Life Insurance Roundup, April 5, 2016

Life insurance consumers set to bypass advisers for online offerings

More than half of all Australians would buy life insurance online and bypass traditional sales agents such as financial advisers – a trend that looks set to gain momentum as technology improves.

Life insurer Noble Oak found 55 per cent of 1100 survey respondents would buy complex life insurance policies over the internet, even though online products currently represent just 5 per cent of total sales.

“Life insurance seems to be a laggard compared to other financial services products, but it’s inevitable buying behaviour will quickly change,” Noble Oak chief executive Anthony Brown said. 

Unum announces agreement to acquire Louisiana-based Starmount Life Insurance Company | Business Wire

Unum (NYSE: UNM) today announced it has entered into a definitive agreement to acquire H&J Capital, LLC, parent of Starmount Life Insurance Company and AlwaysCare Benefits (“Starmount”), a leading independent dental and vision benefits company that will expand Unum’s growing portfolio of workplace financial protection products. 

American National Life Insurance Company of New York is Proud to Announce an Indexed Universal Life Policy with Multiple Indexed Strategies- the Signature Indexed Universal Life Policy is Now Available in New York – EconoTimes

American National Life Insurance Company of New York (American National) announces the Signature Indexed Universal Life Insurance (IUL) policy is available in New York [April 4, 2016]. These life insurance policies provide a combination of death benefit and accumulation value to provide for protection and growth potential. This innovative life product provides death benefit protection, four indexed crediting strategies, and a fixed account. 

APA – PASHA Life Insurance becomes largest insurers of market

Company’s spokesman Israil Garayev told APA-Economics that the investment portfolio rose AZN 40.4 mln or 51% to AZN 119 mln, cash deposit raised AZN 40.2 mln or 58% to AZN 110mln, insurance reserves increased AZN 43.6 mln or 96% to AZN 89.2 mln: “PASHA Life Insurance is the largest company of the market by assets, investment portfolio, cash deposit and insurance reserves”.  

New Bill could help Family Members receive Unclaimed Life Insura –, NewsCenter17, StormCenter17, Central Illinois News-

State Representative Sue Scherer (D-Decatur) says she is backing a bill that would help to ensure missing heirs and family members receive unclaimed life insurance policy benefits owed to them.

House Bill 4633 would require insurance companies to make a “good faith effort” to locate life insurance beneficiaries. Representative Scherer says that people do not often realize they are owed the money or are unable to locate it. 

Dai Ichi Life Insurance CO. LTD. Sells 32,102 Shares of Allstate Corp (ALL) – Financial Market News

Dai Ichi Life Insurance CO. LTD. cut its stake in Allstate Corp (LON:ALL) by 32.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,510 shares of the company’s stock after selling 32,102 shares during the period. Dai Ichi Life Insurance CO. LTD.’s holdings in Allstate Corp were worth $4,068,000 as of its most recent SEC filing. 

Midland National(R) Life Insurance Company Releases e-App for Annuities

Midland National announced today the release of a new electronic application (e-App) system for fixed annuity products. This new e-App system allows financial professionals to submit annuity applications online, resulting in faster processing of new business.

“Our financial professionals are really going to like how the e-App improves the process of submitting business by ensuring the correct and complete information is included. Our research shows that clean applications are processed, on average, seven days faster than paper applications,” said Bryce Biklen, vice president, Annuity Sales. “Plus, the e-App works seamlessly with our illustration software, making it a very powerful and efficient way to conduct business with Midland National.” 


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