Industry News

INDUSTRY NEWS

Life Insurance – InsuranceNewsNet

Your industry. One source.™

HOUSTON – February 21, 2019 – American International Group, Inc. (NYSE: AIG), whose domestic life insurers are leaders in the...

The post AIG Sets New Term Life Insurance Rates appeared first on InsuranceNewsNet.

Author: user
Posted: February 21, 2019, 3:55 pm

"We exist to help clients achieve financial security, and our company's financial strength ensures we are well positioned to deliver on our promises for generations to come," said John E. Schlifske, chairman, president and chief executive officer. The company continued its track record of maintaining the highest financial strength ratings awarded to any U.S....

The post Northwestern Mutual Reports Strong 2018 Financial Results appeared first on InsuranceNewsNet.

Author: user
Posted: February 20, 2019, 1:00 pm

The suspect made herself the beneficiary of her aunt's life insurance and transferred more than $165,000 of her aunt's money into her account, a police report states. Brandie Woodward, 35, was charged with exploitation of the elderly and was jailed on $5,000 bail.

The post Florida Police: Niece Steals $188,000, Life Insurance, From Aunt appeared first on InsuranceNewsNet.

Author: user
Posted: February 19, 2019, 12:29 pm

Arthur J. Gallagher & Co. acquired Partners Advantage Insurance Services and AMZ Financial Insurance Services on Jan. 28. The move marked the first substantial entry by Gallagher into the independent marketing organization channel of insurance distribution.

The post P/C Broker Gallagher Widens Retirement Practice Into IMO Space appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: February 18, 2019, 8:28 pm

The majority of Americans (88 percent) say technology should complement, not replace, the services of a human financial advisor, with 85 percent of Americans stating they prefer working with a human financial advisor rather than a robo advisor.

The post MDRT Study Finds Consumers Want Technology To Complement, Not Replace Human Advisors appeared first on InsuranceNewsNet.

Author: user
Posted: February 18, 2019, 8:05 pm

An accountant from Baton Rouge stole roughly $2 million that the historically troubled New Orleans Firefighters Pension and Relief Fund gave to him to invest in life insurance policies -- and then used the money to gamble, finance home improvements and pay off debts, federal prosecutors allege.

The post Accountant Allegedly Stole $2M From Firefighters’ Life Insurance Fund appeared first on InsuranceNewsNet.

Author: user
Posted: February 18, 2019, 5:00 pm

At its annual all-company meeting, Securian Financial announced solid preliminary 2018 financial results, including year-over-year increases in total sales, top-line revenue and earnings. “In 2018, Securian Financial achieved strong financial performance while significantly advancing our strategic priorities and increasing our community...

The post Securian Financial Posts Solid 2018 appeared first on InsuranceNewsNet.

Author: user
Posted: February 15, 2019, 4:31 pm

The average American will hold at least eight jobs during their lifetime and the term life insurance benefit provided will most likely also terminate when the decision to part ways is made. Because of this, it is important to separate the employment insurance from personal insurance.

The post Understanding The Benefits Of Whole Life Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: February 15, 2019, 4:04 pm

Allianz Life Insurance Company of North America today announced its 2018 financial results, with assets under management rising to $138 billion and total premium reaching $12.7 billion, 16 percent higher than 2017. Allianz Life’ s operating profit topped $1 billion for the third year in a row, reaching slightly more than $1 billion. In 2018, the company paid...

The post Allianz Life Reports Solid 2018 Financial Results appeared first on InsuranceNewsNet.

Author: user
Posted: February 15, 2019, 3:19 pm

Feb. 15-- A Williamsville man who admitted he used his dead brother to defraud a trade union of worker benefits was sentenced Thursday in federal court to serve two years of probation-- including six months of detention-- and ordered to perform 100 hours of community service, according to the U.S. Attorney's Office. Prosecutors said 61- year-old Timothy McCluskey,...

The post Man Who Defraud Union In Life Insurance Scam Sentenced To Probation appeared first on InsuranceNewsNet.

Author: user
Posted: February 15, 2019, 11:02 am

The Securities and Exchange Commission issued the following news release:. The Securities and Exchange Commission today announced that it is extending for one month the comment period on the proposed rulemaking to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance...

The post SEC Extends Comment Period For Proposed Rules On VA And Variable Life Disclosures appeared first on InsuranceNewsNet.

Author: user
Posted: February 15, 2019, 8:30 am

American International Group, Inc. today reported a net loss of $622 million, or $0.70 per share, for the fourth quarter of 2018, compared to a net loss of $6.7 billion, or $7.33 per share, in the prior-year quarter. “Our fourth quarter 2018 results showed positive improvements in General Insurance, reflecting actions we took throughout the year to re-position and...

The post AIG Reports Fourth Quarter 2018 Results appeared first on InsuranceNewsNet.

Author: user
Posted: February 13, 2019, 9:16 pm

With its LTC rider, SmartCare arrives at the intersection of two key retirement trends: rising costs of long-term care and increasing life expectancies. It is estimated that 50 percent of Americans turning 65 today will require some form of long-term care, with average lifetime long-term care expenses of $266,000, Brighthouse noted.

The post Brighthouse Launches First Life Product Since MetLife Spinoff appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: February 13, 2019, 1:31 pm

A National Association of Insurance Commissioners' subgroup had disagreement today during its first conference call today on IUL illustrations. The issue is whether IUL multipliers are fooling consumers into under-funding policies, or an appropriate risk-reward option.

The post NAIC Group Puts IUL Illustration ‘Multipliers’ Under Microscope appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: February 12, 2019, 9:43 pm

The number of Bermuda- based companies in the sector, which provides global coverage of life, annuity and pension products, more than doubled in 2018, compared to the previous year. A total of 15 new long-term companies were licensed in Bermuda last year, compared to six registrations in 2017— marking the greatest year-on-year growth across all insurance...

The post Bermuda Life Insurance Sector Marks 2018 Growth appeared first on InsuranceNewsNet.

Author: user
Posted: February 12, 2019, 4:53 pm

Leslie Chance, 52, faces a life term in prison if convicted of the first-degree murder charge filed against her. Chance was first arrested days after the body of Todd Chance, 45, was found the morning of Aug. 25, 2013, in a field off a dirt section of Noriega Road near Enos Lane. She then abandoned the car in a southwest Bakersfield neighborhood before getting home by...

The post Former Principal Accused Of Killing Husband For Life Insurance Due In Court appeared first on InsuranceNewsNet.

Author: user
Posted: February 11, 2019, 8:05 pm

RADNOR, PA, February 11, 2019 – In response to increasing consumer preference for holistic financial solutions that meet multiple planning...

The post Lincoln Financial’s Newest Life Products Address Greater Flexibility appeared first on InsuranceNewsNet.

Author: user
Posted: February 11, 2019, 7:46 pm

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating of B++ (Good) of EquiTrust Life Insurance Company (EquiTrust).

The post AM Best Downgrades Long-Term IC Rating For EquiTrust appeared first on InsuranceNewsNet.

Author: Wire Reports
Posted: February 11, 2019, 7:37 pm

A National Association of Insurance Commissioners' subgroup will resume discussions Tuesday on controversial indexed universal life illustrations. The group is expected to discuss how to illustrate products with different attributes, and whether to consider capping the credited rate.

The post NAIC To Begin Debate On IUL Illustrations appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: February 11, 2019, 6:49 pm

A Wisconsin-based insurance company and a credit union have agreed to pay $3 million to settle allegations that they improperly raised insurance premiums associated with 4,461 loans. The proposed settlement, which is scheduled to be considered by a judge later this month, would resolve an eight-year-old class action lawsuit.

The post $3M Could Settle Lawsuit Over Insurance Premium Increases appeared first on InsuranceNewsNet.

Author: user
Posted: February 11, 2019, 5:00 pm

A Florida woman convicted of helping mastermind the killing of her husband nearly two decades ago has been sentenced to life in prison. Prosecutors say Denise Williams plotted the killing of her husband in a scheme to get a $1.75 million life insurance payout.

The post Florida Woman Gets Life In Prison In Murder-For-Life-Insurance Plot appeared first on InsuranceNewsNet.

Author: user
Posted: February 7, 2019, 12:52 pm

_ MetLife Inc. on Wednesday reported fourth-quarter net income of $2.07 billion. The New York- based company said it had net income of $2.04 per share. For the year, the company reported profit of $5.12 billion, or $4.91 per share.

The post MetLife: 4Q Earnings Snapshot appeared first on InsuranceNewsNet.

Author: user
Posted: February 6, 2019, 10:00 pm

After working through some challenges related to regulation, capital flow and underwriting, the life settlements industry is coming off another year of growth in 2018 and seems poised to remain on that steady growth trajectory.

The post 3 Life Settlement Trends To Watch In 2019 appeared first on InsuranceNewsNet.

Author: user
Posted: February 6, 2019, 9:48 pm

_ Lincoln National Corp. on Wednesday reported fourth-quarter net income of $387 million. The Radnor, Pennsylvania- based company said it had profit of $1.80 per share. Lincoln National shares have climbed 15 percent since the beginning of the year, while the Standard& Poor's 500 index has risen 9 percent.

The post Lincoln National: 4Q Earnings Snapshot appeared first on InsuranceNewsNet.

Author: user
Posted: February 6, 2019, 9:47 pm

American Equity Investment Life Holding Company, a leading issuer of fixed index annuities, today reported fourth quarter 2018 net income of $53.8 million, or $0.59 per diluted common share, compared to net income of $36.8 million, or $0.41 per diluted common share, for fourth quarter 2017. For the year ended December 31, 2018, net income was $458.0 million, or...

The post American Equity Reports 4Q And Full Year 2018 Results appeared first on InsuranceNewsNet.

Author: user
Posted: February 6, 2019, 9:15 pm

Analytics are crucial to the future of life insurance and every carrier is in an arms race to get a 360-degree view of the people they serve or want to serve. The more data that is collected about a customer base, the better job insurers and agents can do in reaching those customers.

The post Analyze Your Analytics: What Are Your Data Telling You? appeared first on InsuranceNewsNet.

Author: user
Posted: February 6, 2019, 7:13 pm

Feb. 06-- ST. JOSEPH-- The jury hadn't even taken their seats yet and John Lewis became overwhelmed with emotion as his murder trial was about to begin. As Berrien County Trial Court Judge Gordon Hosbein began to swear in the 14 jurors, Lewis wiped tears from his face. Tuesday was the first day of trial for Lewis, charged with premeditated murder in the Aug. 13, 2017, death of...

The post Pot Grower Accused Of Killing Wife Was $246K Life Insurance Beneficiary appeared first on InsuranceNewsNet.

Author: user
Posted: February 6, 2019, 12:35 pm

A trial date has been set for a woman accused of fatally stabbing her husband, who she said fell on a letter opener, before quickly attempting to receive money from his life insurance policy in 2017. Jennifer Lynn Via, 49, was charged with murder 10 days after she called 911 on Nov. 4, 2017, to report her husband, Thomas Via, had been stabbed in the back.

The post Trial Set For Woman Accused Of Killing Husband For Life Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: February 5, 2019, 12:00 pm

--CNO Financial Group, Inc. announced today the appointment of Cheryl L. Heilman to the position of vice president and president of Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc.. She will report to Scott Goldberg, president of Bankers Life and Casualty Company. CNO Financial Group, Inc. is a holding company.

The post CNO Financial Names Cheryl L. Heilman VP/President Of Bankers Life Securities appeared first on InsuranceNewsNet.

Author: user
Posted: February 4, 2019, 6:00 pm

Securian Financial has launched Value Protection Indexed Universal Life, a low-cost, protection-focused indexed universal life insurance policy with a built-in no-lapse guarantee. A leading accumulation-focused IUL carrier since it entered the market in 2006 1, Securian Financial is expanding its IUL portfolio and planting a flag in the protection...

The post Securian Financial’s Newest IUL Has No-Lapse Guarantee appeared first on InsuranceNewsNet.

Author: user
Posted: February 4, 2019, 5:12 pm

Sen. Bernie Sanders, I-Vt., is proposing legislation to eliminate the estate tax. Called the For the 99.8% Act, it would raise $2.2 trillion from the nation's 588 billionaires. The proposal comes two days after Senate Republican leadership proposed a bill to repeal the estate tax.

The post Sen. Bernie Sanders Wants To Pump Up Estate Tax Bills appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: January 31, 2019, 4:47 pm

The deadline for Genworth Financial Inc.' s proposed $2.7 billion acquisition by a China- based investment company is being delayed yet again as the companies continue to seek regulatory approvals for the deal. Henrico County-based Genworth and China Oceanwide Holdings Group Co. Ltd. said late Wednesday that they have agreed to extend the deadline for the...

The post Deadline Extended Again For Genworth Sale To Firm Based In China appeared first on InsuranceNewsNet.

Author: user
Posted: January 31, 2019, 5:00 am

New analysis finds that just 26 percent of the total life insurance coverage needed is being met. The result is $70 billion in lost premiums for the industry. The report found that insurance companies are missing out on an average of $785 in annual life insurance premium payments per person who requires insurance coverage in the U.S.

The post Report: Under-Insurance Costing Life Insurers $70B Annually appeared first on InsuranceNewsNet.

Author: John Hilton
Posted: January 30, 2019, 3:38 pm

Accenture has integrated RGA’ s AURA ® underwriting rules engine into the Accenture Life Insurance and Annuity Platform, making ALIP the first such platform to provide an out-of-the-box option. “Until now, underwriting time and capacity constraints have impeded the progress of fully underwritten and simplified-issue life insurance products,” said Patti...

The post Accenture Adds RGA’s Underwriting Rules To Life Insurance/Annuity Platform appeared first on InsuranceNewsNet.

Author: user
Posted: January 30, 2019, 12:59 pm

MetLife will pay retroactive benefits to policyholders in New York State and elsewhere totaling more than $189 million. The insurer has already paid $123 million of the approximately $189 million to consumers whose group annuity benefits had been lost or delayed.

The post MetLife To Pay $189 Million To Policyholders For Pension Failures appeared first on InsuranceNewsNet.

Author: user
Posted: January 29, 2019, 2:21 pm

Traditionally, customers buying insurance products and financial services have had little or no voice in the purchasing cycle. Up until now, this approach has enabled carriers to retain business, despite the plethora of offerings in the marketplace. That is changing -- and fast.

The post Customers Are Taking Control Of Financial Services appeared first on InsuranceNewsNet.

Author: user
Posted: January 29, 2019, 1:10 pm

According to a new LIMRA Secure Retirement Institute study, 79 percent of American consumers are concerned about financial fraud with 36 percent saying they were very concerned. The report, Financial Fraud and Retirement Accounts: An Opportunity to Engage, Educate and Build Trust, noticed that levels of concern vary significantly across the different types...

The post LIMRA Finds 4 In 5 Consumers Are Concerned About Financial Fraud appeared first on InsuranceNewsNet.

Author: user
Posted: January 29, 2019, 11:08 am

Jan. 29-- The stepmom of slain businessman Howard Pilmar said the victim's wife-- on trial for his murder after 23 years-- was matter-of-fact when she called his father in Arizona with the tragic news. "She said Howard was the victim of a homicide," Carol Pilmar told jurors on Monday at the Manhattan Supreme Court trial of Roslyn Pilmar, who is accused of plotting and...

The post NYC Woman Collected $1.2M Insurance Policy After 1996 Murder, Prosecutors Say appeared first on InsuranceNewsNet.

Author: user
Posted: January 29, 2019, 8:02 am

An aging population and a greater need for retirement income are factors behind the prediction.

The post Why Life Settlements Will Continue To See Growth appeared first on InsuranceNewsNet.

Author: user
Posted: January 25, 2019, 8:29 pm

You and your firm should have one goal - make sure the client wins!

The post Commentary: Meet Clients’ Needs By Finding Your ‘Why’ appeared first on InsuranceNewsNet.

Author: user
Posted: January 25, 2019, 7:58 pm

Richard Dabate, the man accused of killing his wife in their Connecticut home in 2015, rejected a plea deal Thursday in Superior Court. Days after Connie Dabate's killing, Richard Dabate attempted to claim more than $400,000 in life insurance, prosecutors allege.

The post Man Charged In Fitbit Murder Killed Wife For Life Insurance, Police Say appeared first on InsuranceNewsNet.

Author: user
Posted: January 25, 2019, 12:01 pm

AM Best has commented that the Credit Ratings of Protective Life Corporation and its insurance subsidiaries remain unchanged following the announcement that it has entered into a reinsurance agreement to acquire approximately $20.0 billion of life and annuity liabilities of insurance subsidiaries of Great-West Lifeco, Inc.. Under the terms of the...

The post Protective Life Credit Ratings Reviewed After $1.2B Great-West Deal appeared first on InsuranceNewsNet.

Author: user
Posted: January 24, 2019, 10:03 pm

The business to be transferred, which has been marketed under the Great-West Financial brand, includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities, and a portion of Great-West’s closed block life insurance and annuities.

The post Protective Life Acquires Great-West Life/Annuity Book In A $1.2B Deal appeared first on InsuranceNewsNet.

Author: Wire Reports
Posted: January 24, 2019, 3:35 pm

Accessible $25 K minimum face amount Consumer protection so premiums paid one month early or late will have no adverse impact to intended guarantee– avoids unnecessary catch-up premiums. 3,4 Predictable and convenient fluidless underwriting for up to $1 million in coverage for clients age 50– 69 Enhanced cash surrender value rider at no additional cost. 5.

The post Pacific Life Introduces New No-Lapse Guarantee Universal Life Insurance Product appeared first on InsuranceNewsNet.

Author: user
Posted: January 23, 2019, 3:00 pm

Detroit Tigers first baseman Miguel Cabrera's off-field fiasco has finally come to an end as a Florida judge has ordered him to pay $20,000 a month in child support to an ex-mistress he fathered two children with and pay off her nearly $1 million mansion by July.

The post MLB Star Miguel Cabrera Ordered To Buy Life Insurance For Ex appeared first on InsuranceNewsNet.

Author: user
Posted: January 23, 2019, 1:32 pm

The Milwaukee Brewers ballpark will be renamed when MillerCoors' naming rights expire following the 2020 season. MillerCoors says the rights to Miller Park will go to American Family Insurance beginning in 2021.

The post Brewers Sign Ballpark Naming Rights Deal With American Family Insurance appeared first on InsuranceNewsNet.

Author: user
Posted: January 22, 2019, 5:03 pm

LIMRA is expects U.S. individual life insurance sales to rise 3 percent to $15 billion this year. Growth will be primarily driven by gains in disposable income and bond rates, coupled with low unemployment, the research organization reports.

The post Life Insurance Sales To Rise 3 Percent In 2019, LIMRA Forecasts appeared first on InsuranceNewsNet.

Author: user
Posted: January 22, 2019, 4:09 pm

--AmeriServ Financial, Inc. reported fourth quarter 2018 net income of $1,928,000, or $0.11 per diluted common share. For the year ended December 31, 2018, the Company reported net income of $7,768,000, or $0.43 per diluted common share. Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2018 financial results: " AmeriServ Financial achieved...

The post AmeriServ Financial Reports Increased Earnings For 4Q And 2018 appeared first on InsuranceNewsNet.

Author: user
Posted: January 22, 2019, 1:00 pm

“With Bermuda’ s leadership position within this industry, it is paramount to have a strong presence at ReFocus to continue raising our profile and attracting further interest from prospective clients,” said Jereme Ramsay, Business Development Manager for Risk Solutions at the BDA.“ The content and audience offer a natural fit for Bermuda- based carriers and...

The post Bermuda Raising Profile Of Life/Annuity Insurance Sector appeared first on InsuranceNewsNet.

Author: user
Posted: January 21, 2019, 10:11 pm

Some relatives of people whose cremated remains were found among hundreds in a Detroit funeral home say they would have loved to bury them in marked graves but couldn't afford traditional funeral services. They're among the many poor families in the U.S. who have been priced out of funerals and burials. Their stories help explain how two Detroit funeral homes now under scrutiny ended up having so many remains and why the families didn't notice.

The post Paying For Funerals Impossible For Many Poor Families appeared first on InsuranceNewsNet.

Author: user
Posted: January 20, 2019, 3:05 pm