While the insurance regulator has allowed insurers to sell short-term Covid–19 specific health insurance policies, ideally people should buy a comprehensive health insurance policy and renew it every year The insurance regulator has allowed all insurers—life, non-life and standalone health—to offer Covid–19 specific short term health insurance policies. These policies will be for a minimum term of three months to a maximum of 11 months and can be offered both as individual or group products. While optional covers that enhance the health insurance coverage are permitted to be offered for the same policy duration, no separate add-ons are permitted. While life insurers will offer only benefit-...
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AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" of Farm Bureau Life Insurance Company (FBL). Concurrently, AM Best has affirmed the Long-Term ICR of "bbb+" of FBL Financial Group Inc. [NYSE: FFG], the holding company of FBL. The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in West Des Moines, IA. The ratings reflect FBL’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Risk-adjusted capital is assessed at the strongest level and is supported...
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AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company remain unchanged following the recently announced investment and reinsurance transactions with Athene Holding Ltd. All companies are headquartered in Lansing, MI. On June 18, 2020, JNL’s parent company, Prudential plc (Prudential), announced an agreement to reinsure JNL’s $27.6 billion IFRS book of fixed and fixed indexed annuity business to Athene Life Re Ltd, a subsidiary...
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Life insurance can do a lot more than just protect your family in the event of your death. With permanent life insurance policies, it’s also possible to use your life insurance plan to save for the future, including retirement. But although many agents push these types of life insurance policies heavily, they’re really only worth considering for a small percentage of people. Here’s what you need to know about life insurance retirement plans, how they work, and whether you should consider them. Life insurance retirement plans explained If you buy a term life insurance policy, your life insurance beneficiary will receive a death benefit if you die during the policy’s term. Once the term...
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Shares of SBI Life Insurance Company, ICICI Prudential Life Insurance and HDFC Life Insurance Company gained 1.5-2 percent intraday on June 9 after Yes Securities upgraded the stocks, citing expectations of long-term value of new business (VNB) growth on likely growth in savings and protection. "We are upgrading our stance on the Indian Life Insurance sector from cautious to positive. The key drivers for the upgrade are 1) increase in our assumptions on profitability (VNB margins), 2) Channel check outcomes suggest better than expected persistency in April and May 2020, 3) Cut in interest rates has led to lowering of discount rates in our discounted VNB approach to valuations, and 4) Online...
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As Covid-19 sweeps across the world, the way we live, work and transact is changing at unprecedented rates. Fear and information overload are the order of the day. We’re all doing our best with limited knowledge. And while the world will swing part way back to where it was, there’s no doubt that the pandemic is going to shape economies and industries in new and unforeseen ways forever. An industry that’s changing particularly quickly is life insurance, where participants are seeing a major increase in demand from consumers. There are clear parallels with what happened just over a century ago when the Spanish Flu pandemic hit the US. In a research report titled “ The Effect of the 1918...
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Life insurance is a contract between you and an insurer. The life insurance premium varies by locations, insurance companies and, more importantly, a person's own health, age and life styles. In this article, we will go through the factors of the life insurance premium and what types of life insurance you can purchase. What factors impact the cost of Life Insurance? Bundling of auto and home policies The common types of life insurance As you may have heard lots of types of Life Insurance, there are primarily two major types of life insurance: term and whole life. Usually, life insurance sold to individuals are different than those for groups. Below we can find more information about those...
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There are lots of ways to protect yourself against unexpected financial disaster. You could hide physical gold under your mattress or stash money in offshore accounts, for example. But a more conventional approach would involve selective use of insurance as a supplement to your emergency fund. And that makes sense, right? You expect your car and homeowners insurance coverage to ease the financial strain of pricey repairs. But a recent insurance industry report finds that many Americans aren't aware there's another form of insurance that can get you out of a bind -- and that's life insurance. The AIG Life Insurance IQ study, released in March 2020, reports that 92% of Americans don't...
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TEL AVIV, Israel, Sept. 23, 2019 /PRNewswire/ -- Atidot , a leader in big data and predictive analytics tools for the life insurance industry, announced today their new Policy Reassignment Management solution, powered by Microsoft Azure, to help life insurance providers more effectively manage orphaned and reassigned insurance policies. Accounting for nearly 30% of the average life insurance providers book of business, orphaned and reassigned policies have long posed a unique challenge for insurance companies and agents alike. "Insurance companies are well aware of the challenges they face with orphaned and reassigned policies, as it represents a large part of their business," said Dror...
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Life insurance for seniors is vital for peace of mind and for protecting family from an unexpected financial blow from an untimely and unplanned for death. Burial costs and funeral activities are an escalating cost today, and most families would be hard put to find the immediate funds to take care of these expensive procedures without the help of a life insurance policy. It’s usually a good way to avoid, or at least reduce, inheritance taxes as well. Little wonder that seniors are very particular and cautious about finding a good solid life insurance policy that will make their eventual passing easier on loved ones. For those who have not yet invested in a good life insurance policy, or...
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