Life Insurance Roundup, February 26, 2016


MetLife, known for life insurance, may part with its agents – US News

MetLife is in talks to part ways with the life insurance agents who long defined one of the world’s biggest life insurance companies.

The unit that the company is in talk to sell, known as MetLife Premier Client Group, has 4,000 agents who sell a number of policies, including life insurance, to individuals and small businesses, according to a Securities and Exchange Commission filing. The New York company also sells insurance in other ways, including through independent agents and brokerage agencies. It has a total of 69,000 employees. 


Re-evaluating Your Life Insurance Needs – NerdWallet

Buying life insurance gives you the security of knowing your family could carry on financially if you died. But be careful not to let that peace of mind lull you into a sense of complacency forever. As your financial life changes, so will your insurance needs.

After you buy a life insurance policy, it’s a good idea to re-evaluate your coverage every few years, especially after major life changes, such as marriage, divorce or having children.

Here are some of the changes you could make after reviewing your need for life insurance. 


Axa Full-Year Profit Rises 12% on Life-Insurance Premiums – Bloomberg Business

Axa SA, France’s largest insurer, said 2015 profit rose 12 percent, helped by higher life-insurance sales in Europe and Asia. The shares rose.
Net income climbed to 5.62 billion euros ($6.2 billion) from 5.02 billion euros a year earlier, the Paris-based company said in a statement on Thursday. That beat the 5.39 billion-euro average estimate of eight analysts surveyed by Bloomberg. The shares rose as much as 4.1 percent in Paris and were trading at 20.1 euros at 09:35 a.m.
Axa, led by Chief Executive Officer Henri de Castries, has grown in emerging markets from China to Colombia over the past five years. Earnings at the life and savings division, the company’s largest, rose 12 percent to 3.5 billion euros, helped by higher sales of health-protection policies. The insurer plans to pay a 1.10-euro dividend per share, up 16 percent from the previous year. 


Senate passes Lizbeth Benacquisto bill to reform life insurance payouts – Florida Politics

A bill that would require insurers to take a more proactive stance on paying out life insurance benefits cleared the Senate Wednesday with a unanimous vote.

SB 966, sponsored by Fort Myers Republican Sen. Lizbeth Benacquisto, would require insurers to compare their policy rolls with the Social Security Administration’s Death Master File and payout benefits. Current law allows insurers to wait until beneficiaries contact them before verifying deaths and doling out benefits.

“In this country many people buy life insurance to protect loved ones, should they pass away unexpectedly. Losing a loved one can be very difficult, and life insurance policies can help pull families through tough times. Many life insurance companies have held onto policy benefits until they are contacted by a beneficiary. If never contacted, the company never pays the benefit,” Benacquisto said. “I think they should be proactive about making sure the benefit is paid when one of their policy holders has passed. In these difficult times, taking steps to help return unclaimed accounts to consumers could help millions of families.” 


How to re-evaluate your life insurance needs – CSMonitor.com

Buying life insurance gives you the security of knowing your family could carry on financially if you died. But be careful not to let that peace of mind lull you into a sense of complacency forever. As your financial life changes, so will your insurance needs.

After you buy a life insurance policy, it’s a good idea to re-evaluate your coverage every few years, especially after major life changes, such as marriage, divorce or having children.

Here are some of the changes you could make after reviewing your need for life insurance. 


Budget 2016: An opportunity to transform life insurance industry

Union Budget 2016 can transform the life insurance industry in the country. Life insurance Companies have played a major role in the development of the country. Life Insurance sector has supported the Government’s various developmental activities, be it in providing capital for infrastructure projects or through the implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). There is a need for providing more impetus to life insurance companies for enhancing life insurance penetration in the country, especially when we do not have a social security system in place. To boost the number of people who will buy PMJJBY, the Government should look into increasing the death benefit beyond Rs. 2 Lakh. A benefit of Rs. 5 Lakh will get more people interested in buying the product. Appropriate safeguards and pulling needs to be in place to make this scheme sustainable. 


House Democrats advance unclaimed life insurance bill | State News | bgdailynews.com

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.  


Birla Sun Life Insurance’s new TVC takes forward the ‘Khud Ko Kar Buland’ philosophy

Birla Sun Life Insurance (BSLI) has launched the second leg of their campaign under the ‘Khud Ko Kar Buland’ core brand philosophy. The ad conceptualised by Taproot Dentsu India narrates the story of a man and his endearing relationship with his boss. It highlights the message of how to face challenges life throws at you and never to accept defeat. 


Why life insurers reject accident claims citing breach of law | Business Standard News

Nilesh Sathe, member-life, Insurance Regulatory Development Authority of India (Irdai), at a recent seminar on claims management, voiced a concern that would bother many policyholders – the lack of uniformity in the way life and non-life insurance companies handle accident claims. In the past, there have been cases where life insurance companies have rejected accident claims because the victim died while crossing railway tracks citing breach of law and such cases have gone to court. But a general insurance company would pay the claim of this nature. “This dichotomy in the way life and general insurers look at accident claims was causing confusion to policyholders, Sathe said. 


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