COLUMBUS, Ohio – On July 1, Nationwide makes history by completing its 18-month transition to operate as a fully independent…
Read moreA webinar presented by the National African American Insurance Association explores how individuals and companies can go beyond the promises and bring on real change .
The National Association of Insurance Commissioners is converting its Summer Meeting to a virtual format.
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.
A webinar presented by the National African American Insurance Association explores how individuals and companies can go beyond the promises and bring on real change .
Selling life insurance products in a pandemic is difficult, but longtime life insurance pro Marv Feldman reminds agents not to abandon the important techniques that connect them with clients. And there may be new opportunities to get life insurance to people who need it.
Susan Neely, CEO of the American Council of Life Insurers, is leading the organization through some choppy waters as the life insurance industry meets tough challenges. In an interview with Publisher Paul Feldman, Neely the fights that still lie ahead.
EDITOR’S NOTE: This is Part 2 of an interview featured in the July edition of InsuranceNewsNet Magazine between InsuranceNewsNet Publisher…
–Given this year’s tax deadline is extended to July 15, now is an ideal time for consumers to reevaluate their retirement plans, assess how COVID-19 has impacted their financial goals and develop a strategy to optimize taxes in retirement. According to the 2019 Tax-Efficient Retirement Income survey conducted online by The Harris Poll on behalf of The…
–Amalgamated Life Insurance Company, a leading provider of comprehensive insurance solutions, announced that it and its affiliated companies, have completed a rebranding initiative designed to better reflect the “Amalgamated Family of Companies” and leverage the brand equity in the flagship company’s name, “Amalgamated.” They are as follows: the third party…
As Americans evaluate their finances during these challenging times, many financial professionals may be missing opportunities to shift conversations about retirement from accumulation to protection. The new 2020 Retirement Risk Readiness Study from Allianz Life Insurance Company of North America surveyed three categories of Americans to get…
The Center for Economic Justice today challenged insurers and insurance regulators to match their public statements condemning systemic bias and inherent racism with concrete actions to address inherent racism in insurance.
The Florida Legislature sent a bill to the governor’s desk Wednesday that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies. It is not known if Gov. Ron DeSantis, R, will sign the bill, which is generally opposed by the insurance industry.
Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc., announced today its first United Kingdom longevity reinsurance transaction with Pension Insurance Corporation plc. “This transaction marks an important milestone in MetLife’ s strategy and gives us the opportunity to apply our experience managing risk to a new market,” said Graham Cox,…
The lawsuit focuses on a 10-year, $500,000 term life policy issued in 1999 to Kelly Douglas Couch, who hid his HIV-positive status and died in June 2005. Later in 1999, Couch transferred ownership of his policy to an investor in viatical settlements.
Even before the COVID-19 pandemic hit, low- and middle-class Americans were less prepared to deal with the death of a main breadwinner, according to a survey taken in January.
When the COVID-19 pandemic chased everyone indoors an insurance industry that relies on face-to-face contact suddenly had to change course. What happened is insurers, middlemen and agents all learned they can rely on technology to forge a new way of selling insurance products.
–Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company, and Benefitfocus, the technology platform driving rapid innovation for employers and health plans, are today announcing a partnership that allows more individuals to digitally purchase the financial protection they need.
Despite the economic craziness — or maybe because of it — Americans are trusting insurance agents and companies more than ever, according to LIMRA data.
According to the J.D. Power 2020 U.S. Insurance Digital Experience Study, insurers have made across-the-board improvements in clarity of information, but many still struggle with the balance of too much information and a minimalist approach.
COVID-19 has helped move a traditionally slow-to-evolve industry in a more chameleon-like way. Insurance carriers have made multiple changes to their underwriting guidelines and product portfolios. Products may have slightly different features or requirements, but they still blend seamlessly into individuals’ financial and retirement plans.
While the COVID-19 pandemic will likely impact the claims side of the insurance industry, it is also affecting another component: insurance company investment portfolios. The past decade’s historically low interest rates led insurers further into generally higher yielding assets, including IG corporate bonds.
MetLife Inc. has agreed to pay $84 million to settle an eight-year-old class-action lawsuit filed by shareholders who claim the insurer underreported its liabilities via claims to deceased policyholders. Plaintiffs claim that MetLife failed to include data from the Social Security Administration’s “Death Master File” in tabulating its reserves.
National Guardian Life Insurance Company today announced an agreement to sell certain closed-block businesses to Prosperity Life Assurance Limited. “This reinsurance transaction with NGL launches Prosperity Life Assurance Limited as an emerging provider of customized and innovative reinsurance solutions to the life insurance and annuity industry,”…
The National Association of Insurance Commissioners is converting its Summer Meeting to a virtual format.
On a year-over-year basis, May 2020 index was up 5.2% with two less business days than in the 2019 comparative period. As carriers and agents adjust to the new normal and society returns, MIB cautioned against identifying any trends given the impact of the COVID-19 exogenous event.
A new LIMRA study finds just 21% of Americans have a favorable view of the economy, down from 25% in March 2020 and falling to less than half of the 56% reported in January 2020. The ongoing pandemic is chipping away at jobs and spending as millions remain unemployed.
Lincoln Financial Group announced today that it will launch the next generation of its Lincoln AssetEdge ® Variable Universal Life insurance offering on June 15. “When planning for retirement, there are many considerations, such as lifestyles, wealth transfer, and potential impacts of market volatility, taxes and longevity– all of which are magnified in…
American College President George Nichols relays his own experience to help others understand the struggle in black communities.
A state regulator task force took another step Thursday toward agreement on rule changes designed to rein in index universal life insurance illustrations. In a straw poll vote, Life Actuarial Task Force members voted 13-3 to affirm that any changes will only apply to new IUL policies.
INDIANAPOLIS – (June 3, 2020) OneAmerica® today announced its 2019 financial results, recording another solid year of growth, highlighted by…
First-quarter non-variable universal life sales totaled $770.3 million, down 2.5% over the first quarter 2019, according to Wink’s Sales &…
More fee-based products, new channels and growth in direct-to-consumer sales are some trends Chip Roame expects in the coming years. Roame, managing partner of Tiburon Strategic Advisors, characterized insurance products as being in a natural transition phase.
Over the past decade, U.S. life insurance ownership has fallen 9 percentage points to 54%, according to the 2020 Insurance Barometer Study. Researchers attribute the drop in ownership to a broad decline in employer-paid group life insurance benefits.
Several life insurance groups joined to release a statement this afternoon addressing racism, the George Floyd death and resulting protests across U.S cities.
A number of major employers nationwide are cutting salaries in an effort to cope with the financial fallout from the COVID-19 pandemic. In the insurance world, Principal Financial and Aon announced they are reducing salaries for a percentage of their workforce.
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.
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.
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.
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 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.
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.
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.
–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…
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.
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.
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.
BOSTON – American General Life Insurance Company (AGLI) will pay over $360,000 to resolve allegations that it failed to calculate…
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.
MetLife is offering paid voluntary leave to its licensed healthcare workers who join the fight against COVID-19, the company announced today.
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…
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.
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.
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…
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.
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.
COLUMBUS, Ohio – Nationwide announced today a plan to permanently transition to a hybrid operating model that comprises primarily working-from-office…
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.
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.
