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Families who plan have options when it matters most.
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?
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.
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.
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.
A few creative new life insurance and annuity products hit the market recently, led by Allstate’s Monthly Income Term.
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 New York Department of Financial Services passed tough cybersecurity rules for financial services last year, and more states are working on their own versions.
A new Pacific Life communication tool will alert advisors to customer account activity – new contract issuance, additional investments, distributions, etc. – within 15 minutes via text or email. The service will improve customer relations and put a dent in fraud, execs say.
After three consecutive quarters of declines, individual life insurance sales growth rebounded in the second quarter of 2018.
Indexed life sales shot up during the second quarter to a near-record $552.7 million. That figure represents a more than 13.6 percent over the prior quarter, and more than 13.9 percent compared to the same period last year. Only the fourth-quarter 2017 showed higher sales, according to Wink data.
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