Posted on: Thursday, May 10th, 2012 by jcliff

Until recently, there have been four main categories of life insurance available: term, whole, universal, and variable.  There are benefits and disadvantages to each, but by weighing them, along with personal situations and goals, a person can purchase a policy that suits their needs and provides financial protection for their loved ones.  But, like any other industry trying to make it in our current economy, product developments in life insurance are crucial, in order to keep up with the demands and desires of consumers.  Many people are interested in low-cost death benefits, flexibility with their …

Posted on: Thursday, May 3rd, 2012 by jcliff

Sales of life insurance policies are at an all time low, and recent research indicates that cost is a major factor keeping consumers away.  Many insurers are attempting to reverse this trend by developing affordable yet effective products so that more Americans have access to this crucial coverage.  Colonial Life and Accident Insurance Company is doing their part as they recently launched their new group term life policy, available to many individuals via their workplace.  A recent Market Watch press release, “Colonial Life Launches New Group Term Life Product,” detailed the new product.

The company is …

Posted on: Monday, April 30th, 2012 by jcliff

According to the LIMRA press release from April 24th, approximately 75% of all Americans have confidence in life insurance companies.  The new study from LIMRA points out that this number jumps to 90% when looking at Americans who own individual life insurance.

LIMRA found that consumers who have directly or indirectly seen life insurance make a difference in someone’s life, were much more likely to feel confident in life insurance companies when compared to consumers who had no experience in the matter.  Robert Kerzner, president and CEO of LIMRA, says this study further confirms that life …

Posted on: Friday, April 27th, 2012 by jcliff

A recent press release from BusinessWire announces that A.M. Best Co. has given The Northwestern Mutual Life Insurance Company and its subsidiary, Northwestern Long Term Care Insurance Company (NLTC) a financial strength rating of A++ and an insurer credit rating of “aaa”.  This is considered a superior rating for the insurer.

In addition to this rating, A.M. Best also affirmed the debt rating of “aa” on the outstanding $1.75 billion 6.063% surplus notes due 2040 of Northwestern Mutual.  All of the ratings are stable and the outlook is good.  These ratings are reflective of Northwestern Mutual’s …

Posted on: Thursday, April 26th, 2012 by jcliff

Sales for life insurance policies are at a 50 year low, and results from a recent survey may explain why.  LIMRA, a worldwide agency dealing with research, consulting, and professional development in the insurance world, teamed up with the nonprofit LIFE Foundation, which strives to educate the masses about life and health insurance, to complete the latest study.  As part of the survey, participants were asked to estimate the annual cost of a 20-year, $250,000, term life insurance policy for a healthy 30-year old consumer.  Many Americans estimated the price tag to be around $400, …

Posted on: Wednesday, April 25th, 2012 by jcliff

We wrote a previous blog entry about the troublesome amount of life insurance proceeds that go unclaimed each year, and most of this is on the shoulders of the insurance companies.  The consumer does have some power over this though.  We all know it’s important to advise your beneficiaries of what you have set up with their name as a funds recipient, but that doesn’t always happen.  If you are like some of the thousands of Americans who think they are owed some life insurance, but are not sure how to go about checking, there …

Posted on: Tuesday, April 17th, 2012 by jcliff

The Hartford Financial Services Group made a surprising decision as they announce that they are selling most of their life insurance business.  The NY Times article by Michael J. De La Merced reports that this comes after pressure from one of their biggest shareholders, the hedge fund Paulson & Company.  Hartford also intends on slowing down their annuity business as well as they focus more on its core operations in property and casualty, group benefits and mutual funds.

Liam McGhee, the insurer’s chairman and chief executive, believes the added focus will lead to higher …

Posted on: Thursday, April 5th, 2012 by jcliff

A press release from Business Wire released earlier today, says New York Life Insurance continues to lead the pack when it comes to market share.  The company announced that it was the largest seller of new life insurance in 2011.  They completed the year with a strong 10.7% market share through the fourth quarter.  Their individual sales have continued to be encouraging as they increased about 12% over 2010.

Chris Blunt, head of New York Life’s Insurance Group, says the results are terrific and they credit New York agents throughout the nation.  They work …

Posted on: Wednesday, March 28th, 2012 by jcliff

MetLife, America’s largest life insurance company, failed the Federal Reserve’s “stress” test along with three other bank holding companies for 2012 according to Jeff Jeffrey’s article on InsuranceNewsNet.  The stress test is the 2012 Comprehensive Capital Analysis and Review which applies worst case scenarios to 19 complex holding companies through the end of 2012.  Because these four companies failed the test, the Federal Reserve rejected their capital management plans.

MetLife has fired back in defense of themselves arguing that the capital standards presented in this stress test don’t make sense for insurance companies.  Of …

Posted on: Saturday, March 24th, 2012 by jcliff

If you haven’t noticed, LifeInsurance.org recently unveiled a new, user-friendly version of their well-known site for consumers.  The overhaul of the site aims to present a cleaner and more organized experience for consumers according to the LifeInsurance.org press release on InsuranceNewsNet.

There’s been a great response so far to the fresher site and visits have increased as consumers continue to use the site for valuable life insurance information.  The online tools at LifeInsurance.org help consumers make informed and educated decisions before purchasing a life insurance policy.  So, spread the word that this site is …

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