Live Insurance News

Now Is the Time to Think About Life Insurance: 6 Questions to Ask Before You Buy a Policy

July 21, 2020 Guest Author

Securing a life insurance policy is something we should all consider, regardless of age, in order to protect our loved ones. But, most people don’t know where to start, and failing to get the right type of coverage can have disastrous consequences. Asking the right questions before you choose a life insurance policy can help you choose the right level of coverage, as well as the right type of insurance policy. Should I Buy Term or Whole Life Insurance? Term life insurance provides coverage for a specific time frame, which…

Canadian life insurance has been too expensive for years, says new analysis

July 17, 2020July 15, 2020 Logan B.

Canadian life insurance - Canadian Money

The findings indicate that people in Canada have been overpaying for coverage by 36 percent. Canadian life insurance is substantially more expensive than it should be, according to a recent PolicyMe study which showed that people in the country to our north are paying an average of 36 percent too much. This analysis was based on the data from 4,800 existing policies in Canada. The findings have shown that the Canadian life insurance industry may be ready for somewhat of an overhaul. The reason is that the traditional methods used…

State Farm Life Insurance must pay $34M class-action plaintiffs, federal appeals court

July 7, 2020July 3, 2020 H. Cutner

State Farm Life Insurance - Law - Justice

The 8th US Court of Appeals has upheld the ruling that policyholders in Missouri must be repaid. State Farm Life Insurance must repay Missouri policyholders more than $34 million for having charged them undisclosed fees, ruled the 8th US Court of Appeals. The class action lawsuit was filed on behalf of 25,000 policyholders back in 2016. The plaintiffs in the class action lawsuit were people who had purchased policies from State Farm Life Insurance between 1994 and 2004. The lawsuit alleged that the insurer’s policy premiums were said to be…

Allianz and Generali intend to dump their life insurance assets

June 2, 2020May 30, 2020 H. Cutner

Two of the largest insurers in Europe are planning to sell business worth as much as $9.9 billion. Allianz and Generali, two of the largest insurers in Europe, are preparing to sell billions of euros worth of life insurance assets. Allianz SE intends to sell as much as 9 billion euros worth of these assets in countries such as Italy. Sources familiar with the matter report that Allianz SE is looking to sell off life insurance assets worth as much as $9.9 billion in countries including Italy. The German insurer…

Magic Johnson’s EquiTrust Life Insurance funds over $100 million in small business loans

May 20, 2020May 19, 2020 Julie Campbell

EquiTrust Life Insurance - Magic Johnson with the US Navy

The former NBA All-Star’s insurer is focusing on supporting women- and minority-owned companies. Magic Johnson’s EquiTrust Life Insurance Co and MBE Capital Partners, a nonbank lender from New Jersey, is providing $100 million in funding for minority and women-owned companies. This is a component of the Small Business Administration’s struggling Paycheck Protection Program. According to Johnson in a Wall Street Journal interview, he heard that small businesses were having a hard time gaining access to Paycheck Protection Program (PPP) loans. One of the larger companies that was successful in obtaining…

Veteran Insurance Executive Named FSL Vice President

May 18, 2020December 4, 2020 PR Article

May 18, 2020 — Fidelity Security Life Insurance Company (FSL) has named Tim Knott as its Vice President, Marketing. Knott brings more than 35 years of industry experience to FSL, most recently spending the past six years as Vice President of Group Insurance at Kansas City Life Insurance Company. Prior to that, he was Senior Vice President of Assurant Employee Benefits in Kansas City, Missouri. In his new position, Knott will be responsible for functions related to maintaining and growing existing partnerships, explore new product development, and seek new marketing…

MassMutual to gift $3 billion in life insurance policies to front line workers

April 22, 2020April 21, 2020 G. Turner

Life Insurance Policies - healthcare workers

This is the latest in a string of announcements insurers have made in the face of COVID-19. Massachusetts Mutual Life Insurance Company has launched a $3 billion life insurance policies assistance program for Connecticut and Massachusetts health care workers. This assistance effort is called the MassMutual HealthBridge program for workers in health care. The MassMutual HealthBridge program will offer health care employees up to $25,000 in free, three-year term life insurance policies. It will be available to active employees of urgent care centers, licensed hospitals, or emergency medical services providers…