There is a great deal of information about these policies but consumers often wonder if it’s for them. With all of the information that is currently available about life insurance, and all of the various forms that can be purchased, it isn’t always easy to know if it will be something from which you will benefit. As with every type of product, it can be very beneficial to some people, and yet not to others. In terms of ensuring a family’s financial security, life insurance is typically considered to be…
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Do 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 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…
Read MoreThe Hartford launches new life insurance Issue First process
The Hartford has announced that it will now be able to offer its customers permanent life insurance in as little as five days, by way of its brand new First Issue process. As the current average in the industry for permanent life insurance delivery is 48 days, the new Hartford process has reduced that time to a mere fraction. It shows that the insurer has listened to the common complaint that they receive from their customers: that life insurance takes too long to purchase, and that they have done something…
Read MoreMissouri insurance department implements new program to locate deceased relatives’ life insurance policy
The insurance department in Missouri has just developed a new program that will assist beneficiaries in being able to track down any life insurance policy that is held by the deceased person. The insurance department has said that it isn’t at all uncommon for people to know that a family member has life insurance coverage, but not actually know which insurer sold the policy. Using this new program in Missouri, people who are searching for a life insurance policy for a dead relative will be able to give the information…
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