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 Life Insurance News

Americans on average expect to retire two years sooner than they did five years ago and many more say they intend to retire before age 60, potentially reflecting a spike in 401 balances, according to research from Massachusetts Mutual Life Insurance Co.

The post Four In 10 Americans Plan To Retire Before Age 60, Study Finds appeared first on InsuranceNewsNet.

Author: user
Posted: November 16, 2018, 11:00 am

Indexes have increased in choice but with more choice comes greater complexity. Comparisons between indexes too often are made without a firm understanding of the structure behind the index. This causes both financial professionals and their clients frustration with something that should be viewed as a positive.

The post ‘These Go To 11:’ Indexing Beyond Rates And Renewals appeared first on InsuranceNewsNet.

Author: user
Posted: November 14, 2018, 6:48 pm

Millennials with life insurance have a self-reported life insurance gap of $352,000 in 2018, with enough life insurance protection in place to cover only 22 percent of their self-reported coverage needs. The Millennial generation’ s gap is sharply higher -- 60 percent greater -- than the gap for the general population, which is 49 percent.

The post Millennials Most ‘At-Risk’ When It Comes To Life Insurance, Study Finds appeared first on InsuranceNewsNet.

Author: user
Posted: November 13, 2018, 5:00 pm

NEW YORK, November 13, 2018 — The Millennial generation is now the least prepared for unexpected life events due to...

The post Millennials Most “At Risk” Generation appeared first on InsuranceNewsNet.

Author: user
Posted: November 13, 2018, 3:53 pm

A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.

The post NAIC Working Group Settles On Policy Summary Concept appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: November 12, 2018, 7:39 pm

Nov. 10-- A Williamsville man admitted in federal court on Friday he stole from the International Union of Painters and Allied Trades and an insurance company after the death of his brother, the U.S. Attorney's Office said. Timothy McCluskey was eventually issued $2,500 in life insurance proceeds, according to prosecutors. The U.S. Department of Labor Office of...

The post Man Admits Using Dead Brother To Defraud Life Insurance Company appeared first on InsuranceNewsNet.

Author: user
Posted: November 11, 2018, 12:04 am

From volunteering for pro-public education candidates to running for office in record numbers, California educators proved once again that when it comes to their students, they are willing to do what it takes to make sure they get the public education they deserve. California's millions of public school students were big winners last night as voters joined...

The post California Updates Election Vote; Lara Set To Win Insurance Commissioner Race appeared first on InsuranceNewsNet.

Author: user
Posted: November 8, 2018, 11:03 am

-Sun Life Financial Inc. today announced its results for the third quarter ended September 30, 2018. "In the third quarter, underlying net income was strong at $730 million, and return on equity was 14%, at the high end of our target range," said Dean Connor, President and CEO, Sun Life Financial. Underlying net income in the third quarter of 2018 increased $87 million to...

The post Sun Life Financial Reports Third Quarter 2018 Results appeared first on InsuranceNewsNet.

Author: user
Posted: November 7, 2018, 10:19 pm

--Massachusetts Mutual Life Insurance Company announced today that its Board of Directors has approved a record $1.72 billion estimated dividend payout in 2019 to eligible participating policyowners and members, once again demonstrating outstanding policyowner value and underscoring its strong financial position. Further, over the past decade,...

The post MassMutual Approves Record $1.72 Billion Estimated 2019 Dividend Payout appeared first on InsuranceNewsNet.

Author: user
Posted: November 6, 2018, 5:52 pm

_ Brighthouse Financial Inc. on Monday reported a loss of $271 million in its third quarter. The Charlotte, North Carolina- based company said it had a loss of $2.26 per share. Brighthouse Financial shares have dropped 27 percent since the beginning of the year.

The post Brighthouse Financial: 3Q Earnings Snapshot appeared first on InsuranceNewsNet.

Author: user
Posted: November 6, 2018, 2:25 am

Northwestern Mutual has paid a dividend every year since 1872– even in challenging economic conditions. Northwestern Mutual leads the industry in total dividends paid to policyowners for both life and disability income insurance. "This record dividend clearly demonstrates our consistent performance, our overriding commitment to do what's best for our...

The post Northwestern Mutual To Pay Policyowners $5.6 Billion In Dividends appeared first on InsuranceNewsNet.

Author: user
Posted: November 5, 2018, 9:15 pm

Life insurance provides a financial safety net for families. "If there's no one else depending on your income, you probably don't need much or any at all," said Alyssa Lum, certified financial planner and founder of Luminate Financial Planning in Sterling, Virginia. Stay-at-home parents don't need as much, but should have some coverage, said Greg Klingler, a...

The post Life Insurance Provides A Financial Safety Net For Families appeared first on InsuranceNewsNet.

Author: user
Posted: November 4, 2018, 9:44 pm

The American Council of Life Insurers issued the following statement by President and CEO Susan Neely on the Family Savings Act, which was approved by the House Ways and Means Committee:. "The Family Savings Act of 2018 approved today by the House Ways and Means Committee falls short of what is needed to help address challenges facing America's retirement...

The post House Bill Falls Short of Retirement Security Reforms, ACLI Says appeared first on InsuranceNewsNet.

Author: user
Posted: November 4, 2018, 5:31 am

--In support of its holistic retirement offerings, John Hancock announced today that Gary Tankersley has been promoted to head of Sales and Distribution for John Hancock Retirement Plan Services. In this role, Mr. Tankersley is accountable for growing JHRPS business in all segments of the market, encompassing start-ups to large organizations and the...

The post John Hancock Announces Leadership Transitions At Retirement Plan Services appeared first on InsuranceNewsNet.

Author: user
Posted: November 2, 2018, 1:00 pm

MetLife, a provider of insurance, annuities and employee benefit programs, issued the following news release:. MetLife, Inc. today announced that its board of directors has approved a new $2 billion authorization for the company to repurchase its common stock. In May 2018, MetLife announced a $1.5 billion repurchase authorization and the company has bought...

The post Metlife Announces New $2 Billion Share Repurchase Authorization appeared first on InsuranceNewsNet.

Author: user
Posted: November 2, 2018, 12:36 pm

Voya Financial is halting alll new life insurance sales on Dec. 31, company officials said this week. The company will retain its in-force block. Voya previously sold its closed block of variable annuities and said in February that it would review its life business.

The post Voya Financial Exiting The Life Insurance Business appeared first on InsuranceNewsNet.

Author: Wire Reports
Posted: November 1, 2018, 11:05 am

The American Council of Life Insurers issued the following news release:. These and other industry highlights are included in the American Council of Life Insurers 2018 Life Insurers Fact Book released today. "The new data tells a familiar but important story- life insurers provide invaluable assistance to American families and the U.S. economy," said ACLI...

The post Life Insurers Set Records For Payouts, Coverage, Investments In 2017 appeared first on InsuranceNewsNet.

Author: user
Posted: October 30, 2018, 7:17 pm

Universal life was a very popular product in the 1980s, when interest rates routinely hit double digits. When interest rates nosedived, however, it began a negative spiral that took UL policyholders down a financial rabbit hole. While some surrendered their policies and took the loss, others keep paying much-higher premiums. What can be done?

The post Industry Pressured To Find UL Policy Fix appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: October 26, 2018, 3:33 pm

Gloria Camp, owner of Main Source& Associates, describes how she got into the insurance industry as a "divine appointment" about 15 years ago. Camp has now been a business owner for over 35 years and has been the owner of Main Source& Associates for 15 years. Main Source& Associates is located at 1170 Washington St., Clarkesville.

The post ‘Divine Appointment’ Leads Woman To Open Own Insurance Agency appeared first on InsuranceNewsNet.

Author: user
Posted: October 26, 2018, 2:08 am

Police say Stephanie Rogers of Monticello, a former political candidate and wife of former Mayor Joe Rogers, plotted to kill his ex-wife and then Rogers himself so she could collect on a life insurance policy and inherit his business. No hits were carried out and Stephanie Rogers was jailed on $500,000 bond.

The post Wife Of Ex-Mayor Charged In Murder Plot For Life Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: October 25, 2018, 11:31 am

--The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.27 per share on October 22, 2018. Kansas City Life Insurance Company was established in 1895 and is based in Kansas City, Missouri. SOURCE Kansas City Life Insurance Company.

The post Kansas City Life Declares Quarterly Dividend appeared first on InsuranceNewsNet.

Author: user
Posted: October 22, 2018, 9:22 pm

The United Services Automobile Association issued the following news release:. To learn more about USAA life insurance, visit usaa.com/life. This is the second rate reduction for term products by USAA in the last two years.

The post USAA Introduces Lower Rates For Life Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: October 22, 2018, 11:53 am

Did you ever dream of hitting a huge lottery jackpot? The odds might be astronomical, but someone will win what is the second-largest prize in history. In the hectic days that follow, one must is to assemble an accountant/financial planning team, analysts say.

The post You Won The Mega Millions! Next Step: See A Financial Planner appeared first on InsuranceNewsNet.

Author: user
Posted: October 17, 2018, 2:21 pm

Imagine you have just lost a loved one. As affairs are sorted out over the subsequent days, you unfortunately come to discover that the beneficiary listed on that loved one's life insurance policy is inaccurate, having not been updated in decades. This situation is actually much more common than you might imagine.

The post Tip: Nudge Clients To Update Beneficiaries appeared first on InsuranceNewsNet.

Author: user
Posted: October 17, 2018, 8:38 am

National Association of Insurance Commissioners members are debating how to best create an online resource of life insurance information for consumers. The effort is meant to supplement the NAIC Life Insurance Buyer’s Guide. More consumers are getting information online, so that's where regulators want to be.

The post NAIC Sketches Out Online Resource Prototype appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: October 16, 2018, 7:01 pm

Recognizing the need for long-term local assistance for those who have experienced a natural disaster or act of mass violence, New York Life and the Alliance for Strong Families and Communities today announced the selection of 16 non-profit, community-based organizations to receive grants to continue their work in communities affected by disasters in...

The post New York Life/Alliance for Strong Families And Communities Award Grants To 16 Nonprofits appeared first on InsuranceNewsNet.

Author: user
Posted: October 16, 2018, 1:30 pm

--Northwestern Mutual is committed to the fight against childhood cancer, and the company, through its Foundation, today announced the funding of four new grants to support additional research for better cures and treatments. Each Young Investigator grant recipient will receive $150,000 from Northwestern Mutual over three years. Northwestern Mutual is...

The post Northwestern Mutual Funds $600,000 In New Grants For Childhood Cancer Research appeared first on InsuranceNewsNet.

Author: user
Posted: October 15, 2018, 2:08 pm

The American Council of Life Insurers issued the following news release:. The American Council of Life Insurers, whose member companies provide financial and retirement security to 90 million American families, elected its chair, officers and ACLI Board of Directors at the 2018 ACLI Annual Conference today. Ameritas CEO JoAnn Martin will serve as chair for...

The post ACLI Elects 2019 Chair And Board Of Directors appeared first on InsuranceNewsNet.

Author: user
Posted: October 15, 2018, 10:41 am

Lansing, MI - Oct. 12, 2018 – Jackson National Life Insurance Company® today announced that Chief Executive Officer Barry Stowe...

The post Jackson National Names Successor To Retiring CEO appeared first on InsuranceNewsNet.

Author: user
Posted: October 12, 2018, 6:47 pm

The accused defrauded older clients out of more than $2.5 million by "(holding) herself out as a financial adviser specializing in retirement planning," according to the criminal complaint filed in the U.S. District Court in the Illinois Northern District. Lucita Zamoras focused on the elderly, particularly immigrants.

The post Feds: Woman Used Annuities, Life Insurance In $2.5 million Scam appeared first on InsuranceNewsNet.

Author: user
Posted: October 12, 2018, 11:29 am

Longtime CEO Robert Kerzner is stepping down at the end of the year, and will be replaced by a former colleague at The Hartford. LIMRA/LOMA are the world’s largest association of life insurance and financial services companies.

The post LIMRA Names Edward Jones’ Executive New President/CEO appeared first on InsuranceNewsNet.

Author: user
Posted: October 11, 2018, 2:31 pm

UT Life Insurance, a major player in the life insurance industry in Ghana, has rebranded to miLife Insurance with a promise to deploy technology to deepen life insurance penetration in the country. The corporate re-branding consist of a new corporate brand name, a new identity, a new slogan Live More and a renewed focus. Speaking at the rebranding programme in...

The post UT Life Rebrands To Milife Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: October 11, 2018, 1:06 pm

A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.

The post NAIC Working Group Closing In On Disclosure Overview Language appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: October 10, 2018, 9:02 pm

Braintree, MA. (October 9, 2018) — U.S. life insurance application activity was off slightly in September, down -0.4% year-over-year, according...

The post Life Insurance Activity Down In September appeared first on InsuranceNewsNet.

Author: user
Posted: October 9, 2018, 7:55 pm

Transamerica Life Insurance Company has agreed to settle a class action lawsuit brought on behalf of policyholders across the United States alleging that Transamerica improperly increased the monthly charges that the company withdrew from the accounts of policyholders who own certain "universal life" insurance policies. Under the proposed settlement,...

The post Transamerica Life Settles Lawsuit On ‘Cost Of Insurance’ Charges appeared first on InsuranceNewsNet.

Author: user
Posted: October 5, 2018, 10:18 am

A few creative new life insurance and annuity products hit the market recently, led by Allstate's Monthly Income Term.

The post New Product Roundup: Allstate Leads With Income appeared first on InsuranceNewsNet.

Author: Cyril Tuohy
Posted: October 4, 2018, 1:47 pm

NEW YORK, October 2, 2018 – New York Life Ventures, the venture capital arm of New York Life, has identified...

The post New York Life Ventures Identifies Emerging ‘LifeTech’ Ecosystem appeared first on InsuranceNewsNet.

Author: user
Posted: October 3, 2018, 7:14 pm

LAS VEGAS, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Millennial families are not buying life insurance at nearly the pace of...

The post More Young Families Delay Buying Life Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: October 3, 2018, 1:09 pm

--Pegasystems Inc., the software company empowering customer engagement at the world's leading enterprises, today announced the results of a new survey that revealed how consumers perceive their insurance companies. While the majority are very satisfied with their insurers, this does not always equate to customer loyalty– 71 percent said simply receiving a...

The post Survey: Insurers Missing Chance To Improve Loyalty And Reduce Churn appeared first on InsuranceNewsNet.

Author: user
Posted: October 2, 2018, 1:00 pm

The California Department of Insurance issued the following news release:. An investigation by the California Department of Insurance revealed that Peter Kim, a licensed insurance agent, allegedly sold two policies to his wife, Jin Kim, and falsely listed her as a niece and beneficiary of the insured. During the same time, Jin Kim purchased another life...

The post 2 Arrested In $1M Life Insurance Scam appeared first on InsuranceNewsNet.

Author: user
Posted: September 26, 2018, 11:17 am

By a News Reporter-Staff News Editor at Insurance Weekly News-- Prudential Financial, Inc. announced that its Board of Directors has appointed Charles Lowrey as the company's next CEO and member of the Board, effective December 1, 2018. Lowrey, who currently serves as executive vice president and chief operating officer, International Businesses of...

The post Prudential Names New CEO As Strangfeld Retires appeared first on InsuranceNewsNet.

Author: user
Posted: September 21, 2018, 8:11 am

John Hancock is transitioning all of the company's life insurance policies to policyholders who commit to making healthy choices. The interactive policies will track fitness and health data through a variety of smartphones and wearable devices such as the Fitbit.

The post John Hancock To Sell Only Interactive Life Insurance appeared first on InsuranceNewsNet.

Author: Wire Reports
Posted: September 20, 2018, 10:00 am

Frederick, Maryland, Sept. 19, 2018 – Legal & General America (LGA), today announced the appointment of Mark Holweger as President...

The post Legal & General America Appoints Mark Holweger As President/CEO Of Its Insurance Division appeared first on InsuranceNewsNet.

Author: user
Posted: September 19, 2018, 2:58 pm

HOUSTON – September 18, 2018 – American International Group, Inc. (NYSE: AIG) has announced newly reduced rates for Select-a-Term, the...

The post AIG Announces Reduced Rates For Select-A-Term Life Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: September 18, 2018, 7:04 pm

NEW YORK – Life insurance is Social Security’s mirror image in the private sector, an auxiliary safety net that has...

The post Life Insurance Supplements Social Security By $1T Over 7 Years appeared first on InsuranceNewsNet.

Author: user
Posted: September 18, 2018, 2:36 pm

Braintree, MA — U.S. life insurance application activity held its own in the dog days of summer, flat at -0.1%...

The post Life Insurance Activity Static In August appeared first on InsuranceNewsNet.

Author: user
Posted: September 18, 2018, 1:00 pm

Nestle today announced that it agreed to sell the Gerber Life Insurance Company, to Western& Southern Financial G roup for USD 1.55 billion in cash. The transaction does not include Nestle's Gerber Products business, a household brand in baby food and baby care, which Nestle will continue to develop. Nestle CEO Mark Schneider said: "We are delighted to have found an...

The post Nestle To Sell Gerber Life Insurance To Western & Southern Financial Group appeared first on InsuranceNewsNet.

Author: user
Posted: September 18, 2018, 12:02 pm

A new Deloitte survey finds insurers well behind the ball when it comes to meeting consumers' needs digitally. Consumers are self-educating about life insurance online and carriers and agents need to respond better to that market if they want to increase life insurance ownership, the survey concludes.

The post Survey: Insurers Need To Get Digital With It appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: September 13, 2018, 2:44 pm

Arlington, Va. – Sept. 12, 2018 - The nonprofit Life Happens is pleased to announce the promotion of Faisa Stafford...

The post Faisa Stafford Named President Of Life Happens appeared first on InsuranceNewsNet.

Author: user
Posted: September 12, 2018, 1:31 pm

The New York Department of Financial Services passed tough cybersecurity rules for financial services last year, and more states are working on their own versions.

The post Insurers Grappling With NY Cybersecurity Regs; More States To Follow appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: September 6, 2018, 7:37 pm

 Carrier & Product News

Is 40 Year Term Available? YES!!!

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 40 Year Term Available! For the fast facts on Pru WorkLife 65 CLICK... read more