some of the features that hosts can access to boost participation and drive productivity.

Secure and Encrypted Meetings: Feel confident with AES 256-bit encryption for security as well as rock-solid security features like Waiting Room, Screen Sharing Controls and the option to Hard Mute participants individually or upon entering the meeting.

No matter what industry your small business is in, technology can help you connect and succeed. To sign up for your free BlueJeans Basic account, please visit https://www.bluejeans.com/free-video-conferencing.

2023-07-24T14:01:00

(BPT) – Diversity is a growing priority in America’s workforce, but veterans may not be the first group of potential employees that come to mind.

National Hire a Veteran Day on July 25 is an important reminder of the varied perspectives and transferrable skills military veterans bring home to the civilian workforce. Yet, many of them face challenges when leaving military service.

Veterans especially feel the economic pressures of today. The 2022 Annual Warrior Survey from Wounded Warrior Project^® (WWP) found that more than half of WWP warriors couldn’t make ends meet at some point in the past 12 months. Most reported the soaring cost of goods as the top cause of financial strain.

WWP warriors also reported that their top barriers to employment were difficulty translating their military skills and mental distress. These challenges make veterans’ transitions even harder, but employers can help.

“Companies can play a unique role in addressing these challenges by understanding the value veterans bring to the workplace and tailoring hiring strategies to veterans,” said Tom Kastner, vice president of financial wellness at WWP. “Not only will this help veterans achieve gainful employment and financial stability, but it also unlocks an underutilized talent source for business growth.”

Here are three reasons why including veterans in hiring initiatives gives companies a competitive advantage and removes employment barriers.

1. A diverse hiring pool

Veterans have a broad range of experiences and backgrounds that make them a diverse group. They have encountered various situations in the military that shaped their worldview, often in unpredictable environments. These experiences lead to more inclusive decision-making and problem-solving in the civilian workplace.

2. Unique transferable skills

According to data from global management consulting firm McKinsey, the most diverse companies outperform their less diverse competitors in profitability. Veterans developed diverse skills in high-pressure environments that can contribute to any company’s bottom line.

Employers who recognize these skills and expand their understanding of the veteran community gain talented and dependable employees. One company that has put this into practice is Verizon. Recognized for its military recruitment and hiring practices, Verizon employs over 8,000 veterans and benefits from their skills across various career areas.

3. Supporting wounded warriors’ well-being

The vocational and mental health barriers some veterans face can cause stigma and prevent them from seeking help. Employers can address their challenges and needs by including them in hiring initiatives. For example, businesses can provide services that promote veterans’ holistic well-being.

Mentoring programs, resource groups, and tailored job postings are examples of support that can go a long way in setting veterans up for success. Johnson & Johnson, for example, established the Veterans Leadership Council to help veterans connect, network, and grow. The council also advocates for veterans’ health and wellness needs.

Veterans aren’t the only ones who benefit from these initiatives. When organizations support veterans, they reinforce a culture that prioritizes diversity and invests in the well-being and success of all employees.

Your partner in veteran hiring, recruitment, and inclusion

Many employers need help building initiatives that include and support veterans. That’s why Wounded Warrior Project developed the Warriors to Work^® program.

This program helps companies understand the unique needs of wounded veterans, find candidates, retain them for long-lasting careers, and become preferred veteran employers. Specifically, Warriors to Work helps employers develop onboarding processes and identify optimal roles for veterans. The program also educates companies by providing employer resources that reduce stigmas around veteran employment.

Companies that invest in hiring and supporting veterans empower them to reach their highest ambitions and promote a more diverse workforce culture. Learn how you can become a more veteran-friendly employer.

2023-06-23T07:01:00

(BPT) – Keeping your finger on the pulse of what consumers want can be a challenge, especially in the ever-evolving beauty industry. Social media and lifestyle trends often influence where beauty dollars are spent, and suppliers must take note of buyer purchasing patterns to meet demand.

Data from Alibaba.com, a leading B2B e-commerce marketplace for global trade, provides deep insights into current and emerging trends that are important for businesses in the beauty industry. Sourcing activities on the platform, comparing data from March 2023 to March 2022, point to the following five trends that are poised to define the beauty industry in the second half of 2023:

Vitamin C is in demand

Interest in and use of vitamin C in beauty products like serums, face masks and moisturizers has increased significantly. Alibaba.com saw a 107% year-over-year increase in global buyer inquiries for beauty products with vitamin C. What’s more, there has been a 35% increase in the number of beauty products including vitamin C sold on the marketplace over the same period.

Vitamin C offers a plethora of benefits for skin health and also appeals to eco-focused consumers because it is often sourced from renewable resources. These reasons and more are why many beauty insiders say vitamin C products are here to stay.

Sustainability is key

Using upcycled or recycled materials to create sustainable products is becoming commonplace in the beauty industry. Products like shampoo bars, lip balms and makeup palettes are increasingly featuring recycled plastic and paper packaging. Brands are also repurposing materials like coffee grounds and fruit waste to make exfoliants and face masks.

Consumers are becoming more environmentally conscious, and brands and suppliers alike need to keep up. Alibaba.com saw 109% more inquiries for resource-saving products (eco-friendly and water-efficient products) year-over-year, and there was a 42% increase in the number of sustainable beauty products listed on the site.

Localization matters

As consumers are looking for increasingly personalized experiences from brands, the demand for localized products is growing. Many beauty brands are prioritizing localization efforts by using locally sourced ingredients in their products and tailoring them to the region, climate and culture of their customers.

This might mean a brand will create a skincare line for consumers living in a hot, humid climate using some ingredients that grow naturally in that area. For instance, a growing number of suppliers on Alibaba.com have started using local tropical plant and fruit ingredients in their cosmetics in response to demand from buyers in Southeast Asia.

Beauty routines go streamlined

All-in-one products are perfect for consumers with busy lifestyles. This includes products like BB creams that combine moisturizer, sunscreen and foundation; combination hair and body washes; and palettes that include lip colors, blush and eyeshadows.

Consumers are experiencing increasingly hectic lives and are looking to streamline their to-dos. They are seeking out these types of products to help simplify their beauty routine, saving time and space without sacrificing quality. Alibaba.com saw approximately 10,000 more all-in-one products listed on its platform in March 2023 compared to the same time last year, reflecting a growing demand for this category of products.

Anti-aging products turn back time

One of the fastest-growing segments in the beauty industry is anti-aging products. These often target skin rejuvenation and fine-line reduction, such as anti-wrinkle creams, serums, face masks and facial oils. Alibaba.com saw an increase of 180,000 anti-aging products on its platform year-over-year.

Social media has influenced the desire to slow the speed of aging, and this has heavily impacted consumer desire to purchase anti-aging products. Businesses are responding by stocking a variety of anti-aging products. For example, there was a 291% year-over-year growth in the number of businesses purchasing anti-aging serums on the platform.

Businesses in the beauty industry must be agile and keep pace with emerging trends like these. To learn more about industry trends or to stock up on the latest items to position your business for success, visit Alibaba.com.

2023-06-19T23:01:00

(BPT) – While many people put off getting life insurance, more people in recent years are beginning to understand the importance of getting enough coverage. A 2023 Insurance Barometer Study conducted by Limra revealed that 101 million U.S. adults currently need life insurance but don’t have any. However, 41% of respondents said they need life insurance or need to get more, revealing the awareness of how important this coverage is for many Americans.

The good news is, being covered by permanent life insurance, such as a whole life policy, can give you and your family better peace of mind.

If you’ve been delaying getting enough life insurance to help protect your family due to misperceptions about coverage, here are the myths — and the facts — to help you understand how important it is.

Misconceptions about life insurance

According to an analysis by Limra’s 2021 Life Insurance Barometer Study, there are many common misperceptions about life insurance. Have you put off buying coverage due to one of these myths?

• It’s too expensive. Over half of Americans overestimate the cost of coverage, sometimes by as much as three times.
• The coverage I already have is enough. Whatever coverage you may have purchased in the past, it’s vital to do an annual benefits review to make sure your coverage is still sufficient. Life changes including marriage, expanding your family and more can all have an impact on your needs.
• Buying it is too difficult. Nearly half of Americans (46%) have delayed buying coverage they know they need. Buying life insurance may seem intimidating, but the process has been greatly simplified over the last few years.
• I don’t need it because I’m young. If you don’t yet have a partner or dependents, you may think you can put it off. However, coverage is much less expensive for young, healthy people to purchase, and life insurance helps protect your loved ones’ financial future.

No matter your age or family size, you can find a whole life insurance policy that offers permanent protection for your family, giving you a sense of security.

What is whole life insurance?

Whole life insurance is one type of permanent life insurance. Here are some of the most important benefits of this kind of insurance:

• It lasts for the lifetime of the insured person — providing protection against financial loss caused by the death of the person who is insured. Usually, it is paid out in a lump sum, sometimes known as a death benefit, directly to a designated beneficiary in the event of the insured person’s death.
• Whole life insurance can build cash value for your family’s future (unlike term life insurance), which may be available for you to withdraw or borrow against in case of an emergency.
• Protection is affordable and flexible. You can choose the amount of insurance that makes sense for you and your family, and that you can afford.
• Coverage options are available for you, as well as for your spouse, your children and your grandchildren. However, if you are currently single with no dependents, the flexibility of their whole life plan also allows you to expand the coverage later, to meet any future responsibilities you may have.
• Your monthly cost and benefits are guaranteed for the life of your policy — so the cost does not increase as you get older. As long as you pay your premiums, the cost of your life insurance policy can never go up. And if you happen to change jobs or retire, you can even take your coverage with you, at the same rate.

Whole life insurance gives you reassurance that your family will be protected. In the event of your death, your beneficiaries will receive the policy’s death benefits amount, minus any outstanding loans you may have taken out against the policy.

To learn about protecting your loved ones’ financial future, visit BostonMutual.com or contact your company’s benefits coordinator or HR department. For information on benefits available outside workplace offerings, or if your workplace benefits currently aren’t an option, visit BostonMutual.com/LearnMore.