Company-owned life insurance is a unique type of insurance policy that companies purchase to insure their high ranking employees. They are sometimes referred to as corporate-owned life insurance, or COLI, and these policies aren’t particularly common. However, they can be very complex. Here’s what you need to know about company-owned life insurance. How Does Company-Owned Life Insurance Work? Company-owned life insurance is essentially to protect against any financial losses a company would experience if they were to lose their top employees. The company takes out the policy and pays the premiums, but the policy is in the employee’s name. The key is that the company is listed as the...
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Life insurance company Prudential Indonesia expects to tap deeper into the sharia insurance market. (Courtesy of/asuransiprudential.web.id) Life insurance company Prudential Indonesia expects to tap deeper into the sharia insurance market amid rising demand. President director Jens Reisch said sharia products were suitable for everyone, because they were not only a religious positioning but also carried a gotong royong (working together) spirit. “Prudential Indonesia sees high demand for sharia-based insurance,” he said on Wednesday during the webinar “Reimagining the future of Indonesia’s economy”, which is part of The Jakarta Post’s Jakpost Up Close...
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DES MOINES, Iowa, June 9, 2020 /PRNewswire/ -- Wink, Inc. released the first quarter, 2020 life sales results in its 91 edition of Wink's Sales & Market Report. Wink's Sales & Market Report is the insurance industry's #1 resource for life insurance sales data, since 1997. Non-variable universal life sales for the first quarter were $770.3 million ; down 28.4% when compared to the previous quarter and down 2.5% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales. Noteworthy highlights for total non-variable universal life sales in the first quarter included Pacific Life Companies retaining the #1 ranking...
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Max Life Insurance and YES Bank on Monday announced a five-year extension of their strategic bancassurance relationship, reaffirming their commitment to invest in building a digitally-enabled ecosystem that will provide a seamless experience for customers in their financial planning and protection journey. Building on the 15-year partnership, both companies said they remain committed to offering customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers. Over the years, Max Life- YES Bank relationship has sold about...
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Life insurance companies can go under like in any other industry. While uncommon, 11 insurance companies declared bankruptcy since 2010. But life insurance is a heavily regulated industry where policyholders are largely protected from a company going bankrupt. What happens if my life insurance company goes bankrupt? When a life insurance company goes bankrupt, the company no longer exists in its current form and no longer takes new business. Bankruptcy for businesses usually come in two forms: Chapter 7 bankruptcy. Under this filing, the company ceases its operations. The responsibility for the business’s debts and assets falls to the bankruptcy’s trustee, not the business...
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Mumbai: Following in the large footsteps of the recently announced contribution by Tata Trusts and Tata group towards the management of COVID-19 pandemic in India, Tata AIA Life Insurance today announced additional benefits for its Policyholders and Agents. As part of Tata AIA Life’s initiative, its individual policyholders will get COVID-19 related additional benefit up to Rs 500,000 at no additional cost. Further, to extend the Circle of Protection to its own Agents, all ‘active’ Agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed up to Rs 25,000 in case of hospitalisation due to COVID-19. This is a first of its kind initiative in...
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"If an Asteron Life policyholder were to pass away due to coronavirus, their family or estate would be entitled to make a claim under their policy in the normal way," the spokesperson said. Suncorp also said that since COVID-19, it had included new application questions to help assess the risk of new applicants. People potentially exposed to the virus would be considered for cover if, after 14 days, they had no signs or symptoms. "In February, we introduced new questions into the application process, asking all new applicants if they have had contact with the coronavirus; or travelled to, from or transited, mainland China since 1 December 2019. "Following updates from the New Zealand...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of New York (New York, NY). These insurance entities comprise the life/health operations of Ameritas Mutual Holding Company (all companies are collectively referred to as Ameritas). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” on the group’s surplus notes (see below for details of the Long-Term IR). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Ameritas’ balance...
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Policyholders must pay the renewal premium for the entire period of 12 months from the date it was due, on or before April 21 Extra time for insurance policy renewal, premiums. What it means for you 3 min read . Updated: 03 Apr 2020, 10:09 AM IST Anulekha Ray Health insurance companies were asked to extend dates for renewal of insurance policies, which are expiring during the coronavirus lockdown Last month, the insurance regulator asked life insurers to extend the grace period for payment of renewal premiums by an additional window of up to 30 days if policyholders want it. All the major insurance companies including ICICI Prudential Life insurance, SBI Life Insurance have now extended...
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An advert featuring an image of a man leaning his head against a wall and the strapline “Life insurance to die for” has been banned for trivialising suicide. Dead Happy, a UK-based startup that offers life insurance and aims to remove the taboo surrounding death, unveiled the advert as part of a new social media campaign in September 2019. Alongside the image of the young man, the paid-for Facebook post included a depiction of a laughing skull, a two months’ free promotional discount code “SKULLMAN” and text which read: “Sign up for the easiest life insurance money can buy”. In response to the accusations, Dead Happy said it takes mental health “very seriously”, adding that the advert was...
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