Understanding Living Benefits

As we move into the second quarter of another exciting year, I want to take a moment to reflect on our accomplishments and share some of the new initiatives we are implementing in the realms of sales, marketing and community engagement. Over the past year, GBU Life has reached significant milestones thanks to the dedication and hard work of our team and the trust and support of our members. Our sales department has exceeded targets, and we have expanded our reach to more communities than ever before. We have launched several successful marketing campaigns that have not only increased our visibility but have also strengthened our brand's presence in the industry. For this year, our focus will be educating potential new members on the importance of securing their financial futures through life insurance and annuity products while serving their communities as part of our great Society. Looking ahead, we are committed to enhancing our sales strategies to better serve you. We are introducing some tools for our agents to enhance our products. One new tool is our Defined Benefit Annuity program which combines the Future Flex Fixed Index Annuity (FIA) with a software tool that can help determine retirement savings needs and break them down into contributions over time to help you meet your retirement goals. Be sure to keep in touch with your GBU agent to review your plans and products to see how adding an FIA to your retirement planning can help boost your savings efforts

According to the Pew Research Center, in 2021, many stay-at-home moms (79%) and dads (23%) said they took care of the home or family, otherwise known as caregiving. Anyone who has found themselves in a comparable situation knows that leaving corporate America for a life of housekeeping and caregiving is no walk in the park. Maintaining a “stay-at-home” designation, whether for your kids or for other loved ones, is just as tiresome as a “corporate” position—if not more so. So, what are some tips to help stay-at-home caregivers focus on “employee benefits” like salary, life insurance and retirement (social security and 401[k]s) like those of their office counterparts? In this article, we will dive into all three benefit areas. A common concern for those considering entering a stay-at-home position is the loss of salary. For example, a two-adult household where one partner decides to stay at home goes from a two-income to a single-income family. Not to mention the unique mental burdens placed on both the “working” and the stay-at-home parent. Because there is plenty of work to match the hectic work schedule of a full-time job, sites like TaxSlayer say, “There are several potential credits associated with having dependents – the biggest being the Child Tax Credit,” which recognizes stay-at-home status and may help soften the blow of a loss of income. Also, according to job sites like Indeed.com, a search performed on Google from Pittsburgh, Pennsylvania, on January 25, 2024, showed 513 available jobs for stay-at-home parents (i.e., jobs that can be done during naptime or periods where someone else can take over). All this shows that there are options for those who still need to generate an income while performing their caregiving duties. In my experience, life insurance is an income benefit offered by many employers but not commonly thought about in the younger demographic or during the decision to “stay at home.” My wife, mother of two and former stay-at-home mom, looked at the life insurance benefit offered by my former company, which covered one year’s salary and realized how quickly that would be depleted should something ever happen to me. It had her considering additional coverage for both me and her. Because she hadn’t ruled out pursuing her career later down the road, a Select Choice Term Life1 insurance policy with a spousal rider from GBU could have given us the additional coverage needed to supplement my benefit from work. This policy could have also cost-effectively covered her should something have happened to her during that time. Lastly, another important factor in the decision to stay at home is retirement. Did you know that, according to a 2023 survey by the Employee Benefit Research Institute, 26% of caregivers in the upper-income group are less confident in their retirement prospects than non-caregivers? In a standard office position, a portion of employees’ salaries are deducted and sent towards their social security and are oftentimes elected for building up a 401(k). But are families factoring that in when deciding to go to full-time “stay at home”? It’s especially important to consider if the “stay-at-home” status is temporary and that person wants to get back into the workforce later on. There are companies like APB Retirement to help you facilitate a 401k plan that works for you/your role as a stay-at-home caregiver. Alternatively, rolling money over from a previous 401(k) to a GBU Future Flex Fixed Index Annuity2 will allow your retirement savings to continue to grow, while protecting against the loss of principal. You can add additional funds to this annuity at any time as you are able.