Canadian life insurance companies no longer equate marijuana use to “smoking”

life insurance companies - Marijuana

Changes to the country’s laws and social attitudes have brought about change in industry policy. Life insurance companies in Canada have traditionally labeled cannabis users as being “smokers.” However, a recent change in the country’s industry has changed this situation among many insurers. Smokers are typically penalized by life insurance companies and, until recently, that included pot users. The Canadian Life and Health Insurance Association director of health and disability policy, Joan Weir, explained in a CBC report that many life insurance companies have stopped equating light marijuana use with…

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Life insurance benefits that used to be popular among employers are fading away

life insurance benefits employee worker

A recent survey showed that employees are not seeing this type of coverage in their packages as much. While life insurance benefits used to be a standard part of many employer packages for their workers, fewer companies now offer them. This, despite the fact that employees still find the benefit to be an appealing one. The number of people who purchase life policies through group contracts is growing, but employers are stepping back. A new LIMRA survey revealed that there are up to 108 million Americans who currently have life…

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Life insurance companies in Illinois owe $7.5 billion to unknowing beneficiaries

life insurance companies

Many insurers are keeping the money owed to beneficiaries who have no idea they’re entitled to a payout. Life insurance companies across the country are struggling with the issue of tracking down beneficiaries owed death benefits. While some states have very strict and specific laws about insurer practices in these situations, others make it possible for insurers to admittedly keep the owed money. In Illinois, this problem has risen to several billions of dollars owed to beneficiaries but kept by insurers. The practice has meant that life insurance companies aren’t…

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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 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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Will new U.K. insurance regulations limit industry competition?

UK Insurance regulations

Insurers and consumers across the United Kingdom are wondering if new rules will spike prices. The U.K. government and industry regulators have now begun a new move to help to make changes to the insurance regulations that are currently in place through the Solvency II regime. The reason is that the government and insurance regulators are worried about a less competitive market. Recently, submissions were made to the European Commission, the Bank of England, and the Treasury in order to underscore the insurance regulations they are seeking to change. Within…

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Pennsylvania fines life insurance companies for partial benefits payments

Life Insurance Process

The state has been slapping insurers with penalties for failing to offer a full payout to beneficiaries. Pennsylvania has started implementing a crackdown on life insurance companies that have been discovered to be failing to pay out full benefits to the beneficiaries of policies soon after those policy owners have died. So far in 2015, the state has recovered $70.4 million for almost 4,300 beneficiaries in Pennsylvania. This is all a part of a broader effort by the Pennsylvania Department of Insurance, which involves a number of other states, as…

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Life insurance report reveals key trends to 2018

Life Insurance

Research and Markets has now released a new publication that provides insights into opportunities in the Philippines. Analytics firm, Research and Markets, has now added a new report to its offerings which they have entitled “Life Insurance in Philippines, Key Trends and Opportunities to 2018”, providing insight into that location and the opportunities that are opening up there over the next four years. The results of the study showed a number of important trends within this sector of the insurance industry. This life insurance news report showed that in the…

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Life insurance companies do not prefer e-cigarettes

electronic e-cigarette life insurance

The tobacco free options may seem to be healthier but insurers are not seeing them that way. While electronic cigarettes may be designed to mirror the smoking experience while removing the carbon monoxide, tar, and other chemicals and toxins that make tobacco one of the top cancer causers, life insurance companies continue to consider their users in the same way that they would a smoker of a traditional cigarette. Many smokers have been trying to use e-cigarettes to break their nicotine addictions. Quitting smoking is not an easy feat. Life…

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Life insurance companies discriminate against marijuana users

medical marijuana insurance

A newly published report suggests that insurers require these consumers to pay more for policies. A website that provides consumers with life insurance quotes has now released a new report that suggests that people who use marijuana will usually have to pay more for their policies than people who do not. The report is drawing industry attention from both insurers, agents, and consumers alike. This recent news was published under the title “Marijuana Users Discriminated Against by Life Insurance Companies.” It was released on the LifeAnt website and explained that…

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