How the Pandemic Will Change Our Lives for the Foreseeable Future

life insurance

Facing the uncertainty of life during the time of COVID-19 is incredibly taxing. From worrying about job security and the health and safety of loved ones, many are struggling to comprehend the long-term effects of this pandemic. Any plans for the future have seemingly been shelved as it has not yet been determined when things will go back to normal. If you are concerned about how the pandemic will change your life for the foreseeable future, take a few action steps now to ensure you are creating as much stability…

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State Farm Life Insurance must pay $34M class-action plaintiffs, federal appeals court

State Farm Life Insurance - Law - Justice

The 8th US Court of Appeals has upheld the ruling that policyholders in Missouri must be repaid. State Farm Life Insurance must repay Missouri policyholders more than $34 million for having charged them undisclosed fees, ruled the 8th US Court of Appeals. The class action lawsuit was filed on behalf of 25,000 policyholders back in 2016. The plaintiffs in the class action lawsuit were people who had purchased policies from State Farm Life Insurance between 1994 and 2004. The lawsuit alleged that the insurer’s policy premiums were said to be…

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National Guardian Life Insurance Company brings new LTC coverage to California

National Guardian Life Insurance Company - elderly care

The stand-alone LTC insurer is expanding its selling to the state starting on July 6. The National Guardian Life Insurance Company has announced that it will be bringing its EssentialLTC long term care policy to California next month. The stand-alone LTC insurance policy will become available to Californians starting next week. This announcement means that the National Guardian Life Insurance Company long term care policy will have expanded across the entire country aside from New York and Montana. This coverage is sold through traditional associations, distributions and worksite marketing programs.…

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Allianz and Generali intend to dump their life insurance assets

Life insurance assets - Euros

Two of the largest insurers in Europe are planning to sell business worth as much as $9.9 billion. Allianz and Generali, two of the largest insurers in Europe, are preparing to sell billions of euros worth of life insurance assets. Allianz SE intends to sell as much as 9 billion euros worth of these assets in countries such as Italy. Sources familiar with the matter report that Allianz SE is looking to sell off life insurance assets worth as much as $9.9 billion in countries including Italy. The German insurer…

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Magic Johnson’s EquiTrust Life Insurance funds over $100 million in small business loans

EquiTrust Life Insurance - Magic Johnson with the US Navy

The former NBA All-Star’s insurer is focusing on supporting women- and minority-owned companies. Magic Johnson’s EquiTrust Life Insurance Co and MBE Capital Partners, a nonbank lender from New Jersey, is providing $100 million in funding for minority and women-owned companies. This is a component of the Small Business Administration’s struggling Paycheck Protection Program. According to Johnson in a Wall Street Journal interview, he heard that small businesses were having a hard time gaining access to Paycheck Protection Program (PPP) loans. One of the larger companies that was successful in obtaining…

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MassMutual to gift $3 billion in life insurance policies to front line workers

Life Insurance Policies - healthcare workers

This is the latest in a string of announcements insurers have made in the face of COVID-19. Massachusetts Mutual Life Insurance Company has launched a $3 billion life insurance policies assistance program for Connecticut and Massachusetts health care workers. This assistance effort is called the MassMutual HealthBridge program for workers in health care. The MassMutual HealthBridge program will offer health care employees up to $25,000 in free, three-year term life insurance policies. It will be available to active employees of urgent care centers, licensed hospitals, or emergency medical services providers…

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Life insurance policy availability for coronavirus coverage may soon shrink

Life insurance policy - person wearing mask using computer

Insurers feel the COVID-19 pandemic comes with too many uncertainties to offer cover. Life insurance policy sales have been spiking since the start of the COVID-19 pandemic, but the availability of this coverage may not continue as it has been. Insurers have been faced with a sudden and dramatic amount of unknown coverage data. Life insurance policy sales are based on the answers to several questions and the use of actuarial tables to determine each applicant’s rates. However, with the addition of the coronavirus pandemic, the factors influencing what an…

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