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…
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New York Life maintains its largest slice of the market pie, leading the life insurance industry
Latest insurance news for life market New York Life has announced that it had once again achieved the position of top seller of new life insurance last year, with a solid 10.7 percent of the market share right through the last quarter of 2011. The sales of individual life insurance at New York Life experienced a steady increase throughout the year, having risen by 12 percent over the year before. This was the result of the work done by the insurer’s 12,250 licensed agents across the country. The head of…
Read MoreDo children need life insurance?
There is a serious debate underway regarding whether or not it is appropriate or necessary to buy life insurance policies for children, and if there is any benefit to the purchase. Those who would buy life coverage for their children do so because they feel that they are helpful financial tools that play an important role as a part of a larger savings and investment portfolio. However, others would say that for the majority of families, buying a life insurance policy for someone that young is typically wasteful, since it…
Read MoreNY Soldiers, vets, and their families may receive insurance protection from Cuomo administration effort
The New York State Department of Financial Services has released a news statement that included Superintendant Benjamin M. Lawsky’s announcement that life insurance companies will be required to pay the full amount to the beneficiaries of the policies that were held by veterans, soldiers, and others, without holding the money in their accounts. Unless either the beneficiary or the policy buyer specifically indicates that the funds should be provided otherwise, this will be the new standard for all life insurance policies of this nature. For many years, the life insurance…
Read MorePrudential Insurance reaches settlement with Insurance Departments in seven states
Seven states have announced that they have reached a settlement with Prudential Insurance Company of America as well as a number of its affiliate companies. According to Michael Consedine, the insurance commissioner from Pennsylvania, there were concerns raised over the practices at Prudential over the death benefit payments for beneficiaries of life insurance policies following an exam performed by several states. However, he went on to say that they appreciate the willingness of Prudential to “to reach a settlement that includes changing its business practices to better locate beneficiaries. This…
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