If your insurer has requested a PMA, call me on 05793 20836. One of our insurers may be able to offer you cover immediately. Things you don’t want to share with anybody: Old love letters (remember those) Drunken texts (yeah, we’ve all done it) Things you have to share with an insurance company Your medical history (and they don’t send you love letters, drunken texts or even give you a ROLO in return, the swines) When you apply for cover, the insurance company will ask you routine medical questions to figure out if you’re worth insuring. If you answer no to all of these questions, meaning you don’t have any health issues, the insurer will usually offer you cover...
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Russell Golden (Credit: FASB) The Financial Accounting Standards Board (FASB) today said it wants to give U.S. insurers more time before they have to get on a new financial reporting rollercoaster. FASB has proposed postponing the dates when insurers will have to begin complying with a new set of FASB rules that affect accounting for “long-duration insurance contracts,” such as contracts for life insurance, long-term disability insurance, annuities and long-term care insurance. For the biggest publicly traded insurers, the effective date could move back to January 2022, from January 2021, FASB says. For smaller publicly traded companies, the effective date could move to January 2024, from...
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How 10 Life insurers got their start The real, live Aflac Duck takes a first look at the red carpet as he celebrates the company’s debut as an official partner of The GRAMMY®s. (Eric Reed/AP Images for Aflac) American Family Life Insurance Company of Columbus was born on November 17, 1955. Brothers John, Paul and Bill Amos entered the Life Insurance market with 16 employees and 60 agents. After their first year of operation, they had over 6,400 policyholders and $388,000 in assets. This early success allowed them to expand into a new market: In 1958, they pioneered cancer insurance to help ease the financial burden faced by cancer victims and their families. By 1970, the company had...
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Term vs. Permanent Life Insurance According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, more than half of consumers said that their households would be in immediate or near-immediate financial trouble if the primary wage earner died today. When considering life insurance, one of the most important factors to understand is the...
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When it comes to life insurance, most people know that there are two basic types – term insurance, which lasts for a specific number of years, and permanent insurance, which (when structured properly) lasts a lifetime. However, one of my favorite questions to ask advisors, as well as clients, is “How many types of permanent insurance are there?” Most people get this wrong. The correct answer is four. Universal Life, Whole Life, Indexed Universal Life and Variable Life are all types of permanent insurance. What’s the difference between them? The simplest way to understand how permanent life insurance policies differ is to imagine that every time you pay a premium, the...
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Looking for the best life insurance? Simple is better when it comes to life insurance, and buying level term insurance from a trustworthy company is just about as simple as you can get. Best Life Insurance Companies: Table of Contents What Is Level Term Life Insurance? Do you have a family or someone else who depends on you financially? Life insurance is meant to replace your income when you’re gone. Let’s break down some concepts in the phrase “level term life insurance” to get a better understanding of the policy. The “term” part here means you buy insurance for a set number of years depending on your age and your family’s needs. Typically, that...
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Term vs. Permanent Life Insurance According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, more than half of consumers said that their households would be in immediate or near-immediate financial trouble if the primary wage earner died today. When considering life insurance, one of the most important factors to understand is the...
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AIA Australia says those most in need of insurance would be negatively impacted by the introduction of the government’s Putting Members’ Interests First Bill (PMIF), and urged the government to carefully consider the unintended consequences of these measures. "The committee has failed to address the fundamental social and economic consequences of the reforms, with millions of Australians currently having access to insurance despite their age or wealth, and in particular those working in high-risk occupations, living in rural or regional areas or suffering from a mental illness who are at the greatest risk. The legislation will also leave an estimated $450 million gap in annual claims that...
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Insurers unite to fight super reform bill The Government’s reintroduced bill to make insurance opt-in for under 25s and low-balance superannuation accounts is facing opposition from life insurers, super funds, intermediaries and even the Cancer Council. Those calling for the bill to be dumped or substantially altered include AIA, Australian Super, the Corporate Super Association (CSA), MetLife, First State Super, QSuper, Munich Re, TAL, Rest Super, AMP, the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), and the Cancer Council. AIA says in its submission on the bill that insurance in super is cheap and efficient and helps meet the underinsurance gap...
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Winning Strategies with Wearable Technologies for Life Insurers By Insurance CIO Outlook | Wednesday, July 24, 2019 The ever-growing list of possibilities in the insurance industry to use wearable technology can sound more infomercial than the primary tool for entering the digital age of the life insurance sector. FERMONT, CA: Insurers are always fascinated by wearable technology's prospective applications for many years. In this light, insurers are continually looking for ways and opportunities to include wearable technology in life insurance goods and services. But device developments are promising to revolutionize the sector. Intuitive features of wearable devices hold a lot of...
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