In South Korea, China, France and India the top reason for owning life insurance is to supplement their retirement income, whereas in Hong Kong, Japan, Malaysia, Singapore, Taiwan and Thailand, consumers are far more concerned about replacing the income of a wage earner.
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In this capacity, Mr. Updyke will have executive operating responsibility for Chubb’s retail insurance business that serves small commercial clients in the U.S. and Canada. Mr. Updyke will report to John Lupica, Vice Chairman, Chubb Group and President of North America Insurance. Mr. Updyke began his career with Chubb in 1991 as an Excess Casualty Underwriter.
LL Global, the parent company for LIMRA, LOMA and Secure Retirement Institute, today named Mark Poklar to lead its insurance research unit. He will report to Alison Salka, senior vice president and head of LIMRA Research.
CHATTANOOGA, Tenn. (Sept. 24, 2020) – The coronavirus pandemic gives millions of Americans—especially younger adults, those with children at home,…
CINCINNATI – Sept. 25, 2020 – Western & Southern Financial Group has named John H. Bultema III president and chief…
–The coronavirus pandemic gives millions of Americans— especially younger adults, those with children at home, and minorities— an opportunity to reconsider how they manage their finances. According to a new Unum survey,* 41% of adults said the pandemic has changed how their family handles finances. “The pandemic changed our lives, and it’s not a surprise more…
NEW YORK, N.Y., Sept. 23, 2020 – The Guardian Life Insurance Company of America’s Board of Directors announced today that…
Clearwater, Fla. – September 23, 2020 ‒ AmeriLife Group has acquired a majority interest in The Achievement Group. TAG is…
The insurance industry is in the midst of a paradigm shift. The rise in digitization is bringing a host of technologies that are disrupting the industry, while bringing new efficiencies and expanding business opportunities to everyone in the insurance value chain. It’s also changing the way we do business.
An announcement today by Neurotrack, a digital health company, and Hannover Life Reassurance Company of America, a member of Hannover Re Group, the third largest reinsurance group in the world, signals how the industry is turning to digital technology to benefit insurers and policyholders by changing the future of aging. Neurotrack is announcing a…
The NAIC Executive Committee established the special committee this summer and gave it four charges and instructions to report back by the end of the year. Ray Farmer, South Carolina insurance commissioner and 2020 president of the NAIC, said the work will take much longer than that.
The National Association of Insurance Commissioners issued the following news release:. Millennials are approaching a milestone birthday as the first in the generation turns 40. There is a clear need for better communication about life insurance policies across all generations, according to a new survey by the National Association of Insurance…
–Globe Life is proud to announce Globe Life Field will host the 2020 Major League Baseball National League Divisional Series, National League Championship Series playoff games, and the World Series. In an effort to minimize exposure to COVID-19, Major League Baseball will hold playoff games in four “bubble” locations in California and Texas.
A lengthy process to merge the Association for Advanced Life Underwriting and GAMA International came closer to completion this week when the new trade association revealed its name: Finseca. The new group starts with “just under 6,000 members,” CEO Marc Cadin says, with plans to grow.
The COVID-19 pandemic has put a spotlight on the significant role life insurance plays in the cycle of life, as well as the importance of modernizing the sales model to withstand dramatic disruptions to the ways the industry typically operates.
Between 2010 and 2018, the U.S. life insurance industry distributed nearly $1.5 trillion in claims and benefits to policyholders, an amount equal to 19 percent of all Social Security payments made over that same period, according to a study released today. If Social Security had to finance all the benefits provided by private life insurance, U.S. payroll tax…
When asked why they don’t have life insurance, almost four in 10 (38%) said it would be too expensive. However, the survey suggests most people probably overestimate the cost. For example, a 20-year, $250,000 term policy would cost roughly $200/year for a healthy 30-year-old male and $185 for a healthy 30-year-old female.
“Having issued more than 2,000 policies since 2010 and managed over 300 notifications of warranty breaches across the globe, we are in a unique position to uncover M&A claim trends that can help deal makers and advisors better understand and manage their exposure,” said Liberty GTS President Rowan Bamford. However, no more than 25% of these notifications result…
LL Global, Inc., the parent organization for LIMRA and LOMA, today announced it has hired John Carroll to lead its National Accounts team.
Sep. 10– A judge has denied a request to lower the bond for one of two people charged in the January death of a Bismarck man. South Central District Judge Douglas Bahr in an order filed Tuesday said electronic monitoring would not assure that Earl Howard, 42, of Belwood, Ontario, Canada, would be at future court dates. Howard and Nikkisue Entzel, Chad Entzel's wife, are…
Life insurance application activity jumped shot up 9.1% in August in a year-over-year comparison by MIB Life Index.
–Policygenius, the nation’s leading online insurance marketplace, announced today the launch of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. “The Policygenius Life Insurance Price Index was designed to provide invaluable insights to industry…
COVID-19 definitely affected life insurance sales this quarter, a LIMRA executive says. Despite the decline in new premium, nearly half of companies reported growth in policy sales, citing increased consumer interest due to the pandemic and their ability to sell products without meeting face-to-face.
The Springfield- based insurance giant and Colorado- based Empower Retirement announced Tuesday that Empower has agreed to buy MassMutual’ s retirement business for $3.35 billion. In addition, the balance sheet of the transferred business would be supported by $1 billion of required capital when combined with Empower’ s existing U.S. business.
Since financial adviser Dean Vagnozzi was charged with fraud in a government lawsuit in July, he has been castigated by regulators for how he steered customers to Par Funding, a Philadelphia lender founded by a twice-convicted felon. With his heavy radio advertising and free steak sales dinners, Vagnozzi, 51, touted alternatives to Wall Street.
It’s vital to start your career off the right way to avoid the pitfalls that eliminate many insurance agents from the industry. Here’s a list of Top 10 tips to combat the high rate of new agent drop-out rates. Following these recommendations may make the difference between failure and success.
LIMRA research shows 46% of Americans are uninsured and many more do not have enough coverage.
The life/annuity industry’s net income fell by 66% in the first half of 2020, compared with the year-ago period, A.M. Best reported today, driven by a major reinsurance agreement inked between Jackson National and Athene. The deal had the effect of moving approximately $27 billion of premium out of the U.S. statutory industry population.
The ongoing pandemic combined with new principles-based reserving rules to keep life insurance sales down for the second quarter, Wink Inc. reports. The future is brighter for some products, whole life, in particular, said Wink CEO Sheryl Moore.
Pennsylvania financial adviser Dean Vagnozzi warned that a federal judge’s freeze on his bank accounts — ordered in response to the U.S. Securities and Exchange Commission’s lawsuit — threatens to halt the payment of premiums for life-settlement policies packaged as investments for hundreds of his customers.
–Ohio National Financial Services is pleased to announce the addition of the Protector Plus and Level-premium Paid-up Additions riders to its limited pay whole life insurance lineup. Previously available together only on the Prestige 100 II lifetime pay whole life policy, their combination on limited pay whole life policies gives producers greater…
As a young entrepreneur with no kids, Jesse Silkoff hadn't purchased life insurance before the coronavirus crisis. So Silkoff purchased a 10- year term life policy with $500,000 of coverage for about $30 a month. Nicholas Mancuso, life insurance expert at Policygenius, an insurance comparison website, says the site is seeing an “uptick” in life insurance…
When Chris Gandy entered the industry in 1999, he was coming off a short stint playing pro basketball in France and looking forward to life off the court. But he was the only Black advisor in his training class of 10, and found his unique set of challenges getting started. He shared those challenges with NAIFA members Tuesday.
Not only are people working from home, but also they are working on getting their affairs in order. Life insurance is part of this process and has become of increased importance for some people. On top of that, the marketplace continues to see change as carriers are repricing their products according to current conditions.
Lindberg, 50, of Durham, N.C., the founder and chairman of Eli Global and the owner of Global Bankers Insurance Group, was sentenced to 87 months in prison and three years of supervised release. Lindberg has told media outlets that he will appeal.
When it comes to the economy, consumers are similarly split along political lines, LIMRA reports in a new survey. Sixty-eight percent of consumers who identify as liberal continue to be highly concerned about the economy while just 44% of conservatives show this level of concern.
Transamerica announced today that it is now offering a new funeral concierge benefit at no direct cost for qualifying life…
The coronavirus pandemic continues to disrupt the U.S. economy as businesses big and small cut back, close and declare bankruptcy. Consequently, a reported 16.3 million Americans were unemployed in July, compared with just over 6 million the previous year, according to the Bureau of Labor Statistics. If you are the high-income earner or sole earner for a young…
A National Association of Insurance Commissioners’ committee adopted changed today to Actuarial Guideline 49, changes designed to tighten up indexed universal life illustrations. The vote was nearly unanimous, with New York voting No.
AIG announced that David McElroy, currently President and Chief Executive Officer of the North American operations of General Insurance, has been promoted to Chief Executive Officer, General Insurance, and Executive Vice President, AIG, effective immediately.
Nearly 80 percent of Black Americans said having life insurance is a goal for them, a 2019 New York Life study found, versus 63 percent of all adults. Many of the barriers to life insurance ownership in Black communities can be traced to several myths about the process.
When their term life insurance became unaffordable, two middle-market consumers were amazed at the options permanent life insurance afforded them.
A North Carolina judge refused to overturn insurance magnate Greg Lindberg’s conviction on bribery charges and also denied a motion for a new trial. Lindberg, a Durham, N.C., billionaire, was convicted of using the promise of millions in campaign money to bribe state insurance commissioner Mike Causey.
The Life Insurance and Annuities Committee granted two time extensions today to allow state regulators to finish work on a pair of key disclosure issues: one covering proprietary indexes in annuity sales, and another pertaining to a policy overview disclosure to be included with life insurance sales.
Boulder, CO, August 11, 2020 – According to a survey of more than 1,100 U.S.-based respondents interested in flexible work,…
COLUMBUS, OH – The latest in Nationwide’s Agent Authority research found that economic uncertainty and unpredictable markets have forced business…
Prudential’s individual solutions unit, consisting of annuities and life insurance, reported adjusted operating income of $185 million, down 43.4% mainly due to lower annuity sales. In response, the insurer has “repriced almost our entire product line,” said Charlie Lowery, chairman and CEO.
Despite COVID-19 death numbers up to double what was expected in the spring, Principal is cutting its projected impact on earnings from $20 million to $10 million per 100,000 U.S. deaths from the virus. The insurer credits its diversified product lines for enabling it to remain financially strong.
Does the possession of a visa mean a prospect is declined for life insurance?
The Artificial Intelligence Working Group voted unanimously to adopt principles governing artificial intelligence last month, including the phrase “AI users should proactively avoid proxy discrimination against protected classes.” A task force is deciding whether or not to keep that language going forward.
Globe Life estimates $45 million of COVID-related life claims for 2020, nearly double its first-quarter projection. Globe Life is one of the first life insurance companies to report second-quarter earnings. The quarter offers the first glimpse at how well insurers are countering the financial impacts of the worldwide pandemic.
Emotional intelligence is where “80% of you success lives,” according to Jamar Cobb-Dennard, a business broker at Indiana Business Advisors, who spoke about racial bias in the workplace in a webinar for the National African-American Insurance Association.
Several life insurers are reversing COVID-19 restrictions on underwriting, even as the pandemic continues to infect record numbers of Americans. Most insurers placed temporary age caps on underwriting in April as COVID-19 spread across the U.S. But policy sales suffered during the ensuing months.
Mentorship is the key in recruiting the next generation of Black advisors, and in helping them build their careers and eventually take over existing practices when the older generation of advisors is ready to retire.
NEW YORK, July 21, 2020 — American International Group, Inc. (NYSE: AIG) today announced that it will relocate its global…
If you have clients who are concerned about what market volatility might mean for their loved ones, life insurance can provide peace of mind that generational wealth won’t get lost in the storms.
New York, July 20, 2020 – New York Life announced today that Co-Chief Operating Officer Craig DeSanto, 43, has been elected president…
When it comes to saving for the long term, millennials and Generation Z have time on their side. Although we are currently in a period of extreme market volatility, if millennials and Gen Z start investing early, there is the potential for their assets to compound and appreciate over the next 40-plus years.
OMAHA, Neb. – Mutual of Omaha today announced several new initiatives to address issues of racial equity and social justice,…
–Benefitfocus, Inc., a technology platform provider enabling rapid innovation for employers, health plans and consumers, has added a portfolio of financial protection solutions from Lincoln Financial Group to the ever-growing range of products and services in its Benefit Catalog.. They are a natural addition, “said Ray August, President& CEO of Benefitfocus.
