Allianz and Generali intend to dump their life insurance assets

Life insurance assets - Euros

Two of the largest insurers in Europe are planning to sell business worth as much as $9.9 billion. Allianz and Generali, two of the largest insurers in Europe, are preparing to sell billions of euros worth of life insurance assets. Allianz SE intends to sell as much as 9 billion euros worth of these assets in countries such as Italy. Sources familiar with the matter report that Allianz SE is looking to sell off life insurance assets worth as much as $9.9 billion in countries including Italy. The German insurer…

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Magic Johnson’s EquiTrust Life Insurance funds over $100 million in small business loans

EquiTrust Life Insurance - Magic Johnson with the US Navy

The former NBA All-Star’s insurer is focusing on supporting women- and minority-owned companies. Magic Johnson’s EquiTrust Life Insurance Co and MBE Capital Partners, a nonbank lender from New Jersey, is providing $100 million in funding for minority and women-owned companies. This is a component of the Small Business Administration’s struggling Paycheck Protection Program. According to Johnson in a Wall Street Journal interview, he heard that small businesses were having a hard time gaining access to Paycheck Protection Program (PPP) loans. One of the larger companies that was successful in obtaining…

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Veteran Insurance Executive Named FSL Vice President

Insurance Executive Named FSL Vice President

May 18, 2020 — Fidelity Security Life Insurance Company (FSL) has named Tim Knott as its Vice President, Marketing. Knott brings more than 35 years of industry experience to FSL, most recently spending the past six years as Vice President of Group Insurance at Kansas City Life Insurance Company. Prior to that, he was Senior Vice President of Assurant Employee Benefits in Kansas City, Missouri. In his new position, Knott will be responsible for functions related to maintaining and growing existing partnerships, explore new product development, and seek new marketing…

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MassMutual to gift $3 billion in life insurance policies to front line workers

Life Insurance Policies - healthcare workers

This is the latest in a string of announcements insurers have made in the face of COVID-19. Massachusetts Mutual Life Insurance Company has launched a $3 billion life insurance policies assistance program for Connecticut and Massachusetts health care workers. This assistance effort is called the MassMutual HealthBridge program for workers in health care. The MassMutual HealthBridge program will offer health care employees up to $25,000 in free, three-year term life insurance policies. It will be available to active employees of urgent care centers, licensed hospitals, or emergency medical services providers…

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Life insurance policy availability for coronavirus coverage may soon shrink

Life insurance policy - person wearing mask using computer

Insurers feel the COVID-19 pandemic comes with too many uncertainties to offer cover. Life insurance policy sales have been spiking since the start of the COVID-19 pandemic, but the availability of this coverage may not continue as it has been. Insurers have been faced with a sudden and dramatic amount of unknown coverage data. Life insurance policy sales are based on the answers to several questions and the use of actuarial tables to determine each applicant’s rates. However, with the addition of the coronavirus pandemic, the factors influencing what an…

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What You Need to Know Before Using Your Life Insurance Policy as Collateral

life insurance policy as collateral

Putting up your life insurance policy as collateral first requires an understanding of what collateral assignment entails. By assigning any asset of yours as loan collateral, you’re legally pledging to give lenders proportional legal ownership of those assets in the event that you default on your loan. Life Insurance as Collateral 101 In short, putting up your life insurance policy as collateral on a loan means that you need to be ready to lose it in the event that you can’t pay your loan back. Before anything else, you need…

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Who Can Claim Life Insurance?

Claim life insurance

Life insurance is important because it protects your loved ones in case of your unexpected death. Few people like to consider this possibility, but like most forms of insurance, it’s better to have it and not need it than to need it and not have it. Life insurance can help save your loved ones from funeral expenses, another unexpected crisis, or help them keep the family home. Those listed as beneficiaries on your policy can file a claim, but there may be delays in payouts in certain circumstances. There can be…

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