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…

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Post Office reveals the most common misconceptions about life insurance & answer what is covered by life insurance

life insurance agent explains what does life insurance cover

The most common misconceptions surrounding life insurance relate to how the policy pay out works and how life assurance differs from insurance.   Providing financial security for their family is named the most popular reason for taking out life insurance.   Policy holders were just as likely as those without life insurance to fall victim to misconceptions. Almost a fifth of people (18%) with life insurance do not understand the terms by which their beneficiaries would get a pay-out from their policy in the event of their death according to a survey…

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Mercury shares insurance policy savings tips with its customers

Insurance Policy - Helpful Tips

The insurer released a Holiday Buyer’s Guide to help consumers get the right coverage for a better price. With the holiday season now underway, the odds are higher that a claim will be made on an insurance policy than they are at most other times of the year. That said, a claim can only be made if the right coverage is in place, moreover, not all coverage is priced equally. Therefore, Mercury has issued a Holiday Buyer’s Guide to help people to find precisely what they need and at the…

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Voluntary Advantage Welcomes Key Contributor For Their Monthly Publication

supplemental benefits market

November 29, 2022 / Denver, Colorado: Voluntary Advantage is excited to announce Sydney Consulting as a Key Contributor to their monthly publication for the Voluntary Benefits industry, “The Voluntary Benefits Voice”.  Sydney is an Actuarial and Compliance consulting firm that specializes in the supplemental benefits market. Sydney works with a gamut of insurance carriers; from Fortune 500 insurance titans to closely held market disruptors, providing end-to-end solutions for bringing products to market. Their services include product development, pricing, valuation, forms construction, rate and form filing, legal research, objection responses, technology…

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State Farm announces its first Task Force on Climate-Related Financial Disclosures

State Farm - New report

The insurer issued a release discussing the ways in which it is addressing climate risks. State Farm has announced the creation of its first Task Force on Climate-Related Financial Disclosures (TCFD) report. The goal is to provide transparency regarding its climate risk strategies for policyholders and its own business. In the release, State Farm recognized that climate change is bringing about greater risk and uncertainty for policyholders, particularly in terms of the severity, frequency, and location of catastrophic weather events. As such, the insurer has acknowledged its primary role as…

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California seeks to achieve largest possible worker health insurance subsidies

California Health Insurance - Employees denied

The goal is to ensure that workers receive the maximum assistance for coverage during labor disputes. California is aiming to ensure that workers in the state will receive the largest possible health insurance subsidies throughout labor disputes. This move is in response to a number of recent incidences when workers have been told they are losing their coverage throughout strikes and other similar disputes. Workers are having their coverage cut off or are threatened to lose coverage if they don’t return to work. For instance, earlier this year, Chevron workers…

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Turkey to require proof of insurance from oil tankers

Proof of insurance - Turkey

This move is expected to add bite to the sanctions from the international community against Russia. Turkey has announced that it will begin requiring that oil tankers making their way through the Bosporus shipping strait must provide proof of insurance. This step could prove challenging to the massive crude exports coming from Russia. Ships carrying crude through that waterway will need to present an official insurer’s letter. The oil tanker proof of insurance will need to state that the insurer is willing to provide adequate coverage for that specific vessel,…

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