The insurers issued a joint statement that they had just inked a $1.9 billion cash merger agreement. National Western Life Group, Inc. and Prosperity Life Group, have announced that a definitive Merger Agreement has been signed between them. This will involve the acquisition of National Western by an affiliate of Prosperity Life Group. Oe of Prosperity Life Group’s affiliates, the S. USA Life Insurance Company, Inc., will be acquiring National Western. The deal between the insurance companies will be entirely in cash in a transaction valued at about $1.9 billion.…
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US life insurance has become a “panic buy” due to pandemic
Experts say that people are buying this coverage out of a fear of death and increased awareness of financial risk. US life insurance is experiencing a considerable rise in popularity due to the coronavirus pandemic. Consumers, young adults in particular, have been purchasing coverage at elevated levels. Since the spring, US life insurance companies have been recording notably higher sales levels than they were at the same time in 2019. The trend has taken off as young adults have seen that thousands of Americans were dying from COVID-19 related illness.…
Read MoreProgressive life insurance may be a future move, says CEO
The insurer is looking into moving into a new market as the CEO says there is “more to come.” It may not be too long before Progressive life insurance becomes a product available to consumers in the United States. Though the move is far from confirmed, the insurer’s CEO has indicated that it is being considered. “We actually are considering that,” said Tricia Griffith, chief executive officer, when asked about the potential for Progressive life insurance in the future. “We have a life-insurance company filed in Ohio. More to come…
Read MoreAmericans killed by COVID-19 complication least likely to have life insurance coverage
Insurers in the US are paying out far less than expected in connection with pandemic related deaths. When the pandemic first struck the United States, insurers had assumed that payouts for life insurance coverage would sharply spike. They had predicted that deaths from COVID-19 complications would lead payouts to skyrocket. However, several months in, they are finding that they aren’t paying out nearly as many claims as expected. This is largely because those dying from the virus have disproportionately low or lacking insurance. Over the last few weeks, a number…
Read MoreBrooke Shields places life insurance value into the spotlight
The actress has partnered with Life Happens to spread awareness about coverage accessibility. Last month, Brooke Shields used a partnership with Life Happens to draw attention to life insurance value and accessibility. Last month was life insurance awareness month and this partnership played a central role. Shields partnered with the non-profit to help push forward the message of life insurance value and accessibility. It was a very direct message: that every family can and should buy coverage to ensure their loved ones are protected if the worst should happen. Death,…
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