Doug Myrick's Blog: Student Loan Debt?

Doug Myrick's Blog: Student Loan Debt?: Click hyperlink to view  FututeFuel offered thru Colonial Life Colonial Life clients can now ease their employees’ worries over student...

Student Loan Debt?

Click hyperlink to view FututeFuel offered thru Colonial Life

Colonial Life clients can now ease their employees’ worries over student loan debt, thanks to a new partnership with FutureFuel.io.

Colonial Life’s new program can aid employers in their efforts to support a debt-free future for the growing U.S. workforce saddled with student loan debt. This program is designed to reduce the life of each user’s student loan debt through education, refinancing options and making it easier for employees and their employers to contribute.

Student debt now tops an estimated $1.5 trillion, and more than 25 percent of full-time workers between 23 and 53 named finances as the top cause of daily stress in a recent Colonial Life survey.

“We know that student loan debt can be a major cause of stress for millions of America’s workers, so offering our customers a chance to relieve some of that burden is an easy decision for us,” said Tim Arnold, president and CEO of Colonial Life. “Working with a strong partner like FutureFuel.io allows us to engage employees and their employers in a new and exciting way that helps take control of student debt.”

FutureFuel.io has different options that a client can select for what best fits their employees and company. Each option consists of the following features: Employees have the ability to manage all of their student debt in one location through a “roll up” feature, educational content is provided to keep employees informed about managing their debt, and there’s a refinancing tool for employees who are looking to combine multiple payments or potentially reduce the interest rates on their student loans.

FutureFuel.io’s Round Up + Refinance option uses “rounding up” technology to automate spare change to make payments on their debt. The Repayment + Refinance option allows employers to make monthly contributions toward their employees’ student loan debt.

quick question

We have a simple system that is a crucial part for growing your business, helping to attract and retain talented employees. A great way to show your employees that you care; which could improve engagement, motivation and productivity.

This works like a charm.

We’ve been helping other local businesses increase their employee retention and reduce their 7.65% FICA payroll tax.

Which email should I send the 2 or 8-minute videos to see if you’re a good fit for us?

Doug Myrick

A reason to smile... about life insurance.

If you have a family, you probably need life insurance. Of course, if you have a family, you probably don’t have time to apply for life insurance. Ironic. Enter Doug Myrick’s Insurance Agency, we offer an online way to apply for up to $3 million in affordable term life insurance coverage issued by an A+ rated company. No hassle. No upselling. And no wasting of your precious free time. Get a quote now.

Doug Myrick Account Executive

PORT CHARLOTTE, FL: Doug Myrick appointed as an Account Executive for Colonial Life & Accident Insurance Company. In his role, he is responsible for account management, business development, benefits strategy and sales for ancillary products within Central Florida. 

Doug has over 20 years of experience in the industry and has a diverse knowledge of insurance through both captive and independent agencies plus, insurance carrier organizations. 

Prior to joining Colonial Life, Doug worked with life, personal lines and commercial lines insurance where he held numerous sales and sales management positions with several large fortune 500 financial services companies. Doug currently holds Florida licensing credentials for: Property, Casualty, Life, Health and Variable Annuities.

Doug can be reached at 941.661.9323 or doug.myrick@coloniallifesales.com

The Prevalence of Cancer, Heart Attack, and Stroke

The American Heart Association and American Stroke Association estimate that, every year, approximately 790,000 heart attacks occur and about 795,000 individuals have a stroke. They also project that 45 percent of Americans will have some form of cardiovascular disease by the year 2035.

According to the National Cancer Institute, about 39 percent of men and women will be diagnosed with cancer during their life. They estimate that, in 2018 alone, there were around 1,735,350 new cases of cancer.

Many people know someone who has died from or been affected by cancer, heart attack, or stroke. Do you? These conditions are not rare. In fact, heart disease, cancer and stroke all make the top five in the Centers for Disease Control and Prevention’s list of the leading causes of death in the United States. It’s wise to offer financial solutions for those who are fighting and surviving these maladies.

“Many people know someone who has died from or been affected by one of these three conditions. Do you?”

Survival Rates for These Conditions

While cancer, heart attacks, and strokes are currently prevalent in the U.S., they’re not as deadly as they once were for Americans.

Compared to 2005, the annual rate of deaths associated with coronary heart disease in the U.S. was 34.4 percent lower in 2015, according to the American Heart Association and American Stroke Association. The organizations also report that, during the same time period, the mortality rate attributed to stroke declined 21.7 percent. Further, the American Cancer Institute specifies the U.S. death rate from cancer decreased 26 percent between 1991 and 2015.

Nowadays, dying from one of these dread diseases isn't the only thing people fear. Living with them can be just as scary as doctor, hospital, pharmaceutical and routine bills begin to stack up.

Covering Indirect Costs

One common objection to purchasing cancer insurance and heart attack and stroke insurance we hear is that an employee’s medical insurance should largely cover their medical costs. While this may be true, it will not cover all of a employee’s drugs and treatments. And, it certainly won’t cover all the non-medical, indirect costs associated with these conditions.

Let’s say one of your employees is diagnosed with cancer. If he or she wants to try experimental treatments, they may have to pay for them out-of-pocket. If your client decides to travel out of state to get the best medical care available, he or she will likely have to pay their own way there. And if he or she needs to take an extended leave of absence from work to get treatment, their family may be down one income — two if their spouse or partner also takes off work to offer support.

“Medical insurance won’t cover all the non-medical, indirect costs associated with these conditions.”

Loss of productivity and income can have a major negative impact on one’s finances. It can also cause a lot of added stress during an already difficult time. Having a second insurance plan that kicks in after these kinds of major health events can provide the beneficiary and their family with more relief than a primary health plan alone can deliver.

But Why Buy Cancer, Heart Attack and Stroke Plans?

Critical illness plans also offer coverage for these conditions and other illnesses; however, not everyone can afford these products. A combination of cancer insurance and heart attack and stroke coverage can still give them some protection at less cost.

Depending on their design, plans can reimburse beneficiaries for certain medical expenses or, upon a qualifying diagnosis, issue lump sum payments that beneficiaries can spend however they wish. If a beneficiary chooses to receive a lump sum payment, he or she could then use it to help pay for their co-pays and deductibles, out-of-network specialists, travel, rehab, adaptive equipment, caregivers, routine bills, one last big vacation with their family, and more.

P.S. Offering ancillary products is all about caring for your employees and helping them anticipate their future needs. It only takes a second to go from thinking you’re healthy to facing a serious diagnosis. By offering your employees a “second” piece of coverage, you can help them be more financially prepared for what lies ahead.

8 out of 10 employees would consider quitting after just one bad day

In a tight labor market, employees are confident they can get a new job – so yes, they would be willing to consider leaving after a nightmare of a workday.

You’re certainly heard that it’s a tight job market. That means that not only are job candidates getting choosier about which positions they take, but they’re making sure the jobs they’re in are just right.

In fact, because of the plethora of available positions, they’re not afraid to bolt one job for a gig they think might be just a bit better. Staffing and search firm the Addison Group surveyed 1,000 job seekers about what made them stay – and leave.

It’s not that employees are unhappy. In fact, 72% reported being satisfied or very satisfied with their current situation. Still, in a “candidate’s market,” they know the grass is always greener – 69% are confident that they could find a new job.

Perhaps that’s why they’re holding their job satisfaction to a higher standard. A staggering 8 in 10 employees said they were “likely or very likely” to start job-searching after one bad day at work. (Last year, the Labor Department reported that people were quitting their jobs at the fastest rate since 2001).

The lesson? In this market, dysfunctional workplaces won’t be tolerated if employees think they can find comparable work elsewhere. Seventy-six percent of employees are unhappy with their current work environments. Contributing to that environment is their relationship with their boss – 39% say their manager has a big impact on how they feel about their jobs.

Another key to job satisfaction is the feeling that you’re doing meaningful work – that you’re going somewhere and doing something. Unsurprisingly, then, 76% of employees said that being passed over for promotion would lead them to look for jobs elsewhere. Another 43% felt lost, unsatisfied with their career path. All reasons to start cruising LinkedIn.

Interestingly, while 50% of employees are motivated by money, 55% are motivated by “the work.” While we all need a paycheck, it seems we also need meaningful work just as much.

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