Life Insurance Roundup, February 25, 2016

Pattie Lovett-Reid: You might need this even more than life insurance – BNN News

We often talk about the importance of life insurance, but some would suggest disability insurance that protects you financially against an accident or life-threatening disease is even more important.

An often quoted statistic highlights that a typical 30-year-old has a four times greater chance of becoming disabled than he does of dying before the age of 65. And it is estimated that one in six will be disabled for three months or more before the age of 50.

If you think about it, we likely all know someone who has been impacted in this way. Disability insurance can often be overlooked due to the “probability factor” — something isn’t going to happen to me. But the reality is it could happen to you when you least expect it. Being off work due to a disability can have a huge impact on both your emotional and financial well-being. 

A.M. BestTV: Life Insurance Settlement Industry Explores New Markets – Yahoo Finance

This A.M.BestTV episode spotlights the recent Life Insurance Settlement Association’s (LISA) Institutional Investor Conference, held in New York, NY, where executives said they have seen a growing interest from institutional investors in the life settlement market. Click on to view the entire program.

The industry is finding new growth as institutional investors and insurers look to retiring life insurance policyholders and other markets.

“The current market has changed a lot, as it is a much more highly regulated market today,” said Darwin Bayston, chief executive officer, LISA. “There are regulations in 42 states, regulations that provide consumer disclosures in six states and LISA members have to file an ethics statement stating that they have abided by rules, regulations and laws every year … so it is a much safer market today for consumers to sell their life insurance policies.” 

House Democrats advance unclaimed life insurance bill | Lexington Herald-Leader

Kentucky House Democrats advanced a bill to strengthen the reach of a life insurance law that suffered a setback when Republican Gov. Matt Bevin’s administration dropped its defense of the statute in a court case.

Supporters said Wednesday the bill could help people collect benefits owed them from life insurance policies they didn’t even know existed by requiring insurers to make “good faith efforts” to locate them.

The measure cleared the House Banking and Insurance Committee with solid support from Democrats. A couple of Republican members voted for it, but most GOP lawmakers abstained from voting.

The legislation seeks to amend the state’s 2012 Unclaimed Life Insurance Benefits Act to clarify that it applies to life insurance policies written before the law took effect. 

Union Budget 2016: Salaried class demands separate deduction limit for life insurance products | Zee News

With just less than a week remaining for the Finance Minister to present the Union Budget for 2016, the common man has started building up expectations from the Narendra Modi-led NDA government at the Centre.

Union Budget 2016: Salaried class demands separate deduction limit for life insurance products Section 80C allows deduction up to Rs 1.5 lakh in respect of payment of premium under life insurance policies and for other specified payments. 

Life insurance association contributes to society through education

The Korea Life Insurance Association is running a string of educational programs for young people.

One is an insurance class in which educators visit elementary, middle and high schools across the nation. According to the Life Insurance Social Contribution Committee, the educators teach students about financial insurance through easy texts and board games.

The committee said some 24,000 students at 111 schools across the country have joined the classes and the number will increase to 30,000 students this year.

There will also be a nationwide musical tour to interest students in insurance. It will include two musicals ― “Captain Guardian” for elementary school students and “Daddy Long Legs” for middle and high school students. The musicals will be staged 180 times this year. Last September, “Daddy Long Legs” won an award presented by the governor of the Financial Supervisory Service. 

Legal and General refused £130k life cover claim of woman who is dying | This is Money

Violeta Beaver has less than six months left to live.

This is written down in black and white in a letter from her cancer specialist.

Yet insurance giant Legal & General claimed it knew different, as its medical experts — who had never met Violeta — said she might live longer.

And until the company was satisfied the 63‑year-old would not survive for longer than 12 months, it would not pay out the £130,000 she was owed under the terminal illness clause of her life insurance policy. 

Insurance scheme for poor haunted by flood of claims | business | Hindustan Times

More than 30% life insurance claims in a social security cover that Prime Minister Narendra Modi launched in 2015 were made within the first 30 days of a person joining the scheme, industry data show.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), an insurance cover for less than Rs 1 a day, collected premium of about Rs 970 crore till the first week of January while more than Rs 190 crore was paid in claims, which means an outflow of 19.6%.
It was launched in May 2015.
Sources said revised data reflect a larger claim ratio, likely to be significantly higher than 19.6%.
This is a worrying sign since less than 1% claims comes within the first month for regular life insurance policies.
The finance ministry at a meeting asked insurers to present more data and facts to help assess the claim pattern, sources said. 

Seeking Life Safety With Life Insurance Wellesley – Press Release – Digital Journal

With life being so uncertain and cruel at times one hardly knows what one will come to face just round the corner. One cannot be certain of life, but one can be certain of one thing and that is the life that the person’s family members will be living after them. With a life insurance Wellesley coverage, it is easy for anyone to safeguard the future of their loved ones. Parents can make the future of their children safe with a life insurance policy. It can fund a child’s education or be the sustenance for parents and partners left behind. Remsen Insurance Agency Inc., is one family owned and operated agency that helps find the best life insurance Wellesley. 

Telenor users get free life insurance cover, first cheque issued in Gujarat | DeshGujarat

Telenor India has launched ‘Telenor Suraksha’, free insurance cover for all its over 2.8 million users, 1.3 million of which have already got insured. Scheme is open for potential Telenor customers. Telenor settled the first insurance claim for Gujarat circle recently for a customer in Surat city.

Across six circles, 18.2 million users have enrolled for insurance under Telenor Suraksha and 9.8 million customers are already insured.

Telenor users can avail this service by calling customer service centres or dial the self-help menu *121# or opt-in for it by approaching any of the 48000 point of sale or 320 Retail Stores. For every recharge done by the customer, a 100X insurance cover will be provided to him up to a maximum of Rs 50,000. For customers availing this offer, there is no separate documentation required.

Industry estimates show that currently less than 4% of India’s population has an insurance cover of any type. The primary reasons for the low penetration are issues like lack of awareness, cumbersome enrolment process, cost of insurance and lack of trust. Lack of distribution network has also restricted insurance products becoming popular and pervasive. 

Comarch implement comprehensive Life solution for Swiss Re

‘We needed a solution that brings us closer to our clients in an efficient manner. It’s essential that it is easy for our clients to manage their contracts, and that their employees can stay up-to-date on their policies and manage their investment on their own. In addition, we needed a solution to streamline internal processes, help us become more efficient and support future growth. The Comarch system offered an A to Z solution that fitted our needs’, says Theo Iaponas, Head of Corporate Clients business at Swiss Life Luxembourg.

The solution covers all life and pension insurance processes end-to-end, including new business processes, contracts and claims management, as well as management of their clients and insureds. It handles all types of contracts like defined contributions or defined benefits, various financial vehicles including unit-linked, and different methods of payouts like annuities and programmed withdrawals. Besides, the solution includes a self-service online portal for all group life insurance participants who can manage their coverage and investments without the need of contacting the insurer’s customer center. 

Allianz seeks buyers for South Korean insurance unit: sources | Reuters

Europe’s largest insurer Allianz (ALVG.DE) has put its South Korean life insurance business on the block as part of a global overhaul in a tough low-interest rate environment, sources with direct knowledge of the matter said.

The South Korean asset is attracting interest from Chinese names such as Anbang Insurance Group and Fosun International (0656.HK) who are considering bidding, said the sources. One of the people said the asset is valued at $500 million.

U.S. insurer Prudential Financial (PRU.N) and domestic South Korean financial institutions are also examining making a bid, one of the sources said. The sources declined to be named because the talks are confidential.

An Allianz spokesman declined to comment on whether the Korean operations are up for sale. Fosun and Anbang declined to comment. Prudential Financial did not offer an immediate comment. 


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