Live Insurance News

Prudential life insurance claims illegally denied says Department of Labor

April 25, 2023April 24, 2023 H. Cutner

Over 200 claims were denied by the insurer, even though it had been collecting premiums. The US Department of Labor has accused Prudential Financial of illegally denying over 200 life insurance claims, even after the insurer had continued to collect premiums from the policyholder. This is only the most recent instance of a rash of insurers denying claims customers have paid for. A number of life insurance companies have been found to be denying claims made on policies that have been paid into for years. Many employers include supplemental life…

Life insurance experience differs among states due to health records

January 23, 2023January 19, 2023 Marc

Health trends in states across the country help to determine a consumer’s experience with coverage. The majority of people can’t say that they have absolutely flawless health and healthy lifestyles, and this impacts their overall experience shopping for life insurance policies. Across the United States, 4 out of every 10 adults have a minimum of two chronic illnesses. That said, some states across the countries have better wellness statistics than others, mainly due to two primary issues, the prevalence of unhealthy lifestyles and of substance abuse. This can have an…

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…

Philip Morris launches Reviti life insurance company with discounts for smokers who quit

April 26, 2019April 26, 2019 Nordstrom

Reviti Life Insurance - Smoking - cigaretes, Ash tray

The tobacco giant has started its own insurer with special discounts for smokers working on cessation. Philip Morris International, the tobacco giant behind Marlboro cigarettes, has just opened its own insurer called Reviti life insurance. Reviti is a wholly owned subsidiary of Philip Morris that will begin selling life insurance in the UK. Though Reviti life insurance will start in the United Kingdom, the intention is to expand its sales into markets overseas as well. That said, what is interesting about this life insurance company owned by the tobacco giant…

Japan’s insurance industry takes steps to stop genetic discrimination

April 15, 2019April 12, 2019 Logan B.

The Japanese industry is preparing guidelines to make sure insurers can’t collect customer DNA. The insurance industry in Japan is getting ready to create guidelines that would stop genetic discrimination by insurers in the country. They are seeking to ban health and life insurance companies from the collection or use of genetic information for purposes related to coverage eligibility or premiums calculations. Associations across the industry say they haven’t started using genetic info but the goal is to stop it. According to the Life Insurance Association of Japan, its members…

Life insurance premiums can be calculated using your social media posts

February 7, 2019February 7, 2019 Marc

Provided they are not discriminatory, life insurers can use customers’ posts to decide on pricing. The New York Department of Financial Services (N.Y.F.S.) has released new life insurance premiums calculation guidelines. These will allow insurers to use data collected from their customers’ social media posts to help calculate premiums. These regulations may soon move outside New York and into other states as well. The life insurance premiums guidelines indicate that insurers have the right to obtain and apply data gleaned from “non-traditional” sources as well. That said, if they do…

Hybrid life insurance policies gain popularity as LTC payment plans

October 12, 2018October 11, 2018 Nordstrom

As long term care insurance skyrockets in price, many people are looking for alternative funding. Hybrid life insurance policies are beginning to take the place of long term care insurance policies. Traditional LTC products have plummeted in popularity due to their spiking premiums in recent years. To pay for long term care needs, consumers are turning to new types of insurance coverage. Hybrid life insurance policies are becoming a leading option in that area. These policies come in the form of life products that back long term care financing strategies.…