Live Insurance News

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

September 19, 2017September 16, 2017 G. Turner

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…

Life insurance medical exam may soon be a thing of the past

August 9, 2017August 7, 2017 Julie Campbell

Technology and data services may soon provide an accurate and cost-effective replacement to health tests. A life insurance medical exam is often one of the most dreaded parts of applying for that type of coverage. That said, as systems and data continue to improve, this requirement may not be needed for much longer. This could mean that the added need for blood and urine samples, weigh-ins and blood pressure checks may stop. The reason is that the information obtained through a life insurance medical exam may be replaced by technology…

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

June 23, 2017June 21, 2017 Marc

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…

Life insurance premiums may soon be selfie-based

April 25, 2017April 22, 2017 Julie Campbell

Facial recognition technology could be used to better understand a person’s overall wellness. Selfies have become exceptionally commonplace, but these self-portraits may soon have an impact on life insurance premiums. In fact, as facial recognition and analysis technology continues to improve, it may one day determine whether or not someone even qualifies for a policy. The reason is that selfies provide a great deal of information about a person’s health and aging. The various details picked up by a selfie, such as drooping skin, fine lines and wrinkles, contours and…

New life insurance rules could make rates noticeably cheaper

March 20, 2017March 17, 2017 Marc

People who have hesitated to purchase a policy may find that they have new motivation on its way. Changes to life insurance rules in all states except three are more than likely to bring rates down by a considerable amount. There have already been at least two insurance companies that have decreased their term life policy rates and other insurers are expected to follow. The regulations involve telling insurance companies how much money they must keep in reserve. The two insurers that have already implemented rate decreases in part resulting…

Life insurance scam when husband sends hitman’s instructions to ex-boss

February 24, 2017February 22, 2017 Julie Campbell

A man allegedly texted “kill my wife” in a text to the wrong person when he wanted the woman murdered. A Washington man attempted to run a life insurance scam by hiring a hitman to kill his wife but ended up texting the information to the wrong person. The 42 year old father allegedly attempted to text the killer, but sent the message to his former boss, instead. Upon receiving the more-than-concerning text, the ex-boss proceeded to call the police to investigate. The man, Jeff Lytle, was arrested on two…

Will life insurance agents soon need to redefine their jobs?

January 20, 2017January 18, 2017 Logan B.

InsuranceBee and Hiscox launch insurance agent partner program

If Trump repeals the federal estate tax, higher-end agents may find themselves in wealth management. High-end life insurance agents may have a career shift headed their way if President Elect Donald Trump follows through on the elimination of the federal estate tax. It is still unknown as to whether or not Trump will indeed proceed with that proposal. That said, if he does, it could force agents selling life insurance to high end clients to need to recreate their business models. As of yet, it is unknown as to whether…