Life insurance companies changing perspective on cancer survivors

Life Insurance

The industry is discovering that the odds for victims of this disease are improving. Cancer survivors are now finding that it is easier than it has ever been to be able to purchase life insurance, when not very long ago it was considered to be nearly out of the question. Medicine has come a long way and is changing the outlook for survivors of this disease and their coverage options. It wasn’t that long ago that a diagnosis of cancer was the same as a death sentence, but that is…

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Life insurance companies in Asia being snatched up by Japan

life insurance business sold

Wealthy Japanese financial firms are setting their sights on the Southeast and are purchasing heavily. The latest trend in the life insurance industry is in Southeast Asia, where Japanese companies have already spent $6.6 billion this year – much of it in that sector – as they purchase one firm after the next. The latest reports have indicated that another massive acquisition of this nature is about to be made. These reports are indicating that Meiji Yasuda is looking into making an offer of $700 million for Thai Life insurance,…

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Life insurance industry in Australia feels the economic pinch

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Tougher times are beginning to show their mark on this sector as its value drops by over $1 billion. The Australian life insurance industry has been combating the struggles associated with the sluggish economic pace but has still managed to see its value drop by over $1 billion as the impact progresses. Its challenges only grows as it faces difficulties in the claims of larger policy holders. The largest life insurance companies in the Australian industry have reported that within the last year, the profit expectations were missed by a…

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Life insurance study shows satisfied claimants

life insurance customer satisfaction

The results of a recent study have revealed that 95 percent of the people who have made claims are satisfied. According to the outcome of a recent LIMRA survey, additional services offered by life insurance companies, such as coverage coordination and grief counseling are generating a larger amount of business, boosting recommendations, and are enhancing the positive perception of claimants. The study showed that among the beneficiaries of the policies, the vast majority are quite satisfied with the experience. The LIMRA research indicated that 95 percent of life insurance beneficiaries…

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Life insurance law in Vermont drives insurers to pay

Life insurance

Companies in the state were not adequately seeking beneficiaries are now paying out. Auditors in Vermont have determined that many of the life insurance companies in the state were not being adequately aggressive to seek out the beneficiaries of policyholders that had died, and steps have now been taken to remedy that trend. This has meant that many beneficiaries were not receiving the payments that were due to them. A number of large life insurance companies in Vermont, such as Lincoln Financial, Prudential, and AIG, have each reached settlements with…

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Life insurance industry seeks to dissuade tax reform

Life insurance

Life insurance representatives flock to DC to defend tax incentives Insurance executives and advisers, many of whom are represented by the National Association of Insurance and Financial Advisers, are flocking to Washington D.C. this week in order to warn federal lawmakers not to make changes to the preferential tax incentives that are offered to the life insurance industry. The life insurance sector in the U.S. has received these tax incentives, in one form or another, for the better part of a century, but financial concerns and the problematic performance of the…

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Life insurance companies are the focus of a new law in Montana

Life Insurance News

A new bill has just been signed by the state governor that requires firms to search for beneficiaries. Governor Steve Bullock has just signed a new Montana bill that will require that life insurance companies always search for policy beneficiaries when the policyholder has died. This is the case even when there have not been any claims submitted following the policyholder’s death. The bill was created as a response to a number of settlement agreements that have been made across the country in which life insurance companies had been charged…

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Life insurance industry may be in for a rough future

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Life insurance industry must adapt to change or it will fail The life insurance industry is facing a changing landscape, new risks, and emerging trends that could have a drastic effect on business. A new report from PwC US, an industry-focused consulting firm, suggests that life insurance companies will need to adapt to these changes if they wish to survive the next decade. The report, titled “Life Insurance 2020: Competing for the Future,” highlights several of the emerging factors that could have major influence over the life insurance industry. Report…

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Life insurance dispute to be settled as AIG agrees to pay over $300 million

AIG Insurance Industry Marketing

This money will go to the U.S. states involved in the massive disputes. According to the finance office in California, American International Group (AIG) will be making payouts totaling over $300 million in order to settle a dispute with several different states regarding unclaimed life insurance payments. The payment will be split among 39 different U.S. states as well as Washington D.C. This single agreement regarding property that remained unclaimed from AIG will require the life insurance company to pay more than $300 million that is owed on a tremendous…

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Life insurance branch of Hartford now acquired by Prudential

insurance industry report

The purchase was made for a reported $615 million in cash. Prudential Financial Inc. has announced that it has purchased the Hartford Financial Services Group Inc. individual life insurance business for a cash total of $615 million, adding greater substance to its American operations as its rival works to shed excess weight. It is believed that the deal will close at or near the beginning of 2013. According to a statement from Hartford, this will give it the opportunity to help free up close to $1 billion in capital that…

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