The industry is recommending that policyholders take actions to help to make sure death benefits are received. The life insurance industry has been facing some hurdles across many states as many companies have not made extensive efforts to locate the beneficiaries of policies belonging to individuals who have died. Insurers are now making a number of changes as states alter their requirements to find beneficiaries. However, the industry is also recommending that policyholders take a few extra steps to help to make sure that the money that they are paying…
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Life insurance will be experiencing higher premiums for term policies
In an environment with low interest rates, the cost of the coverage is on its way up. According to the data that has been released by an online life insurance comparison agency, term policies are becoming more expensive and are slightly more difficult to find than they used to be. This news comes after a decade in which prices had been consistently plummeting to record lows. However, the latest research from IntelliQuote has shown that the premiums that are being quoted for term life insurance policies increased by an average…
Read MoreLife insurance being used by parents for their kids’ student debt
The overwhelming amounts that are owed are leading to some unique protection strategies. A life insurance trend has been building over the last short while that has parents taking out policies on their children in order to protect themselves against the overwhelming student debt that they carry. Many parents co-sign on student loans, leaving them at a considerable risk if their children should die prematurely. It is becoming increasingly common for parents to protect themselves from the debts of their children’s educations by purchasing life insurance policies following their graduation…
Read MoreLife insurance policies are experiencing a lapsing trend
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…
Read MoreLife insurance more common among Indian consumers than world average
The government of India has announced that the country’s residents have more coverage than the global median. According to the latest data released by the government of India, residents of that country have a larger overall life insurance coverage than the global average in 2010. The Minister of State for Finance Namo Narain Meena made the announcement in a written statement. Within the announcement, Meena said that “Life insurance penetration in India was higher than the world’s average in 2010 and the combined average is higher than Brazil and Russia…
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