Life insurance products

Coronavirus: Impact on Munich Re

The global battle against the coronavirus has not yet been won. Nonetheless, many countries have managed to reduce the number of Covid-19 infections by taking action – at times drastic – to curb the spread of the virus. In some corners of the world, lockdown measures are now being eased or even lifted entirely, and social and economic life is ramping up again - albeit under strict hygiene and safety rules. But the threat of a second wave of infections still looms and the situation remains precarious. It will not be possible to determine the true extent of the pandemic’s impact on the insurance sector for some time. As a globally active Group, we are of course observing the progression of...

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What is Life Insurance? An Introduction, The MetLife Blog

When you buy life insurance, you enter into a contract with an insurance company that promises to provide your beneficiaries with a certain amount of money upon your death. In return, you make periodic payments, called premiums. The premium amount is based on factors such as your age, gender, medical history, and the dollar amount of life insurance you purchase. In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for: Making up for your lost income Funding a child’s education Paying off household debt Paying for your funeral and other related expenses Certain types of life insurance may provide benefits for you and your family...

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Life insurance sector to see growth coming back to normal levels

The coronavirus outbreak and subsequent lockdown led to sluggish business activities across sectors including the life insurance industry, Edelweiss Tokio Life Insurance MD and CEO Sumit Rai said. New Delhi: The growth of the life insurance industry is likely to be muted in the short term but will be back to normal levels in the medium and long term amid growing awareness for insurance cover in the wake of COVID-19, according to Edelweiss Tokio Life Insurance. The coronavirus outbreak and subsequent lockdown led to sluggish business activities across sectors including the life insurance industry, Edelweiss Tokio Life Insurance MD and CEO Sumit Rai said. “Over the last two months of...

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Long-Term Care Insurance, Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict, this post may contain references to products from our partners. Here’s an explanation for. You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our...

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Non-life Insurance Market to witness astonishing growth with Key Players, Allianz, AXA, Generali Cole Reports

Stats And Reports has added a new Global Non-life Insurance Market Study that scrutinizes current scenarios for future market size, market share, demand, growth, trends and forecasts. This report first introduced the basics of the Non-life Insurance market: definitions, classification, application and market overview; Specifications; Manufacture process; Cost structure, raw materials and so on. We then analyzed key global market conditions, including product prices, profits, capacity, production, supply, demand, and market growth and forecasts. Top Companies in this report includes: Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance...

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From term insurance to investment-linked insurance, how Covid-19 has impacted life insurance in India - The Financial Express

Like most other industries, the outbreak of Covid-19 pandemic has impacted all types of insurance, including life, general and health insurance. Like most other industries, the outbreak of Covid-19 pandemic has impacted all types of insurance, including life, general and health insurance. So far as the life insurance industry is concerned, it normally deals with pure risk term policies, investment-linked policies, and savings policies with guaranteed/semi guaranteed long-term returns. There will be impact across the board, but the reasons will be different for each category, according to a recent report by PwC India. Here’s how life insurance industry will get impacted by Coronavirus...

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Life Insurance: 5 Reasons It Should Be One of Your Core Products

Not all insurance products on the market are applicable to everyone, nor available to everyone for that matter. For example, some of your customers may never purchase a home so homeowners’ insurance is not applicable (but renters’ insurance is!), or if they live in an area with great mass public transportation, they most likely will not need a car loan and corresponding auto insurance. However, life insurance is coverage that everyone should have in place. We all have loved ones and, most likely, financial obligations that we will leave behind when we pass away. According to LIMRA, 33% of Americans believe they would feel the financial impact from losing a primary wage earner within a month...

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Your insurance products demystified

By Khalid Salleh, Risk Officer – Life, Minet Kenya In 1999, a rather resilient tabloid rumor returned American singer Jennifer Lopez to international headlines. It was reported that she had gone ahead to insure, among other body parts, her own derriere for $27 million. She has publicly denied taking out the policy, but the reason we still talk about it years later is because the story is simply odd, but not entirely unbelievable. Celebrities have for long taken out novelty insurance products for various body parts, albeit with less brouhaha than was accorded the Jennifer Lopez. English footballer David Beckham at the peak of his career had a £100 million insurance policy for his legs. His...

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Anti Money Laundering (AML) In the Insurance Sector

Most financial authorities put in place risk-based transaction monitoring requirements for insurance companies within their jurisdictions. In the United States, the Bank Secrecy Act (BSA) sets out a range of “covered products” to which transaction monitoring requirements apply: Permanent life insurance policies (excluding group life insurance policies) Annuity contracts (excluding group annuity contracts) Any insurance product with cash value or investment features Suspicious Activity Reports: Under the BSA, insurance firms must submit suspicious activity reports (SARs) to the Financial Crimes Enforcement Network (FinCEN) when they detect suspicious transactions connected to one of the...

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Global Life Insurance Providers Market Report 2020: Market was Valued at about $2951 Billion in 2018 and is Expected to Grow to $3586.96 Billion through 2022 - , Business Wire

The global life insurance providers market was valued at about $2951 billion in 2018 and is expected to grow to $3586.96 billion at a CAGR of 5.0% through 2022. The life insurance providers market consists of sale of life insurance policies. Life insurance providers enter into a legal contract with the insurance policy holder, where the insurer (life insurance provider) promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. The life insurance providers are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities. North America was the largest region in...

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