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.”
Read moreWhen we think of life insurance, often the first thing that comes to mind is protection. That protection extends to both good and bad markets – and not just death benefits, but living benefits, too. Given the recent headlines, here are some talking points you can share with clients.
Total insurance industry merger-and-acquisition deals in the fourth quarter 2019 totaled $11.43 billion in the U.S., according to GlobalData’s deals database. The value marked an increase of 174% over the previous quarter.
A recent LIMRA and LOMA survey of financial services companies found that 91% have a pandemic stress scenario in place, but just 16% see the coronavirus as a severe pandemic.
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.
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…
Leaders of four insurance industry organizations have sent letters to every state insurance licensing authority requesting temporary licensing accommodations for producers who…
Life insurance is an invaluable asset to those facing advanced-stage illness. It’s also a flexible asset that can be leveraged in different ways to meet individuals’ various financial needs.
The outlook for the US life insurance sector has been changed to negative from stable, owing to the unprecedented economic…
An insurance company has agreed pay the money to Russell Faria, of Lincoln County, The St. Lawyers for the three current and former Lincoln County Sheriff's Department officers named in the suit did not immediately respond to requests for comment. Elizabeth“ Betsy” Faria was killed in 2011. Russell Faria was convicted and sentenced to life in prison, though he…
Insurers are required to delay collecting premium on life insurance and annuity contracts written in New York for 90 days under an emergency regulation adopted today. The directive covers consumers experiencing financial hardship due to the COVID-19 pandemic, the New York Department of Financial Services said.
When we think of life insurance, often the first thing that comes to mind is protection. That protection extends to both good and bad markets – and not just death benefits, but living benefits, too. Given the recent headlines, here are some talking points you can share with clients.
Market crash and recession fears increased significantly from the end of 2019 when worries were at their lowest levels in over a year and half. Now, nearly two-thirds of Americans (63%) express concerns about a recession (compared with 43% in Q4 2019).
As the COVID-19 pandemic continues to disrupt the world, life insurance carriers are challenged by maintaining a profitable business. One looming fear for consumers is the cost of life insurance. Will it go up?
In a new lawsuit filed in North Carolina, Greg Lindberg accuses Insurance Commissioner Mike Causey — who wore a wire and cooperated with the FBI — of “abuse of power and breach of the public trust.” Lindberg was convicted on bribery charges March 5.
Clients want human interaction in this time of social isolation, and they need to have their advisors communicate with them. Brock Jolly, financial advisor at Veritas Financial, shared some tips for communicating with clients during a webinar held Monday for members of the National Association of Insurance and Financial Advisors.
Life insurance sales were very strong in 2019, according to Wink’s Sales & Market Report, with indexed life sales smashing records. Indexed life sales for the fourth quarter were $725.1 million, up 30.8% when compared with the previous quarter, and up 14.6% as compared to the same period last year.
Total insurance industry merger-and-acquisition deals in the fourth quarter 2019 totaled $11.43 billion in the U.S., according to GlobalData’s deals database. The value marked an increase of 174% over the previous quarter.
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.
Former life insurance agent Christopher Dougherty, 47, pleaded guilty to several fraud charges this week, partly related to a phony marijuana farm investment he successfully pitched to unknowing investors.
California is pressing all insurers to give policyholders “at least” a 60-day grace period from insurance premium payments.
COVID-19 has left businesses in uncharted waters. It is often insurance that carries businesses through these waters. But policyholders need to know where to look for this life raft, and how to navigate these murky waters.
A federal court judge in North Carolina warned billionaire insurance magnate Greg Lindberg and his team today to stop contacting jurors in his recently completed bribery case.
–As part of the panic that has consumed the world surrounding the COVID pandemic, many consumers are asking whether insurance companies are doing anything different, or perhaps, postponing the ability of consumers to obtain life insurance, for general pandemic related reasons. When a worldwide event such as COVID-19 consumes the news, life insurance becomes…
A recent LIMRA and LOMA survey of financial services companies found that 91% have a pandemic stress scenario in place, but just 16% see the coronavirus as a severe pandemic.
The federal government filed a motion today in a North Carolina court for forfeiture of nearly $1.5 million seized from insurance magnate Greg Lindberg, who was convicted on bribery charges last week.
The new partnership will answer several industry challenges including raising the level of financial literacy in American households, as well as raising awareness of career options in financial services.
TALLAHASSEE– Florida lawmakers on Thursday passed a bill that would block life insurers and long-term care insurers from using genetic information to price policies, making Florida the first state to ban the use of the information. “This legislation will also undoubtedly make Florida a model for the rest of the nation for ensuring individuals' genetic…
–Kansas City Life Insurance Company recorded net income of $10.6 million or $1.09 per share in the fourth quarter of 2019, an increase of $6.8 million or $0.69 per share compared to the fourth quarter of 2018. Net income totaled $24.4 million or $2.52 per share for the year ended December 31, 2019, up from $15.7 million or $1.62 per share for the year ended December…
February saw a 5.6% increase in life insurance application activity from that of January, MIB reported, an increase not seen for this period in the composite index since 2015. However, the persistent coronavirus is likely to dampen activity in the coming months, MIB added.
Because all life insurance products were required to shift to the 2017 Commissioners Standard Ordinary (CSO) mortality table by December 31, many companies reported increased sales of products using the 2001 standard as they rushed to beat the deadline in the fourth quarter.
NEW YORK – March 10, 2020 – Seven in ten Americans (70 percent) say life insurance will protect their ability…
–Integrity Marketing Group, LLC, today announced it has acquired LifeSmart Senior Services, Inc., a Medicare marketing organization based in Chicago, Illinois. As part of the transaction, founder Richard Kozlowski will become an owner in Integrity. “We got into this business because we wanted to help people, and Integrity's values reflect that same commitment,”…
NFP, a leading insurance broker and consultant that provides property and casualty, corporate benefits, retirement and individual solutions, today announced a strategic collaboration with John Hancock to significantly streamline the life insurance buying experience. Through its longstanding relationship with John Hancock, NFP will have access to…
–Aon plc and Willis Towers Watson today announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion. 4. “The combination of Willis Towers Watson and Aon is a natural next step in our journey to better serve our clients in the areas of people, risk and capital,” said Willis Towers Watson…
New bipartisan legislation could go a long way toward helping seniors pay for late-life care through favorable tax changes, say officials with the Life Insurance Settlement Association. The bill would allow seniors to sell their life insurance policies and use the proceeds, tax-free, to pay for their health care costs.
The National Association of Insurance Commissioners will be holding a full-day special session of the nations’ chief state insurance officials on March 22, 2020, to discuss state response and coordination around COVID-19.
Mar. 5– The 46- year-old mother of two missing children, last seen in September, will be extradited tonight from Kauai to Rexburg, Idaho. Lori Vallow, also known as Lori Daybell, stood–arms crossed and legs shackled wearing orange jail garb and brown-rimmed glasses–this morning before Kauai Circuit Judge Kathleen Watanabe. Kauai Prosecutor Justin Kollar told…
A GoFundMe request for funeral expenses following the recent Milwaukee shooting emphasizes the need for life insurance advisors to provide solutions to “regular” families. Don’t be afraid to prospect in your everyday life. Someone might one day thank you for it.
The state Assembly passed a bill 78-0 last week banning STOLI and sent it to the Senate, which previously introduced the legislation. The Democratic caucus is leading the effort in both houses and Gov. Phil Murphy, D, is likely to sign the final product.
A jury will decide the fate of Durham billionaire Greg Lindberg and two of his associates. During closing arguments in Lindberg’s federal bribery trial, jurors on Tuesday heard a prosecutor argue that hours of secretly recorded conversations show “the enthusiasm by these men to buy an insurance commissioner.”
In direct premium life insurance, Northwestern Mutual ascended to the top spot with a 7% market share and $11.3 billion in premium.
New research finds the vast majority of respondents would opt to share real-time wellness data with insurance companies through wearable devices in exchange for ongoing financial benefits like a lower life insurance premium or wellness rewards. In fact, 85% say a lower life insurance premium would incentivize them to live a healthier lifestyle.
The Eighth Circuit Court of Appeals handed a big victory recently to Liberty Insurance Underwriters over the use of life insurance in a company stock dispute.
According to a recent LIMRA study, 3 out of 4 life insurance companies in the U.S. and Canada have some type of automated and/or accelerated underwriting program. One in two companies has both.
My husband and I had our first child in December. We're both 27, we have good jobs, and our mortgage is $105,000. If you two are healthy, you both could easily get $250,000 on 20- year level term life insurance policies, for around $12 a month.
Dolores Morgan, 66, and her 47- year-old son, Ted Connors, were indicted Wednesday on seven counts of murder and conspiracy, according to the Monmouth County Prosecutor’ s Office. Morgan and her son, who have been living in Florida, are accused in the deaths of Nicholas Connors and Ana Mejia in Long Branch during the 1990 s. Nicholas Connors- Morgan’ s then husband, and…
The National Association of Insurance Commissioners is terminating its Insure U consumer education website.
I approach life insurance as a way to protect a financial need. It is there to protect against the catastrophic loss of your life that would forever change the financial future of your family. Life insurance can maintain your family’s lifestyle, provide resources for your children's college education, protect the transition of your business, etc.
WEST DES MOINES, Iowa, Feb. 21, 2020 (GLOBE NEWSWIRE) — WEST DES MOINES, IA, Feb. 21, 2020 – North American…
MINNEAPOLIS – February 21, 2020 – Allianz Life Insurance Company of North America (Allianz Life®) today announced its 2019 financial…
WEST DES MOINES, Iowa, Feb. 20, 2020 (GLOBE NEWSWIRE) — Midland National® Life Insurance Company, one of America’s preeminent life insurance…
A Florida bill that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies cleared its third and final Senate committee Wednesday. The bill passed the Senate Rules Committee by a 16-1 vote.
BOISE— An Eagle man accused of concealing his mother’ s body for months or possibly years after her death said he’ d intended to bury her near her childhood home in northern Arizona, per her wishes. He was charged with several felonies in June, after family members became concerned when they did not hear from his mother, Barbara Rhoton, for a lengthy period of time.
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.
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…
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.
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..
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.
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…
