Life Insurance News
Life Actuarial Task Force members voted 15-2 in a “straw poll” to proceed with language put forth by the American Council of Life Insurers. The language is designed to shore up Actuarial Guideline 49 and bring IUL illustrations more in line with actual returns.
Term life insurance premium increased 8% in the first quarter, the highest since the second quarter 2007, according to LIMRA’s First Quarter 2020 U.S. Individual Life Insurance Sales Survey. Sixty percent of term life writers reported positive growth.
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A $500,000 term life policy lasting 20 years would cost an average of $30 per month for a 35- year-old nonsmoker in good health. "Ultimately, the amount of coverage you have should be enough to meet all of your future financial obligations, minus the assets that would be liquidated on your passing," said Chris Moon, Insurance Product Manager at ValuePenguin.com.
The post 83M Americans Say COVID-19 Has Them More Likely To Buy Life Insurance appeared first on InsuranceNewsNet.
Three industry organizations are partnering on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. LIMRA, the Society of Actuaries (SOA) and TAI are working on an inaugural report to release later this summer.
The post COVID-19 Individual Life Mortality To Be Examined In New Study appeared first on InsuranceNewsNet.
People do not always understand why they need to insure their life. For example, you don't think that if you have a fire extinguisher in your house, a fire will definitely start. The company does not ask for residency or citizenship, but you must legally reside in the United States and have a Social Security number.
The post Why Americans Need To Know Their Life Insurance Facts appeared first on InsuranceNewsNet.
The over-60 age group had been the largest group of life insurance applicants, but carriers have had to restrict new coverage for older consumers because of COVID-19.
U.S. life insurance application activity was down 3% year-over-year in April, according to the MIB Life Index -- the second consecutive month of decline.
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The pandemic is forcing everyone to take stock of what needs to change and what needs to stay the same, said the CEO of the American Council of Life Insurers. As for the life insurance industry, the biggest change coming from COVID-19 will be a more sophisticated use of technology.
The post Life Insurance ‘Will Still Be A People Business’ Despite Greater Tech appeared first on InsuranceNewsNet.
All of the companies surveyed by LIMRA recently are still recruiting agents. Despite the challenges with getting newer agents licensed, 65% of companies are not focusing on more experienced agents.
The post Agent Recruiting Continues During Pandemic, LIMRA Finds appeared first on InsuranceNewsNet.
--Today, The Guardian Life Insurance Company of America ® unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider 1. The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy. "Guardian Level Term...
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The potential claims impact of increased death benefits from the COVID-19 pandemic on life insurers will be relatively small, Moody’s Investors Service reports.
The post Life Insurers’ Impact From COVID-19 Could Be Minimal: Moody’s appeared first on InsuranceNewsNet.
A wide rift opened Thursday among industry and consumer factions over changes to indexed universal life illustration rules, with anti-trust charges lobbed at the American Council of Life Insurers. Regulators hope to complete a new Actuarial Guideline 49 by their fall meeting.
They spoke anecdotally about a month into Indiana's stay-at-home order and travel restrictions. "Usually in the medical situations, it's important to have an advocate-- somebody who's willing to be proactive, contacting doctors and nurses and whoever they can, and to find out what the situation is and what the options are," said attorney Loraine Troyer.
The post Amid COVID-19 Outbreak, Experts Say It’s A Good Time To Do Planning appeared first on InsuranceNewsNet.
Massachusetts Mutual Life Insurance Co., one of the largest employers in Massachusetts, will remain closed through the summer. MassMutual has about 3,500 employees based in their Springfield office, 1,500 in Enfield and about 500 in Boston. At the time, Massachusetts had 95 confirmed cases of COVID-19.
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BOSTON - American General Life Insurance Company (AGLI) will pay over $360,000 to resolve allegations that it failed to calculate...
The post American General To Pay $360K For Miscalculating Interest On Death Benefits appeared first on InsuranceNewsNet.
The COVID-19 pandemic has resulted in social-distancing practices and volatile market conditions that has many insurers concerned, according to a new survey. About 90% of the companies rated distribution/social distancing and pricing/new business profitability (89%) as a concern and 77% listed in-force profitability.
The post Insurers Wrestling With Distribution, Profitability Concerns: Survey appeared first on InsuranceNewsNet.
MetLife is offering paid voluntary leave to its licensed healthcare workers who join the fight against COVID-19, the company announced today.
The post MetLife Offers Paid Leave To Qualified Workers Who Want To Fight COVID appeared first on InsuranceNewsNet.
FBL Financial Group, Inc. today reported a net loss attributable to FBL Financial Group for the first quarter of 2020 of $2.5 million, or $0.10 per diluted common share, compared to net income of $34.0 million, or $1.37 per diluted common share, for the first quarter of 2019. Adjusted operating income totaled $19.6 million, or $0.79 per common share, for the first...
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Prudential Financial reported adjusted operating income of $373 million from its individual annuities segment, a 21% decline from the first quarter 2019. The insurer is adjusting quickly to products that are less reliant on interest rates and the equity markets.
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Northwestern Mutual Life Insurance Co. will not stage an in-person 2020 annual meeting because of concerns about the COVID-19 pandemic- another blow to Milwaukee area hotels, restaurants and attractions. That means around 12,000 people- and their money- will not be traveling to Milwaukee for the city's largest annual event. "We feel it's best for our employees,...
A comment period closed Thursday on draft changes to Actuarial Guideline 49 proposed by the American Council for Life Insurers. The Life Actuarial Task Force is scheduled to discuss the draft and comments during a May 14 conference call.
The post State Regulators Back At Work Reforming IUL Illustration Rules appeared first on InsuranceNewsNet.
NEW YORK& LONDON---- American International Group, Inc. today announced the launch of Lloyd’ s Syndicate 2019. PCG is an industry-recognized brand with a leading market position in the High Net Worth segment. Our partnership with Lloyd’ s will materially benefit PCG’ s clients and enable our High Net Worth business to further capitalize on its pre-eminent market...
The post AIG Receives Approval To Handle Underwriting For Syndicate 2019 appeared first on InsuranceNewsNet.
Accelerated underwriting already was gaining traction in the life insurance world before COVID-19 hit, but the restrictions placed on nonessential medical treatment as a result of the pandemic have moved accelerated underwriting more to the forefront.
The post Underwriting Among Early Effects Of COVID-19 On Life Insurance appeared first on InsuranceNewsNet.
Optimism is a choice and one that can give agents a leg up on the competition, said Scott Brennan, former president of the Million Dollar Round Table and a MassMutual agent from South Bend, Ind. Brennan gave some of his insights Thursday on being successful in the business and in life.
The post Let The Sunshine In, Scott Brennan Tells Insurance Professionals appeared first on InsuranceNewsNet.
COLUMBUS, Ohio – Nationwide announced today a plan to permanently transition to a hybrid operating model that comprises primarily working-from-office...
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U.S. life insurance death benefit claims from COVID-19 could range anywhere from $8 billion to $160 billion, Moody’s Investors Service said in a new report.
The post COVID-19 Death Benefit Claims Could Hit $160B, Moody’s Says appeared first on InsuranceNewsNet.
Stress from COVID-19 was a slight drag on Principal Financial in the first quarterly. One of the bright spots was an uptick in term life interest and activity.
The post Principal Financial Takes Slight Hit From COVID-19 appeared first on InsuranceNewsNet.
The current financial crisis stemming from COVID-19 is different from other recent financial downturns because the present situation has given consumers the fear of death and disability in addition to the fear of losing their money. That was the word from Joe Jordan, industry speaker and author of A Life Of Significance.
-Today, John Hancock announces a strategic collaboration with Clareto, a leader in digital solutions to acquire and aggregate electronic health data, to further improve the Company's underwriting speed and efficiency as part of its ongoing commitment to transform the life insurance purchase experience. John Hancock will leverage Clareto's growing...
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A majority of consumers are interested in increasing or buying life insurance, particularly younger people, according to a survey. But almost all of them do not want to go to an office for it these days.
U.S. health insurers will likely remain profitable despite the uncertainty surrounding COVID-19 and its financial impact, Moody’s Investors Service said in a new report. However, U.S. life insurers could face some financial challenges.
The post Health Insurance Outlook Optimistic; Life Insurance Challenging appeared first on InsuranceNewsNet.
Over the past five years, the life settlement market as an industry has multiplied vastly both in funds to purchase policies and consumer awareness.
The post Covid-19’s Possible Effects On The Life Settlement Market appeared first on InsuranceNewsNet.
The NAIC’s Statutory Accounting Principles (E) Working Group adopted three interpretations related to COVID-19 last week.
The post NAIC Announces Three Accounting Changes Related To COVID-19 appeared first on InsuranceNewsNet.
Pre-provision net revenue 1 was $45.9 million Adjusted PPNR 1 was $77.4 million, up 2.9% over first quarter of 2019 Noninterest expense was $158.7 million Adjusted noninterest expense 1 was $122.0 million Efficiency ratio 1 was 77.71% Adjusted efficiency ratio 1 was 59.31%, a 166 basis point improvement. End-of-period total loans 3 were $12,438.8 million...
The post Old National Reports 1Q Earnings, $1.2M Donation To COVID-19 Fight appeared first on InsuranceNewsNet.
The National Association of Insurance Commissioners is expected to delay collection of key insurer mortality data until 2021.
The post NAIC Expected To Defer Mortality Data Collection To 2021 appeared first on InsuranceNewsNet.
Mutual of Omaha CEO James Blackledge says the company is very strong and will survive the pandemic.
The post Mutual Of Omaha In A Good Place To Weather COVID-19: CEO appeared first on InsuranceNewsNet.
A new assessment of insurers' financial strength ratings by DBRS Morningstar finds that capitalization will be the first area of impact if the recession continues. Insurers are going to lose the flexibility that comes with a strong capital cushion, the report concluded.
The post Let’s Talk Risk: Insurers In A Good Place … For Now appeared first on InsuranceNewsNet.
MassMutual extends LifeBridge program, offering free life insurance to healthcare workers across Massachusetts and Connecticut to recognize their heroic contributions during pandemic. SPRINGFIELD, Mass.& BOSTON---- Massachusetts Mutual Life Insurance Company today announced the launch of MassMutual HealthBridge, which will provide free term life...
The post MassMutual Donates $3B Of Free Life Insurance To Healthcare Workers appeared first on InsuranceNewsNet.
In a 3-1 decision, the court reversed a Court of Appeals ruling that favored the children, over a stern dissent about the sanctity of contracts. In settlement of his 2009 divorce from Joan Pulkkila, James Pulkkila agreed to keep a $250,000 life insurance policy that named their two children as "sole and irrevocable beneficiaries" paid up until they became adults.
The post Supreme Court: More Facts Needed In Life Insurance Dispute appeared first on InsuranceNewsNet.
More than 38 percent of individuals who sold their life insurance policies in life settlement transactions last year said they were planning to lapse, cancel or surrender their policies until they learned of the life settlement alternative, according to a newly released survey from Welcome Funds, one of the nation’ s leading life settlement brokers.
The post Life Settlement Option Proves Popular Option In New Survey appeared first on InsuranceNewsNet.
The COVID-19 pandemic is being blamed for a -2.2% year-over-year decline in U.S. life insurance application activity for March, according to the MIB Life Index. The poor month interrupted a strong two-month growth trend.
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Consumers are turning to online life insurance applications as a result of the ongoing COVID-19 pandemic, a new LIMRA survey found. A third of companies reported a decline in face-to-face applications while a quarter reported an increase in online applications in March.
The post Life Insurers: COVID-19 Changing How Consumers Apply appeared first on InsuranceNewsNet.
COVID-19 is impacting the insurance industry in multiple ways—from employee and business continuity issues to client service considerations to the financial outlook. Here are some key issues insurers face and potential action steps they could take.
NEWARK, N.J.& SEOUL, South Korea---- Prudential Financial, Inc. announced today that it has entered into a definitive agreement with KB Financial Group Inc., a Korean financial services provider, to sell The Prudential Life Insurance Company of Korea, Ltd.. Under the terms of the agreement, Prudential Financial will sell 100% of its life insurance business in Korea...
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--Haven Life, the digital life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company, is today launching new initiatives that help more life insurance applicants obtain the coverage they need. By working with MassMutual to introduce new medical data sets to underwriting algorithms and expanding data-powered human review,...
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Prudential Financial Inc. will temporarily suspend taking applications for 30-year term life insurance policies, effective April 13, a spokeswoman confirmed today. The insurer cited "unprecedented market volatility over the past month and the anticipated low interest rate environment."
The post Prudential Suspends 30-Year Term Life Insurance Until June appeared first on InsuranceNewsNet.
Billionaire insurance magnate Greg Lindberg's lawyers filed a motion Thursday for acquittal and for a new trial in the Western District of North Carolina. His attorneys submitted a 69-page document, claiming court errors, the government failed to meet the standard of "beyond reasonable doubt," and that Lindberg was entrapped.
The post Billionaire Insurer Greg Lindberg Seeks New Trial In Bribery Case appeared first on InsuranceNewsNet.
Virtual selling may take you out of your comfort zone, but it's an effective way to reach clients and prospects in the time of stay-at-home orders and social distancing.
Henrico County- based Genworth Financial Inc. has received all of the regulatory approvals needed for its planned acquisition by a China- based investment firm, but the companies are delaying the deal by as much as an additional three months because of the economic disruption caused by the coronavirus pandemic. Genworth, an insurance company with thousands...
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Leaders of four insurance industry organizations have sent letters to every state insurance licensing authority requesting temporary licensing accommodations for producers who...
The post Industry Groups Urge States To Temporarily Ease Licensing Requirements appeared first on InsuranceNewsNet.
Carrier & Product News
Make young clients term sale more profitable! If you have a client under 35, can they get longer than 30 years on a true term policy? YES!!! Prudential's Workforce 65 product goes to age 65, and can be issued to a client as young as 25 years old! So, YES, there is a...