Genetic testing practices to change among life insurance companies

genetic testing practices DNA

Insurers in Canada have stated that consumers will no longer be required to disclose their data when buying coverage. New genetic testing practices are on their way to life insurance companies in Canada. Canadians applying for new coverage had previously been required to disclose the results of any DNA tests they’d had. That regulation for consumers will be changing as of 2018 when buying policies for under $250,000. The Canadian Life and Health Insurance Association (CLHIA) stated that the change will apply to most individual policies sold to consumers every…

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Prudential insurance policy sales to cease through Wells Fargo

Wells Fargo insurance scandal

Following the recent account sales scandal at the latter firm a few months ago, product sales are being suspended. Prudential Financial announced this week that the Prudential insurance policy sales by Wells Fargo & Co are suspended. This insurance news follows closely on the heels of the San Francisco bank’s sales practices scandal this fall. Wells Fargo is continuing its management of the fraud scandal backlash from a few months ago. The Los Angeles City Attorney’s office worked with federal regulators in announcing that Wells Fargo was caught using fraudulent…

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Allstate recognizes Life Insurance Awareness Month with reminder to consumers

Allstate insurance technology

The insurance company has used September to underscore the financial security benefits of the coverage. September is Life Insurance Awareness Month and Allstate has recognized it by spreading the word. The insurer has been sharing information about the ways in which this type of policy can boost a family’s financial security. There are two primary ways upon which Allstate has been focusing to take advantage of life insurance benefits. The first is the central component of Life Insurance Awareness Month: buying a policy. That said, it recommends purchasing a policy…

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China launches new life insurance products regulations

china newspaper mobile life insurance products

The country’s official regulator has established new rules to slow the growth of short- and mid-term products. Short- and mid-term life insurance products are now subject to new rules in China. These were shared on an official website notice from the Chinese industry regulator, the China Insurance Regulatory Commission (CIRC). CIRC has been working to be able to reduce the risk associated with the investment into these products. The CIRC’s concern is that if investments are made into stocks and long term assets using funds based on short-term life insurance,…

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Insurance fraud plot led Vietnam woman to cut off her limbs

insurance fraud scam hit by train

The woman has admitted to paying for an amputation to be able to make a claim on a policy. A Vietnamese woman has now admitted to a gruesome form of insurance fraud. In order to obtain a payout on a policy she held, police say she claimed to have been hit by a train. In truth, she had paid to have her foot and part of her arm cut off. The woman was thirty years old at the time and pretended to have been struck by a passing train. Ly…

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Terrorist’s life insurance policy can be seized by US government

US life insurance policy payout ruling

A federal judge has ruled that the payments on the policy of the San Bernardino killer can be taken by the government. A federal judge ruling says the U.S. government can seize the life insurance policy of Syed Rizwan Farook. Farook was one of the extremist terrorists involved in the murders in San Bernardino last year. The murderer purchased life insurance coverage near the time he was planning the terrorist attacks. He and a friend, Enrique Marquez – an extremist Muslim convert – planned terrorist attacks together. He started with…

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Life insurance companies must try harder to locate beneficiaries

life insurance companies

States say insurers should be making a greater effort to find heirs to ensure payments are being made. Life insurance companies have paid beneficiaries billions of dollars in unclaimed policy payouts. That said, if many states are successful, it could mean that even more beneficiaries will be receiving funds. Certain state actions aim to force insurance providers to make a greater effort to locate heirs. Almost two dozen states have passed laws pushing life insurance companies to look for policy beneficiaries. Among them, Illinois has become the most recent state…

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Life insurance policies carried by San Bernardino shooter may be seized by US

Syed Rizwan Farook life insurance policies

This week, federal prosecutors filed a suit to be able to take control of Syed Rizwan Farook’s payouts. The life insurance policies taken out by Syed Rizwan Farook, one of the San Bernardino shooters from the attacks in December 2015, may soon be seized by the U.S. government if federal prosecutors are successful in winning the lawsuit they have now filed. This would allow the government to seize the payouts from the two insurance policies carried by the shooter. The U.S. attorney’s office in Los Angeles made the filing for…

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Millions of dollars in life insurance benefits owed to unknowing Californians

agent discussing life insurance benefits

There are thousands of people living in the state who are owed large amounts of unclaimed money. Officials in California have now said that thousands of people across the state are owed millions of dollars in life insurance benefits – sometimes in amounts that are greater than $100,000 – and that many of these individuals have no idea that this money is owed to them. The California Controller’s Office said that some insurance companies haven’t made any effort to find beneficiaries. According to the Controller’s Office, in many cases, there…

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Life insurance companies now selling to HIV patients in US and Canada

HIV life insurance companies policy AIDS red ribbon

John Hancock in the United States and Manulife in Canada have both announced the lifting of the exclusion. On Friday, HIV patients received some good news from life insurance companies in the United States and Canada, as John Hancock Insurance and Manulife have both stated that they will be removing their exclusion for these patients. This is the second insurer in the U.S. to make this announcement and the first ever in Canada. On Friday, John Hancock Insurance said that it will be offering its policies to people who are…

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