Connect with us

Business Finance

This one medical test can ruin your chances at getting life insurance

Life insurance is an important investment for yourself and your family; however, did you know that one test can change your eligibility for life insurance policies?

Published

on

Innovation is rapid, especially in this field

Technology is making advancements so rapidly it feels like there is a new breakthrough every day. This is especially true in the medical field. Technological advancements have lead to the cure for diseases previously thought to be incurable, full facial transplants, and innovations in how procedures are conducted.

bar
Technology has also reduced the recovery time for numerous procedures and decreased fatalities in numerous procedures. With all of these advancements, it is hard to believe that one simple test can change your eligibility for life insurance, but it really can.

Life insurance is good, right?

Life insurance in an investment in yourself and your family; spend a little now and save a lot when the time comes, or at least that’s how it’s supposed to work. Even if you are currently covered with a life insurance plan, you need to know about this stipulation to avoid losing coverage, along with all the money you have already paid into your plan.

Imagine if you will our COO, Lani’s experience, as an example (told with Lani’s knowledge and permission): In 2004, she and her husband were pregnant with their first and only child, Kennedy. There were major complications throughout the pregnancy and they had to have “genetic counseling” in order to discover not only their unborn child’s genetic issues, but also their own, so they could pinpoint any future issues.

Can you imagine enduring all of these very necessary tests, only to have your insurance come back and punish you later? It doesn’t seem possible, but that’s exactly what is happening.

Isn’t that illegal?

You may be thinking this type of discrimination is illegal; I certainly thought it was, but sadly, it isn’t. While the federal government has barred health insurance companies from denying coverage to those with a risky gene mutation, the law doesn’t extend to life insurance companies, long-term care, or disability insurance.

Of course, many life insurance companies do not require you to undergo genetic testing before approving you, they may ask if you’ve done any of these test on your own. This information can then be used against you when you apply. If you choose to withhold this information and they find out, they may have a case against you for “guilt by omission.”

The takeaway on life insurance

As disappointing as this is, it’s better to know, especially if you intend on your family being cared for after you pass away. Genetic testing helps a lot of people. We certainly do not want to discourage you from getting these tests, rather inform you about the risks you may not have known were there.

Life insurance is an investment, just like anything else and the more you know, the better off you are in the long run. Did you know life insurance companies could discriminate based on these types of test results? What do you think?

#LifeInsurance

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Business Finance

Facebook is raising funds to launch a cryptocurrency #ThanksIHateIt

(BUSINESS FINANCE) Love or hate Facebook, their choices often lead the path and dictate what is normal for business, so what does their potential cyrptocurrency mean for you?

Published

on

facebook cryptocurrency

The promises of blockchain have circulated throughout the Internet for several years and Facebook is now getting into the game. It’s not exactly a bleeding edge move, but could eventually be a move that impacts the business world.

Since blockchain is a secure system of handling two-party transactions, what does it mean for businesses if Facebook utilizes this tech for their own cryptocurrency? The company is currently seeking to raise $1 billion for this cryptocurrency endeavor.

Facebook has been researching and experimenting with digital currency tech for some time according to CB Insights. Should this interest continue, how long before we see the rise of FaceCoin? Additionally, what would this mean for the rest of us?

Since Facebook is one of the most used identity layers for nearly 2.5 billion users, its “single sign-in” system creates a universal access point for users to login to other sites.

Here are just several of the possible implementations if the company adopts blockchain cryptocurrency:

  • Micropayments for content creators and services
  • Banking apps (a branchless challenger bank)
  • Identity technology (decentralized apps could use a Facebook login)
  • FaceCoin incentives for e-commerce
  • And unfortunately, illegal activities

Mass implementation of what we’re guessing will be called FaceCoin will bring all users and anyone who interacts with a Facebook-related platform into this system.

The benefits are seamless transactions and cross-platform movement for businesses. However, this could rattle the digital payment industry across the globe as users have their Facebook identities tied to their FaceCoin wallets. L

ikewise, stablecoins will become easier to use with Facebook’s hat in the cryptocurrency ring. Mainstream popularity, anyone?

If FaceCoin is the future, e-commerce will get sucked in.

Businesses should be keeping a close eye on this development—US dollar-pegged cryptocurrencies are already growing rapidly, regardless. These projects bring new services and products to the global market.

If Facebook ends up in the crypto game, it’s likely many others will follow suit.

Continue Reading

Business Finance

Calculator for what your freelance rate should be

(FINANCE) When every second on the clock counts and saving is imperative, where can you go to figure out your optimal freelance rate?

Published

on

freelance rates

The issue of what your freelance rate should be is daunting for most, but is especially stressful for those who aren’t particularly mathematically gifted. When every second on the clock counts and saving is imperative, where can you go to figure out your optimal rate? A new calculator has an answer.

What Is My Day Rate is a salary calculator which determines the hourly (and daily) amount you’d have to charge in order to meet your optimal salary.

The calculator itself is intuitive enough: upon landing on the What Is My Day Rate webpage, you simply enter your preferred annual income and wait for the results to load. You’ll see both a daily and an hourly sum appear shortly thereafter.

The process of figuring out how much to charge is simple, but that doesn’t mean the process is simple.

What Is My Day Rate draws from similar geographical, workplace, and demographic data to give you a number which reflects post-holiday, post-fee, post-non-billable work results.

By clicking the “See how we calculated this” link at the bottom of the page, you can see a specific breakdown of how What Is My Day Rate determined your rate.

You’ll notice that they take into account weekends, holidays, sick leave, bonuses, benefits, and more.

If division is a strong suit for you, you may also notice that What Is My Day Rate operates on a 40-hour workweek model, meaning your rate might even be optimistic for your standards.

One problem with the calculator is that it doesn’t account for taxes of any kind; while it factors in a rather generous benefits percentage and adds in things like mandatory vacation time and unpaid sick leave, there’s still a noticeable gap between the calculator’s projected expenses and what you would probably have to pay.

On the plus side, tax brackets change, so you’ll be able to plug the day rate results into a separate tax calculator without worrying about accuracy issues.

What Is My Day Rate is a valuable tool for any freelancer looking to establish their daily freelance rate without necessitating a spreadsheet and several hours of botched accounting—or a more expensive alternative. If you’re worried about undercharging, head over to their site to lock in your rate ASAP.

Continue Reading

Business Finance

How to spot and avoid crowdfunding scams

(TECH NEWS) Crowdfunding has become ripe for scams, don’t be a sucker — here’s how to spot ’em.

Published

on

crowdfunding scams

When it comes to your personal life, you don’t want to be on the receiving end of a crowdfunding campaign because if you’re turning to GoFundMe or YouCaring, it means your house has burned down, you have cancer or your dog has died.

We regularly see these campaigns pop up in our social feeds and for the most part, we believe them because they’re our friends, they’re in need and we trust them so, of course, we pitch in.

However, some people use crowdfunding to fleece you. By now, you’ve probably heard of the couple from New Jersey who teamed up with a homeless man to raise over $400,000. The campaign was a scam, the cash was split and now these crooks are facing some serious consequences in court. Ugh.

We shouldn’t need to write this article, but some people suck and they’re out there duping us. Here’s how to spot them.

This should be obvious, but do not give money to people you do not know or do not at least tangentially know. It never hurts to scroll through the donor list to see if you recognize any of your friends or acquaintances there. If you do and have questions, reach out to them before you reach deep into your wallet.

What about victims of natural disasters? Offer your money to emergency funds run by non-profit organizations. Anyone can create a crowdfunding campaign, but in times of crisis many platforms create verified campaigns.

If the objective of the campaign is unclear, do not donate. We’ve all come across campaigns that are strangely worded or lack enough specifics to piece together a plausible story. If it feels like a Nigerian Prince is the campaign administrator, close the tab.

If a campaign’s photo looks fishy, do a reverse image search on Google to help validate that fishy feeling. If the search yields a lot of results for the photo, scammers have stolen it and are using it to tug at your heartstrings.

Most campaigns run for a very short amount of time, typically a couple of weeks and rarely more than a month. While there is generally a final social push to get to an unmet goal, there are rarely open-ended campaigns. Again, if the goal is unclear or out-of-reach, move on.

We’ve all seen campaigns that are truly gut-wrenching – deaths of loved ones, fights with cancer, entire villages wiped out. As with the case of the three jerks from New Jersey, if it feels too good to be true, it probably is. While some sites may be able to reimburse your donation, others won’t and nothing feels worse than falling for a scam AND losing your money.

And so, dear friends, this is why we at The American Genius almost never, ever write about crowdfunded projects. We care about you and we want you to use your money to help your real friends, fund YOUR next project or pay off your student loans.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!