Life insurance benefits payouts broke records at $100 billion in 2021

Life insurance benefits - Benefit package

Last year, insurers paid out 11 percent more than they had the year before in the United States. Life insurance benefits payouts in the United States reached $100 billion last year, reaching a record total, according to newly released data from the American Council of Life Insurers (ACLI). The increase from 2020 to 2021 represents the largest jump seen since 1918’s influenza pandemic. The amount paid out in life insurance benefits in 2021 represented a year-over-year increase of 11 percent compared to 2020. That was the largest single year hike…

Read More

USAA and Human API collaborate on new life insurance shopping experience

Life insurance - Shopping Cart

The insurer announced that it would be working with the health data platform to change the buying process. USAA Life Insurance Company has announced that it will be partnering with Human API to take its next step forward in the experience it provides consumers seeking coverage. The insurer and health data platform will come together to recreate the policy shopping process. The new collaboration will bring together the USAA Life insurance experience with digital health data and the health data platform from Human API. The goal is to use the…

Read More

Long-Term Care Insurance Association Releases Linked-Benefit Price Index

A 55-year-old male should expect to pay around $5,300 annually for an average linked-benefit long-term care insurance policy according to the just-published Price Index.  The first price analysis comparing leading linked-benefit insurance costs and benefits was recently published by the American Association for Long-Term Care Insurance. “Linked-benefit long-term care insurance combines the benefits of a life insurance policy with a rider that can provide long-term care benefits,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.  “These policies now outsell traditional long-term care insurance making it time for us to…

Read More

5 Great Reasons to Buy Life Insurance

If you are young, healthy, and single, do you need life insurance? Maybe not, but as soon as you are in a relationship with someone else or have a child, things change. Purchasing a life insurance policy can be one of the most important things that you do for your loved ones. Protect Your Dependents One of the main reasons to get life insurance is to protect your dependents. If anything happens to you, a life insurance policy is one of the considerations for end of life planning and can…

Read More

Life Insurance Myths – Debunked

When it comes to financial planning for your future, life insurance should be a key part of the process. Having a life insurance policy suited to your individual needs can mean that your loved ones will have financial protection when you pass away, and secure in the knowledge that future expenses can be covered.  However, just as much as you are made aware of the benefits of life insurance, so do rumours and myths appear, especially across the web. With this in mind, we are going to debunk the top…

Read More

Does Life Insurance Cover Motorbike Riding

Are you a keen motorcyclist and want to get life insurance? Are you wondering whether your family will receive a payout if you have an accident and the worst happens?  According to the Insurance Information Institute, in the event of a traffic accident, fatality in motorbike riders is 29 times higher than for passenger car occupants. It is both a worrying statistic and a solid reason to doubt that insurance companies might turn down your application for life coverage.  So, do insurance companies offer life coverage to motorbike riders? The…

Read More

Life insurance shopping trends rise and fall with local COVID-19 cases

Life insurance shopping - dollar sign - virus

A new NerdWallet survey found that Americans gain and lose interest in coverage based on case numbers. This year, there has been a substantial rise in life insurance shopping behaviors among Americans. Many studies indicate that it is a response to the COVID-19 pandemic, and people’s increased awareness of their own mortality. The study showed that as coronavirus cases fall in an area, so does interest in this type of policy. The research, conducted by NerdWallet, found that 35 percent of American consumers who had been life insurance shopping during…

Read More