Life Insurance Roundup, March 18, 2016

Life insurance not necessary for children: FSC | Economics | FOCUS TAIWAN – CNA ENGLISH NEWS

Financial Supervisory Commission (FSC) Chairwoman Wang Li-ling (王儷玲) expressed disagreement Thursday with the idea of buying life insurance for children, saying that life insurance is not necessary for them because they have no financial ability.

The FSC, however, supports funeral and burial payments for insured minors in the event of death in major disasters, when moral hazard is not a concern, Wang told lawmakers during a legislative hearing held to review a proposed amendment to the Insurance Act.

An article in the law that disallows death benefits for children under the age of 15 has raised widespread attention following the Feb. 6 earthquake in southern Taiwan that left 117 people dead due to the collapse of an apartment complex in Tainan. As many as 32 of those who lost their lives were under 15. 

Life insurance rates may jump for new moms with postpartum depression

New moms and pregnant women often suffer from bouts of depression, leading a government panel to recommend recently that all such women be screened for the condition.

But while such screening may prevent complications from depression, it can also result in hefty increases in life and disability insurance premiums, as insurance companies try to anticipate who is likely to become disabled or commit suicide, a recent New York Times investigation found. 

ASIC to launch industry-wide probe into life insurance – ifa

Following the CommInsure scandal, ASIC has said it will launch a wider investigation into claims handling across the life insurance sector to determine whether similar problems exist elsewhere.

Addressing the Parliamentary Joint Committee on Corporations and Financial Services yesterday, ASIC deputy chair Peter Kell said the corporate regulator was asked by Assistant Treasurer Kelly O’Dwyer to investigate the allegations against CommIssure.

She also requested that ASIC conduct a broader review of the life insurance industry to uncover any other systemic issues, Mr Kell said. 

Life Insurance Premium Continues Upward Trend – InsuranceNewsNet

U.S. individual life insurance new annualized premium increased 1 percent in the fourth quarter 2015 — the sixth consecutive quarter of positive growth, according to LIMRA’s Fourth Quarter 2015 U.S. Retail Individual Life Insurance Sales Survey.

“While growth slowed in the fourth quarter, individual life insurance premium sales increased 6 percent in 2015,” noted Ashley Durham, assistant research director, LIMRA Insurance Research. “Whole life and indexed universal life insurance products continued to drive overall growth throughout the year.”

Total policy count rose 1 percent in the fourth quarter and 4 percent for the year.  This is the first year of positive policy count growth since 2012. 

Life Insurance 101: Do I Really Need It? | MD Magazine

Every day, physicians in every type of practice are presented with hard evidence about the one inescapable truth: sooner or later, we’re all going to die. One might think, then, that doctors would exceed the national averages for those who maintain life insurance policies. One would be wrong. According to statistics from the AMA and others, as many as 40% of physicians forego life insurance altogether.   There are probably many reasons for this, but one of them is that the demands on your time—and on your income—are significant. You may face lingering medical school debt, practice and community commitments, family obligations, and plenty of invitations from financial advisors and life insurance salespeople. Given all your other priorities, the many priorities competing for your salary, and what many consider the complex world of life insurance products, this important step in your financial planning understandably often gets shifted to the back burner. It shouldn’t. 

Entrepreneurs Funding Businesses With Their Insurance Policies & Avoiding Taxes – Forbes

Capital is usually the single greatest barrier to any entrepreneur starting a business. Even service-based companies still require a significant amount of capital to cover major expenses such as rent and labor. A solution that’s available to help overcome this barrier is using your insurance as the seed funding.

You’re allowed to take loans against your life insurance policy. This may be done in a variety of methods, but the easiest is taking a loan directly through your insurance policy holder against the value of your life policy. Three types of life insurance policies you may use to take a loan are (1) whole life insurance, (2) universal life policy or a (3) variable life policy.

The benefit of a life insurance loan for an entrepreneur are (1) no credit or background checks that will affect your credit history, (2) flexible payment schedules because you’re not required to make monthly repayments and (3) lower interest rates. 

Company wants Lindsey insurance policy voided – Post-Tribune

An insurance company is asking a federal judge to officially relieve it from paying out a $1.1 million life insurance policy to the estate of Melinda Lindsey, whose husband shot and killed her in January 2015. 


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