Life Insurance Roundup, May 9, 2016

Life insurance: neither saving nor investing

Some people say that they can do better saving their money in a savings account rather than in cash-value life insurance. These people say they will not buy such insurance because “it is not a good investment.” 

What type of life insurance should you choose? | TODAYonline

While shares and bonds and time deposits are more traditional investments, a large number of Singaporeans also use life insurance policies for long-term investments. Indeed, consumers here hold more than 13.1 million life insurance policies and insurance now accounts for 9.3 per cent of households’ net worth. 

Emerson Scott, LLP Announces Class Action Lawsuit Against Transamerica Life Insurance Company Regarding Massive Premium Increases

Emerson Scott, LLP announces the filing of a class action lawsuit in the United States District Court for the Central District of California on behalf of a California and a nationwide class of persons with Transamerica universal life insurance policies who had sudden increases in their monthly deductions withdrawn from accumulation accounts that increased by 38%. A petition for Multi-District Litigation has been filed and it is not known yet whether cases will be consolidated and transferred to single forum.  

Seven ways to identify life insurance mis-selling

Realizing the growing mis-selling of life insurance products in the insurance space, Insurance Regulatory and Development Authority of India (IRDAI) has introduced guidelines to check the menace. Continued efforts in this regard have certainly reduced the cases of life insurance mis-selling. 

Kathmandu Post- Insurance premium collection crosses Rs100b for first time

Insurance premium collection by Nepal’s life and non-life insurance companies has crossed the Rs100 billion mark for the first time, the Insurance Board (IB) said. Life insurance accounts for 87 percent of the premiums. 

OJK calls on foreign insurers to go public – The Jakarta Post

The Financial Services Authority ( OJK ) has called upon joint-venture insurance firms to go public to comply with a prevailing regulation. OJK commissioner for the non-banking financial industry Firdaus Djaelani said that insurers with significant foreign ownership might choose to divest their shares through an initial public offering ( IPO ) or by directly seeking local strategic investors. 

UK insurance firm inspired by Sligo man’s mountaineering –

But when retired schoolteacher turned mountaineer Peter Milne discovered why Old Mutual in the UK emailed him, he got a very pleasant surprise. The firm read his ‘Big Interview’ with The Sligo Champion online and were so inspired by his Four Peak Mountain Challenge to raise money for Sligo Cancer Support Centre last year that they decided to do something about it. 

Govt, BPJS Ketenagakerjaan to set up fisherman insurance scheme – The Jakarta Post

The country is working to develop an insurance scheme for millions of fishermen to provide social security and maintain the sustainability of the sector in the world’s largest archipelagic country.  

Legal-Ease: Nursing home planning usually includes Medicaid planning – –

Generally speaking, we Americans live longer than we ever have. As a result, our need for long-term healthcare continues to increase. The cost of assisted living or nursing home residency in our area currently runs between $40,000 and $90,000 per year. Living at home can decrease that cost, but sometimes living at home actually requires most expensive healthcare. 

Nashville military insurer rebrands itself as charity

A Nashville-based life insurer has relaunched its charity arm under a new name. The Armed Services Mutual Benefit Association has refocused its operations and named its charitable arm Overwatch Alliance. ASMBA was begun in 1963 to serve soldiers who could not get life insurance before deployment. The charity side was begun in 2006. 


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