Low income seniors under the most financial pressure I’ve witnessed

[DonP]

Inflation is digging in . 3 of my clients the last month got their rent raised big and had to move . I'm not talking dirt poor people with sec 8 housing . I'm talking people making $1300-$2 k a month . I'm stunned by the desperation for mapd food cards . It's like life or death for some . Haven't seen big increase in fe nsf's yet . But we'll see . We were always told fe economic proof . But nobody expected big inflation which was last seen 40 yrs ago

 

[LostDollar]

See comments in P&C about significant increases in commercial insurance costs. I suspect those increases go into residential and rental properties too, along with things like increased tax basis by taxing authorities and increased material and labor costs for repairs. At least some landlords may have no choice but to raise rents to cover these costs.

 

[jdeasy]

I'm seeing nothing of the sort. Different clientele I guess?

 

[DonP]

I'm seeing nothing of the sort. Different clientele I guess?

So your clients making $800-$1500 a month never talk about how expensive things have gotten ? They never talk about the incredible cost of food ? They never talk how their rent rose 15-20%?In some states Allstate and State Farm have jacked auto premiums 25-40% the last yr .Hell a McDonald's Big Mac value meal over $9 which the fe crowd loves .

 

[jdeasy]

So your clients making $800-$1500 a month never talk about how expensive things have gotten ? They never talk about the incredible cost of food ? They never talk how their rent rose 15-20%?In some states Allstate and State Farm have jacked auto premiums 25-40% the last yr .Hell a McDonald's Big Mac value meal over $9 which the fe crowd loves .

Yes. But it doesn't stop them from buying life insurance. In fact, they are buying more.

I'm 10 times more likely to have someone call to increase than to cancel.

I wrote $15K last week. I'm at about $4K today. But I'm going to call it a day kinda early since we have valentine plans this evening.

Last year was my highest production year ever.

And I'm working less.

As for income, I don't track that but I would make an educated guess that 90% of my clients make less than $1500/mo.

 

[Baseball7]

I don't think final expense people are responsible enough in the first place to be that worried about money. They spend what they have until they don't have anymore and then they do the exact same thing the next month.

 

[Newby]

So your clients making $800-$1500 a month never talk about how expensive things have gotten ? They never talk about the incredible cost of food ? They never talk how their rent rose 15-20%?In some states Allstate and State Farm have jacked auto premiums 25-40% the last yr .Hell a McDonald's Big Mac value meal over $9 which the fe crowd loves .

Unless McDonalds figures out the social security billing dates, they are the ones who are getting cut out aren't they?

 

[Markthebroker]

I don't think final expense people are responsible enough in the first place to be that worried about money. They spend what they have until they don't have anymore and then they do the exact same thing the next month.