Life Insurance News
Jury selection begins today for the trial of Greg Lindberg, a wealthy insurance company magnate, and two associates. They face charges of conspiracy to bribe the North Carolina insurance commissioner with up to $2 million in campaign money so scrutiny of his businesses would ease.
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With a sustainable income, some financial reserve to fall back on, poor people can take advantage of things on sale instead of having to buy them when they have the money. Being poor isn't a choice when life circumstances suddenly intervene. Here's why life insurance cushions the blow.
WASHINGTON, D.C. – After announcing their intent to create a new organization in July 2019, AALU and GAMA International today...
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As agents and advisors prepare for the Security and Exchange Commission's Regulation Best Interest standard, some questions remain, such as when money moves from a retirement account to a fixed annuity, does the rule cover the whole transaction?
One in four consumers can't name one life carrier and more than half can't name three, according to a LIMRA report that shows life insurance companies have a long way to go in marketing.
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With the passage of the Setting Every Community Up for Retirement Enhancement Act late last year, here are some of the highlights designed to boost retirement savings. Unless noted, all changes start in 2020.. If you turned 70½ in 2019, you still have to take your first RMD by April 1, 2020, and your second by year-end 2020..
The post Kiplinger’s: New Ways To Boost Your Client’s Retirement Savings appeared first on InsuranceNewsNet.
Valentine’s Day brings thoughts of roses and chocolate, but have your clients thought about giving peace of mind? LIMRA is joining Life Happens with its “Insure Your Love” campaign, which highlights the importance of protecting the ones you love through the purchase of life insurance.
The post Roses Are Red, Violets Are Blue, Life Insurance Is The Right Thing To Do appeared first on InsuranceNewsNet.
Securian Financial is boosting a Canadian business it acquired in 2017 by agreeing to purchase the whole life insurance policies sold in Canada by the Gerber Life Insurance Co.. Cincinnati- based Western& Southern Financial Group, which owns Gerber Life Insurance, will retain the Gerber Life business in the United States. Securian, which had total revenue of...
The post Securian Financial Expands Canadian Business With Gerber Life Insurance Policies appeared first on InsuranceNewsNet.
Lori Vallow, the woman in the middle of the bizarre disappearance of two Idaho children, thought she was getting $1 million from her husband’ s life insurance policy when he died last year. Kay Woodcock, sister of Charles Vallow, told Fox 10 that she had been listed as the beneficiary of his life insurance policy five months before he died. Charles Vallow filed for...
The post Mom Of Missing Idaho Kids Cut Out Of Late Husband’s $1M Life Policy: Report appeared first on InsuranceNewsNet.
The improvement was primarily due to the favorable impact of General Insurance underwriting and reinsurance actions, favorable net prior year loss reserve development of $153 million compared to unfavorable net prior year loss reserve development of $365 million in the prior-year quarter, a reduction in pre-tax net catastrophe losses of $385 million...
A man from Boston admitted Wednesday in federal court to fraudulently claiming his brother accidentally drowned in China three years after he actually died of a heart attack in order to submit more than $5 million in life insurance claims, according to court documents. Kellerman Jason Zheng, 33, pleaded guilty to mail and wire fraud in a scheme that began in...
The post Boston Man Took Out Life Insurance On Dead Brother, Tried To Collect $5M appeared first on InsuranceNewsNet.
A Florida bill that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies cleared another Senate committee Tuesday. The bill, opposed by industry, appears to have broad, bipartisan support.
The post Florida Bill To Ban Insurers From Using Genetic Info Passes Hurdle appeared first on InsuranceNewsNet.
Clearwater, Fla. – February 12, 2020 ‒ AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health...
Primerica, Inc. today announced financial results for the quarter ended December 31, 2019. Net income of $93.6 million increased 8%, while earnings per diluted share of $2.24 increased 13% compared to the same quarter last year. Adjusted net operating income of $92.8 million increased 6%, while diluted adjusted operating earnings per share of $2.22...
A Missouri insurance agent who used a lead-generation mailer advertising "FREE government benefits" was fined by both the Iowa Insurance Division, as well as the state attorney general. Officials said the mailers targeted older Iowans, some of whom were confused by the advertising.
The post Iowa Insurance Agents Fined For ‘Deceptive’ Mailers Targeting Elderly appeared first on InsuranceNewsNet.
--QuoteWizard ®, a LendingTree company, and one of the nation's leading online insurance marketplaces, today released a report States with the highest marriage and lowest divorce rates. Marriage rates have decreased by 7.74% over the last 10 years. Divorce rates are on the decline by 19.55% over the last 10 years. Mississippi, New Mexico and Massachusetts saw the...
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A week before trial, Michael Walker, a former Tripler Army Medical Center medic, admitted he arranged to have Ailsa Jackson kill his 38- year-old wife, Catherine, in their Aliamanu Military Reservation home. Assistant U.S. Attorney Tom Brady said Michael Walker asked Jackson two weeks after they met to kill his wife. Michael Walker could have gotten a maximum of...
The post Former Hawaiian Soldier Sentenced For Killing Wife For Life Insurance appeared first on InsuranceNewsNet.
In October 2017, the National Association of Insurance Commissioners adopted its Insurance Data Security Model Law and sent it to the states for legislative consideration. States were slow to respond at first, but a wave of state legislatures are set to adopt the NAIC model law.
The post Insurers, Regulators Race To Stay Ahead Of Cyber Crooks appeared first on InsuranceNewsNet.
--AgeUp, an innovative annuity product issued by Massachusetts Mutual Life Insurance Company, today unveiled new research on how millennials and Gen Xers approach financial planning for their parents' longevity. Developed by Haven Life Insurance Agency, AgeUp is designed to provide the adult children of the Boomer generation with financial protection for...
The post Majority Of GenXers, Millennials Expect To Support Parents In Old Age: Survey appeared first on InsuranceNewsNet.
He is retiring after 14 years of service with Amerisure. "Shannon and Kurt have worked closely over the past two years to transform Amerisure's office of legal counsel into a highly valued business partner," said Greg Crabb, Amerisure president and chief executive officer. "I am confident Shannon will continue to effectively support this transformation and the...
The post Amerisure Names New Vice President, General Counsel And Corporate Secretary appeared first on InsuranceNewsNet.
Prudential Financial, Inc. today reported fourth quarter and year-end 2019 results. For the fourth quarter of 2019, net income attributable to Prudential Financial, Inc. was $1.128 billion, compared to $842 million for the fourth quarter of 2018. Net income attributable to Prudential Financial, Inc. was $4.186 billion for 2019, compared to $4.074 billion...
Unum Group today reported net income of $296.2 million for the fourth quarter of 2019, compared to net income of $249.1 million for the fourth quarter of 2018.. Included in net income for the fourth quarter of 2019 are after-tax costs related to the early retirement of debt of $1.7 million, as well as a net after-tax realized investment gain on the Company’ s...
A new LIMRA study finds 1 in 4 adult Americans cannot name a single company that sells life insurance and a majority (56%) are unable to name three life insurance companies.
The post LIMRA: Consumers’ Brand Awareness Of Life Insurers Remains Low appeared first on InsuranceNewsNet.
Penn Mutual recently released two new universal life products, expanding on its comprehensive portfolio. The Accumulation Builder Flex Index Universal Life and Diversified Advantage Variable Universal Life products equip consumers with robust allocation options and propels Penn Mutual forward as a strong competitor in the market with an emphasis on...
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Securian Financial has launched an easy-to-understand indexed universal life insurance product without the complications of multipliers and additional fees. “Eclipse Accumulator focuses on accumulation, not complexity,” said Ben Roth, Securian Financial vice president for retail product distribution. New protection-focused product Coinciding with...
Jan. 29-- FORT WORTH-- A lawsuit filed by the estate of Don Corley Jr., one of the principals of Senior Security Benefits Inc., has been settled out of court for an unknown amount. Corley, 61, had a one-third interest in Senior Security Benefits Inc., a company that he helped grow with the two married defendants who were named in the suit, Gaylan and Dan Hendricks.
The post Fort Worth Insurance Business Lawsuit Ends With Settlement appeared first on InsuranceNewsNet.
Regulators and industry representatives are inching closer to a middle ground to save the controversial multipliers and bonuses that many blame for rosy indexed universal life illustrations. Regulators held another call Tuesday to discuss amending Actuarial Guideline 49 to tighten up illustrations.
The post Regulators Close In On IUL Illustration Compromise appeared first on InsuranceNewsNet.
--Term insurance plans may be preferred for their low premium charges, but they typically only offer death benefits to the nominee of the deceased policyholder. In case the life assured survives the policy, no benefits are paid out to the investor. Rolled out to investors in November 2019, the Dual Protect Option ensures that the premiums paid by the policyholder...
The post Aegon Life Unveils ‘Dual Protect’ Term Life Insurance Feature appeared first on InsuranceNewsNet.
A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner.
The post Florida Bill Would Make Insurance Commissioner An Elected Position appeared first on InsuranceNewsNet.
Every year, millions of dollars in life insurance benefits go unclaimed because beneficiaries are unaware of the coverage or don’t have basic information about the policies. The level of knowledge about life insurance policies varies according to generational cohort.
The post Millions In Life Insurance Benefits Go Unclaimed Annually: NAIC appeared first on InsuranceNewsNet.
New York Life revealed the 60- second advertising spot to air during the Super Bowl on Sunday. The film, titled Agápē, launches New York Life’ s new“ Love Takes Action” campaign, a celebration of the company’s first 175 years, and will air during the first and second quarters.
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Accelerated underwriting holds the promise of being able to cut the agent's time spent selling a $500,000 policy from 20 hours to roughly five, one industry expert says. That could mean a lot more policies sold to a middle market that is woefully lacking in life insurance coverage.
The post Accelerated Underwriting Could Close The Life Insurance Gap appeared first on InsuranceNewsNet.
Euri Jenkins cried in court when his lawyer told him that his murder trial-- he’ s accused of hiring a hit man to kill his pregnant wife-- will be postponed for three months over a juror shortage. Palm Beach County Circuit Judge Kirk Volker reset the trial to begin April 13, after the jury pool this week dwindled to inadequate numbers. Prosecutors say Euri Jenkins, 33,...
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--Keeping with its commitment to innovate, Edelweiss Tokio Life Insurance has unveiled another comprehensive unit linked insurance plan called Wealth Secure+, which offers flexibility, no premium allocation charges, and means to meet both short-term, and long-term financial goals. Co-created with Policybazaar, Wealth Secure+ leverages customer...
The post Edelweiss Tokio Life Launches Wealth Secure+, A 4G ULIP appeared first on InsuranceNewsNet.
A federal appeals court recently ordered the United States to make good on a structured annuity the former Executive Life Insurance Company of New York (ELNY) was paying to a burn victim. The decision calls attention to the security of long-term annuity promises when an insurance company goes out of business.
The post Judge Orders Feds To Pay Up After Insurer Goes Belly-Up appeared first on InsuranceNewsNet.
The California Consumer Protection Act took effect Jan. 1 and sets a high bar for data privacy -- and has potentially significant impacts for insurers and policyholders. For instance, it could make it harder to legally defend lawsuits, a San Francisco lawyer said.
The post California Data Privacy Law Has Insurers Scrambling appeared first on InsuranceNewsNet.
Jan. 22-- Stocks have already hit record highs in 2020 and the nation's strong economy presents a variety of investment opportunities for middle-class Americans looking to grow wealth, pay off debt, or invest for the future, according to Massachusetts financial planners. They recommend the following tips for maintaining your financial health this year.
The post Best 2020 Financial Planning Tips: Save Up, Pay Off Debt, Get Life Insurance appeared first on InsuranceNewsNet.
LIMRA is realigning in response to a rapidly changing insurance environment. The association found that its members needed more tools to be efficient in their services and better informed in their product development. LIMRA has already introduced new platforms to help companies in this challenging market.
The post LIMRA’s Realignment Requires Layoffs To Meet 5-Year Plan Goals appeared first on InsuranceNewsNet.
A June court order directed the department to take control of four life insurance companies, which Greg Lindberg acquired in recent years and then operated as Global Bankers Insurance Group. Lindberg and several associates are accused of trying to bribe state insurance commissioner Mike Causey.
The post Indicted Insurer Greg Lindberg Rips ‘Politically Motivated Attacks’ appeared first on InsuranceNewsNet.
--Knights of Columbus, a Best's Review Top 50 U.S. Protector NLG Universal Life is available for purchase in the United States and Canada for individuals between 50 and 80 years old. More information about the Knights of Columbus insurance program can be found here: www.kofc.org/insurance.
The post Knights Of Columbus Launches New Life Insurance Product appeared first on InsuranceNewsNet.
Between 2013 and 2018, compound annual growth rate in life insurance premium growth has been 1.7%, the EY report said. Gross written premium grew from $661 billion in 2013 to $718 billion in 2018.
The post Life Insurance Industry Faces Low Growth, New Challenges appeared first on InsuranceNewsNet.
Closed blocks of business can be a thorn in the side of life insurers. Whether a result of discontinued products or included in a merger or acquisition, these policies remain active and must be serviced, but over the long haul, they may have become very unprofitable.
A House health-care panel approved legislation that would prohibit life-insurance, long-term care insurance and disability-insurance companies from using customers’ genetic information in changing, denying or canceling policies.
The post Florida Panel Passes Bill To Ban Insurers From Using Genetic Info appeared first on InsuranceNewsNet.
LIMRA today announced three dynamic speakers to talk about what future customers will expect, what diversity and inclusion looks like and how technology will change customer expectations at the upcoming Distribution Conference.
LIMRA is now offering My Products, a dashboard that filters data from its Life Compass tool, to allow companies to “compare individual life insurance products with similar competitors’ products, boosting their ability to track their own performance and adapt to evolving market conditions.”
The post LIMRA Expands Intel For Carrier Product Development appeared first on InsuranceNewsNet.
NEW YORK--(January 14, 2020)--Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE:EQH), today announced it is rebranding...
-Today, John Hancock announces a major step forward in significantly streamlining the life insurance buying experience through a strategic collaboration with Human API, a leading health data platform, offering a simple, digital way for consumers to share access to their electronic health records in real time. Radically simplifying that process and...
The post John Hancock Partners With Human API On Life Insurance Purchase Process appeared first on InsuranceNewsNet.
Until 2017, most financial criminal activity targeted banking institutions and credit cards. But the LIMRA Secure Retirement Institute reported in its analysis of a federal consumer survey that with more than $42 trillion in investible assets in the U.S., criminals have turned their attention to life insurance and retirement accounts.
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That's the mantra that inspires Carolina Panthers quarterback Cam Newton and " The Cam Newton Foundation" as they work to enhance the lives of young people in the Charlotte, North Carolina area and around the country. Nationwide will contribute $25,000 to The Cam Newton Foundation. The player who received the most votes by Jan. 12, 2020 received the $25,000...
The post NFL Star Cam Newton Wins Nationwide’s Charity Challenge appeared first on InsuranceNewsNet.
Insurance companies would be barred in Florida from using genetic information now widely available through such popular services as23andMe and Ancestry, under legislation filed Thursday by a leading House Republican. Insurers oppose the legislation, though, as another regulation that could disrupt the insurance market in Florida.
The post Bill Would Bar Insurers From Using Genetic Information In Florida 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...