Live Insurance News

Life insurance is vastly misunderstood among American consumers

January 22, 2013January 22, 2013 H. Cutner

LIMRA has reported that 70 percent of people in the U.S. don’t understand the coverage. In the United States, ownership of life insurance has reached a historical low and a recent LIMRA study has suggested that it is likely because Americans don’t understand why it is needed or how the products in that sector actually work. The global consulting and research organization determined that there is a lack of understanding and knowledge. In order to come up with this claim, LIMRA applied a type of IQ test for life insurance…

Life insurance bill takes aim at reducing fraud

January 10, 2013April 30, 2013

Massachusetts Governor Deval Patrick is now deciding on his approval for regulations in the industry. Deval Patrick, the Governor of Massachusetts, is currently considering a bill that has been created in order to help to combat life insurance fraud by adding regulations to brokers and financial service companies that purchase policies from cash starved policyholders and then receive the benefits upon the death of those individuals. The sale of an individual’s policy for a fraction of its settlement total is both legal and common in Massachusetts. This is the case…

Life insurance policies are experiencing a lapsing trend

January 1, 2013January 1, 2013 H. Cutner

Insurers in India have been seeing an increase in the number of policies that have been allowed to lapse. Recent data released by the Insurance Regulatory and Development Authority (IRDA) in India has revealed that life insurance companies are experiencing a trend with an increase in policy lapses and forfeitures throughout the last financial year. This information was revealed within the authority’s annual report for the most recent fiscal year. Equally, the Life Insurance Corporation of India (LIC) a public sector insurer, revealed that it had experienced a lapse ratio…

Life insurance unit in U.S. sold by Sun Life Financial

December 20, 2012December 20, 2012 H. Cutner

The sale of this and its American annuity business was made for a reported $1.35 billion. Sun Life Financial has just announced that it has come to an agreement with Delaware Life Holdings to sell its U.S. annuity unit as well as some of its life insurance businesses for a reported $1.35 billion. The buyer is a company that is owned by the Guggenheim Partners group of shareholders. According to president and chief executive officer of the seller, Dean Connor, “This transaction represents a transformational change for Sun Life.” Connor’s…

Life insurance deal dropped by KB Financial

December 19, 2012April 30, 2013

The bid that had been made for ING’s business in that sector in Korea has now been removed. Though ING Groep had received a bid on its Korean life insurance assets, that opportunity has now been lost as the sole buyer who had been involved in the deal has now withdrawn the offer that it had made. KB Financial Group was the would be buyer of the business that ING held in that market of Korea. Now, KB Financial, which is based in Seoul, has pulled out the bid that…