In this week’s edition of “What’s Trending in Life Insurance” we cover topics from Business Insider, Bankrate, and the Insurance News Net:
Court Affirms $34.3M Jury Verdict Against State Farm Life Insurance
Coming out of the legal world, here’s an article that’s been making quite a splash over the last couple of weeks – State Farm Life Insurance will have to make payouts to a portion of its policyholders due to breach of contract. The class-action suit, which alleged that State Farm was overcharging many of its clients, had its jury verdict reaffirmed after the company appealed in 2018.
As Norman Siegel, co-lead counsel and founding partner of Stueve Siegel Hanson LLP put it, “Many insurers define the cost of their insurance fees by delineating factors outside typically considered mortality elements and in this case the costs of charges weren’t outlined with specificity. The court’s decision affirms that, simply put – if you want to charge for it, you need to put it in the contract.”
Read the Full Article on Insurance News Net
The Gender Gap in Life Insurance
This article from Bankrate discusses life insurance trends, and how there is a very clear gender gap emerging when it comes to which members of a family have a policy. Evidently, men are much more likely to have life insurance than women.
“Not only that,” the author goes further, “but when women did have life insurance, the coverage was for around half the amount that men had.” Bankrate makes a good point regarding valuing lives equally, and how even if the woman of the household is a stay at home mom, her contributions to the family add up tremendously. This in turn warrants a different approach to the way families buy life insurance.
Read the Full Article on Bankrate
Free Tool Enables Searching for Deceased Family Members’ Life Insurance Policies After Death
For our last article, Business Insider brings to light a tool that many people may not be aware is available to them. Picture this: You have a family member pass away, but you don’t know much about their estate plans. Everyone is unsure if this individual even had a will, let alone a life insurance policy.
Now, with the help of a free tool from the National Association of Insurance Commissioners, you will have the ability to search for a life insurance policy after a loved one’s death. It’s going to be extremely helpful for many countries across the country, and even enables you to look up annuities as well.
Read the Full Article on Business Insider
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