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 One of the things I’ve learned in this job is that we can’t always prevent bad news, but what we do can lessen the impact of that bad news. Here’s an example: Problem George died. He was lean and active and vibrant. You’ll never find a healthier sixty-year-old. He was a partner in a well-run business and married to his childhood sweetheart. George really didn’t have a lot of problems. His passing, however, has…
This edition of “What’s Trending in Life Insurance” covers stories from Reinsurance News, Insurance News Net, and Fox Business. Negative Outlook for UK Life Insurers: Moody’s Last week we posted a “What’s Trending” article about how Japan’s insurance market has dealt with the effects of low interest rates. This week comes a story about similar problems that may affect the UK insurance industry. Because of a shrinking economic outlook, combined with prolonged low…
This edition of “What’s Trending in Life Insurance” covers stories from Forbes, BusinessWire, and Fitch Ratings. Who Should Have Survivorship Life Insurance? Forbes recently came out with an article regarding survivorship life insurance plans, and how they may work well for some people’s unique needs. Survivorship life insurance is essentially one policy, covering the life of two people. It pays at the passing of the second person. Whatever happens, the survivor in the plan will…
As National Life Insurance Awareness Month comes to an end, we’ve seen an upsurge of articles relating to what life insurance is, why you should have it, and what type of policy is best. One common theme, however, is that all this content is centered around the acquisition of a new policy. Now, getting a new policy isn’t a bad thing, but if I was in charge of National Life Insurance Awareness Month, I would…
When it comes to life insurance, the word “guarantee” may have different meanings. The first question that should be asked? “Is the guarantee conditional or unconditional?” Here’s why: Problem There’s hardly ever a problem when a policy has unconditional guarantees. “If you pay this premium, we will pay this death benefit to your age 120” is an example of an unconditional guarantee. In almost every problem case we review, everyone assumed the policy did indeed…
This week’s edition of “What’s Trending in Life Insurance” covers a lawsuit against State Farm, COVID-19, and the current state of the industry. Read below to learn more: DFR reaches $230,000 settlement with State Farm The Vermont Department of Financial Regulation (DFR) recently settled a case with life insurance provider State Farm. The lawsuit, filed as a result of alleged underpayments from State Farm, accused the company of improperly managing their death benefit payout. An…
This edition of “What’s Trending in Life Insurance” covers three stories regarding the COVID-19 pandemic, and how it’s affecting life insurance as we know it today. How the Pandemic Will Change Our Lives for the Foreseeable Future Our first article comes from the folks over at Live Insurance News. It discusses the psychological effects that COVID-19 has had on our society today, and how it’s changing the way people think about their life insurance policies.…
“Forbes may earn a commission on sales made from partner links on this page.” It’s there, in fine print a few shades lighter than the paragraph text. I can’t single them out for that – several other national publications do the same.  We as professionals understand that these are often paid fluff pieces. The problem comes as advertising and journalism blend together, leading to confusion when people really just need objective facts.  News sources that…
In this week’s “What’s Trending in Life Insurance” blog, we found three more articles you may find of interest. Life Insurance Ownership Drops 9% In A Decade, Study Finds Even though individual life insurance policy sales have increased, this article from Insurance News Net looks at the decline of individual ownership over the last ten years. The discrepancy seems to be a result of the drop in employer-paid coverage. This article also notes increasing interest…
Each week, we like to do a piece on our industry, and the timeliest articles to hit the news. Continue reading below to see what our “What’s Trending in Life Insurance” column has in store: In the Midst of COVID-19, Life Insurance Companies are Turning Some People Down With interest rates continuing to fall and demand for life insurance at a sharp increase due to COVID-19, Yahoo! News reports that some providers are growing increasingly…